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�011o�34s
<br />Borrower a no�ice 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 notice.
<br />Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the
<br />Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards,
<br />including floods 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 carrier providing the insurance shall be chosen by
<br />Borrower subject to Lender's approval which shall not be unreasonably withheld. If Borrower fails to maintain
<br />coverage described above, I.ender may, at I,ender's oprion, obtain coverage to protect Lender'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 policies and renewals. If Lender requires, Borrower shall promptly give to
<br />Lender all receipts of paid premiums and renewal natices. In the event of loss, Borrower shall give prompt notice
<br />to the insurance carrier and I.ender. Lender may make proof of loss if not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance pmceeds 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 />lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the
<br />insurance proceeds sha11 be applied to the sums 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 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 Properiy or to pay 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 givea.
<br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal sha11 not extend
<br />or postpona the due date of the payments due under the Contract or change the amount of the payments. If under
<br />the section titled AcceleraYion; Remedies, the Properly is acquired by Lender, Borrower's right to any insurance
<br />policies and proceeds resulting from damage to the Properly prior to the acquisition shall pass to Lender to the
<br />extettt of the sums secured by this Security Instrument unmediately prior to the acquisition.
<br />Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds.
<br />Borrower shall not destroy, damage or impair the Properiy, allow the Properly to deteriorate, or commit waste on
<br />the Properly. Borrower shall 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 of the Property or otkerwise materially impair the
<br />lien created by this Security Instrument or Lender's security interest. Borrower may cure such a dafanit 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 I.ender's good faith determination, precludes forfeiture of the Bonower's interest in
<br />the Property or other 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 faiied 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 Bonower acquires fee title to the Properly, the leasehold and the fee
<br />title shall not merge unless I,ender 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 Instrument, or there is a legal proceediing that may significantly affect Lender's rights in
<br />the Property (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 value of the Property and
<br />Lender's rights in the Properiy. 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 attorneys' fees and entering on the Property to
<br />make repairs. Although Lender may take action under this section, Lender does not have to do so.
<br />Any amounts disbursed by Lender under this section shall become additional debt of Borrower secured by this
<br />Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear
<br />interest from the date 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 payment.
<br />Inspection. Lender or its agent may make reasonable entries upon and inspections of the Properiy. Iznder shall
<br />give $orrower notice at the time of or prior to an inspection specifyiug 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 taking of any part of the Properly, 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 skall be applied to the sums secured by this Security
<br />Instrument, whether or not then due, with any excess paid to Borrower. In the event of a parkial 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 Tnstrument immediately before the taking, unless Bonower and
<br />Lender otherwise 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 />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 partial taking of the Properiy in which the fair market value of the Properiy
<br />immediately before the taking is less than the amount of the swns secured immediately before the taking, unless
<br />� 2004-2010 Compliance Systems, Inc. EEOB-OF60 - 2010.03378
<br />Consumer Real Estete - Sec:urity insWment DL2036 Page 2 of 5 www.compliencesyatems,¢om
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