|
, � � �� � �i �.� �.� r ��: 20i�094G0
<br />Unless Leiider ai�d }3c>rrower otlieitivise a�ree in writing, any Applicatio�l of proceecls to principal sliall not extend
<br />or pastpon,e the due date of the pay�nents refer��ed tn i►a the sectio��s titled I'aynie�it .of Pri�icipnl aiid Interest;
<br />L�te Char�es aiid I�unds for T�rxes �nd ta�surA�ice or change che amount af tlie E�ayments. lf under the seccion
<br />titl�d Acceler�tior�; Remedies, the Property is acquired by Leqder, Borrower's a�i�ht to any instu�a�ace p�licies and
<br />proceeds resultia�g fi�o�n daznage to th� Property prior to the acquisitioii s1�a11 pass to Leildcr to the exte�at of Clie ,
<br />sunls• secured by tlYis Securicy li�struineut i�runecliately prior to tlae acquisition.
<br />Preservntion, Ma[ntena�ice aud l'��otectiaaa of tl�e �roperty; IBorrower's Lo��i .Appticatiou; Lease�t►o1ds.
<br />13on slzall iipt destroy, dainage o� iinp�ir tlie Prope�°ty, allc�w tlie Prope�•ty to.dete��iorace, or cointnit yv�►ste. c7�i
<br />tlie Prpp�rty. �3orrower shall be iti de#ault if any forfeilure actio►� or proceeding, whetl�er civil or crimi��al 1S �Jt',�Ull
<br />that ii� I,ender's good faitl� judgmerit could result in foa•feit�ire of lh� Pro��ez�ty or otlzei•w�se naateriTlly irnpair tlie
<br />lien created by diis Security Instrumei�t or Lender's security iriterest. Borrowe�• ���ay cure �uch a default a►�d
<br />a as provided iu sectioxi titted I3orrower's [tight to lteii�stnke, by causing the acticm c�r proc�edipg ko be
<br />disinissed; with a��uling that, in Lende��'s goad faith deter�aiinatinn, preclud�s forf�icure of tlie Borrower'� interest ii�
<br />the Property or other iz��teri�l in��airmeiat, of tl�e liei� created l�y this Secu�•.ity L:�st�uzi�enC .ox ,I,e�id�r's security
<br />iritere,t. Borrower sli�ll �lso l�e in default if Boi duri�t� tlie loan a�pli�alic���:.�►'Ucess; g�ive ���aterially �nl.se o,•
<br />inaccurate iilfor���ation or stacemenls to Lencler (or failed to �7rovide Lexider w'ith Ai�y material information) iu
<br />coxu7ection with the loaai ev�idea�ced by tl�e Note. iI' this Security It�struineiit .is on a leaseltold, Boirower' sliall
<br />comply with all tlie provisions of tl�e lease. If Borrower acquia•�s 1ee title to ihe 1'raperty, tlie leasehold a�id tlie fee
<br />title sliall .not inerge unless Lendea• agress ta tlie merge�• iii writi��g.
<br />Protection of Le�ider's Rights iu tl�e Property. If I3o►•rower f�ils to perfoi7n the covenants Ancl ��reen�er►ts
<br />contaia�ed in tliis Security Instri�ment, or Chc�•e is a le�a1 proceeding (hat ��aay �ignific�ntly alfect.I,ende;r's rigl►t5 i�i
<br />the Property (such as a proceediitg in bat�kruptcy, probate, for coilde�n�t tioil oi� fc�rfeituce or to eiifqrce laws nr
<br />regulations), tlien Le►ader may do and pay for wl�atever is necessary to protect the value oF dre 1'� a��d
<br />Leitder's rights ii� the Prpperty. Lender's actions may ialclude paying flny sums secured by a lieai which l��s priocify
<br />ovet• tl�is Security Instnnnent, appearing in co�u�t, paying reason�ble atto►�aieys' fees and ent�riaig oii th� Property to
<br />niAke a�e}�airs. Altllough Le�ider may take acliot� under this section, Leiider d�es iioG l�ave to do so: ' �
<br />A�ry �mounts disbursed Uy Lender uiider this sectiota slrall Uecoina additioi�al debt of Borrower sECUred by this
<br />Security 1'nstrument, U�aless Box•rower alld I,ender agree to otlaer CeA•�T�s of payn�e�at, these a�iaounts sl�all bear
<br />interest fi•oa�1 the date of disbu�•sement at the 1Vote rate and shall be payaUle, with ii�terest, u�ota r�otice fi•ont Lendet'
<br />to Borrower requestii�g paymea�t. �
<br />Mot•tgage L�st�rance. lf.l�ender z�equired n�o��tgage il�surance �s �, conditipi� of i»akiug .11�e I�au.secu� by tl�is
<br />Security Instrume�it,l3orrower sh�ll pay tlie premiums required tp ��iainCAin tlae ���ortga�e iiasur�iice i�� el�[ect lf, foc
<br />aaay reason, tlie mortgage insurance cover�ge by Lender lapses or ceases tp be in effect, 13orr.qwex• shall
<br />pay the �reiniums ��equired to oUtaiti covea�age substat�ti�lly equivaleiit .t� tlae mortgage i►�sucattce �� ii1
<br />effect; at a cost substa�ltially equivalertt to the cost to Bo�'rower of the mortgage ii�surance°j�ceviously ii� efFect,
<br />from an alternate �no►�tgage insurer ap�i by Lei�der. If suUst�iitially equival�►it auna i�lsGir���ce coverag'e is
<br />not ava�lable, Borrower shall pay to Leiacler eacl� 1T1017tI7 a sum �qiial to one-twelftli of tl�e ye�rly nio��(gage
<br />insucance' pretnium Ueing paid by }3orrower wlten tlie insurailce cove� l�psea ot ce�sed to' b� in erfect: Lender
<br />will accept, iise aild ret�ia� tliese paymenfs as a loss reserve in lieu of in�tfg�lge in'sur�nce: l.,oss regerve'payiiie�its
<br />ix�ay no longe� U'e requi�•ed, at tl�e option of Le�acier, if r�aorlg�ge i��sura�ice coverage (in the fln�ount and far the
<br />pe��iod that I,ender req�.ii��es) provided Uy ar� ixisurer �pp��oved by Lender agau� l�ecorties a'vailal�le �nd is obtaJiYed.
