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<br />Borrawer a notice identifying the 1ien. 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 />H�zard or Property Insurance. Borrower shall keep the improvements now exzsting 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 or flooding, for wl�ich Lender requires insurance. This insurance sha11 be maintained in the
<br />amounts and for the periods 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 Co maintain
<br />coverage described above, I_ender may, at Lender's option, obtain coverage to protect Lender's rights in the
<br />Property in accordance with section titled Protection of I.ender'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 tlie policies and renewals. If Lender requires, Borrower shall promptly give to
<br />T,ender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice
<br />to the insurance carrier and Lender. Lender may make proof oF loss if not rnade pramptly by Borrawer.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or
<br />repair of the Property damaged, if tl�e restoration or repair is economically feasible and Lender's security is not
<br />lessened. If the restaracion 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 5ecurity Instrument, whether or not then due, with
<br />any excess paid to Borrower. If Bonower abandons the Properiy, or does not answer within the number of days
<br />prescribed by Applicable Law as set forth in a notice from Lender to Borrower that the insurance carrier has
<br />offered to settle a clairn, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or
<br />restore the Property or to pay sums secured by this Security instturnent, 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 postpone the due date of the payments due under the Contract or chan�e the amount of the payments. If under
<br />the sectian titled Acceleration; Remedies, the Property is acquired by Lender, Borrower's right to any insurance
<br />policies and proceeds resulting fi'om damage to the Property priar to the acquisition shall pass to Lender to the
<br />extent of the sums secured by this Security Instrument irnmediately prior to the acquisition.
<br />Preservafion, Maintenance and Protection oF the Property; Borrower's Loan Application; Leaseholds.
<br />Borrower shall not destroy, dama�e ar irnpair tl�e Property, allow the Property to deteriorate, or commit waste on
<br />the Property. Borrower shall be in default if any forfeiture actian or proceeding, whether civil or 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 Instrument or Lender's security interest. Barrower may cure such a default and
<br />reinstate, as provided in section titled Borrower's Right to Reinstate, by causing the action or proceeding to be
<br />dismissed wifh a ruling that, in Lender's good Faith determination, precludes forfeiture of the BorroWer's interest in
<br />the Property or other rnaterial impairment of the lien created by this Security Instrument or Lender's security
<br />interest. Borrower s1�a11 also be in default if Borrower, during the loan application process, gave materially false or
<br />inaccurate information or statements to Lender (or failed to provide Lender with any rnaterial information) in
<br />connection with fhe loan evidenced by the Contract. lf this Security Instniment is on a leasehald, 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 shall noC merge unless Lender agrees to the merger in writing.
<br />Protection af I..ender's Rights in the Property. If Borrower fails to perfornt the covenants and agreements
<br />contained in this Security Instrument, or there is a legal proceeding that may significantly affect �,ender's rights in
<br />the Property (such as a praceeding 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 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 />-. -.-.- --o�er tt�s 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 Lender under this section shall become additipnal debt of Borrower secured by this
<br />Security Instrumenl. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear
<br />interest from fhe date of disbursement at the same rate assessed on advanc�s under the Contract and shall be
<br />payable, with interest, upon notice from Lender to Borrower requesting payment.
<br />Inspection. Lender or its a�ent may make reasonable entries upon and inspections of the Property. Lender shall
<br />�ive Borrower notice ac the cime of or prior to an inspection specifying reasonable cause for tlie inspection,
<br />Condemnation. The proceeds of any award or claim for damages, direct or consequential, in cannectian with any
<br />condemnatinn pr oth�r taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby
<br />assi�ned and shall be paid to Lender.
<br />In the �vent of a tntal taking of the Property, 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. ln 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 />fhe amount of fhe sums secured by this Security Instrument immediately before the taking, unless Borrower and
<br />Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of
<br />the pr�ceeds mu1tiplied by the follawing fraction: (a) the total amount o� the sums secured immediately before the
<br />takin�, divided by (b) the fair market value af the Property immediately 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 />imrnediately befor� the taking is less than ihe amount of the sums secured immediately before the taking, unless
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<br />('onsumv�� Ittat i3slu�e - Security lnstrumenl DL2p36 YaE;e 2 of 5 wktiv.compliancesystcros.com
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