|
201�000il
<br />Borrawer 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. Bonower shall keep the improvements now existing ar 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 />amaunts 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 anreasonably withheld. If Borrower fails to maintain
<br />coverage described above, Lender may, at Lend�r's option, obtain coverage to protect I..ender's rights in the
<br />Property in accordance with section titled Protection of Lender's Rights in the Property.
<br />All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause.
<br />L.ender shall have the right to hold the policies and renewals. If I.ender requires, Borrower shall protaiptly give to
<br />Lender all receipts of paid premivams and renewal notices. In the event of loss, Borrower shall give prompt natice
<br />ta tlae insurance carrier and Lender. Lender may make proof of loss i£ not made promptly by Borrower.
<br />Unless Lender and Borrower atherwise agree in writing, insurance proceeds shall be applied to restoration or
<br />repair of the Property damaged, if the restaration 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 />instu'ance proceeds shall be applied to the sums secured by this Security Instrument, 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 I..aw as set forth in a natice 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 to repair or
<br />restore the Praperty or to pay sums secured by this Security Instrument, whether or not then due. The period of
<br />titne for Borrower to answer as set forth in the natice will begin when the notice is given.
<br />LTnless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not 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 section titled Acceleration; Remedies, the Property is acquired by Lender, Borrower's right to any insurance
<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 />Preservadon, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds.
<br />Borrower shall not destroy, damage or impair the Properiy, allow the Properiy to deteriorate, or commit waste on
<br />the Property. Saarrower shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begutt
<br />that in Lender's good faith judgment could result in forfeiture of the Praperty or otherwise 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 ta Reinstate, by causing the action or proceeding to be
<br />disrtaissed with a ruling that, in I.ender's gaod 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 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 material information) in
<br />connection with the loan evidenced by the Cantract. If this Security Instrument is on a leasehold, Borrower shall
<br />coamply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee
<br />title shall not mergc unless Lender agrees to the merger in writing.
<br />Protection of Lender's Rights in the Property. If Borrower fails to perform the covenants and agreements
<br />contained in this Security Instrument, or there is a legal proceeding that may signi�cantly affect Lender's ri.ghts in
<br />the Property (such as a proceeding in bankruptcy, probate, for 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 Property. 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 Praperty to
<br />make repairs. Although Lender may take action under this sectian, Lender �oes not have to do sa.
<br />Any amounts disbursed by L.ender under this section shall becotne additional debt of Barrower secured by this
<br />Sectxriry Instrument. Unless Borrower and Lender agree to other terxns o£ 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, upon notice from I.ender to $orrower requesting payment.
<br />Inspection. Lender or its agent may make reasonable entries upon and inspections of the Froperty. Lender shall
<br />give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
<br />Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connectian with any
<br />condemnation or ather taking of any part of the Property, or for conveyance in lieu of 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 surzis 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 taldng is equal to or greater than
<br />the amount of the sums s�cured by this Security Instrument immediately be£ore the taking, unless Borrower and
<br />Lender otherwise agree in writing, the sums secured by this Security Instnunent 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 />taking, divided by (b) the £air market value of the Property immediately before the taking. Any balance shall be
<br />paid to Banrawer. In the event of a partial taking of the Property in which the fair market value of the Property
<br />imrnediately before the taking is less than the amount af the sums secured immediately before the taking, unless
<br />� 2004-2009 Compliance Systems, Inc. 002D-D940 - 2009.12.368
<br />Consumtt Real Estate - Secudty instrument DL2036 Page 2 of 5 www.eomplianceaystems.com
<br />
|