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20110036G
<br />Bon a notic.e identifying the lien. �orrower shall satisfy the lien nr take one or more of the actions set forth
<br />above within 10 days of� the giving of notice.
<br />��azard or Froperty Ynsurance. Borrower sl�all keep the improve►nents now existing or hereafter erected on tlie
<br />Property insured against loss by fire, hazards included within t}ae tenn "extended covera�;e" and any other hazards,
<br />including tloods or flooding, t'or which Lender requirea insurance. This insurance shall be maintained in the
<br />amounts and far the periods that I.,ender requires. The insuraiice carrier providing the insurance shall be chosen by
<br />�orrower subject to Lender's approval which shall not be unrea5onably withheld. If Borrower fails to maintain
<br />coverage described ahovc, Lender may, at Lender's option, obtain coverag� to protect Lender's rights in the
<br />ProperCy in accardance with section titled Protection of Lender's Rights in the Froperty.
<br />All i��►su�?ance policies and renewais shall be acceptable to Lender and shall include a standard mortgage clause.
<br />Lender shall have the rigl�t to hold the policies and renewala. IF Lender requires, �3orrower shall promptly �;ive to
<br />I�ender all receipts of paid premiums and renewal notices. ln the event of loss, Borrower sltall give prompt notice
<br />to the insurance carrier and i.ender. Lender may make proof of loss if not made promptly by Borrower.
<br />Unleas Lender and Borrower otherwise agree in writing, insurance proc��ds shall be applied to restoraCion or
<br />repair of the Property dama�;ed, 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 />inaurance proceeds shall he applied tc� the sum5 aecured by this 5ecurity 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 fort}a in a notice from Lender to Borrower that Che insurance carrier has
<br />ottered to settic a cl�im, theii Lender may collect the insurance proceeds. l.endcr may use the proceeds tn rcpair or
<br />restore lhe Property or to pay sums secured by this SecuriCy Instniment, whether or not then due. ']"he period of
<br />time ti�r Borrower to answer as set i'orth in the notice will begin when the notice is given.
<br />Unless Lender and F3or;'ower otherwise agree in writing, any application af 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 payrtients, If under
<br />the section titled Acceleration; Remedies, the Property is acquired by Lender, Borrow�r's right to any insurance
<br />policies and proceed5 resulting from damage to tlie Property prior tn the acquisition shall pass to C.ender to the
<br />extent of tl�e sums secured by diis Security Insirument immediately prior to th� acquisition.
<br />Preservation, Maintena��ce and Protection of the Property; Borrower's Lnan Application; Leaseholds.
<br />Borrower ahall not destroy, damage or impair the Froperty, allow the Property tn deteriorate, or commit waste on
<br />the Property. l3c�rrower shall be in default if any fi�rfeiture action or praceeding, whet}�er civil or criminal, is begun
<br />that in Lender's good faith judgment could result in forfeiture of the Property or otherwise materially impair the
<br />licn created by fhis Security lnstrument ar Lender's security interest. Borrower may cure such a default and
<br />reinstate, as provided in section titl�d Borrower's RighC to Reinstate, by causiug Che actior� or proceeding to be
<br />dismis5ed with a rulin� tl�at, in Lender's good faith determination, precludes forfeiture of the Borrower's interest in
<br />the I.'roperty ar other material impairnient of the lien created by this Security Inslrument or Lender's security
<br />in1erest. Botrower sl��ll also be in default if Borrower, durin�; fhc loan application procesti, gave materially false or
<br />inaccurate information or statements to Lender (or failed to provide I��nder wiCh any material information) in
<br />connection wit}� the loan evidenced by the Contract. If this Security Tnstrument is on a leasehold, Borrower shall
<br />comply with all Che provisions of tlie lease. If Borrower acquires fee title to the Property, the le;asehold and the fee
<br />title ahall not merge unless l,ender agrees to the merger in writing.
<br />Protection of Lendcr's Rights in the Property. If Borrower fails to perform the covenants and agreernents
<br />contained in this Security lnstnu»ent, or there is a legal proceedinb that may signiticancly affect Lender's rights in
<br />the Property (such as a proceeding in bankniptcy, probate, for condettuiation or forfeiture or tc� enforce laws or
<br />regulations), then Lender may do and pay fii>r whatever is necessary to protect the value of the Property and
<br />Lender's rights in the 1'roperty. I_ender's acCions may include paying any sums secured by a lien which has priority
<br />over this Security Instrument, appearing in court, paying reasonablc attorneys' fees and entering on the Property to
<br />make repairs. Althnugh Lender may take actian under this section, Lender does not have to do so.
<br />Any amoui�ts disl�ursed by I,endcr undcr this section s}iall become additional debt of l3orrc�wc:r tic;cured by this
<br />Security Inst►wnent. Unless Borrower and Lender agree to other terms of payment, these amounCs shall bear
<br />interest from the date of ditihursement at the same rate assessed on advances under the Contract and shall be
<br />payable, with interest, upon notice from I.ender to [3orrower requetiting payment.
<br />Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall
<br />give Bc�rrc�wer notice at the time oF or prior to an inspection specifying reasonable cause for the izispection.
<br />Condemnation. The proceeds of any award or claim for damages, direct nr consequential, in connection with any
<br />cnndetnnation or nther taking of any part of the Properly or for conveyance in lieu of condenmation, are hereby
<br />assigned and shall be paid to Lender.
<br />In the event of a totai taking of the Property, the proceeds shall be applied Co the sums secured by this Se�urity
<br />Instrumenl, whether or not then due, with any excess paid to Borrower. 1n the event of a partial taking of the
<br />Pr�perty in whicl� the fair �n�rkct valu� of tlie Property inunediately before ihe taking is equal to or greater than
<br />the amount of the sums secured by this Security Instrument immediately before fhe taking, unless k3orrower and
<br />Lender otherwise agree in writing, tlie sums secured by this Security lnstrument shall be reduced by the amount of
<br />t}�e proceeds tnultiplied by fhe followin� fraction: (a) the total amount of the sums secur�d immediately before the
<br />taking, divided by (b) the fair market value of fhe Property immediately before the taking. Any 6alance shall be
<br />paid to Borrower. [n the event of a partial taking of the ProperCy in which the fair markec value of the Property
<br />irnmediately before the taking is less tl�an the amnu��t of the surns securcd inunediately before the taking, unless
<br />uJ 20Ua-201U c'ompliauce 5y5tems, Inc. kih'OH-U8l)5 - 20I 11.U7.37k
<br />C:onsumer Iteal Nstata - tieciirity lusuvm�nt UL.203(i Pagc 2 of 5 www.complianccsystems.cnm
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