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<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 />Hazard or Property Insurance. Borrower shall keep the itnprovements naw existing or hereafter erected on the
<br />Properry insured against loss by fire, hazards included within the term "extended coverage" and ariy other hazards,
<br />including floods or flooding, for �rvhdch I.ender requires insurance. This insurance shall be rnaintained in the
<br />amounts and for the periods that L.ender requires. The insurance carrier providing the insurance shall be chosen by
<br />Borrower subject to Lender's approval which shall not be unreasonably withheld. If Borrower fails to maintain
<br />coverage described above, Lender may, at L.ender's option, obtain coverage to protect Lender's rights in the
<br />Froperty in accordance with section titl�d Pratection nf Lender's Rights in the Property.
<br />All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause.
<br />Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to
<br />Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give proznpt notice
<br />to the insurance carrier and L.ender. Lender may make proof of loss if not rnade prornptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restaration 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 />any excess paid ta Borrower. If Borrower abandons the Property, or does not answer within the number oF days
<br />prescribed by Applicable �,aw as set farth in a nodce frorn Lender to Sorrower that the insurance carrier has
<br />offered to setde a claim, then Lender may collect the insurance procaeds. Lender 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. The period of
<br />time for Borrower 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 postpane the due date of the payments due under the Contract or change the amount of the payments. If undsr
<br />the section titled Acceleradon; Remedies, the Property is acquired by Lender, Borrower's right to any insurance
<br />policies and proceeds resulting frorn damage to the Property prior ta the acquisition sha11 pass to Lender to the
<br />extent of the sums secured by this Security Instrument urunediately prior to the acquisition.
<br />Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds.
<br />Barrawer shall not destroy, damage or impair the Praperty, allow the Property to deteriorate, or commit waste on
<br />the Property. Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun
<br />that in I.ender's good faith judgment could result in farfeiture of the Property or otherwise materially impair the
<br />lien created by this Security Insttwnent ar Lender's security interest. Borrower may cure such a default and
<br />reinstate, as provided in section titled Borrower's Right ta Reinstate, by causing the action or proceeding to be
<br />dismissed with a ruling that, in Lender's good faith determination, precludes forfeiture of the Borrower's interest in
<br />th� Property or other material impairment of the lien created by this Security Instrument or Lender's security
<br />interest. Sorrower shall also be in default if Borrower, during the loan application process, gave materially false or
<br />inaccurate information or st�tements to Lender (or failed to provide Lender with any material information) in
<br />connection with the loan evidenced by the Contract. If this Security Itastiument is on a leasehold, Borrower shall
<br />comply with all the provisians of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee
<br />title shall not merge unless I.ender agrees ta the rnerger in writing.
<br />Protection of Lender's Iiights in the Property. If Borrower fails to perform the covenants and agreements
<br />contained in this Security Instrurnent, or thcre is a legal proceeding that may sigtuficantly affect Lender's rights in
<br />the Property (such as a proceeding iui bankruptcy, probate, for cnndemnation or forfeiture or to enforce laws or
<br />regulations), then Lendcr may do and pay for whatever is necessary to protect the value of the Property and
<br />Lender's rights in the Property. 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 Lend�r may tak.� action u.nder t.his section, I,ender does not l�av�fi.o do so.
<br />Any amounts disbuzsed by Lender under this section shall become additional debt of Barrow�r secured by this
<br />Securiry Insttument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear
<br />interest from the date of disbursement at the same rate assessed on advances txnder the Contract and shall be
<br />payable, with interest, upon natice from Lender ta Borrower requesting payment.
<br />Inspection. Lender or its agent rnay nnake reasonable entries upon and inspections of the Property. Lender shall
<br />give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
<br />Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any
<br />condemnation or other taking of any part of the Property, or for conveyance in lieu of candemnation, are hereby
<br />assigned and shall be paid to Lender.
<br />In the event of a total taking of the P.roperty, the proceeds shall be applicd to the sums secured by this Security
<br />Instrument, 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 fair market value of the Property immediately before the taking is equal to or greater than
<br />the amount of the sums secured by this Security Inst7rrument immediately before the taking, utiless Borrower and
<br />Lender otherwise agree in writing, the sums secured by this Security Instrument shall bE reduced by the amount of
<br />the proceeds 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 innmediately before the taking. Any balance shall be
<br />paid to Borrower. In the event of a partial taking of the Property in which the fair rnarket value of the Properiy
<br />unmediately before the taking is less than the amaunt of the sums secured immediately before the taking, unless
<br />� 2004-2009 Compliance Syatema, Ine. 002D-E9F8 - 20119.12.368
<br />Cousumer Resl Eatate - Seeurity Inenument DL2036 � Pege 2 af 5 www.compliancesyatems.com
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