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200800012 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 lor encumbrances of record. Borrower warrants and will defend generally the title to tlle Property against all claims and demands, subject to ,my encumbrances of record. Borrower and Lender covenant 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 under the Contract and late charges or any other fees and charges due under the Contract. Applicable Law. As used in this Socurity Instrument, the term "Applicable Law" shall mean all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. 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 grOlmd rents, if any. 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 Socurity Instrument 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 faith the lien by, or defends against enforcement of tile 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 tile lien an agreemmt 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 the lien or take one or more of the actions set forth above within 10 days ofthe giving of notice. Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insurtxl against loss by fire, hazards includtxl within the term "extendtxl coverage" and any otller hazards, including floods or flooding, lor 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 describtxl 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 of1oss, 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 lessened. If tile restoration or repair is not economically feasible or L(''llder's security would be lessentxl, the insurance proceeds shall be applied to the sums secured by tllis 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 forth in a notice from Lender to Borrower that the insurance carrier has oflertxl 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 socurcd 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 the payments due under the Contract or change the amount of the payments. Ifunder the section titled Acceleration; Remedies, tile Property is acquired by Lender, Borrower's right to any insurance policies and procetxls resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. iG 2004-2007 CoPynb,,1 Compli."oo Sl"torns. In". 8C9C-IFC9 - 2007.01.201 COl1liurner Real Estate. SeI(1urity IUlltnunent DL2036 Pl:l.~ 2 uf7 www.compliancesyst...rnlJ..com. ~00-96~.~S22. Fax 616.956.1868