201201528 - Laserfiche WebLink

Browse

201201528 In the event of loss,Bornower shall give Lender immediate notice by maiL Lender may ntake proof of loss if not made promptly by Borrower.Each insurance company concerned is hereby authorized and directed Lo make payment for such loss directly to T.ender,instead of to Borro��er and Yo Lender jointly.All or 1ny part of the insurance proceeds may bc applied by Lender,at its option,either(a)to the reduction of the indebtedness under the Note and this Security Instrument,�rst tn any delinquent amounts applied in the order in paragraph 3,and lhen lo prepayment of principal,or(h)to the restoratinn nr repair of the damaged Property.nny application of the proceeds to thc principal shall not cxtend or posipone the due date oi'the monthly payments which are referred to in paragraph 2,or change the amnunt of such payments. Any excess insurance proceeds over an amount requircd to pa;all outstanding indebtedness under the Note and this Securiry Instrument shall be paid to the entity legallv cntiticd thc��cto. In ihe event of foreclosure of this Security Instrumenl or other h�ansfer of title to the Property that extinguishes the indebtedness, all right,title and interest of Borrower in and to insurancc policics in forcc shall pass to Yhe purchaser. 5. Occupancy, Preservatiion, hAaint�nance anc9 Protection of the Property; Borrower's Loan Appiication; Leaseho4dls.Borrower shall occupy,establish,a�id use the Property as Borrower's principal residence within sixty days after the e.�ecution of this Sccurity Insh-umcnt(or within sixty days of a latcr salc or transfer of the Propert;y)and shall continue to occupy the Yroperh�as Bnrrower's principal reside�ice for at least one year afrer the date of occupancy, unless Lender detennines that requirement will cause undue hardship for Borrower,or unless extenuating circumstances exist wluch arc bcyond Borrowcr's control. Borrower shall notify Lender of any extenuating circumstances.Boz7•ower shall not commit waste or destiroy, damage or substantially changc thc Property or allo�v the Property to deteriorate,reasonable wear and tear excepted.Lender may in,pect the Property if the Property is vacant or abandoncd or thc loai�is in dcfault. Lender may take reasonaUle action to protect and preseive such vacant or abandoned Pro��erty.Bon•ower shall also be in default iPBorrowcr; during the loan application process,gaue materially false or inaccurate information or statements to Lender(or failed to provide Lender tivith any materiat information)in connection�vith the loan evidenced by the Note,including,but not limited to,representaiions concerning I_iorrotver's occupancy of the Prope�-ty as a principa(residence.If this Security Instrument is on a leasehold, Borrower shall comply with the provisions of lhe lease.If Borrower acquires f'ee title to the Property,the leasehold and tee tille shall not be merged unless Lender agrees tn the merger in writing. 6. Condemnd410n.The proceeds of any award or clairn for dama�es,direct or conseque�itial,in connection with any condemnation or other taking of any part of the Property,or for com�eyance in place of condemnation,are hereby assigned and shal I be paid to Lender to the extent of ihe full amount of the indebfedness that remains unpaid under the Note and this Security Instrument.Lender shall apply such procccds to the reduction of the indebtedness under the NoCe and this Security Instrument,first to any delinquent amounts applied in the order provided in paragraph 3,and lhen lu prepaymenl of principal.Any application of the proceeds to the principal sh�ll not e�tend or pos[pone thc duc date of the monthly payments,ti��hich are referred to in paragraph 2,or change the amount of such payments.Any excess proceeds over an amount rcquircd lu pay all oulslanding indebtedness under the Note and Chis Securily Instrument shall be paid to the entity legally entitled thereto. 7. Charges Yo�arrowee and Protec�eon of Lerader's Rights in the Property.Borrower shali pay ail governmental or municipal chargcs,fincs and impositions that arc not includcd in paragraph 2.Borrowcr shall pay these obligations on time directly to the entity which is owed the payment.if failure to pap would adversely afTect Lender's interest in the Property,upon i,ender's request Rorro��ver shall promptly furnish to Lender receipis evidencin�thcsc payments. If Borrower fails to make these payments or the payments required by pa�•agraph 2,or fails to perfonv any other covenants and agreements contained in this Security Tnshvment,or there is a legal proceeding that may 2o��,�a9saaii �000asi000iisiaisz s�uo FHA M1tortgage WITH MERS-NE �' Revisec 4/98 UMP p �� VMP4N(NEj(7109) N'olters Kluwer Fnancial Servir.� . aage 4 of 10