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201007�43
<br />Borrower a notice identifying the lien. Borz'ower shall satisfy the lien or take one or more of the actions set forth
<br />above within 10 days of the giving of Iiotice.
<br />I=iazard or Property Insarance. Borrower shall keep the improvements now existing or hereafter erected on the
<br />Property insured against loss by tire, hazards included within the term "extended coverage" and any other haxards,
<br />including floods ar flooding, for which Lender requires insurance. This insurance shall be maintained in the
<br />amounts and fiar the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by
<br />Borrower subject la I.,end�r's approval which shall not be unreasonably withheld. Cf Sorrower fails to maintain
<br />coverage described abave, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the
<br />Property in accordance with section titled Proteetion of 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 tlie 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. Cn the event o£ loss, Borrower shall give prompt notice
<br />to the insurance carrier and Lender: Lender may make prc�of of loss if not made promptly by Borrower.
<br />Unless Lender and Borrower otlierwise agree in writing, insurance proceeds shall be applied ta restoration or
<br />repair of the Property damaged, if the restoration or repair is economically feasible and [�ender's security is not
<br />lessened. If the reatoration or repair is not economically feasible or Lender's security would be lessened, the
<br />insurance proceeds ahall be applied Co the su►ns secured by this Security Instrument, whether or not then due, with
<br />any excess paid to Borrower. If Borrower abandons the Property, or dneti not answer within the number of days
<br />prescribed by Applicable Law as set forth in a notice frorn Lender to Borrower that the insurance carrier has
<br />offered to settle a claim, then Lender may collect the insurance praceeds. Lender may use the proceeds to repair or
<br />restore the Property or to pay surns secured_by this Security Instrument, whether or not then due. The period of
<br />time for Borrower to answer as set tarth in the notice will begin when the nntice is given.
<br />Unless Lender and Borrower otherwise agree in writing, any application af proceeds to principal shall not extend
<br />or postpone che due date of the paymenCs due under the Contract or change the amount of the payments. If under
<br />the section titled Acceleration; Remedies, fhe Property is acquired by Lender, Borrower's right to any insurance
<br />policies and proceeds r�sulting from damage to the Property prior to the acquisition shall pass to Lender to the
<br />extent of the sums sec�ued by thi� Security instrument immediately prior to the acquisition.
<br />Preservation, Maintenance and Protectian of the Property; Borrower's Loan Application; Leaseholds.
<br />Borrower 5ha11 not destroy, damage or impair the Property, allaw the Property to deteriorate, or cammit waste on
<br />the Property. Borrawer shall be in default if any forfeiture action or proceeding, whether civil or crirninal, is begun
<br />that in Lender's �ood faith judg►nent could result in forfeiture of the Property or otl�erwise materially impair the
<br />lien created by this Security Instrument or L,ender's security interest. Borrower may cure such a default and
<br />reinstate, as provided in section titled Borrawer's Right to Reinstate, by causing the action ar proceeding to be
<br />dismissed with a ruling that, in Lender's good faith determination, precludes forfeiture of the Borrower's interest in
<br />the Property or oth�r material impairment oF the lien created by this Security lnstrument ar Lender's security
<br />interest. Barrower shall also be in defaulC if Borrower, during ehe loan application process, gave materially false or
<br />inaccurate informatic�n or statements to I�ender (or failed to provide Lender with any material inforrnation) in
<br />connection with tl�e loan evidenced by the Contract. if this Security Instrument is on a leasehold, Borrower shall
<br />comply with all the provisions of the lease. If �3orrower acquires fee title to the Property, the leasehold and the fiee
<br />titl� shall not merge unless Lender agr�es to the merger in writin�.
<br />Protection of Lender's Rights in the Property. lf Borrower fails to perform th� covenants and agreements
<br />contained in this 5ecurity lnstrument, or there is a legal proceeding that may signi�cantly affect l,ender's rights in
<br />the Property (such as a proceeding in banla probate, for condernnation 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 1'roperty and
<br />Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priarity
<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 Lendsr under this section shall become additional debt of Borrower secured by this
<br />Security Instrument. i]nless Borrower and Lender agree to other terms of payinent, lhese arrr�utsts shall bear
<br />interest from the date of disbursement at the same rate assessed on advances under the Contract and shall be
<br />payable, with interest, upon nntice frorn Lender to $orrower requesting payment.
<br />Inspection. Lender or its agent may make reasonable entries upon and inspections of the Proparty. 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 conneccion with any
<br />cond�innation or other taking of any part of the Property, or for conveyance in lieu of condemnatian, are hereby
<br />assigned and shall be paid to Lender.
<br />In the �vent of a total taking of the Property, the proceeds shall be applied to the surns secured by this Sscurity
<br />Instrument, whether or not then due, with any excess paid to Borrower. In tl�e event of a partial taking of fhe
<br />Properry in which the fair market value of the Propercy irnmediately before the taking is equal to or greater than
<br />the amount of the sums secured by this Security instrument immcdiately before the taking, unless Borrower and
<br />I..ender otherwise agree in writing, fh� sun�s secured by this Security Instrument shall be reduced by the amount of
<br />the proceeds rnultiplied by the following fraction: (a) the total amount of the sums secured immediately before the
<br />taking, divided hy (b) the fair market value of the Property inunediately 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 market value of the Property
<br />immediately before the taking is less lhan the amount of the sums secured immediately before the takin�, unless
<br />�a� 2004-2009 Compliance Systems, lnc. 002D-74OC - 2009.12368
<br />Consumer Real Estate - Sccin�ity Instrument DI .036 Page 2 oF 5 �wvw.compGancesystcros.com
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