201204115 - Laserfiche WebLink

Browse

201204115 iiiioe3oea Borrower acyuires fee title to the Property, the leasehold and fee titla shall not be marged unless Lender agrees to the merger in writing. 6. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Properly, or for conveyance in placa of condemnation, are hereby assigned and shall be paid to Lender to the extent of the full amount of the indebtedness that remains unpaid under the Note and this Security Instrument. Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security Instrum6nt, �rst to any delinquent amounts applied in the order provided in paragraph 3, and then to prepayment of principal. Any application of the proceeds to the principal shall not axtand or postpone the due date of the monthly paymants, which are referred to in paragraph 2, or change the amount of such payments. Any excess procaeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall bs paid to the entity legal(y entitled thereto. 7, Chargea to Borrower and Protection of Lender's Rlghts 9n the Property. Borrower shall pay all governmental or municipal charges, fines and impositions that are not included in paragraph Z, Borrawer shall pay these obligatians on time directly to the entity which is owed the payment, If failure to pay would �dversely affect Lender's intarest in tha Proparty, upon Landar's reyuest Borrower shall promptly furnish to Lender receipts evidencing these payments. If Borrower fails to make these payments or tha paymants required by paragraph 2, ar fails to parform aay other covanants and agreements contained in this Sacurity Instrument, or there is a logal proceeding that may significantly affect Lendar's rights in the Properly (such as a proceeding in bankruptcy, for condemnation to enforce laws or regulations), then Lendar may do and pay whatevar is necessary to protect the value of the property and Lenders rights in the Proparty, including payment of taxes, hazard insurance and other items mentioned in paragraph 2. Any amounts disbursed by Lender under this paragraph shall become an additional debt of Borrower and be secured by this Security Instrumant. These amounts shall bear interest from tha date of disbursement, at the Note rate, and at the option of Lender, shall be immediately due and paysble. 8, Fees. Lender may collect fees and charges authorized by the Secretary. 9. Grounds for Acceleration of De6t. (a) Defaul� Lender may, except as limited by regulations issued by the Secretary in the case of payment defaults, require immediata payment in full of all sums secured by this Security Instrument if: (i) Borrower defaults by failing to pay in full any monthly payment reyuired by this Security Instrument prior to or on tha due date of the next monthly payment, or (ii) Bonower defaults by failing, for a pariod of thirty days, to perform any other obligatians contained in this Security instrument. (b) Sale Without Credit Approval, Lendar shall, if permitted by applicab181aw (including section 341(d) of the Garn-St Garmain Dapository Institutions Aet of 1982, 12 U.S,C, 1701j- 3(d)) and with the prior approval of the Secratary, require immediate payment in full of all sums secured by this Security Instrument if: (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the � Property, is sold or otherwise hansferred (other than by davise or dascent) and (ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or the purchaser or grantae does so occupy the Property but his or her eredit has not bean approved in accordance with the requirements of the Secretary, (e) Na Waiver. If circumstances occur that would permit Lender to reyuire immediate payment in full, but Lender does not requira such payments, Lender does not waive its rights with respect FHA Nebreska Deed of Truat - 06/11 � 391.11 Pega 4 af 8