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200709774 Application of Payments. Unless Applicable Law provides otherwise, all payments received by Lender shall be applied: first, to any prepayment charges due under the Note; second, to amounts payable under the section titled Funds for Taxes and Insurance; third, to interest due; fourth, to principal due; and last, to any late charges duc under the Note. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obligations in the manner provided in section titled Funds for Taxes and Insurance, or ifnot paid in that manner, Borrower shall pay thcm on time directly to the person owed payment. 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 this Security Instrument unless Borrower: (a) agrees in writing to the payment of tile obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevcntthe enforcement of the lien; or (c) secures from the holder of the 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 this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy tile lien or take one or more of tile 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 erecta:1 on the Property insura:1 against loss by fire, hazards includa:1 within the term "extended coverage" and any otller hazards, including floods or flooding, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that 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 fails to maintain coverage describa:1 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 tile right to hold the policies and renewals. If Lender rlXJuires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the 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 the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessena:1. 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 this SC(,'U!ity Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons tile Property, or does not answer within tile number of days prescribed by Applicable Law as set forth in a notice from Lender to Borrower that the insurance carrier has offera:1 to settle a claim, then Lender may collect tile insurance proceeds. Lender may use the 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 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 of tile payments rcferred to in the sections titled Payment of Principal and Interest; Late Charges and Funds for Taxes and Insurance or change theamount of the payments. Ifuuder the section titled Acceleration; Remedies, the Property is acquired by Lender, Borrower's right to any insurance policies and proceoos resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of tile sums secured by this Security Instrument immediately prior to the acquisition. 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 commit waste on the Property. Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun that in Lender's good faith judgment could result in forfeiture orthe Property or otherwise materially impair the lien created by this Security Instrument or Lender's security interest. Borrower may cure such a default and tJ 2004.2007 Copyright Compli.noe Syotems.IIlO, 8C9C-F429 - 2007,01.201 Consumer Real E!lot.ate - SecUlity Instrument 01..2036 Page 3 ofS www_COmpliaIICelI,/stemll_COTJI HOO.96H.H522. Fax 616.956.1H6H