201400194 - Laserfiche WebLink

Browse

201400194 In the event of loss,Bonower shall give Lender immediate notice by mail. Lender may make proof of loss if not made promptly by Borrower.Each insurance company concerned is hereby authorized and directed to make payment for such loss directly to Lender, instead of to Bonower and to Lender jointly.All or any part of the insurance proceeds may be applied by Lender,at its option,either(a}to the reduction of the indebtedness under the Note and this Security Instrument,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 of the damaged Property.Any application of the proceeds to the principal shall not extend or postpone the due date of the 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 entity legally entitled thereto. In the event of foreclosure of this Security Instrument or other transfer of title 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 Application;Leaseholds.Bonower shall occupy, establish, and use the Property as Bonower's principal residence within sixty days after the execution of this Security Instrument(or within sixty days of a later sale or transfer of the Property)and shall 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 hardship for Borrower,or unless extenuating circumstances exist which are beyond Borrower's control. Bonower shall notify Lender 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 action 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 infotmation 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 conceming Borrower's occupancy of the Property as a principal residence.If this Security lnstrument is on a leasehold, Borrower shall comply with the provisions of the lease. If Bonower acquires fee title to the Property,the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing. 6. Condemnatlon.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 Property, or for convcyance in place 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 Instrument, 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 shall not extend or postpone the due date of the monthly payments,which are refened to in paragaph 2,or change the amount of such payments.Any excess proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitied thereto. 7. Chargesto Borrowerand Protectionof Lender'sRightsin the Property.Borrower shall pay all governmental or municipal charges, fines and impositions that are not included in paragraph 2. Bonower shall pay these obligations on time directly to the entity which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments. If Bonower fails to make these payments or the payments required by paragraph 2,or fails to perform any other covenants and agreements contained in this Security Instrument,or there is a legal proceeding that may W P rs�Kluwe F nancial Serv ces II I I II II'I I I I II'lll I I I II I�IIIIII I II I I I I I I I I I(I�II VMP4N(N Page 42of/0� q03322311342 0233 324 0410