201207362 - Laserfiche WebLink

Browse

2��2U�3Gti monthly payments which are referred to in paragraph 2, or change the amount of such payments. Any excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entiry legally entitled thereto. In the event of foreclosure of this Security Instrument or other transfer of tit�e to the Property that extinguishes the indebtedness, all 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 Appiication; Leaseholds. Borrower shall occupy, establish, and use the Property as Bonower's principal residence within sixty days after the exe,curion of this Security InstYVment (or within sixty days of a later sale or transfer of the Property) and sha11 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 �� hardslup for Bortower, or unless extenuating circumstanCes exist which aze beyond Borrower's control. Borrower shall notify L.ender of any extenuating circumstances. Bonower shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect the Property if the Property is vacant or abandoned or the loan is in default. Lender may take reasonable acrion to protect and preserve such vacant or abandoned Property. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to Lender (or faited to provide Lender with any material information) in connection witli tlte loan evidenced by the Note, including, but not limited to, representations conceming Borrower's occupancy of the Propertg as a principal residence. If this Se.curity Instn�ment is on a leasehold, Borrower shall compIy vvith the provisions of the lease. If Bonower acquires fee ritle to the Property, the leasehold azid fe.e title shall not be mergect unless Lender agrees to the merger in writing. 6. ConctemRation. The p�s of any award os claim for damages, direct or coffiequential, in conne.ction with any condemnation or other talang of any gart of the Property, or for conveyance in place of condemuation, are hsreby assigned and sball be gaid to Lender to the extent of the full amount of the indebteriness that remains unpaid under the Note and this Security Instru.ment. Lender shall apply such proc�ds to the reduction of the indebtedness under the Note and this Security Instrument, first to any delinquent amounts appiied in the order provided in paragraph 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 paymeats, whict► aze referred to in paragraph 2, or change the amount of such payments. Any excess pr�s over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally enritled thereto. 7. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all govemmental or municipal charges, fines and impositions that are not included in paragraph 2. Bonower shall pay these obligations on rime directly to the entity which is owed the payment. If failure to pay would adversely affe,ct Lender's interest in the Property, upon Lender's request Borrower shall promptly furnish to Lender re,ceipts evidencing these payments. If Bonower fails to make these payments or the payments required by pazagraph 2, or fails to perform any other covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affe,ct Lender's rights in the Property (such as a proceeding in banlmiptcy, 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 menrioned in paragraph 2. FHA Deed of Trust-NE 4/98 VMP � VMP4R(NE) (1109) Wolters Kluwar Financial Services Page 4 of 10