|
2osoos2o9
<br />Bqrrower 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 �iving of notice.
<br />I�azard or Property Insurance. Borrower shail keep the improvements naw existing or herea$er 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 Lender requires insurance. This insurance shall be maintained in the
<br />ambunts and for the periads that Lender 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 abi�ve, l.,ender may, at Lender's option, obtain coverage to protect Lender's rights in the
<br />Properiy in accordance �vith 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 />I.ender shall havu the ri�;ht to hold the policies and renewala, If Lexider requires, Borrower sliall pramptly give to
<br />Lender all receipts of paid premiums and renewal natices. In the event of loss, Borrower shall give prompt notice
<br />to the insurance carrier and Lender. Lender rnay make prooF of loss if not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied ta restoration or
<br />r�pair of the PraperCy clainaged, iP the restoration or repair is economically feasible and Lender's security is not
<br />lessened. (f the restoration ar repair is nat economically feasib1e or Lender's security would be lessened, the
<br />insurance proceeds ahael be a�plied tc� the sums secured by this 5ecurity Instrument, whether or not then due, with
<br />any excess paid to Borrower. lf Barrower abandons the Praperty, or does not answer within the nurnber of days
<br />prescribed by Applicable Law as set forth in a notice from Lender to Borrower fhat lhe insurance carrier has
<br />offered to settle a cIaim, then Lender may collect the insurance proceeds. Lender may use tlie 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 E3orrower to answer as set forth in the notice will begin when the notice is given.
<br />Unless I.ender and I3orrower 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 o£ the payments. Tf 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 damag� 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 />Preservation, Maintenance and Protectian of the Property; Borrower's Loan Application; Leasehalds.
<br />Borrower shall not destroy, damage or impair the Property, allow the Yroperty to deteriorate, nr commit waste on
<br />the Property. I3orrower shall be in detault if any forfeiture action or proceeding, whether civil or criminal, is be�un
<br />that in Lender's �oc>d faith judgment could result in forfeiture of the Yroperty or otherwise materially impair the
<br />lien . created by this Security Instrurnent or C_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 actipn or proceeding to be
<br />di5missed with a ruling that, in Lender's good faith determination, precludes forfeiture of the Borrower's interest in
<br />the ProperCy or other material impairment of the lien created by this Security Tnstrument or L�nder's security
<br />interest. .Borrower shall also be in defaull if Borrower, during fhe loan application process, gave materially false or
<br />inaccurate inforrnation or statemenCs to Lender (or fail�d Co provide Lender with any material information) in
<br />connectic�n with the loan evidenced by the ContracC. If this Security Instrument is on a leasehold, Borrower shall
<br />campty with all th� provisioa�s of the lease. If Barrower acquires fee tit1e to the Froperty, the leasehold and the fee
<br />title shall not merga unless I.ender agrees to the ►nerger in wriCing.
<br />Protectian of Lender's Rights in the Property. If Borrower fails to perform the covenants and agreements
<br />contained in t1ais Security Instrument, or fhere is a legal proceeding that may significantly affect Lender's rights in
<br />the �'roperty (such as a proceeding in bankruptcy, probate, for condernnation or fdrfeiture 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 ri�hts in the Prc>perty. 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 fhe ProperCy to
<br />make repairs. Altirougtr�errd�r rnay take�ctiantrriderthis sectivn; Len�er daes not have to do so.
<br />Any arnounts disbur5ed by Lender under this section shall becorne additional debt of Borrower secured by this
<br />Security Instrument. Unlcss Borrower and Lender agree to other terms of pay�nent, these amounts shall bear
<br />interest from tl�e date of disbursement at the same rate assessed on advances under the Contract and shall be
<br />payable, with interest, upc�n notice from I,ender to Borrower requesting payment.
<br />Inspection. Lender or ita agent may make reasonable entries upon and inspections of the Property. Lender shall
<br />�ive Borrower notice at the time of or priar to an inspection sp�cilying reasonable cause for the inspection.
<br />Condemnatia�a. Th� proceeds of any award or claim for damages, direct or consequential, in connectinn with any
<br />condemnation or other taking of any part of Che Property, or for conveyance in lieu of condemnation, are hereby
<br />assigned and shall be paid to Lender.
<br />In the event of a tatal taking of the Prnperty, the proceeds shall be applied 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 />Prop�rty in which the fair market value of the Property immediately before the taking is equal to ar greater than
<br />the amount of the sums secured by this 5ecurity InstrumEnt irnrnediately before the taking, unless Borrower and
<br />Lender otherwise a�re�: i►i writing, the sums sacured by this Security ]nstrurnent shall be reduced by the arnounC of
<br />the proceeds multiplied by the following Fraction: (a) the total amount of the sums secured imrnediately before the
<br />taking, divided by (b) the fair market valu� of the Property immediately before the taking. Any balance shall be
<br />paid to Borrower. in thu event of a partial taking of the Property in which the fair market value of the Property
<br />immediately before the taking is les5 than the amount of the sum5 secured immediately befare the taking, unless
<br />�t� 2004-2009 Compliunce Sysletns, Inc. U(12U-BOCU - 2009.12368
<br />Cbnsumer Rcnl �sRlln - Security Instrument �L203ti Pagc 2 of 5 www.cwnpliancesystems.com
<br />
|