|
2oo9o~s55
<br />the Property. Borrower shall be in dettnilt if any forfeiture action or proceeding, whether civil nr criminal, is hegG)n
<br />that in Lender's good frith judgment could result in Corfeiture of the Property or otherwise materially impair the
<br />lien created by this Security Instrument nr L.ender's security interest. Borrower may cure such a default and
<br />reinstate, as provided in section titled Borrower's Right to Reinstate, by causing the action or proceeding to he
<br />dismissed with a ruling that, in Lender's good faith determination, prechldes forfeiture of the Iorrower's interest in
<br />the Property or other material impairment of the lien created by this Security Instrument or Lender's security
<br />interest. Burrower shall also he in default if Borrower, during the loan application process, gave materially false or
<br />inaccurate information or statements to lender (or failed to provide Lcndcr with any material information) in
<br />connection with the loan evidenced by the Contract. If this Security Instrument is on a Icaschold, Borrower shall
<br />comply with all the provisions ofthe lease. Ifl3orrower acquires fee fide to the Property, the Icaschold and the fcc
<br />title shall not merge unless Lender agrees to the merger in writing.
<br />Protection of Lender's Rights in the Property. If Borrower fails to perform the covenants and agreements
<br />contained in this 5ccurity histrumcnt, or there is a legal proceeding that may significantly affect Lender's rights in
<br />the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or
<br />regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and
<br />Lender's rights in the Properly. Lender's actions may include paying any sums secured by a lien which has priority
<br />over this Security Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to
<br />make repairs. Although Lender may take action under this section, Lender does not have to do so.
<br />Any amounts disbursed by Lcndcr under this section shall become additional debt of Borrower secured by this
<br />Security Instrument. Unless Borrower and Lcndcr agree to other terms of payment, these amounts shall hear
<br />interest from the date of disbursement at the same rate assessed on advances under the Contract and shall he
<br />payable, with interest, upon notice from Lender io }3orrower requesting payment.
<br />Inspection. C,ender or its agent may make reasonable entries upon and inspections of the Property. Lcndcr shall
<br />give Borrower notice ai the time of or prior to an inspection specifying reasonable cause for the inspection.
<br />Condemnation. "I'he procccds of any award or claim for damages, direct or consegrteniial, in connection with any
<br />condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby
<br />assigned and shall be paid to Lender.
<br />In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security
<br />lnstrumcnt, whether or not then due, with any excess paid to Borrower. in the event of a partial taking of the
<br />Property in which the lair market value of the Property irnmedialely before the taking is equal to or greater than
<br />the anunmt of the sums secured by this 5ccurity Instrument immediately before the taking, unless Borrower and
<br />Lender othcrwisc agree in writing, the sums sccurcd by this Security Instrument shall he reduced by the amount oi'
<br />the procccds multiplied by the following fraction: (a) the total amount of•the sums secured immediately before the
<br />taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be
<br />paid to 1.3orrower. In the event of a partial taking of the Property in which the fair market value of the Property
<br />immediately before the taking is Icss than the amount of the sums secured immediately before the taking, unless
<br />Borrower and Lcndcr otherwise agree in writing or unless Applicable Law otherwise provides, the proceeds shall
<br />he applied to the sums secured by this Security lnsirumcnt whether or not the sums arc then due.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers tv
<br />make an award or settle a claim for damages, Borrower fails to respond to Lender within the minimum number of
<br />days established by Applicable L.aw after the date the notice is given, Lender is authorized to collect and apply the
<br />proceeds, ai its option, either to restoration or repair of the Property or to the sums sccurcd by this Security
<br />Crrstrument, whether or not then due.
<br />iJnlcss Lcndcr and Bor•owa• othcrwisc agree in writing, any application of proceeds to principal shall not extend
<br />or postpone the due date of the payments due under the Contractor change the amount of'such payments.
<br />Borrower Not I2eleused; Forbearance I3y L.endcr Not N Waiver, L;xtension of the time for payrmcnt or
<br />modification of amortization of the sums sccurcd by this Security Instrument granted by Lender to any successor in
<br />t'., 'llp4 ZIIf14 ('n I111~li;l ll Y• 51~Ii`Illn, III. g417gf~Y'H ZIXI~I, (15,1511
<br />Cnn+lnnrr Kral r:.ank• .ticcunty 6latnnncN n1,11116 I'ogc 1 of ~ www.urmpLau..cvymcm.r.cnm
<br />
|