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2011Q035�
<br />Payment of Principal and Interest; Other Charges. 13orr��wer shall promptly pay when due the principal of and
<br />interest on the debt owed undcr the Contract and late charge9 or any other fees and charges due under the Contract.
<br />Applicable Law. As used in this Security Instrument, tlie term "Applicable Law" shall mean all contralling
<br />applicable federal, state and .local statutes, regulations, ordinances and administrative rules and orders (that have
<br />ihe effecc of law) as well as all applicable �nal non judicial opinions.
<br />Charges; Liens. Borrower shall pay all taxes, assessments, charges, �nes and impositions attributable Co the
<br />Property which may atCain pric�rity over tliis Security Tnstrum�nt, and leasehold payments or ground rents, if any.
<br />At the request of Lender, F3orrower shall promptly furnis}a ta Lender receipts evidencing the payments.
<br />Borrower Shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a)
<br />agrees in wriCing to the payment of the obligation secured by the lien in a rnanner acceptable to Lender; (b)
<br />contests in good taith the lien by, or defends a�;ainst enforcement of fhe lien in; legal proceedings whicl� in the
<br />Lender's o�inion operate to prevent the eT�fi�rcement of the lien; or (c) securas from the holder of the lien an
<br />agreenient 5atisfacto�y to Lender subordinating the lien to this Security Instrument. IP Lender determines that any
<br />part of the Property is subjecc to a lien which may attain priority over. this Security Instrument, L.ender may give
<br />Borrqwer 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 nocice.
<br />IIazard or Property Insr�rance. C3orrower s}xall keep the improvements naw existing or hereafter erected on the
<br />Property insured against lo5s by tire, hazards inciuded wichiri the term "extended coverage" and any other hazards,
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<br />including tloods i�r flooding, for wHich i�en8er requires insurance. This insurance shall tre maintained in the
<br />amount5 and for the periods that I,ender requires: The insurance carrier providing the insurance 5ha11 be chosen by
<br />Borrower subject to I.ender's approval which shall not be unreasonably withheld. lf l3orrower fails to maintain
<br />coverage described above, Lender may, at I,ender's option, obtain coverage to protect Lender's rights in the
<br />Property in accnrdance 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 />i.ender shall have the right to hold the policies and retiewals. lf Lender requires, Borrower shall promptly give to
<br />Lender all receipts of paid premiwns and renewal nocices. In the event of loss, Borrower shall give prompt notice
<br />to tl�e insurance carrier and Lender. Lender may make proof of loss if not made promptly by 13orrower.
<br />Unlews Lender and Borrower otherwise agree in writing, insurance. proceeds shall be applied tio restoration or
<br />repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is n�t
<br />less�ned. lf the restoratic�n or repair is not �conomically feasible or Lender's security would be lessened, the
<br />insurance proceeds shall Ue applied to the sums secured by this Security Instrument, whefher or not then due, with
<br />any excess paid to Borrower. If Borrower abandons thc; Property, or does not answer within the number of days
<br />prcacribed Uy Applicable Law as set forth in a notice fro►n Lender lo Borrower that the insurance carrier has
<br />offered to settle a clairn, then Lender may collect the insurance proceeds. 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 a5 set forth in the notice will b�gin when the notice is given.
<br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend
<br />or potitpone tlie due date of the payments due under the Contract or change the amount of the payments. If under
<br />the secCion titled Accelcration; Remedies, ihe Property is acquired by L�nder, Barrower's right to any insurance
<br />policies and proceeds resulting ti•orn damage to the Property prior to the acquisition shall pass to Lender to the
<br />extent of the sums secured by this Security lnstruinent itnmediately prior to the acquisition.
<br />Preservation, Maintenance and Protection of the Property; Borrower's Loan Applic�tian; [.easeholds.
<br />Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate, or commit waste on
<br />the Property. 13orrower shali be in default if any forFeiture action or proceeding, whether civil or criminal, is begun
<br />that in Lender's good faith judgment could result in forfeiture af the Praperty ar otherwise materially impair the
<br />lien created by this Security Instrument ar L�nder's security interesr. Borrower may cure such a default and
<br />reiirstate, 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 deter►ninatior�, preclude5 forfeiture of the L�orrc�wer's interest in
<br />the Property or othcr m�jterial iinpainnent of tlie lien creaCed by tliis 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 informaCion or statements to Lender (or failed to provide [.ender with any material information) in
<br />connection with the loan evidenced by the Concract. lf this Security Instrument is on a leasehold, Borrower shall
<br />comply with all the provisions of the lease. If Bt�rrower acquires fee title to the Property, the leasehold and the fee
<br />title shall not merge upless I�ender agrees to the merger in writing.
<br />Prutection of I�endcr's Ri�hts in the Property. Cf Borrower fails to perform the covenants and agreements
<br />contained in this SecuriCy lnstrument, or there is a legal proceeding that may signi�cantly affect Lender's rights in
<br />fhe Property (such aS"a proceeding in hankruptcy, prohate, 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 Froperty and
<br />Lender's rights in the Property. Lender's actic>ns 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 Properry to
<br />make repairs. Altho�gh Lender may take action under this section, Lender does not hav� to do so.
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<br />Any amounts di5k�qrsed hy Lender under this section shall become additional deht of Borrower secured by this
<br />Security lnstrume,�t. Unless Borrower and Lender agree Co other terms of payment, these ampunts shall bear
<br />interest from the daCe of disbursement at the same rate assessed on advances under the Contract and shall be
<br />payable, with interest, upon notice from Lender to Borrower requesting payme►it.
<br />a�2ooa-sn�nc'm,y,�ian�zsysiems,�n�.f-EOl3-nn6r-zn�o.o3.3�a . .
<br />Consumc�� Rcal Bstate - Secdrity Instrwnent UL203(i Page 2 0l'S � www.cumplinr�ensysfems.com
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