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.~.... 200704840 acquires fee titlc to the Property, thc leaschold and the fcc title shall not merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Property. If Borrower fails to perform the 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 bankmptcy, probate, for condemnation or forfeiture or to entorce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value ofthe Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrumcnt, appearing in court, paying reasonable attorncys' fecs and entering on the Property to make repairs. Although Lender may take action under this paragraph 7. Lender does not have to do so. Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this Security Instnuncnt. Unless Borrower and Lender agree to other tenns of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. 8. Mortgage Insurance. If Lender required mortgage insurancc as a condition of making the loan secured by this Security Instmment, Borrower shall pay the premiums required to maintain the mortgage insurance in effect. It: for any reason, the mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the mortgage insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the mortgage insurance previously in effect, from an alternate mortgage insurer approved by Lender. If substantially equivalent mortgage insurance coverage is not available, Borrowcr shall pay to Lender each month a sum equal to one-twelfth of the yearly mortgage insurance premium being paid by Borrower when the insurance coverage lapsed or ceased to be in effet-i. Lender will accept, use and retain these payments as a loss reserve in lieu of mortgage insurance. Loss reserve payments may no longer be rcquired, at the option of Lender, if mortgage insurance coverage (in the amount and for the period that Lender requires) provided by an insurer approved by Lender again becomes available and is obtained. Borrower shall pay the premiums required to maintain mortgage insurance in effect, or to provide a loss reserve, until the requirement for mortgage insurance ends in accordance with any written agreement between Borrower and Lender or applicable law. 9. Inspection. Lender or its agent may make reasonable entries upon and inspet-iions of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. lU. Condemnation. The proceeds of any award or claim tor damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in licu of condemnation. are hereby assigned and shall be paid to Lender. In thc event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property in which the fair market value of the Property immediately before the taking is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the taking, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instmment shall be reduced by the amount of the procccds multiplied by the tollowing fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value ofthe Property immediately betore the taking. Any balance shall be paid to Borrower. In the event of a partial taking of the Property in which the fair market value of the Property immediately before the taking is less than the amount of the sums secured immediately before the taking, unless Borrower and Lender otherwise agree in writing or unless applicable law otherwise provides, the proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums arc then due. If the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor oilers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Security Instmment, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 204643206/05/07 72-4114D . SEE PA~ES 1: ~, 3, S, 6 AND 7 FOR ADDITIONAL IMPORTANT TERl\1S/ / .../~!/ 17.01 PlIlUiM11t.HEU l . . [/.)X /yl<-X mtla \ s ," ,y'.- Pa~ 4 . '7