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200801133 BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby convcycd and has thc right to !,'Tant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances ofrecord. 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 Security 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 oflaw) 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 ground n:nts, if any. At the request of Lcnder, Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acccptable to Lcnder; (b) contests in good faith the lien by, or defcnds against cnforccmcnt of thc lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien; or (c) securcs from thc holdcr of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrumcnt. If Lcnder determines that any part of the Property is subject to a lien which may attain priority over this Security Instrumcnt, Lcnder may givc Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set ftnih 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 insurancc shall be maintained in the amounts and for the periods that Lender rcquires. Thc 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 eoverage deseribed 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 includc a standard mortgage clause. Lendcr shall have thl: right to hold the policies and rWl:wals. If Ll:nder requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall givc prompt notice to the insurance earrier and Lender. Lender may make proof ofloss 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 the restoration or repair is not economically feasible or Lendds security would bl: lessl:l1ed, the insurance proceeds shall be applied to the sums secured by this Sceurity 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 notiCI: from Lender to Borrower that thl: insurance carrier has offered to settle a e1aim, then Ll:nder may collect thc insurance proceeds. Lender may use the procceds 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 bcgin whcn the noticc is givcn. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not I:xtcnd or postpone the due date of the payments due under the Contract or change the amount of the payments. If under the section titled Acceleration; Remedies, the Property is acquircd by Lcnder, 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 this Security Instrumcnt immediately prior to the acquisition. C> 2004.2007 Copyright eompli.I>ce Syst.no;, 11>0. SC'!C-OllI'O - 2007.01.201 Consumer Real Estate. Security Instrument DL2036 Page 2 on www. !::~)lTIrli,HI(;e~ ysklll$.cnm 800.'!6S-S522 - Fax 616-'!56-1~6~