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201U09241
<br />agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any
<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 ide:nti£ying the lien. Borrower shall satisfy the lien or talce one or more of the actions set forth
<br />above within 10 days of the giving o£ 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 or flooding, for which Lender requires insurance. This insurance shall be maintained in the
<br />amounts and for the periads that Lender requires. The insurance carrier praviding the insurance shall be chosen by
<br />Borrower subject to Lender's appraval which shall not be unreasonably withheld. If Sorrower fails to maintain
<br />coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the
<br />Property in accordance with section titled Protecdon of Lender's Rights in the Property.
<br />All insurance policies and renewals shall be acceptable ta I.ender and shall include a standard martgage clause.
<br />Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to
<br />Lender all receipts of paid pretniums and renewal notices. In th� 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 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 feasible or Lender's security would be lessened, the
<br />insurance praceeds shall be applied ta the sunns secured by this Security Insmiment, whether or not then due, with
<br />any excess paid to Borrower. If Borrower abandons the Property, 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. �.ender may use the proceeds to repair or
<br />restore the Property or to pay suxns secured by this Security Instrument, whether or not then due. The period af
<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 payrnents due under the Contract or change the amount of the payments. If under
<br />the section titled Acceleration; Rem�edies, the Property is acquired by Lender, Barrower's right to any insurance
<br />palicies 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 />Preservation, Maintenance and Protection of the Property; Barrower's Loan Application; Leaseholds.
<br />Borrower shall not destroy, damage or impair the Froperty, allow the Property to deteriorate, or commit waste on
<br />the Property. Borrower shall be in default if any forfeiture action or proceeding, wh�ther civil or criminal, is begun
<br />that in Lender's good faith judgment could result in fo�eiture of the Property or otherwise materially impair the
<br />lien created by this Security InsUument or Lender's security interest. Borrower may cure such a default and
<br />rainstate, as provided in section titled Borrower's R3ght to Reinstate, by causing the action or proceeding to be
<br />dismissed with a ruling that, in Lender's good faith determination, precludes forfeiture of the Borrower's interest in
<br />the Property or other material impairment of the lien created by this Security Instrument or I,ender's security
<br />interest. Borrower sha11 also be in default if Borrower, during the laan application process, gave materially £alse or
<br />inaccurate information or statetnents to Lender (or failed to provide Lender with any material information) in
<br />connection with the loan evidenced by the Contract. If this Security Instrument is on a leasehold, Borrower shall
<br />coznply with all the provisions of the lease. 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 Raghts in the Property. If Horrawer fails to perform the covenants and agreements
<br />contained in this Security Instrument, ar there is a legal proceeding that may significantly affect Lender's rights in
<br />the Property (such as a proceeding in bankruptcy, probate, for condemnation ar forfeiture or to enforce laws ar
<br />regulatians), then I�ender may do and pay for whatever is necessary to protect the value af the Property and
<br />I,ender's rights in the Property. Lender's actions may include paying any surns secured by a lien which has priority
<br />over this Secttrity Instrument, appearing in court, paying reasonable attorneys' fees and enterin� on the Property to
<br />make repairs. Although Lendcr may take action tuider this section, L,�nder does not have to do so.
<br />Any amounts disbursed by Lender under this section shall become additional debt of Sorrower secured by this
<br />Securiry Instnunent. Unless Borrower and Lender agree to other terms of payxnent, these amounts shall bear
<br />interest frorn the date of disbursement at the same rate assessed on advances under the Contract and shall be
<br />payable, with interest, upan natice from Lender to Barrower requesting payment.
<br />Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall
<br />give Borrawer notice at the time af or priar to an inspection specifying reasonable cause f�r the inspection.
<br />Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any
<br />condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnarion, ar� hereby
<br />assigned and shall be paid to Lender.
<br />In the event of a total 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. In the event of a partial talcing 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 Security Instrutnent immediately before the talcing, unless Borrower and
<br />I,.ender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of
<br />the proceeds multiplied by the following fractian: (a) the total amount of the surns 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 />6,� 2004-2009 Campliance Syatcros, Inc. 002D-28 � 9- 2009.12.368 �
<br />Conaumer ReslBatate - Security Instmment DL2D36 Page 2 of 5 www.compliancesystems.com
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