|
20090'7545
<br />BORIZOW}~,1Z COVrNANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to
<br />grant and convey the Property and that the Property is unencLnnbered, except for encumbrances of record.
<br />Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to
<br />any entumhranccs of record.
<br />Borrower and Lcndcr covenant and agree as follows:
<br />Payment of Principal and Interest; Other Charges. Borrower shall promptly pay when due the principal of and
<br />interest on the debt owed under the Contract and late charges or any other fees and charges due under the C'ontraci.
<br />Applicable Law. As used in this Security Instrument, the term "Applicable Law" shall mean all controlling
<br />applicable federal, slate and local statutes, regulations, ordinances and administrative rules and orders (that have
<br />the effect of law) as well as all applicable final, non-appealable judicial opinions.
<br />Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the
<br />Property which may attain priority over this Security Tnstrumenl, and leasehold payments or ground rents, if any.
<br />At the request of Lender, Borrower shall promptly furnish to bender receipts evidencing the payments.
<br />13orrowor ,hall promptly discharge any lien which has priority over this Security Instrument unless E3orrowcr: (a)
<br />agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lcndcr; (b)
<br />contests in good faith the lien by, or defends against enforcement of the lien in, Icgal proceedings which in the
<br />Lender's opinion operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an
<br />agreement satisfactory to bender subordinating the lien to this Security instrument. If Lender dctcnnincs that any
<br />part of the Property is subject to a lien which may attain priority over this Security instrument, Lcndcr may give
<br />Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth
<br />above within 10 days of the giving of notice.
<br />Ilacard or I'ropewty Insurance. Borrower shall keep the improvements now existing or hereafter erected on the
<br />Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards,
<br />including floods or tlooding, for which Lcndcr requires insurance. 'I•his insurance shall be maintained in the
<br />amounts and for the periods that Lcndcr requires. The insurance carrier providing the insurance shall be chosen by
<br />Borrower sul?jecl to Lender's approval which shall not be unreasonably withheld. If Borrower fails to maintain
<br />cslvcr<rgc described above, Lcndcr may, at Lender's option, cibtain coverage to protect I.endcr's rights in the
<br />I'ropcrty in accordance with section titled Protection of Lender's Rights in the Pwoperty-
<br />All insurance politics and renewals shall be acceptable to Lender and shall include a standard mortgr:rgc clause.
<br />Lender shall have the right to hold the politics and renewals. if Lender requires, E3orrowcr shall promptly give to
<br />Lander all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice
<br />io the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower.
<br />Unless Lender and I3orrowcr otherwise agree in writing, insurance proceeds shall be applied to restoration or
<br />repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not
<br />lessened. If' the restoration or repair is not economically feasible or Lender's security would be lessened, the
<br />insurance proceeds shall be applied to the sums secured by this Security instrument, whether or not then due, with
<br />ar,y excess paid to E3orrowcr. if Borrower abandons the Property, ur does not answer within the number of days
<br />prescribed by Applicable Law as set forth in a notice i'rom Lender to Borrower that the insurance carrier has
<br />offered to settle a claim, then [,ender may collect the insurance proceeds. Lcndcr may use the proceeds to repair or
<br />restore the Property or to pay sums secured by this Security Instrument, whether or not then due. '1'hc period of
<br />time for E3orrowcr to answer as set forth in the notice will begin when the notice is given.
<br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend
<br />or postpone the due date of the payments due under the Contract or change the amount of the payments. l f under
<br />the section titled Acceleration; Remedies, the Property is acquired by Lender, Borrower's right to any insurance
<br />policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lcndcr to the
<br />extent of the sums secured by this Security Instrument immediately prior to the acquisition.
<br />~unluaor...„nl~,~„~~•sy.~~•n,,,Inc.nvn;~lr, znnrlnssw
<br />[tma,~nn~r ken. r.cnde - tircurity Instru nx.rn 111.7uah I'xpe 2 nf7 www.w,nq,lianccay.n•nix cola
<br />
|