201109451 - Laserfiche WebLink

Browse

201�09451 payment. Borrower shall promptly fiimish to Lenders a11 norices of amounts to be paid under this paragraph. Tf Bortower makes these payments directly, Borrower shall promptly furrnsh to Lenders receipts evidencing the paymems. Borrower shall promptly discharge any lien which ha.s priority over this Security Instrument unless �orrower: (a) agre,es in writing to the payment of the obligat�on secured by the lien in a manner acceptable to Lenders; (b) contests in good £aith the lien by, or defend against enforce�ment of the lien im, legal proceedings which in the Lenders' opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the k�older of the lien an agreement �tisfactory to Lenders subordinating the lien to this Security Instrument. If Lenders deter�mine that any part of the Properiy is subject to a lien wluch may attain pnority over this Security Instrument, Lenders may give Borrower a notice identifying the lien. Borrower shalt satisfy the lien or take one or more of th� actions set forth above within 10 days of the giving of notice. 4. Haza.rd Insurance. Borrower shall keep the improvements now existing or hereafter erect� on the Properiy insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lenders require insurance. This insurance shall be maintained iri the amounts and for the periods that Lenders require. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lenders' approval which shall not be unreasonably witbheld. All insurance policies and renewals shall be acceptable to Lenders and shall include a sta,ndard mortgage clause. Lenders shall have the righht to hold the policies and renewals. If Lenders require, Borrower shall promptly give to Lenders a11 rec�ipts of paid premiums and renewal notic�s. In the event of loss, Borrower shall give prompt notice to the insurance c.arrier and Lenders. Lenders ma.y make proof of loss if not ma.de promptly by Borrower. Unless I.enders and Borrower othervvise a�t in writing, msurance proc,eeds shall be �pplied to restoration or repair of the Property dama.ged, �f the restoration or repair is economically feasible and Lenders' secunty is not lessened. If the restoration or repair is not economically feasible or Lenders' security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Bonower. If Bonrower abandons the Property, or does not answer within 30 days a notice from Lenders that the insurance carrier has offered to settle a claim, then Lenders may colleet the insurance proceeds. Lenders may use the proceeds to repair or restore the Property or to pay sums secwed by this Security Instnunent, whether or not then due. The 30 day period will begin when the norice is given. Unless Leaders and Borrower otherwise agree m writing, any apphcation of proceeds to principal shall not extend or postpone the due da.te of the yearly payments referred to in paragraphs I and 2 or change the amount of the payments. If under pa.ragraph 19 the Property is acqwred by Lenders, Bonower'a rigl�t to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lenders to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. 5. Preservation and Maintenance of Property; Lea.seholds. Borro�ver shall not destroy, damage or substantially change the Property, allow the Properiy to deteriorate or commit waste. ff this Security Instrument is on a leasehold, Borrower shall comply with the provisions of the lease, and if Bortower acquires fee title to the Property, the leasehold and fee title shall not merge unless Lenders agree to the merger in writing. 6. Protection of Lenders' Rights in the Property; Mortgage Insurance. If Borrower fails to perform the covena.nts and agreements contained in this Security Instrument, or there is a legal proceeding that may sigtificantly affect Lenders' rights in the Property {such as a proceeding m bankruptc�, for condenqnation or to enforce laws or regulations), then Lenders may do and pay for whatever is necessary to protect the value of the Property and Lenders' rights in the Properiy. Lenders' actions may include paying any sums seeured by a lien which has prionty over this Security Instrument, appearin� in court, paying attomeys' fees and entering on the Property to make repairs. Any amounts disbursed by Lenders under this paragraph 6 sha11 become additional debt of Borrower secured by this Security Instrument. Unless Borrower and Lenders a�ree to other terms o�paymerrt, these amounts sha11 bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lenders to Borrower requesting payment. Tf Lenders required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pa,y the premiums required to maintain the insurance in effect until such times as the requirement for the insurance terminates in accordance with Borrower's and Lenders' written agreement or applicable law. 7. Inspection. Lenders or their agents may make reasonable entries upon and inspections of the Property. Lenders shall give Borrower notice at the time of or prior to a.n inspection specifying reasonable cause for the inspection. 8. Condemnation. The proceeds of any award or claum for damages, direct or consequential, in connection with any condemnation or o#her ta.king of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lenders. In the event of a total taking af the Property, the proceeds shall be applied to the sums secured by this 5ecurity Instrument, whether or aot then due, with any excess paid to Borrower. In the event o£ a partial taking of the