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201Q08025
<br />part of the Property is subject to a lien which may attain priority over this Security Instrument, I.ender may give
<br />Borrower a notice identifying the lien. Borrower sha11 satisfy the lien or take one or more of the actions set forth
<br />abave within 10 days of the givin� of notice.
<br />Hazard or Property 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 ar flooding, for which Lender requires insurance. This insurance shall be maintained in the
<br />amounts and for the periods that �ender requires. T"he insurance carrier providing the insurance shall be chosen by
<br />Borrower subject to Lender's approval which shall not be unreasonably withheld. If Sorrower fails to maintain
<br />coverage described above, Lender may, at Lender's option, obtain caverage to protect Lender's rights in the
<br />Property in accordance with section titled Protection of Lender's Rights in the Property.
<br />All insurance policies and renewals shall be acceptable to Lender and sha11 include a standard mortgage clau�e.
<br />Lender shall have the right to hold the policies and renewals. If I,ender requires, Borrower shall promptly give to
<br />T.ender all receipts of paid prerniuxns and renewal notices. In the event of loss, Borrawer shall give prompt notice
<br />to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower.
<br />Unless I.ender aaid Borrower otherwise agree in wricing, i►isurance 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 fea5ible or Lender's security would be lessened, the
<br />insurance proceeds shall be applied to the sums secured by this Security TnsWment, whether or not then due, with
<br />any excess paid to Borrower. If E3orrower abandons die Properiy, or does not answer within the number of days
<br />prescribed by Applicable Lsaw as set Forth in a natice frorn Lender to Borrower that tlie insurance carrier has
<br />off�red to settle a claim, then T_ender may collect the insurance proceeds. Lender rnay use the proceeds to repair or
<br />restore the Property or to pay sums secur�d by fhis Security lnstrument, whether ar 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 postpone the due date of the payments due under the Contract or change the amount of the payments. If 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 Lender to the
<br />extent of the sums secured by this Security Instrument immediately prior to the acquisition.
<br />Preservatian, Maintenance and Protection uF the Property; Barrower's Loan Application; Leaseholds.
<br />Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate, or commit waste on
<br />t}ae Property. Borrower shall be in default if any forfeiture actipn or proceeding, whether civil nr criminal, is begun
<br />that in Lender's good faith judgment could result in forfeiture of the Property or otherwise materially impair the
<br />lien created by this Security Cnstrurnent or Lender's security interest. Borrower may cure such a default and
<br />reinstate, as provided in section titled Borrowcr's Right to ReinstaYe, by causing the action or proceeding to be
<br />dismissed witli a rulin� that, in Lender's good faith deterniination, precludes forfeiture of the Barrower's interest in
<br />the properry or other material irnpair►nent of the lien created by this Security Instrument or Lender's security
<br />interest. Borrower shall also be in default if Borrower, durin� the loan application process, gave materially false or
<br />inaccurate information or statements to Lender (or failed to provide Lender with any material infarmation) in
<br />coimection with the loan evidenced by the Contract. If this Security Instrurnent is on a leasehold, Borrower shall
<br />comply witli all the provisions of tlie lease. If Borrower acquires fee title to the Property, the leasehold and the fee
<br />title shall not mer�;e unle�s Lender agrees to the merger in writing.
<br />Pratection of Lender's Rights in the Property. If Borrower fails to perform the covenants and agreements
<br />contained in this Security Instrument, or fhere is a legal proceeding that may significantly affect Lender's rights in
<br />th� Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enForce laws or
<br />regulations), then I�ender may do and pay for whatever is necessary to prntect the va1ue of the Property and
<br />C�ender's rigl�ts 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 Lender may take action under this section, Lender does not have to do so.
<br />Any amouncs disbursed by Lender under this section shall become additional debt of Sorrower secured by this
<br />------- -- �ecuriry Instrum�nt. 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 under the Contract and shall be
<br />payable, with interest, upon notice from Lender to Borrower requesting payment.
<br />lnspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall
<br />give Borrower notice at the time of or prior to an inspection specifying reasanable cause for the inspection.
<br />Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connectinn 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 ta Lender.
<br />In the ev�nt of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security
<br />Inscrument, 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 5ecurity Instrument immediately befare the taking, unless Borrower and
<br />I,ender otherwise agree in writing, the sums secured by t1iis 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) thc fair market value of tlie Property immediately before the taking. Any balance sha11 be
<br />paid to Borrower. In the event nf a partial taking of the Property in which the fair market value of the Property
<br />2r 2004-2009 Compliance Systems. Inc. 0(12llQAEB - 2009.12.368
<br />Consumer Real Estatc - Security Instrumcnt �L2036 Puge 2 of 5 www.cumpliancesystcros.com
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