201209696 - Laserfiche WebLink

Browse

201209696 In the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof of loss if not made promptly by Horrower. Each insurance company concemed is hereby authorized and directed to make payment for such loss directly to Lender, ins[ead of W Borrower and to Lenda jointly. All or any part of the insurance proceeds may be applied by I.ender, at iu option, either(a)m the reduction of the indebtedness uoder the Note and this Security Instrnment, first to any delinquent amounts applied in the order in paragraph 3, and then to prepayment of principal, or(b)to the restoration or repair oFthe damaged Property. Any application of the proceeds w the principal shall not eactend or postpone the due date of the montlily pa}roieuts which are referred to in pazagraph 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 Inshument shall be paid to the entity legally entiUed thereto. In the evenk of foreclosiue of this Security Insdument or other transfer of title to the Property that e�ctinguishes the indebtedness, all right, ritle and iaterest of Borrower in and to insurance policies in force shall pass to the purchasa. 5. Occupancy, Preservation, MaiMenance and Protection of the Property; Borrowers Loan Appliptidr, Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of tivs Security Instrument(or within sixty days of a later sale or transfer of the Properry)and shall continue to occupy the Properry as Borrower's principal residence for at least one year after the date of occupancy, unless Lender determines that requirement will cause undue hardship for Borrower, ar unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall notify Lender of any extenuating circumstances. Borrower shall not commit waste or destroy, damage or substantially c6ange the Property or allow the Property to deteriorate, reasonable weaz and tear excepted. I,ender may inspect the Property if the Property is vacant or abandoned or the loan is in defaul[. Lender may take reasonable action to protect and preserve sucb vacant or abandoned Property. Borrower shall atso be in default if Borrower, during the loan application process, gave materially false or inaccurate informazion or statements to Lender(or failed to provide Lender with any material information)in connection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy of the Properry as a principal residence. If this Security Instrument is on a leasehold, Borrower shall comply wit6 the provisions of the lease. If Borrower acquires fee tiUe to the Property, the leasehold and feE title shall not be merged unless Lender agrces to the merger in writing. 6. Condemnation. The procceds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in place of condemnation, are hereby assigned and shall be paid to Lender to the e�ctent oT the full amount of the indebtedness that remains unpaid under the Note and this Security Instrument. Lender shall apply such procceds to the reduction of the indebtedness under the Note and this Seciuity In5lrument, first 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 shs11 not eactend or postpone the due date of the monthly payrrients, wluch are referred to in paragraph 2, or change the amount of such payments. Any e�ccess proceeds over an amount reqwred to pay a11 outstanding indebtedness under the Note and this Seairity Instnunent shall be paid to the entity legally entitled thereto. 7. Charges to Bortower and Protection of Lenders Rights in the Property. Borrower shall pay all goverumental or municipal charges, fines and impositions that are not included in paragraph 2. Bonower shall pay these ohligations on time directly to the entity wiuch is owed the payment. If failure to pay would adversely affect Lender's imerest in the Property, upon Lender's request Borrower shall promptly f'urnish to Lender receipts evidencing these payments. If Borrower fails to make these paymen[s or the payments required by paragraph 2, or fails to perfarm any otkier wvenants and agreements contained in this Security Instrument, or there is a legal proceeding that may 2300288820 D V4NNE FHA Mortgage WITH MERS-NE Hevieetl 4/98 VMP(w VMP4N�NE�p 109J Woltera Kluwn Finandel Services Pepe 4 vf 10