Laserfiche WebLink
Document management portal powered by Laserfiche WebLink 9 © 1998-2015 Laserfiche. All rights reserved.
����o���� <br />In the event of loss, Borrower shall give I,ender immediate notice by mail. Lender may make proof of loss if <br />not made promptly by Borrower. Each insurance company concemed is hereby authorized and d'uected to <br />make payment for such loss direcdy to Lender, instead of to Borrower and to Lender joindy. All or any part <br />of the insurance proceeds may be applied by Lender, at its option, either (a) to the reduction of the <br />indebtedness under the Note and this Security Instrument, first to any delinquent amounts applied in the <br />order in paragraph 3, and then to prepayment of principal, or (b) tc� the restoration or repair of the damaged <br />Property. Any application of the proceeds to the principal shall not extend or postpone the due date of the <br />monthly payments which are referred to in paragraph 2, or change the amount of such payments. Any excess <br />insurance proceeds over an amounl reyuired lo pay all uutstanding indebledness under the Note and this <br />Security Instrumen[ shall be paid to the entity legally entitled thereto. <br />In the event of foreclosure of this Security Instrumenl or other transfer of tiUe to the Properiy lhal <br />extinguishes the indebtedness, all right, tide and interest of Borrower in and to insurance policies in force <br />shall pass to the purchaser. <br />5. Occupancy, Preservatlon, Malntenance and Protection of the Property; Borrower's Loan <br />Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal <br />residence within sixty days after the execution of this Security Inscrument (or within sixty days of a later sale <br />or transfer of the Property) and shall continue to occupy the Property as Borrower's principal residence for <br />at least one year after the date of occupancy, unless I,ender determines that requirement will cause undue <br />hardship for Borrower, or unless extenuating circumstances e�cist which are beyond Borrower's control. <br />Borrower shall notify Lender of any extenuating circumstances. Borrower shall not commit waste or destroy, <br />damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear <br />excepted. Lender may inspect the Progerty if the Property is vacant or abandoned or the loan is in default. <br />Lender may take reasonable action to protect and preserve such vacant or abandoned Property. Borrower <br />shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate <br />information or statements to Lender (or failed to provide Lender with any material information) in <br />connection with the loan evidenced by the Note, including, but no[ limited to, representations wncerning <br />Borrower's occupancy of We Property as a principal residence. If this Security Instrument is on a leasehold, <br />Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property, the <br />leasehold and fee title shall not be merged unless Lender agrees to the merger in writing. <br />6. Condemnatlon. The proceeds of any awazd or claim for damages, direct or consequential, in connection <br />with any condemnation or other taking of any part of the Properly, or for conveyance in place of <br />condemnation, are hereby assigned and shall be paid to Lender to the extent of the full amount of the <br />indebtedness that remains unpaid under the Note and this Security Instrument. Lender shall apply such <br />proceeds to the reduction of the indebtedness under the Note and this Security Instrument, first to any <br />delinquent amounts applied in the order provided in paragraph 3, and then to prepayment of principal. Any <br />application of the proceeds to the principal shall not extend or postpone the due date of the monthly <br />payments, which are referred to in paragraph 2, or change the amount of such payments. Any excess <br />proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security <br />Instrument shall be paid to the entity legally entitled thereto. <br />7. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all <br />governmental or municipal charges, fines and impositions that are not included in paragraph 2. Borrower <br />shall pay these obligations on time direcdy to the entity which is owed the payment. If failure to pay would <br />adversely affect L,ender's interest in the Property, upon L,ender's request Borrower shall prompdy furnish to <br />Lender receipts evidencing these payments. <br />If Borrower fails to make these payments or the payments required by paragraph 2, or fails to perform any <br />other covenants and agreements contained in this Security Instrument, or there is a legal proceeding lhal may <br />FHA Mortgage WITH MERS-NE <br />VMP � <br />QI I�IIIIII I� IIIIII Il�llqll I III II III IIIII III <br />4 <br />Revised 4/98 Amandad 7/04 <br />VMP4NINE) (7106�.00 <br />�� PeBa 4 of 10 <br />� <br />