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200005054 If Borrower fails to make these payments or the payment required by Paragraph 1, or fails to perform any other covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or regulations), then Lender may do and pay whatever is necessary to protect the value of the Property and Lender's rights in the Property, including payment of taxes, hazard insurance and other items mentioned in Paragraph 2. Any amounts disbursed by Lender under this paragraph shall become an additional debt of Borrower and be secured by this Security Instrument. These amounts shall bear interest from the date of disbursement, at the Note rate, and at the option of Lender, shall be immediately due and payable. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within ten (10) days of the giving of notice. 5. Late Charges and Fees. Lender may also collect the late charges and fees stated in the Note, and the Security Instrument shall be additional security for such charges and fees. 6. Grounds for Acceleration of Debt. (a) Default. Lender may, in the case of payment defaults, require immediate payment in full of all sums secured by this Security Instrument if. (1) Borrower defaults by failing to pay in full any payment required by this Security hnstrument prior to or on the due date. (ii) Borrower defaults by failing, for a period of thirty (30) days, to perform any other obligations contained in this Security Instrument. (iii) Borrower further encumbers the Property without Lender's prior written approval. (iv) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or otherwise transferred (other than by devise or descent), and (v) The Property is not occupied by the Borrower as his principal residence, or the Borrower does so occupy the Property but his credit has not been approved in accordance with Lender's requirements. (b) No Waiver. If circumstances occur that would permit Lender to require immediate payment in full, but Lender does not require such payments, Lender does not waive his rights with respect to subsequent events. 7. Request for Notices. Borrower requests that copies of notices of default and sale be sent to the Property Address, unless Lender is otherwise notified in writing by Borrower that a different address should be used. Page 3 of 6