201202731 - Laserfiche WebLink

Browse

�o��u�73� monthly payments which are referred to in paragraph 2, or change the amount of such payments. Any excess insurance praceeds over an amount required to pay all outstanding indebtedness under the Note and this � Security Instnunent shall be paid to the entity legally entitled thereto. In the event of foreclosure of this 5ecurity Instniment or other transfer of title to the Property that extinguishes the indebtedness, a11 right, title and interest of Bonower in and to insurance policies in force shall pass to the purchaser. 5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Applicafion; Leaseholds. Bonower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Instrument (or within sixty days of a later sale or transfer of the Property) and shall continue to occupy the Property as Bonower's principal residence for at least one year after the date of occupancy, unless Lender determines that requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower sha11 notify I.snder of any extenuating circumstances. Borrower shall not commit waste or destroy, damage or substanrially change the Progerty or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may insp�t the Prog�rty if the Property is vacant or abandoned or the loan is in default. I.e�der may take reasonable acrion to prote,ct and preserve such vacant or abazcdoned Property. Borrower shall atso be in default if Borrower, during the loan applicarion process, gave materially false or inaccurate informatioa or statements to Lender (or failed to provide I.ender with any material information) in carmection with tlle loan evidenced by the Note, including, but not limited to, representations concerning Borrower's ocxupancy of the Property as a principal residence. If this Security Insmiment is on a leasehold, Borrower shall compty with the provisions of the lease. If Borrower acquires fe,e tifle to the Property, the leasehold and fe,e ritle shall not be merged unless Lender agree.s to the merger in writing. 6. Condemnation. 'Fhe proceeds of any awazd or claim for damages, direct or consequenrial, in connection with any condemnation or other taking of any part of the Progerly, or for conveyance in place of condemnation, are hereby assigned a� shall be paid to I�nder to the extent of the full amount of the indebtednes.s that remains unpaid under the Note and this Security Instrument. Lender shall apply such pr�eeds to the reducrion of the indebtedness under the Note aud this Security Instrument, first to any delinquent amounts applied in the order provided in pazagraph 3, and then to prepayment of principal. Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments, which are referred to in paragraph 2, or change the amo�mt of such payments. Any excess proceeds over an amount required to pay ail outstanding indetstedness under the Note and this Security Instrument shall be paid to the entity legally enritled thereto. 7. Charges to Borrower and Protecfian of Lender's Rights in the Property. Borrower shall pay all governmental or municipal charges, fines and impositions that are not included in pazagraph 2. Bonower shall pay these obligations on time dir�dy to the entity which is owed the payment. If failure to pay would adversely aff�t Lender's interest in the Prop�rty, upon Lender's request Borrower shall promptly furnish to Lender r�eipts evidencing these payments. If Borrower fails to make these payments or the payments required by paragraph 2, or fails to perform any other covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proc,eeding in bankruptcy, for condemnation or to enforce laws or regulations), then Lender may do and pay whatever is necessary to protect the value of the Property and Lender's rights in the Property, including payment of taxes, hazard insurance and other items mentioned in paragraph 2. FHA Deed of Trust-NE 4/96 VMP � VMP4R(NE) (1109) Wolters Kluwer Financlal Services Page 4 of 10