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200708773 the Property or other material impairment of the lien created by this Security Instrument or Lender's security interest. Borrower shall also be in default if Borrower, during the loan application process, gave materially lillse or inaccurate information or statements to Lender (or failed to provide Lender with any material information) in connection with the loan evidenced by the Note. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions ofthe lease. If Borrower acquires fee title to the Property, the leasehold and thc fee title shall not merge unless Lender agrees to the mcrger in writing. Protection of Lender's Rights in the Property. If Borrower fails to perform the covenants and a!,'l"ecments 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 bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in tlle 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 ,md entering on the Property to make repairs. Although Lender may take action under this section, Lender does not have to do so. Any amounts disbursed by Lender lUlder this section shall become additional debt of Borrower secured by this Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amOlUlts 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. Mortgage Insurance. If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the mortgage insurance in effect. I I; lor 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 subst,mtially equivalent to the mortgage insurance previously in eOCct, at a cost substantially equivalent to the cost to Borrower of the mortgage insurance previously in efTect, from an alternate mortgage insurer approved by Lender. Ifsubstantially equivalent mortgage insurance coverage is not available, Borrower 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 effect. Lender will accept, use and retain tlulse payments as a loss reserve in lieu of mortgage insurance. Loss reserve payments may no longer be required, at thc 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. Inspection. Lender or its agent may make reasonable entries upon and inspections oflhe Property. Lender shall '1'\ 'give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. \/ I . Condemnation. The proceeds of any award or claim thr damages, direct or consequential, in connection with any j;. condemnation or other taking of any part of the Propt'rty, or (or conveyance in lieu of condemnation, are hereby l I assigned and shall bc paid to Lender. In tlle event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instnllnent, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property in which the filir market value of the Property immediately before tlle taking is equal to or greater than the amount of the sums secured by this SC(,'Urity Instrument shall be reduced by the amount of the proceeds multiplied by the following Iraction: (a) the total amOlUlt of the sums secured immediately before the taking, divided by (b) the filir market value of the Property immediately before 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 Propt'rty immediately before tile taking is less than the amount of the sums secured immediately before tile taking, lUlless Borrower and Lender otherwise agree in writing or unless Applicable Law otherwise provides, the proceeds shall be applied to the SunlS secured by tllls Security Instrument whether or not the SunlS are then due. If the Property is abandoned by Borrower, or if; after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender witllin the minimum number of It> 2004-2007 Copyright Compliance SY'lerr~, h",. gC9C.34C9. 2007.01.201 ConsurneI'RealE~tat.c - Security lTl3tnlII1~llt DL2036 Page 4 of8 WWW.ClUIIlplia:nl1t:1syst.ct.Illl,OOffi 800.968.8522. Fax 616.956.1868