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2 01iO3367 <br />Borrower 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 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 ma.intain <br />coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the <br />Property in accordance with section titled Protection of Lender's Itights 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 notices. In the event of loss, Borrower shall give prompt notice <br />to the insurance carrier and Lender. Lender may 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 />lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the <br />insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with <br />any excess paid to Bonower. If Borrower abandons the Properiy, 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 I.ender 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 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 principal shall not extend <br />or postpone the due date of the payments due under the Contract or change the amount of the payments. If under <br />the section titled Acceleration; Remedies, the Property is acquired by Lender, Borrower's right to any insurance <br />policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the <br />extent of the sums secured by this Security Insmiment immediately 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 Property, allow the Properiy 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 Lender'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 ruling that, in Lender's good faith determination, precludes forfeiture of the Borrower's interest in <br />the Property or other ma.terial 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 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, 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 proceeding that may significantly affect Lender's rights in <br />the Properly (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 Properly and <br />Lender's rights in the Property. 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 Inslrument. 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 Property. Lender shall <br />give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. <br />Condemnabion. The proceeds of any. award or claim for damages, direct or consequei�tial, =in con�t�ction with any <br />condemnation oz� other taking 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 taking of the Property, the proceeds shall be applied to the 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 taldng is equal to or greater than <br />the amount of the sums secured by this Security Instrument immediately before the taking, unless Borrower 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 />takiag, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be <br />paid to Bonower. In the event of a partial taking of the Property in which the fair mazket value of the Property <br />irnmediately before the taking is less than the amount of the sums secured immediately before the taking, unless <br />m 2tlOM2010 Complience Systems, Inc. EFAB-417C - 2010.03378 <br />Covsumer Rea1 Estate - Securiry lasWmeat DL2036 Page 2 of 5 www.compliancesystems.com <br />