|
�o�1o�s��
<br />Lender or its agent may make r�sonable enn�les upon and inspe�dons of the Property. If it has reasonable cause,
<br />Lender may ' the interior of the improvemems on the property. I,ender shall gi�e Boaower notice at the time of or
<br />prlor to such �or inepection specifyiag such reasonable ceuse.
<br />8. $orrower's I.oan Appllcation. Bnrrowez sha1I be in defauli if, during the Loan applicatloa process, Borrower or
<br />any Persons or entities actin at the direcUon of Borrower or with Bonower's Imowledge or cansent gave ma
<br />�� wid► the Loan. Material or atat�eats to Lender (or failed to pmvide I.ender with material 3nfo�rm don��
<br />oxupancy of the �eseatadons 3nclude, but ere not limited to, representations concerning Borrower s
<br />Praperty as Borrower's princIpat resideace.
<br />9. Protecqon of I.ender's Inte►�t In the�� and Rigfits Under tlile Secucity Instrument. If (a) Borrower
<br />fafls W perform the covenants and agreements m this Security Insmament, (U) there is a legal proceediag that might
<br />signifu�nfly affect Lender's interest in the Property aad/or rights under this Security Insuvment (such as a proceeding in
<br />bankntptcy, ptobate, for condemnaHon or forfeiture, for enforcement of a lien which may attain priorhy ovec this Securiry
<br />Instrument or to enforce laws or regulations), or (c) Bottower has abandoned the ProPerty, then I.encier may do aad pay for
<br />whatever is reasonable or aPpropriete to protect Lender's interest in the Property and rIghta under this Security Instrument,
<br />including protecting and/or asseas the value ofthe Property, aad securiag andJor repairing the Property. Lender's acNons
<br />can inalude, but are not l�iced to:�a) Paying any sums secured by a lien which hes priority over this Securiry Inst�vment; (b}
<br />appearing in courc; and {c) paying reasonable attorneys' feea to protect its interest in the Property and/or rights under Wis
<br />security Insm�mene, ia�lnaing its s�ur� posiaon in a bankrupuy proceedin$. sec,utng the Froperty iAClnaes, inn ie aoc
<br />1�i�1 �� enterla8 t�e PraPertY to make repalrs, change locks, replace or board up doors and wiodowa, drain water from
<br />pipes, eliminate building or other code violations or dangerons condiaons, and have utilifles nuned on or off. Alt4ough
<br />Leader may take actioa under this Section 9, Lender does nnz have to do ao and is aot under aayduty or obllgatlon to do so,
<br />It is agreed that Lender incurs no liability for not taking atty or all acdons autharized under this 5ection 4.
<br />Any amounts disbursed by Lender rmder d�is Secdan 9 sha12 become add3@aaal debt of Borrower serural by this
<br />Security Insuument These amowtts shall bear interest at the Note rate trom the date of disbursement and shall be payable,
<br />with such iuterest, u�mn aotice from Lender w Borrower requestingpayment
<br />If this Secunty Inatrument {s on a leasehold, Borrower shall comply with all the provisions of the lease. IF Bortower
<br />acquires fa dde to the Property, the leasehotd and the fa tide s6all not merge unless I.ender agrees to the merger in writfng.
<br />10. Mortgage Insucence. If Lender required Mortgage Ins�uance as a condition of maldng the Loan, Borrower shell
<br />pay the premiums required to maintain the Mortgage Insuranae in effect. If, for any reason, tlie Mortgage lnsurance coverage
<br />�1�� bY ��r ceasea to be ave9lable from the mortgage insurer that previously provided such insurance and Bonower
<br />wes required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay rhe
<br />premiums required to obtaln coverage substandal)y equiyalent to the Mortgage Insuranoe previously in effect, at a cost
<br />snbstantiaUy equivalent to the cost to Borcower of the Mortgage Insurance previously in effect, from an alternate mortgage
<br />insurer selacted by I.eader. If aubstantlally equivaleat Mortgage Insurance coverage is not availahle, Borrower shall continue
<br />to pay to Lender the amount of d�e aeparately designated paymenta that were due when the insurance coverage ceae� to be m
<br />effect• Learlef will acce[n. use aud te�in t�se Fayments as a aon-refimdable loss resetve m lieu of Mortgage Insnrance,
<br />Such loes reserve shall be non-refimdable, notwithstandiag the fact that the Loan ia uldmately paid in full, and Lender shall
<br />not be rap�'ed tn pay Soaower any interest or earnings an such loss reserve. I.ender esn no longer re�uire loss reserve
<br />payments if Mortgage Insurance coverage(3¢ the amount and for the periad tbat Lender nequites) rovided by an insurer
<br />selected by I.eader again becomes availabte, is obtained, and Lender requires separately desi� Papmenta towerd the
<br />premiums for Mortgage Insurance, If Lender requized Mortgage Insurance as a condidon of making the Loan and Boaower
<br />was required to meke separately designated paymenta roward the premiums for Mo $e Insurance, Borrower shall pay ohe
<br />Pzemiums requued to maintein Mortgage Iasurance yn effect, or to provide a non- loas reserve, until Lender's
<br />requirement for Mortgage lasurance ends in accordaace with any writtea agreement betwan Borrower arn[ I.ender providing
<br />for auch termiaarion or untll terminatlon is required by Applicable Law. Nathing in this Section 10 affecta Borrower's
<br />obligadoa to pay imerest at the rate provlded in the Note.
