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200706791 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 for 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 coven,mt and agree as follows: Payment of Principal and Interest; Other Charges. Borrower shall promptly pay when due the principal of and interest on the debt owed lUlder tlle Contract and late charges or any other fees and charges due under tIle Contract. Applicable Law. As used in this Security Instrument, the term "Applicable Law" shall mean all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that havc tIle effect oflaw) as wen as all applicable final, non-appealable judicial opinions. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to thc Property which may attain priority over this Security Instrument, and leasehold payments or grolUld rents, if any. At the request of Lender, Borrower shall promptly furnish to Lender receipts evidencing tIle payments. Borrower shall promptly discharge any lien which has priority over tllis Security Instrument lUlless Borrower: (a) agrees in writing to the payment of the obligation secured by tIle lien in a manner acceptable to Lender; (b) contests in good faitIl tIle lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent tlle enforcement of the lien; or (c) secures from the holder of tIle 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 tllis 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 abovc within 10 days of the giving of notice. Hazard or Property Insurance. BOITow('I' shall keep the improvements now existing or hereafter erected on the Properly insured against loss by fire, hazards included within tIle term "extended coverage" and any other hazards, including floods or flooding, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods tllat Lender requires. The insurance carrier providing tIle insurance shall be 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 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 tlle event ofloss, 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 proceeds shall be applied to restoration or repair of tIle 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 proceeds shall be applied to the sums secured by tllis Security Instrument, whetller or not tllen due, with any excess paid to Borrower. If Borrower abandons the Property, or does not answer witIlin the number of days prescribed 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 tIle proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The period of time for Borrower to answer as set forth in the notice will begin when tIle notice is b>iven. Unless Lender and Borrower otllerwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the payments due under tlle Contract or change tlle amOlUlt of the payments. Ifunder the section titled Acceleration; Remedies, the Properly is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to tIle acquisition shall pass to Lender to the extent of the sums secured by this Security Instrunlent immediately prior to the acquisition. iG 2004-2007 Copyright Compliance SY'IOJrn.I"c. 8C9C.BMD. 2007.01.201 Consurnc::r Rc::al Estate. Security Illlltrome:nt DL2036 Page 2 of? www.curnpliIlIlCClIYlItcrJlll.COIn 800-968-8522 - Fox 616-956-1868