<br />Bvrrower shall ��ay the prei�iiunis requu•ed co mai�itain inc�rtgage insu��a��ce iii eff�Ct, or td'prc�vide a loss i�eserve,
<br />until the requireineiit for mortg�ge insu� encls i�a accordance witl� aa�y writCen agreemeiiC between.Bc�rt�vwe��
<br />and Lender c�t A�?�lical�le l:,aw. '. :.
<br />Lispectioax. Lendear or its Agetat �nay make .reasanalal� entries upon �nd intipectio�ls of tlae Nro��rty. l..ei.ir�er eliall
<br />give Boa notice a.t the ti�a�e oPor prior to ��a inspection specifyi�;g reaso��able cause for tl�e.uispectioa�: .
<br />Coiiden�a�ation. T"he proceeds of any award ot claim for daan�ges, direct nr coiisequential, ii� connectioi�'with a�iy
<br />coiidenuiatioa� or ather taking of ax�y part of t11e Property, or for co��veyauc� in lieu of cUiideAitiiatior►, are l�ereliy
<br />assigiied and shall be paid to Le��der.
<br />In tlie event of a tatal taking o£ tlie Property, the proceeds shall be applied to fhe s�uns secured Uy tl�is Security
<br />Instninie��t, whethe�� or not the�� due, WItI7 ft11y �XC�SS paid to B�rrower: in til7e event af a p�rlial taking'of the
<br />Property in whicli tl�e fair market val��e of tlie Property i�mr►ediately liefore th� t�ld�ig is eqiial to' or �reater ll�au
<br />the ampunt of the su���:s secured by this SecGia•ity liiscrim�e�7t itnmediately Uefore the takii�g, �inte5s 13orro�ver and
<br />Lender othet•wise agree it� wriiing, the sums secured by lltis Sectirity Instiliii�etit sl��ll l�e reduc�d by tlie �mounf of
<br />the.��roceedsamiltiplied by tl�e following [i•action: (.A) tlie total atttount of tl�e suaaas secured ittiz�.�ediately, before the
<br />taking, divided by (b) khe fair market vfllue of tl�e Property itmuediately before tl►e talciyg. Any balaa�ce shall be
<br />paid to Boirower. In the event of a partial tal<ing �f the Property in wluich the fair ivarket value,oF the,Property
<br />i�aui7ediately before the takiiag is less tllan the amouxat of the su���s se�ured li�a.i��edialely �efore the taking, uuless
<br />Borrower and Lender otherwise a�ree izi wriCin� or unless ApplicAUle Law otlaea•wise provides; the proceeds sliall
<br />be ap�lied to tlae stuns secured by this Sec�i►�ity Iilstr�unent whetlier ur �iot the �uins a� then due. ,
<br />IC tlie Property is aUaridon�d Uy Bor� or if, afler ��otice by L�eiider Co Bc�rrowei� that the condeinraar offers to
<br />anake an award or settle a claim for da►��ages, Borrpwer fails to respond to Le��der the ►i7inimurn n�.riaaber oF
<br />days establisl�ed Uy Applicable Law after the daCe the iiotic� is giveu, Lendet• is autl�ai to collect �nd ap�ly tli�
<br />proceeds, at its opcion, eitl�er ta restorafion or repair of the Property or to tlie s�uns secured. by tl�is S�cu�ity
<br />Iaastruinent, whetlaez or not tlrca� clue.
<br />� 2004-2009 L`ompli�u�ce Syslems. Inc. OU2D-F398 - 2009.12368
<br />Consumer Repl Estete�- Securi�y Inglrn�nent 17L20i6 � � Page 3 nl'( � .. . . . . . , . , . ... ����v�v.cnmjzlianiesy�lcros.cnm
<br />
|