201203868 - Laserfiche WebLink

Browse

201�O��G� Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proccedings aze concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Se,curity Instrument. If Lender determines that any part of the Property is subj�t to a lien which can attain priority over tlus Security Instrument, Lender may give Bonower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification anct/or reporting service used by Lender in connecrion with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter ere,cted on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazazds including, but not limited to, earthquakes and floods, for wluch Lender requires in��r�n_ce. TIus insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Bonower subject to Lender's right to disapprove Borrower's choice, which right sha11 uot be exercised unreasonably. Lender �y require Borrower to pay, in connection with this Loan, either: (a) a o�e-tutne c,harge for fiood zane det�rminarion, certification and tracking services; or (b) a one-titne charge for fiooc� aone determinativa and certif�cation seavices and subsequent chazges each time remappiags or similar changes occur which reasonably might affect such determination or certification. Borrower sball atso be responsible far the payment of any fees imposed by the Federal Emergency Ma�gement Agency in conne,ction vvith tfie review of auy ffood zone determination resulting from an objecrion by Borrower. If Borrower fails to maintain any of the coverages described above, I.ender may obtain inti�urance coverage, at Lender's oprion and Borrower's expense. Lender is under no obligarion to purchase any particular tyge or amount of coverage. Therefore, such coverage shail cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Progerty, against az�y risk, hazard or liability and might provide greater or lesser coverage th� was previously in, effect. Borrower aclmowledges that the cost of the �n� coverage so obtained might signif�cantly exceed the cost of insurance t�iat Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 sha1l become additional debt of Borrower secured by this Security Instnunent. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon norice from Lender to Borrower requesting payment. All insurance golicies required by Lender and renewals of such �licies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee andJor as an additional loss paye,e. Lender shall have the right to hold the policies and renewai certificates. If Lender requires, Bonower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standazd mortgage clause and sha11 name Lender as moRgagee and/or as an additional loss payee. In the event of loss, Borrower sha11 give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Bonower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall Ue applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's s�urity is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the �-6G(NE) (0005).01 Page 6 of 15 � i��reis Form 3028 1/01