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20114�353.
<br />part of the Property is subject to a lien which may attain priority over this Securiry Instrument, Lender may give
<br />Sorrower a notice identifying the lien. Barrower shall satisfy the lien or take one or morc of the actions set forth
<br />abave withiz� 10 days o£ the giving of notice.
<br />Hazard or Property Insurance. Barrowcr shall keep the improvements now existing or hereafter erected on the
<br />Property insurad against loss by fire, hazards included within the term "extended coverage" and any other hazards,
<br />including £laods 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 carriar providing the insurance shall be chosen by
<br />Borrower subject to Lender's approval which shall not be unreasonably withheld. Tf Borrower fails ta maintain
<br />coverage described above, Lender may, at Lender's option, obtain caverage 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 />Lender shall have the right to hold the pvlicies and renewals. If L.ender requires, Borrower shall promptly give to
<br />I,ender all receipts of paid premiums and renewal notices. In the event o£ loss, Borrower shall give prampt notice
<br />to the insurance carrier and I.ender. Lender rnay make proof of loss if not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or
<br />repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not
<br />lessaned. If the restoration or repair is nat econonnically feasible or Lender`s security would be lessened, the
<br />insurance proceeds shall be applied to the suzns 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 Law as set forth in a notice from Lender to Borrawer that the insurance carrier has
<br />offered to settle a clainn, then Lender may collect the insurance proceeds. Lender rnay use the proceeds to repair or
<br />restore the Property or to paq 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 begin when the notice is given.
<br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds to pnincipal shall not extend
<br />or postpone the due date of the payments due under the Contract or change the amount of the payrnents. If under
<br />the sectian titled Acceleradon; Remedies, the Property is acquired by Lender, Borrower's right to any insurance
<br />policies and proceeds resultix►g 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 />Preservation, Maintenance and Protection of the Property; Borrawer's Loan Appllcation; Le�seholds.
<br />Borrower shall not destroy, damage or unpair the Property, allow the Praperty 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 I.,ender's good faith judgment could result in forfeiture of the Property 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 to Reinstate, by causing the action or proceeding to be
<br />dismissed with a rulirxg that, in Lender's good faith determination, precludes forfeiture of the Borrower's interest in
<br />the Froperty or other material impairment of the lien created by this 5ecurity Tnstniment or Lender's security
<br />interest. Bprrower shall also be in default if Borrower, during the loan application process, gave materially false or
<br />inacctuate information or stfltements to I.ender (or failed to provide Lender with any material information) 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 provisions of the lease. If Borrower acquires fee title to the Property, ttxe leasehold and the fee
<br />title shall not merge unless Lender agrees to the rnerger in writing.
<br />Protection of Lender's Rights in the Property. If Borrower fails ta perform the covenants and agreements
<br />contained in this Security Instnunent, or there is a legal praceeding that may significantly af�'ect Lender's rights in
<br />the Property (such as a praceeding in banla'uptcy, probate, for condemnation or forfeiture ot to enforce laws or
<br />regulations), then Lender may do and pay for whatever is necessary to protact the valuc of the Property and
<br />Lender's rights in the Praperiy. Lendear's actions may include paying any suzns secured by a lien which has priority
<br />ovcr this Security Instrunrent,`appearzng in court, payu�g reasazlable attarney�s' fees and entering art the Property to
<br />make repairs. Altk�ough Lender may take action under this section, L.ender does not have to do so.
<br />Any amounts disbursed by Lender under this section shall become additional debt af Borrower secured by this
<br />5ecurity Instrvnc►ent. Unless Borrower and Lender a�ree to other temis of payment, these amounts shall bear
<br />interest fram the date af disbursement at the same rate assessed on advances under the Contract and shall be
<br />payable, with interest, upon notice from L.ender to Borrower requesting payment.
<br />�nspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall
<br />give Borrowex notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
<br />Condemnation. 'fhe proceeds of any award or claim for damages, d'uect ar consequential, in connection with any
<br />condemnation or other taking o£ any part of the Praperty, 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 sums secuxed 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 />�'roperiy 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 secured by this Security Instrument imrnediately before the taking, unless Borrower and
<br />Lender otherwise agxee in writing, the sums secured by this Security Instsvment shall be reduced by the amount of
<br />the proeeeds multiplied by the following fraction: (a) the total amount of the sums secured iznmediately befare the
<br />taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be
<br />paid to Borrower. In the event of a partisl taking of the Property in which the fair market value of the Property
<br />�i 2004-2010 Cvmpliance Systems, Inc. 8QD6-BCFA - 2010.03.378
<br />Consumer Real Estate • Security Inshument DL2036 Psee 2 oF5 www.compliancpyatema.com
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