|
..R �. : ?' '' � ;. ",'
<br />2oioos374
<br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal slaall not extend
<br />or postpone the due date of the payrnents referred to in the sections titled Payment of Principal and Intcrest;
<br />Late Charges and Funds for 'I'axes and Insuranee or change the amount of die payments. If under the section
<br />titled Acceleration; Remedies, the Froperty is acquired by Lender, Borrower's right to any insurance policies and
<br />proceeds resultirtg from damage tp the Property prior to the acquisition shall pass to Lender to tlie extent of lhe
<br />sums secured by this Security Instrument immediately prior to the acquisition,
<br />Preservation, Maintenance and Protection of the Property; Sorruwer's 1�oan Application; Leasel�olds.
<br />Borrower shall not destroy, damage or impair the Property, allow tlae Property to deteriorate, or commit waste on
<br />the Property. Borrower shall be in default if any forlaiture action or proceeding, whether civil or criminal, is begun.
<br />tliat in I.,ender's good faith judgznent could result in forfeiture of the Property or otherwise materially impair the
<br />lien created by this Security Instrume�rt or i,ender's security interest. Borrower may cure such a default and
<br />reinstate, as pravided in section Citled Borrower's 1Zight to Reinstate, by causing the action or proceeding to be
<br />dismissed with a ruling that, in Lender's good faith determination, precludes for£eiture of tl�e Borrower's interest in
<br />the Propecty or othar material ixnpairmenC of the lien creaCed by this Security Instrument or Lender's security
<br />interest. Borrower shall also be in default if Borrower, during the loan application process, gave xnaterially false or
<br />inaccurate information or statements to Lender (or failed to provid� Lender witli any material infortnation) in
<br />connection with the loan evidenced by the Note. If this Security Instrument is an a lease}aold, Borrower shall
<br />comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee
<br />title sl�all not merge unless I.,ender agrees to the merger in writing,
<br />�rotection of I.ender's Rights in the Property. If Borrower fails to perform the covenants and agreements
<br />contained in this Security Instrument, or there is a legal proceeding that ►nay si�nificantly alTect I.�ender's rig}its in
<br />the �roperty (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 lhe value of the Property and
<br />Lender's ri�i�ts in the Property. Lender's actions may include paying any sums secured by a lien which has priority
<br />over this 5ecurity lnstrument, appearing in court, paying reasonable attorneys' fees and entering ox� the Property to
<br />make repairs. Althou�h Lender znay take accion under tl�is section, Lender does not have to do so.
<br />Any amounts disbursed by Lender urader this section shall become addilional debt of Borrower secured by thi5
<br />Security Instrument. Unless Borrower and I,ender agree to other terms of payttient, these amounts sl�all bear
<br />interest from the dale of disbur�eme�at at the Note rate and shall be payable, with intcrest, upo�� notice from Lender
<br />to Borrower requesting payment.
<br />Mortgage Insuranee. lf Lender required mortgage insurance as a condition of making the laan secured by this
<br />Security Instrument, Borrower sliall pay the premiums required to maintain the mortgage insurance in effect. lf, for
<br />any reason, the xnortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall
<br />pay t1�e premiums required to c�btair� coverage substantially equivalent to the mortgage insurance previously in _
<br />effect, at a cast substantial� equ�`valent to the cost tp Borr o� the mortgage insurance previously in e£fect,
<br />from an alternate mortgage insurer approved by Lendex. If substantially equivalent mortgage insurance coverage is
<br />not available, Borrower shall pay to Lender each month a suzn equal to one-twelfth of fhe yearly mortgage
<br />insurance preanium being paid by Borrower when tl�e insurance coverage lapsed or ceased to be in eff'ect. [,et�.der
<br />will accept, use and retain these payments as a loss reserve in lieu of mort�age in5urar�ce. Loss reserve pa}nnents
<br />may no longer be required, at the option of Lender, if mortgage insurance coverage (in the amount and for the
<br />period that Lender requires) provided by an insurcr approved by Lender again becomes available and is obtained.
<br />Borrower shall pay the premiums required to maintain mortgage insurance in effect, ar to provide a loss reserve,
<br />until the requirement for mortgage insurance ex�ds in accordance with any written agreenient between Borrower
<br />and Lender or Applicable Law.
<br />Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall
<br />give Borrower notice at the titne of or prior to an inspectivn specifying reasonable cause for the insp�ction.
<br />Condemnation. The proceeds of any award or claim for darnages, direct or consequential, in connection with any
<br />condemnation or other taking of any part of the f'roperty, or for conveyaz�ce ii� lieu of condemnation, are hereby
<br />assi�ned and shall be paid to Lender.
<br />In the event of a total taking of the Praperty, 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 />Property in which the fair macket value of the Property i►nmediately before the taking is equal to or greater than
<br />fhe amount of the sums secured by this Security Insh immediately before the �aking, unless Borrower and
<br />Lender otherwise agree in writing, the sums secured by this Security instrument shall be reduced by tti.e amount of
<br />the proceeds multiplied by the following fraction: (a) the'tatal amount o�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 Bprrpwer. Tn the event of a partial taking of the Praperty in which the f'air market value of the Yroperty
<br />imanediately before the taking is less than the amount of tt�e sums secured irrunediately before the taking, unless
<br />Borrower and Lender otherwise agree in writing or unless Applicable i,aw otherwise provides, the proceeds shall
<br />be applied ta the sums secured by tliis Security Instrument whether or not the sums are then due.
<br />If the Praperty is abandaned by Borrower, oc if after notice by Lender to Borrower that the condemnor of£ers lo
<br />make an award or settle a claim for damages, Borrower fails to respond Co Leiider within the minimum nurnber c7f
<br />days established by Applicable Law after the date the notice is given, L.ender is authorized to collect and apply the
<br />proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Securily
<br />Instrument, wh�ther or not then due.
<br />l�� 2004-?UU9 Complience Systcros, Inc. 002D-OOA9 - 20D9.12368
<br />Consutner Real Estflte - Security Instnnnent DL2036 Page 3 nf G www.cnmpliancesystcros.com
<br />
|