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201008883
<br />Borrower a notice identitying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth
<br />above within 10 days ot the giving of notice.
<br />Hazard or Property Insurance. Barrower shall keep the improvernents now existing or hereafter erected on the
<br />Property' irisured 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 />amounts and for the periods that Lender requires. "I"he insurance carrier providing the insurance shall be chosen by
<br />Borrower subject to I_ender's approval which shall not be unreasonably withheld. If Borrower fails to maintain
<br />coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the
<br />Properry 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 />I.�ender shall have the 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. In the event of loss, 13orrower 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 Lender and Borrower otherwise agree in writing, insurance 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. tlie restoraCion or repair is not economically feasible or I.,ender's security would be lessened, the
<br />insurance proceeds shall be applied to ihe sums secured by tl�is Security Instrument, whetlier or not then due, with
<br />any excess paid to �3cyrrower. if Borrower abandons the Property, or does nc�t answer within the number of days
<br />prescribed by Applicable C�aw as set forth in a notice from Lender to Borrower that the insurance carrier has
<br />oftered to 'settle a claim; then I.ender 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 Instrument, 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 af proceeds to principal shall not extend
<br />or postpone the due date of the payments due under the Contract or change che amount of the payrnents. If und�r
<br />the section titled Acceleration; Remedies, the Property is acquired by Lender, F3orrower's righC 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 tlie sums secured by this Security Instrument unmediately prior to the acquisition.
<br />Preservation, Maintenance and Protection of the Fraperty; Borrower's Loan Application; Leaseholds.
<br />Borrower shall not destroy, damage or impair the Property, al1ow the Property to deteriorate, or commit waste on
<br />the Pr�perty. Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun
<br />that in Lender's good faith judgment could result in forfeiture of the Property or otherwis� materially impair the
<br />lien creat�d by this Security Instrument or Lender'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 acti�n or proceeding to be
<br />dismissed widi a ruling that, in Lender's �ood faith determination, precludes forfeiture of the Borrower's interest in
<br />the Property or other material impairment of the lien created by this Security lnstrument or Lender's security
<br />interest. Horrower shall also be in default if Borrower, during the loan applicaCion process, gave materially false or
<br />inaccurate information or statements to Lender (or failed to provide Lender with any material information) in
<br />connection with the loan �videnced by the Contract. lf this Security lnstrument is on a leasehold, Borrower shall
<br />comply with all the provisions of the 1ease. If Borrower acquires fee title to the Property, the leasehold and the fee
<br />title shall not merge unless Lender agrees to the merger in writing.
<br />Protection of Lender's Rights in the Property. If Borrower fails to perform the covenants and agreements
<br />contained in this Security Tnstrument, or there is a legal proceeding that may significantly at�ect Lender's rights in
<br />Che Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or
<br />regulations), then Lender may do and pay far whatever is necessary to protect the value cyf the Property and
<br />Lender's rights in the Property. l,ender's actions may includ� paying any sums secured by a lien which has priarity
<br />ovcr this Security Instzument, appearing in court, paying reasonable attorneys' fees and entering on the Property to
<br />mak� r�pairs. Although I,.ender may take action under this section, Lender daes not have to do so.
<br />Any amounts disbursed by I.aender under this section shall become additional debt of Borrower secured by this
<br />Security 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 rcquesting payment.
<br />(nspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall
<br />give Borrower notice at tl�e time of or prior to an inspection specifying reasnnable cause for the inspection.
<br />Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any
<br />condemnation or other takin� of any part of fhe Property, or for conveyance in lieu of condemnation, are hereby
<br />assigned and shall be paid to Lender.
<br />In the event af a total taking of the 1'roperty, the proceeds shall be applied to the sums secured by this Security
<br />Instrument, whether or nc�t then due, with any excess paid to Borrawer. 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 />che amount of the suins secured by this Security Instrument immediately before the taking, unless Borrower and
<br />Lender otherwise agree in writing, the sums secured by this Security Tnstrument shall be reduced by the amount of
<br />the proceeds multiplied by the following fraction: (a) the toCal amount of the sums secured immediately before the
<br />taking, divided by (b) the fair market value of the Property irnrnediately before the taking. Any balance shall be
<br />paid to Borrower. In the event of a partial taking of the Property in which the £air market value of the Property
<br />immediately before the taking is less than the amount of the sums secured immediately befnre the taking, unless
<br />49 2004-2009 CompGancc Systcros, Inc. 002Q-96E7 - 20U9.12.368
<br />Consumcr Rcal Estaic - Sccurity Instrument P1.2U36 Puge 2 of 5 www.compliancasystems.com
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