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200707239 Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate, or eommit waste on the Property. Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begwl 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 cure such a default and reinstate, as provided in section titled Borrower's Right to Reinstate, by causing the action or proceeding to be dismissed with a ruling that, in Lender's good faith determination, precludes forfeiture oftlle Borrower's interest in tlle Property or otller material impairment of the lien created by this Security Instrument or Lender's security interest. Borrower shall also be in default if Borrower, during tlle loan application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material information) in connection witll the loan evidenced by tlle Contract. If tllis Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to tlle Property, tlle leasehold and tlle fee title shall not merge unless Lender agrees to tlle merger in writing. Protection of Lender's Rights in the Property. If Borrower fails to perform tlle covenants and agreements contained in tllis Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in tlle Property (SUCh as a proceeding inh3iikruptcy; ptOtm~~orftn RitIW e'l1r t(}'eIt1btcetaws\'n""".-'''-----co~='"7 - regulations), tllen Lender may do and pay for whatever is necessary to protect the value of the 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 Instrument, appearing in court, paying reasonable attorneys' fees and entering on tlle Property to make repairs. Altllough Lender may take action under this section, Lender does not have to do so. Any amounts disbursed by Lender under this section shall become additional debt of Borrower secured by this Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the same rate assesstxl on advances under tlle Contract and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. Inspection. Lender or its agent may make reasonable entries upon and inspoctions of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condenmation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums socured by tllis Sa,'Ul'ity Instrument, whether or not tllen due, with any excess paid to Borrower. In the event of a partial taking of the Property in which the fair market value of tlle Property immtxliately before tlle taking is equal to or greater than tlle amount of tlle sums secured by this Security Instrument shall be reduced by tlle amount of the proceeds multiplied by the following fraction: (a) the total amount of tlle sums secured immediately before tlle taking, divided by (b) the fdir market value of tile Property immediately before the taking. Any balance shall be paid to Borrower. In tlle event of a partial taking of the Property in which the fair market value of the Property immediately before the taking is less tllan the amount of tile sums secured immediately before tlle taking, unless Borrower and Lender otilerwise agree in writing or unless Applicable Law otllerwise provides, the proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condenmor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender witllin tlle minimum number of days established by Applicable Law after the date tlle notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of tlle Property or to tlle sums secured by this Security Instrument, 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 payments due under the Contract or change tlle amount of such payments. l) 2004.2007 Copyright Compli.,,,," Sl"teml, Ill". SC9C.BE49. 2007.01.201 Consumer Real Estate. Security 11lStnm}ent DL2036 P."" 3 of7 www.complia.nc~ystems.com 800-968-8522 - Fax 616-956-1868