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20i009765
<br />Borrower a nptice identifying the lien. Borrower shall satisfy the lien or take one or more of the actiazas 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 the
<br />Property insured against loss by tire, hazards included within the term "extended coverage" ar►d 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 />Bonrower subject to Lender's approval which shall not be unreasonably withheld. If Borrpwer 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 krotection of Lender's Rights in the Prnperty.
<br />All insurance policies and renewals shall be acceptable to �,ender and shall include a standard mnrtgage clause.
<br />Lender shall have the right to hold the policies and renewals. lf Lender requires, Borrower shall promptly �ive to
<br />Lender all receipts of paid premiums and renewal notices. In the avent of loss, Box shall give prompt notice
<br />to the insurance carrier and Lender, Lettder may make proof of loss if not made promptly by Borrawer.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or
<br />repair of the Properiy 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 sacurec! �y �his Security Instrument, whethar or not then due, wit��
<br />any excess paid to Borrower. I£Borrower abandons the Prnperty, 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 caniar has
<br />offered to settle a claim, then Lender rnay collect the insurance praceeds. 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 bagin when the natice is given.
<br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall nat extend
<br />or postpone the due date of the payments due under the Contract or change the amount of the payments. If under
<br />the sectian titled Acceleration; Remedies, the Property is acquired by Leztdear, Bor�'ower's right to any izasurance
<br />policies 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 />Preservatian, Malntenance and Protection af the Property; Borrower's Laan Applicatian; Leaseholds.
<br />Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate, or commit waste on
<br />the Property. Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun
<br />that in Lender's good faith jud�;ment could result in forfeiture of the Property or otherwise materially impair the
<br />lien created by this Security Instrument or TJender'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 action or proceeding to be
<br />dismissed with a ruling that, in Lender's good £aith determination, precludes forfeiture of the Borrower's interest in
<br />the Property or other material impairment of the lien created by this Security Instrurnent or Lender'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 nnaterial in£orrnation) in
<br />connection with the loan evidenced by the Contract. If this Security Instrument is on a leasehold, Borrower shall
<br />comply with all the prpvisions of the laase. IF Borrower acquires fee title to the Property, the leasehold and the fee
<br />title shall not merge unless �,ender agrees to the merger in writing.
<br />Protection of T.ender's Rights in the Property. If Borrower fails to perform the covenants and agreements
<br />cantained in this Security Instniment, or 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 or forfeiture or to enforce laws or
<br />regulations), then I�ender may do and pay for whatever is necessary to protect the value of the Property and
<br />Lender's rights in the Property. L,ender's actions may include paying any sums secured by a lien which has prinrity
<br />over this Security Instrument, appearing in court, paying reasonable attorx�eys' £ees and antering on the Property to
<br />make repairs. Althougk� Lender may takc action under this section, Lender does nat have to do so.
<br />Any amounts disbursed by Lender under this section shall become additional debt of Borrower secured by this
<br />Security Instrument. 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, upan notice from Lender to Borrower requesting payrnent.
<br />Tnspection. Lender or its agent may make reasonable entries upon and inspection,s of the Property. Lender shall
<br />give Borrower notice at the time of or prior to an inspection spec�fying reasonable cause for the inspection.
<br />Condemnation. The proceeds af 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 pf condemnation, are 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 qr not then due, with any excess paid ta Borrower. In the event of a partial taking af the
<br />Property in which the fair market value of the Property nnmediately before the taking is �qual to or greater than
<br />the amount af the sums secured by this Security Tnstruraient immediately before the taking, unless Borrower and
<br />Lender otherwise agree in writing, the sums secured by this Security Instrument shall be raduced by the amount of
<br />the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the
<br />taking, divided by (b) the Fair market value of the Property imzaiediately bafore the taking. Any balance shall be
<br />paid to Borrower. Tn the event of a partial taking of the Property in which the fair market value of the Property
<br />immediately befare the taking is less than the amount o£ the sums secured immediately before the taking, unless
<br />cG 2004-2009 Compliance Systems, Inc. 002D-4922 - 2009.12.368
<br />Consumcr Rcal Estatc - Sceurity Instrument D1..2036 Page 2 af 5 www.complianccsystems.eom
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