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200705770 BORROWER COVENANTS that Borrower is lawfully seisoo of the estate hereby conveyoo and has the right to grant and convey the Property and that the Property is unencumberoo, except tor encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, sUQject to any encumbrances of record. Borrower and Lender covenant and agree as follows: 'Payment of Principal and J nterest; Other Charges. Borrower shall promptly pay when due the principal of and interest on the debt owed under the Contract and late charges or any other fees and charges due under the Contract. Applicable Law. As usoo in this Security Instrument, the term "Applicable Law" shall mean all controlling applicable fooeral, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect oflaw) as well as all applicable final, non-appealable judicial opinions. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Stx.:urity Instrument, and leasehold payments or ground rents, if any. At the request of Lender, Borrower shall promptly furnish to Lender receipts evidencing the payments. 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 securoo by the lien in a manner acceptable to Lender; (b) contests in good taith tlle lien by, or defends against enforcement of the lien in, legal procetxlings 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 tllis Se<.:urity 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 tlle lien. Borrower shall satisfy the lien or take one or more ofthe actions set forth above within 10 days of the giving of notice. Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insurtxl against loss by fire, hazards includoo within the term "extendoo coverage" and any otller hazards, including noods or nooding, for which Lender requires insurance. This insurance shall be maintainoo in the amounts and for the periods tllat Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. If Borrower tails to maintain coverage describoo above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property in accordance with section titled Protection of Lender's Rights in the Property. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. 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. Unless Lender and Borrower otherwise agree in writing, insurance proceoos shall be applied to restoration or repair of the Property damaged, if the 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 proceoos shall be applied to the sums securoo by this Security Instrument, whether or not tlum due, with any excess paid to Borrower. If Borrower abandons the Property, or does not answer within the number of days prescriboo by Applicable Law as set forth in a notice from Lender to Borrower 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 restore the Property or to pay sums securoo by tllis Security Instrument, whether or not then due. The period of time for Borrower to answer as set forth in the notice 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 ofthe payments due under the Contract or change the amount of the payments. Ifunder the section titled Acceleration; Remedies, the Property is acquiroo by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. ~ 2004.2007 Copyright Compliance SY"""". Inc. 8C9C.1908 . 2007.01.201 COllsllm.er Real Estato ~ Security Instrument DL2036 Po"" 2 01'7 www.complia.nc~Y!l1.ern 1I.COTTl 800-968-8522 -!,,,,, 616-956-1868