<br />Mortgage Insurance reimbursea Lender {or eny endty that purchasea the Note) for certafin losses it may iacur if
<br />Boaower does �t repay the Loan as agreed. Bonower 3s not a patry to the Mortgage Insurance.
<br />Mortgage ias�uers evaluate their total risk on all such +r�*An� in force from time w time, and may eater into
<br />eSreemeats wIth other pardes that share or modify their risk, or reduce losaes. These agreements are on terms a� condittons
<br />that are satisfactnry to the mortgage Insurer attd the other pazry jor parti�s) m these agreemenu. Th�e agreemeats may
<br />require the mortgage insurer to make payments ysing any source of fimds that the mortgage inaurer may have aveUable (which
<br />may include funda obtained from Mortgage iusuranca premiums).
<br />As a result of these agreemerns, Lender, az�y purchaser of the Note, another insurer, auy relnsurer, any other entity, ar
<br />any affillate of azry of the foregoing, may receive (directly or iudirecdy) amounts that derive from (or might be characterized
<br />as) a portion of Borrower's payments for Mortgage Insurance, ia exchange for sharing or modifying the mortgage insurer's
<br />riak, or reducing losses. If euch a�ment provides that an afHliate of Leader takes a share of insurer's rlsk ia exclra¢ge for e
<br />s6are of the premiums paid to the the arcangemeat is often termed "captive reinaureace." Furthet:
<br />(a) Any such agreementa will not affect the amounte that Borrower hes agreed to pey for Mortga�e Insurance,
<br />or any other terme of the I.oan. Such egreeme�ts wlll not Ltcresae the amount Borrnwer w1J1 owe for Mortgage
<br />Inauraace, and they wlll not endtle Borrower W aay ret5�nd.
<br />(b) Any such agreemenfs w)ll aot affect the righte Borrower hes--lf eny—with respect to the Mortgage Iue�uance
<br />under the Homeownera Protectlon Act of 1998 or eay other law. These rights may indude the right W recdve certain
<br />di�la�ur�, to requcst and obtain cancellation of the Mortgage Insurence, to t►ave the Mortgage Ineurance termineted
<br />autamattcelly� and/or to r�eive a refund of any Mortgage Insurance premtums that were unearned at the tlme of such
<br />cancellallon or terminetton.
<br />11. Aesignment of Mi�ellaneous Ptoeeeds; Forfeiture. Ail Miscellaneous Pmcceds ate hereby assig�ed co and shall
<br />i� paid to I,ender.
<br />If the Properiy is dawaged, such Miscella�oua Praceeds shall be applie,d to ratoration or repair of the Praperty, if
<br />d�ee restotation or repair is economicaUy feasfble and Lender's security is aot lesseaed. Dnring such repair and r�toration
<br />� riod, Lender shall have the right to hold auch Miscelleneous Procee�la until Lender has had an op�rdmiry ro iaspect such
<br />o�rry to ensure the wock has beea comp[eoed w C.ender's satisfaction, provided that such laspecdon ehal! be uadettaken
<br />P�mF�Y. I.�ler maY PaY for the repairs and reswtation in a single disbursemern or in a series of progress pa� as the
<br />work ia completed. Unless an agreement is made 1n writing or Applicable Iaw requires inter�t ro be on such
<br />Miacellaneous Proceeds, I.ender s6all not be re9� m PaY Borrower any interest or earnings on auch Miscelleneous
<br />Proceeda. If the restordt{on or repair is not economically feasible or Lender's securiry would be lessened, the MisceUaneous
<br />Pcaceeds aLall be applied oo the sums secuted by thia Seeucity Instivment, whether or not then due, with the excess, if any,
<br />paid to Bonawer. Such Miacellaneous Proceeds shall be applied in the order provided for in Section 2.
<br />In the event of a toml raking deamicdon, or lass ln value of We Property, the Miscelleneous Proceeds ahell be applied
<br />to the sums aecured by this Securiry Insunwent, ahether or aot then due, with the exc�s� if enY� Paid m Bonower.
<br />Ia Uie event of a partiel �ing, deatrucUon, or loas in valne of the Property ia which the falr market value of the
<br />Eroperty immediately before the partial tak�►g, de�uucdon, or loss in vahie is equal w or greates than the amount of the anms
<br />seaured by this Securiry Instrumau �tely before thepa�{� �king, destruction, or loss in value, unless Borrower and
<br />Ixuder otherw�se agree in wtidng, the surns securKby t�is Securiry Instrument ahall be reduced by the amount of the
<br />Miacellaneous Proceeds miilNplied by the following fractfoa: (a) the rotel amount of the aums secured immediately t�fore the
<br />// Focm 3�6 voi
<br />COLOHAdO—Sinpla Femily—.Rsnnie Mea/Frodme Mao UNIFOiiM INS7RUMENT �
<br />emta, sr►mn., mo., u. ciwm, nvr rom� ww�.eo en �rmoo . �og� q oj �paga� ye•�
<br />
|