|
202402474
<br />Funds for Taxes and Insurance; third, to interest due; fourth, to principal due; and last, to any late charges due
<br />under the Note.
<br />Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the
<br />Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any.
<br />Borrower shall pay these obligations in the manner provided in section titled Funds for Taxes and Insurance, or
<br />if not paid in that manner, Borrower shall pay them on time and directly to the person owed payment. At the
<br />request of Lender, Borrower shall promptly furnish to Lender receipts evidencing the payments.
<br />Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a)
<br />agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b)
<br />contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the
<br />Lender's opinion operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an
<br />agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any
<br />part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give
<br />Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth
<br />above within 10 days of the giving of notice.
<br />Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the
<br />Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards,
<br />including floods or flooding, for which Lender requires insurance. This insurance shall be maintained in the
<br />amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by
<br />Borrower subject to Lender's approval which shall not be unreasonably withheld. If Borrower fails to maintain
<br />coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the
<br />Property in accordance with section titled Protection of Lender's Rights in the Property.
<br />All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause.
<br />Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to
<br />Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice
<br />to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or
<br />repair of the Property damaged, if, in Lender's sole discretion, the restoration or repair is economically feasible
<br />and Lender's security is not lessened. If, in Lender's sole discretion, the restoration or repair is not economically
<br />feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by
<br />this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the
<br />Property, or does not answer within the number of days prescribed by Applicable Law as set forth in a notice from
<br />Lender to Borrower that the insurance carrier has offered to settle a claim, then Lender may collect the insurance
<br />proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security
<br />Instrument, whether or not then due. The period of time for Borrower to answer as set forth in the notice will
<br />begin when the notice is given.
<br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend
<br />or postpone the due date of the payments referred to in the sections titled Payment of Principal and Interest;
<br />Prepayment and Late Charges and Funds for Taxes and Insurance or change the amount of the payments. If
<br />under the section titled Acceleration; Remedies, the Property is acquired by Lender, Borrower's right to any
<br />insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender
<br />to the extent of the sums secured by this Security Instrument immediately prior to the acquisition.
<br />Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds.
<br />Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate, or commit waste on
<br />the Property. Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal, is
<br />begun that in Lender's good faith judgment could result in forfeiture of the Property or otherwise materially
<br />impair the lien created by this Security Instrument or Lender's security interest. Borrower may cure such a default
<br />and reinstate, as provided in section titled Borrower's Right to Reinstate, by causing the action or proceeding to
<br />be dismissed with a ruling that, in Lender's good faith determination, precludes forfeiture of the Borrower's
<br />interest in the Property or other material impairment of the lien created by this Security Instrument or Lender's
<br />Ccs 2004-2022 Compliance Systems, LLC 490ece3c'b099fl ee - 2022.71.25.2
<br />Consumer Real Estate - Security Instrument DL2036 Page 3 of 8 www.campliancesystems.com
<br />
|