|
, �o�..�U3000
<br />Unless Lender and Bonower otherwise agree in writing, any application of proceeds to principal shall not extend
<br />or postpone the due date of the payments referred to in the sections titled Payment of Principal and Interest;
<br />Late Charges and Fttnds for Tazes and Insurance or change the amount of the payments. If under the section
<br />tided Acceleration; Remedies, the Property is acquired by Lender, Bonower's right to any insurance policies and
<br />proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the
<br />sums secured by this Security Instrumettt immediately prior to the acquisition.
<br />Preservation, Maintenance and Protection of the Property; Borrower's Loan AppHcation; Leaseholds.
<br />Borrower shall not destroy, damage or impair the Property, a11ow the Properiy to deteriorate, or commit waste on
<br />the Property. Borrower shall be in default if any forfeiture action or proceeding, whather civil or criminal, is beglui
<br />that in Lender's goad faith judgment could result in forfeitiue of the Property or otherwise materially impair the
<br />lien created by this Security Instrument or Lender's security interes� Borrower may cure such a default and
<br />reinstate, as provided in section titled Borrower's Right to Reinatate, by causing the action or proceeding to be
<br />dismissed with a ruling that, in Lender's good faith detenmination, precludes forfeiture of the Bonower's interest in
<br />the Properry or ottier 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 provida Lender with any material information) in
<br />connection with the loan evidenced by the Note. If this Security Instcv,ment is on a leasehold, Bonower shall
<br />comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee
<br />title shall not merge 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 Instcvment, or there is a legal proceeding that may significantly affect Lender's rights in
<br />the Properiy (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 valtte of the Property and
<br />Lender's rights in the Properly. 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 attomeys' fees and entering on the Property to
<br />make repairs. Although Lender may talce action under this section, Lender does not have to do so.
<br />Any amounts disbursed by Lender under this section sha11 become additional debt of Bonower secured by this
<br />Security Instr�unen� Unless Borrower and Lender agree to other terms of paymant, these amounts shall bear
<br />interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender
<br />to Borrower requesting paymen�
<br />Mortgage Inaurance. If Lender required mortgage insurance as a condition of making the loan secured by this
<br />Security Instrument, Borrower shall pay the preminms required to main.tain the mortgage insurance in effect If, for
<br />any reason, the mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall
<br />pay the premiums reqtured to obta.in coverage substantially equivalent to the mortgage insurance previously in
<br />effect, at a cost substantially equivalent to the cost to Borrower of the mortgage insorance previously in effect,
<br />from an alternate mortgage insurer approved by Lender. If substantially equivalent mortgage insurance coverage is
<br />not available, Bonower shall pay to Lender each month a sum equal to one-twelfth of the yearly mortgage
<br />insurance premium being paid by Borrower when the insurance coverage lapsed or ceased to be in effect. Lender
<br />wi11 accept, use and retain these payments as a loss reserve in lieu of mortgage insurance. Loss reserve payments
<br />may no longer be required, at the option of Lender, if mortgage insurance coverage (in the amount and for the
<br />period that Lender reqtures) provided by an insurer approved by Lender again becomes available and is obtained.
<br />Borrower shall pay the premiums required to maintain mortgage insurance in effect, or to provide a loss reserve,
<br />until the requirement for mortgage insurance ends in accordance with any written agreement between Borrower
<br />and Lender or Applicable Law.
<br />Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall
<br />give Borrower notice at the time of or prior to an inspecrion specifying reasonable cause for the inspection.
<br />Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any
<br />condemnation or other taldng 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 talcing of the Property, the proceeds shall be applied to tt►e sums secured by this Security
<br />Instrument, whether or not then due, with any excess paid to Bonower. In the event of a partial taking of the
<br />Property in which the fair market value of the Property immediately before the taking is equal to or greater than
<br />the amount of the sums secured by this Security Instrument immediately before the talcing, unless Borrower and
<br />Lender othe�ise agree in writing, the sums secured by this Security Instrument 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 />talcing, 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 partial taking of the Property in which the fair market value of the Property
<br />immediately before the talsing is less tha.n the amount of the sums secured immediately before the taking, unless
<br />Borrower and Lender otherwise agree in writing or unless Applicable Law otherwise provides, the proceeds shall
<br />be applied to the su,ms secured by this Security Instrument whether or not the sums aze then due.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to
<br />make an award or settle a claim for damages, Bonower fails to respond to Lender within the minimum number of
<br />days established by Applicable Iaw after the date the notice is given, Lender is authorized to collect aad apply the
<br />proceeds, at its option, either to restoration or repair of the Property or to the sums seeured by this Security
<br />Instrument, whether or not then due.
<br />m 2004-2010 Compliance Systems, Inc, BEpg.DBDA - 2010.033�8
<br />Consumer Real Esteta - Security Insavment DL2036 Page 3 of 6 wwq,.�olqplianceyyetemy,com
<br />
|