|
20�00����
<br />Borrower a notice identifying the lien. 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 />Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on th�
<br />Property insured against lass 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 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 to maintain
<br />coverage described above, J.ender may, at I.ender's option, obtain coverage to protect Lender's rights in the
<br />Property in accordance with section titled Protection of Lender'� 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 the policies and renewals. If I.ender requires, Borrawer shall promptly give to
<br />Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower sha11 give prompt notice
<br />to the insurance carrier and Lender. Lender rnay make proof of loss if not made pronaptly by Sorrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restaration or
<br />repair of the Froperty 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 proceeds shall be applied to the sums secured by this Security Instrument, whether ar not then due, with
<br />any excess paid to Borrower. If Borrowex abandons the Property, or does no1. answer within the n�ml�er 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 claim, then I.,ender may collect the insurance proceeds. Lender may use the proceeds ta repair or
<br />restore the Properiy 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 farth 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 />oar postpone the due date af the payments due under the Contract or change the amount of the payments. If under
<br />the section titled Acceleration; Remedies, the Property is acquired by Lender, Borrower's right to any insurance
<br />pvlicies and proceeds resulting from damage to the Property prior to the acquisition shall pass to L.ender to the
<br />extent of the sums secured by this Security Instnunent immediately prior to ths acquisition.
<br />Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds.
<br />Borrower shall not destroy, damage or impair the Property, allow the Praperty to deteriorate, or commit waste on
<br />the Property. Borrower shall be in default if any forfeiture action ar proceeding, whether civil or criminal, is begun
<br />that in Lender's good faith judgtnent could result in forfeiture af the Property or otherwis� materially impair the
<br />lien created 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 Relnstate, by causing the action or praceeding to be
<br />dismissed with a ruling that, in Lender's good faith determination, precludes £orfeiture of the Borrower's interest in
<br />the Property or other material impairrnent of the lien created by this Sectiri.ty Instxument or L,endcr's security
<br />interest. Borrower shall 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 material information) in
<br />connection with the loan evidenced by the Contract. I£ this Security Instntment is on a leasehold, Borrower sha11
<br />comply with all the provisians of the lease. If Borrower acquires fee title to the Froperty, 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 Bonawer fails to perform the covezxants and agreements
<br />contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in
<br />the Property (such as a proceeding in bankruptcy, probate, far 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 Properiy. Lender's actions rnay include paying any sums secured by a lien which has priority
<br />over this Security Tnstrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to
<br />mak�repairs. Although I.ender may take actio�under tl�is section, I�e�der does nat have to do so.
<br />Any amounts disbursed by I.ender under this section shall become additional debt of Sorrower secured by this
<br />Securiry Instrument. LTnless Borrower and Lender agree to other ternis of payment, these amounts shall bear
<br />interest from the date of disbursement at the same rate assessed on advances undar the Contract and shall be
<br />payable, with interest, upon notice from L.ender to Snrrower requesting payment.
<br />Inspection. Lender or its agent may make reasonable entries upon and inspactions of the Property. Lender shall
<br />give Borrower notice at the time of or priar to an inspectian specifying reasonable 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 ather taking af any part of the Property, or for conveyance in lieu of condemnatian, axe 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 suxns secured by this Security
<br />Instruznent, 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 market value of the Praperty immediately before the taking is equal to or greater than
<br />tta:e amount of the suams secured by this Security Instrument immediately befor� the taking, wiless Borrower and
<br />Lender otherwise agree in writing, the sums secured by this Security Instrurnent shall be reduced by the amount of
<br />the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the
<br />talcing, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be
<br />paid to Bon'ower. In the event of a partial taking of the Property in which the fair �tnarket value of the Property
<br />immediately before the taking is less than the amount of the sums secured immediately before the taking, unless
<br />� 2004-2009 Complisnce Syatema, Iuc. 002D-BD98 - 2009.12.368
<br />Consumer Real Eatste - Security Inshvment DL2036 Pege 2 of 3 www.eompliv�cesystema.eom
<br />
|