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200710169 Application of Payments. Unless Applicable Law provides otherwise, all payments received by Lender shall be applied: first, to any prepayment charges due lUlder 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 due 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 Instmment, 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 them on time directly to the person owed payment. 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 Sa:urity Instmment unless Borrower: (a) ab'Tees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faitll the lien by, or deknds against enforcement of tlle lien in, legal proceedings 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 this Security Instmment. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Instmment, Lender may give Borrower a notice identifying the lien. Borrower shaIl satisfy the lien or take one or more of the 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 insured against loss by fire, hazards included within the 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 Jor the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to L(,'Jl(ler'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 the event ofloss, Borrower shall give prompt notice to the insurance camer 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 economicaIly feasible and Lender's security is not lessened. If the restoration or repair is not economicaIly feasible or Lender's security would be lessened, the insurance proceeds shall be applied to tile sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property, or does not answer within the number of days prescribed by Applicable Law as set fOrtIl in a notice from Lender to Borrower that the insurance carrier has offered to settle a claim, then Lender may coIlect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instmment, 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 shaIl not extend or postpone the due date of the payments referred to in the sections titled Payment of Principal and Interest; Late Charges and Funds for Taxes and Insurance or change the amolUlt of the payments. If und('T the section titled Acceleration; Remedies, tile Property is acquired 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 tlus Security Instrunlent immediately prior to the acquisition. Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Borrow(,T shaIl not destroy, damage or impair the Property, aIlow 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 beplll that in Lender's good faith judgment could result in forfeiture afthe Property or otherwise materially impair the lien created by this Security Instmment or Lender's security interest. Borrower may cure such a default and ~ 2004.2007 Copyright Compli.noo Sy>ltem>, ,"". RC9C-[iDA5" 2007.01.2Ot COJlS\UllCJ:'Real E!iotate - Security Imtrumc'IIl DI..2036 hgd of 8 www.cmnpliaIl.cellyster.I:Ls.oom ~00.968.8522. Fax 616.956-1868