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200803878 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 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 of the Property or otherwise materially impair the lien created by this Security Instrument or Lender's security interest. Borrower may cure such a default and reinstate, as providcd in section titled Borrower's Right to Reinstate, by causing the action or proceeding to be dismisscd with a ruling that, in Lender's good faith determination, precludes forfeiture ofthe Borrower's interest in the Property or othcr material impairment of the lien creatcd by this Security Instrument or Lendcr's security interest. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statemcnts to Lender (or failed to provide Lender with any material information) in connection with the loan evidenced by the Contract. If this Sccurity Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease; If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrccs to the merger in writing. Protection of Lender's Rights in the Property. If Borrowcr fails to perform the covenants and agreements 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 forfciture or to enforce laws or regulations), then Lender may do and pay for whatevcr is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Sccurity Instrument, appcaring in court, paying reasonable attorneys' fees and 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 under this section shall become additional debt of Borrower secured by this Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the same rate assessed on advances under the Contract and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower noticc at the time of or prior to an inspection specifying reasonable cause for the inspection. Condemnation. The proceeds of any award or claim for damages, dircct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, arc hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property in which the fair market value of the Property immediately before the taking is equal to or greater than the amount of the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. In the evcnt of a partial taking of the Property in which the fair market value of the Property immcdiately before the taking is less than the amount of the sums secured immediately before the taking, unless Borrower and Lender otherwise agree in writing or unless Applicable Law otherwise provides, the proceeds shall bc applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or it: 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 within the minimum number of days establish cd by Applicable Law aftcr the date the notice is given, Lendcr is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Sccurity Instrument, whether or not then due. iD 2004.2007 Copyright Compliance Sys'.,n<. Inc, DK 1 A"C 15B - 2008,02,266 Consumer Reul E!'ttate - Security Instrument DL2036 rage 3 of7 www.complianccsystcms.com 800.968.8522. Fa. 616-9,6-1868