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200213986 TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to grant and convey the Property and that the Property is unencumbered, except far encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest: Other Charges. Borrower shall promptly pay when due the principal of and interest on the debt owed under the Contract and any late charges or any other fees and charges due ender the Contract. 2. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any At the request of Lender, Borrower shall promptly furnish to Lander all notices of amounts to be paid under this paragraph and shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: la) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender: Ib) contests in goad 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 to) 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 10 days of the giving of notice. 3. Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Properly insured against loss by fire, hazards included within the term "extended coverage' and any other hazards, including floods or flooding, for which Lender requires insurance. This Insurance shall he maintained in the amounts and for the periods that Lender requires. The Insurance carrier providing the Insurance shall he chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. If Borrower fails to maintain coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property in accordance with paragraph 5. All insurance policies and renewals shall he acceptable to Lender and shall include a standard mortgage clause. Lander shall have the right to hold the policies and renewals. It Lender requires, Borrower shall promptly give to Lander all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender- Lander may make proof of loss if not made promptly by Borrower Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall he applied to restoration or repair of the Property damaged, if lire restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened. the insurance proceeds shall he applied to the sums secured by this Security Instrument, whether or not then dun. with any excess paid to Borrower. If Borrower abandons the Property, or cars not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim. then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or resmre the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30 day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the payments due under the Contract or change the amount of the payments. If under paragraph 17 the Property is acquired by Lender. Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lander to the extent of the sums secured by this Security Instrument Immediately prior to the acquisition. 4. Preservation, Maintenance and Protection of the Property. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate, or commit waste on the Property. Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun that in Lender's good faith judgment could result in forfeiture of the Property or otherwise materially impair the lien created by this Security Instrument or Lender's security interest. Borrower may core such a default and reinstate, as provided in paragraph 15, by causing the action or proceeding to be dismissed with a ruling that, in Lender's good faith determination, precludes forfeiture of the Borrower's interest in the Property or other material impairment of the lien created by this Security Instrument or Lenders security Interest By initialing, I acknowledge this is page 2 of 6 % ar ulc l]ccd W oust �, mrnals minam micros Iolcals 1994.1995.1991.1999