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20��002��
<br />Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth
<br />abave 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 in5ured against loss by �re, hazards included within the term "extended coverage" and any other hazards,
<br />including floods or flooding, for which Lender requires insurance. This inaurance shall be maintained in the
<br />amounts and for the peric�ds that Lendcr requires. The insurance carrier providing the insurance shall be chasen by
<br />Borrower subject to I_ender's approval which shall not be unreasonably withheld. If Borrower fails to maintain
<br />coverage described above, T.ender may, at L�nder's option, obtain coverage to protecC Lender's rights in the
<br />Prop'eety in accordance wifh section titled Protection of Lender's itights in the Yroperty.
<br />All insurance policies and renewals skiall be acceptable to Lender and shall include a standard mortgage clause.
<br />Lender shall have the right to hold the policies and renewals. IF Lender requires, Borrow�r shall promptly give to
<br />Lender all receipts of paid premiums and renewal noCices. ln the event of loss, Borrower shall give prompt notice
<br />to the insurance carrier and I �ender. Lender may rnake proof of loss if not made promptly by Borrower.
<br />Unless Lender and Bnrrower otherwise agree i�i writing, insurance proceeds shall be applied to restoration or
<br />repair of che Property damaged, if the restoration or repair is economically feasible and Lender's securiCy 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, whethcr or not then due, with
<br />any excess paid to Borrower. If Borrower abandons the Yroperiy, 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 carrier has
<br />offered to settle a claim, then Lender 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 Tnstrument, whether or not then due. The period of
<br />time for 13orrower to answer as set torth in fhe notice will begin when thc: notice is given.
<br />Unless Lender and Borrower ntherwise agree in wriling, any application of proceeds to principal shall not extend
<br />or postpone the due date of ihe payments due under the Contract or change the amount of tha payments. If under
<br />ths section titled Acceleration; Remedies, the Property is acquired by Lender, $orrower's right to any insurance
<br />policies and proceeds resulting from damage to the Property prior to the acquisition 5ha11 pass to Lender to the
<br />extent of the surns secured by this Security lnstrument immediately prior ta the acquisition.
<br />Yreservatian, Maintenance and Protection of the Pwoperty; Borrower's I,oan Application; Leaseholds.
<br />Borrower shall not dest� damage or impair fhe Properry, allow the Property to d�teriorate, 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 judgrnent could result in fc�rfeiture of the Property or otherwise materially irnpair the
<br />lien created by this Security lnstruTnent or Lender's security interest. Borrawer 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 faith deterinination, precludes forfeiture of the Borrower's interest in
<br />the Property or other rnaterial impairme�t of the lien created by this Security Instrument or Lender's security
<br />intcr�st. I3orrower shall also be in default if Borrower, during the loan application process, gave materially false ar
<br />inaccurate inforn�ation or statements to Lender (or failed to provide Lender with any material information) in
<br />connection verith the loan evidenced by the Cpntract. IF this Security Instrument is on a leasehold, Borrower shall
<br />comply with all the provision5 of the lease. If Borrower acquires fee title to the Property, tl�e leaseho1d and the fee
<br />title shall not merge u��less 1�ender agrees to the rnerger in writing.
<br />Protection of Lender's Rights in the Property. If Borrower fails to perform the covenanCs and agreements
<br />contained in this Security InsCrument, or there is a legal proceeding that may significantly affect Lender'S rights in
<br />the Yro�erty (such a5 a proceeding in bankrupCcy, probate, for condemnation or forfeiiure 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, payin�; reasonable attorneys' fee� and entering on the Property to
<br />make repairs. Although Lender may take action under tlus section, Lender does not have to do so,
<br />Any amounts disbursed by i,ender under this section shall hecome additional debt of Borrower secured by this
<br />Security InStrumcnt. UnlesS Borrower and Lender agree to other terms of payment, these amounta shall bear
<br />interest from tlie date of disbursement at the same rate assessed on advances under the Contract and shall he
<br />payable, with interest, upon notice from Lender to Borrower requesting payment.
<br />Inspection. Lender or iis agent may make reasonable eniries upon and inspections of the Property. Lender shall
<br />�iv� Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
<br />Condemnation. The proceeds af any award or claim for damages, direct or consequential, in connection with any
<br />condenmation or other taking of any part of the Property, or for conveyance in lieu of condemnatian, are hereby
<br />assigned and shall be paid to Lender.
<br />In the event of a total takin�; of the Property, the proceeds shall be applied to the sums secured by this Security
<br />Instrument, wk�ether or not then due, with any excess paid to Borrower. In the event of a partial taking of the
<br />Property in which the 1'air market value of the Property immediately before the taking is equal to or greater than
<br />the amount of the sums secured by tliis 5ecuriiy Instrument immediately before fhe taking, unless Borrower and
<br />Lender otherwise agree in writing, the sums secured by this Security lnstrument shall be reduced by the amaunt of
<br />the proceeds multiplied by tl�e following fraction: (a) the total amount of the sums secured immediately before the
<br />taking, divided by (b) the fair rnarket value of the Property immediately before the taking. Any balance shall be
<br />paid to Borrower. In the �vent of a partia] taking of the Property in which the fair rnarket value of fhe Property
<br />immediately before the taking is less than the amounC of the sums secured immediately before the taking, unless
<br />�i� 200A•2010 Compliance Systems, Inc. ��08-N4( 3- 2(11U.03.378
<br />Cpnsumer RexP 8stnic - Sccurity Insn UL20]6 Page 2 of S wwev.compliancesystemg.cnin
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