|
`�01049733
<br />agreement sati'sfactory to Lender subordinating the lien to tliis Security Instrument. If I,ender determines that any
<br />part of the Property i� sub_ject to a laen which may attain priority over tliis Security Instrument, Lender may give
<br />Borrower a notice identifying tlie lien. Borrower shall satisfy the lien or take one or inare of the actians set forth
<br />above wictiin 1.0 ciays of lhe giving of notice.
<br />Hazard or Yroperty Insurance. Borrower ahall keep the itnprovements now existing or hereafter erected an the
<br />Property insured agaiust loss by fire, hazards included witliin the term "extended coverage" and any otlier hazards,
<br />including tYoods or flooding, for which Lender requires insurance. This insurance shall be maintained in tli�
<br />amounts and fi>r Che periods that Lender requires. �I'he insurance carrier providing tl�e insurance shall be chosen by
<br />Borrower subject to I.ender's approval ivhich ahall not be uz�reasonably withheld. If �arrower fails to maintaia
<br />coverage de5cribed above, C_ender may, at Lender's option, obtain covera�e to protect I,ender's rights in the
<br />Property in accordance with secti��n Citled Protection of i�ender's Rights in the Property.
<br />All insurance policies and renewals sllall be acceptable to I.,ender and shall include a standard morCgage clause.
<br />Lender shall have the right to hold fhe policies and r�newals. if Lender requires, Borrower shall promptly give to
<br />Lender all receipts of paid premiums and renewal notices. In the event of 1oss, Borrawer shall give prompt notice
<br />to the insurance carr'►er and Lender. Lender may make proof of loss if not made promptly by Borrorver.
<br />Unless l.ender and Borrow�r otherwise agree in writing, insurance proceeds shall 6e applied to restoration or
<br />r�pair of the Property damaged, if the restoration or repair i5 economically feasible and Lender's security is not
<br />lesaened. If the restoration or repair is not ecc�nomically feasible or l.ender's security would be ]essened, the
<br />insurance proceeds tihall be applied to the 5ums secured by this 5ecurity Instrument, whether or not then due, with
<br />any excess paid to F3orrower. If 13orrower abandons the Property, nr does not answer within the number of days
<br />prescribed by Applicable Law a5 set forth in a notice from Lender to Borrower diat the insurance cacrier has
<br />ol'fered tc� setCle a claim, fhen Lender may collect the insurance �rc>ceeds. I_�nder may use the proceeds ta repair or
<br />restore the Property or to pay sutns secured by this Security Instrument, whether or not tlac;n due. The period c�f
<br />time for Borrower to answer as set forth in tlie notice will begin when the notice is given.
<br />Unless Lender and IIorrower otherwise agree in writing, any application of proceeds ta principal shall not extend
<br />or postpbne the due date of 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 />policies and proceeds resultin� froni damage to tlie 1'roperty prior to the acquisition shall pass to Lender to the
<br />extent of the sums secured by this Security Instrument inunediat�ly prior tcy the acquisition.
<br />Preservatinn, 1VIaintenance and Protectic�n of tlae Yroperty; Borrower's Loan Application; Leaseholds.
<br />Borrower shall noC destroy, damage or impair tlte T'roperty, allow the Property to deteriorate, ar commit waste on
<br />lhe Property. Borrower shall b� in default if any forfeiture action or proceeding, whether civil or criminal, is begun
<br />that in Lender's gpod faith _judgtnent could result in forfeiture of the Property or otherwise materially impair the
<br />lien created by this Security ]nstrument or Lender's security interest. E3orrower may cure sucl� a default and
<br />rei��state, as providcd in secti�n tiCled l3orrawer's Right to Reinstate, by causing the action or proceeding to be
<br />dismissed with a rulin�; thac, in l�ender's �ood faith determination, precludes forfeiture af the Borrower's interest in
<br />thc Property or otlier �naterial impainnent of the lien created by Chis Securily Instrument or L,ender's security
<br />interest. Borrower shall also be in default if Borrower, during the laan application process, gave materially false or
<br />inaccuratc: information or statem�nts co Lender (or failed to provide I�ender with any material intormation) in
<br />connection with the loan evidenced by the Contract. If this Security Instrum�nt is on a leasehold, Borrnwer shall
<br />comply with all tlie provisions of the lease. IF Borrower acquires fee title to the Properry, the leasehold and the fee
<br />title shall not merge unless Lander agrees to the merger in wriCing.
<br />Yrotection of i,ender's Rights in the Property. If Borrower fails to perform the covenants and agreements
<br />contained in this Security lnstrument, or there is a legal proceedin� that may signi�'icantly affect Lender's rights in
<br />the Property (such as a proceedin�; in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or
<br />regulatinn5), tlien Lender may do and pay for whatever is necessary to protect fhe value of the Prc�perty and
<br />Lender's rights in the I'rop�rty. Lender's actions may include paying any sums secured by a lien which has priority
<br />over this 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 secCion, Lender does not have to do so.
<br />Any amounts ditibursed by I_,e��d�r under this section shall become additional debt of Borrower secured by this
<br />Security instrumeni. Urlless T3c�rrower and I.ender agree to other terms of payment, these amounts shall bear
<br />intere5t Irom the date of disbursement at the same rate assessed on advances under the Contract and St,arr t�e
<br />payable, with interest, upon notice from Lender to Borrower requestin� paymenc.
<br />Ins�ectian. l�ender or iis agent may make reasonable entries upon and inspections of the Property. Lender shall
<br />give F3orrower notice at tl�e time of or prior to an inspection ypecilying reasonahle cause t:or the inspection.
<br />Condemnation. The proceeds of any award or claim for damages, direct or cons�quential, in connection with any
<br />condenmation c�r other taking of any part of the Property, nr for conveyance in lieu oE condemnation, are hereby
<br />assigned and shall be paid to Lender.
<br />!n the evcnt of a tolal taking of the Property, the proceed5 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 taking of the
<br />Property in which the fair markeC value of the Prc�perty inunediately before the taking is equal to or �reater than
<br />the amount of the sums secured by this Securily lnstrument immediately before the taking, unless Borrower and
<br />Lender otherwise agree in writing, the suins secured by tliis Security [nstrument shall be reduced by the amount of
<br />the proceeds multiplic;d by the following fraction: (a) the total amount of the sums secured irmnediately before the
<br />taking, divided by (b) the fair marktt value of the Pro�erty in�mediately before the taking. Any balance shall be
<br />ci? 20042009 Compliancc Systcros. Inc. OO:D-61388 - 2U(1y.123ti8 � . � � �
<br />Cunsinner ReiJ Gslatt - Srcurily lusirumenl UL203ti I'age 2 nf 5 unv�,v.complianccsystems,cum
<br />
|