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200607566 DOC ID #: 00014160088208006 In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lendcr to Borrower that the insurance carrier offers to settle a e1aim for insurancc benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of thc Property or to the sums secured by this Deed of Trust. 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shall keep the Property in good repair and shaH not commit wallte or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Decd of Trust is on a leasehold. If this Deed of Trust is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrowcr's obligations under the declaration or covenants creating or governing the condominium or planncd unit development, the by-laws and regulations of the condominium or planncd unit dcvelopment, and constituent documcnts. 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this Decd of Trust, or if any action or proceeding is commenccd which materially affects Lender's interest in the Property, then Lender, at Lender's option, upon notice to Borrower, may make such appearances, disbursc such sums, including reasonable attorneys' fees, and take such action as is necessary to protect Lendcr's intercst. If Lender requircd mortgage insurancc all a condition of making the loan secured by this Deed of Trust, Borrowcr shall pay the premiums required to maintain such insurance in cffect until such time as thc requirement for such insurancc terminates in accordance with Borrower's and Lender's writtcn agreement or applicable law. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate, shall become additional indebtcdness of Borrower secured by this Deed of Trust. Unless Borrower and Lender agree to othcr terms of payment, such amounts shall be payable upon notice from Lender to BOffilwer requesting payment thereof. Nothing contained in this paragraph 7 shall requirc Lender to incur any cxpense or take any action hereunder. 8. Inspection. Lender may makc or cause to be made reasonable entries upon and inspections of the Propcrty, provided that Lender shall give Borrower notice prior to any such inspection spccifying reasonable cause thercfor related to Lender's interest in thc Property. 9. Condemnation. Thc proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of thc Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigncd and shall be paid to Lender, subject to the terms of any mortgage, deed of trust or other security agreement with a lien which has priority over this Deed of Trust. 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Deed of Trust granted by Lender to any successor in interest of BOffilwer shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Deed of Trust by reason of any demand made by the original Borrower and Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy hereunder, or othcrwise afforded by applicable law, shall not be a waiver of or preelude the exercise of any such right or remedy. 11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agrcements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 16 hcreof. All covenants and agrcements of Borrower shall bc joint and several. Any Borrower who co-signs this Deed of Trust, but does not exeeute the Notc, (a) is co-signing this Deed of Trust only to grant and convey that Borrower's interest in the Property to Trustee under thc terms of this Deed of Trust, (b) is not personally liable on the Note or under this Deed of Trust, and (c) agrees that Lender and any other Borrower hcreunder may agree to extend, modify, forbear, or . -76N(NE) (0407) it> CHL (08/05) Page 4 018 Form 3828