201404692 - Laserfiche WebLink

Browse

��14�4�9� lass if nat made promptly by Borr�wer. Each insurance campany can�erned is hereby autharized and dir�ct�d fio make payment far such los� to �.ender instead of to Bvrrower and Lender joint�y. �nsuran�e proceeds sha�1 be applied #� r�staration or r�pair of the damaged Property, if #he re$�oration or repair�s econamically feas�b�e and Lender's security is not lessened. If the restoratian or repair is not economica�ly feasible or L�nd��'s security wauid be I�ssened, #he insurance pro�eeds sha11 be applied first to the reduction of any indeb��dness under a Second Note and Second Security Instrument held by the Secr�tary on �h� Property and then to #he reduc�ion of the indebtedn�ss und�r the Note and this Security lns�rum�n�. Any excess insuranc� proceeds o�er an �amount required to pay a�l vutstand�ng �ndebtedness under the Note and this Security ins#rument shal! �e paid to�he en��y�egally entitled th�reto. 1n the even� of fore�iosure of�his S�curi�y Instrumen� or �ther�ransfer af tit�e to the Prap�rty that extinguishes�he indebt�dn�ss, alf right, tit�� and intere�t of Borrower in and to insurance pal�cies in farce shall pass to the purch�ser. 4. flccupancy, Preservation, Maintenance and Protectian of the I�rvperty; Barrnwer"s Laan Appl�cation; L�as�hofds. Bvrrower shall occupy, es�ahfish, and use the P�op�rty as Borrower's � princ�pal res�denc� after the execution of this 5ecuri�y Instrumen# and Borrower �or at �east one Bvrro�er, if init�ally more #han one person are Borrow�rs} sha�� contEnue to occupy the Property as 8orrower"s pr�ncipal residen�� for fihe term of the Secur�#y �nstrumen#. "Principal res�den�e" sha�l ha�e#h�same m�aning as in th� Loan Agreemen#, Bor��v��r sh�il no� cammit waste vr des�ro�, damag� ar substant�a�ly �han�e the Praperty or allovrr th� Proper#y to de#erior�te, reasanable wear and tear excepted. �orr�wer �ha!! aiso be in default �f B�rrower, during th� loan appl�c�tion process, gave materia�ly false or inaccurate informatian or statements �o Lender �or fai�ed ta provide Lende� v�i�h any material informat�an} in conn�ct�an with fih� lvan evidenc�d b}�the iV�te, �ncluding, but not I�mited �o, repres�nta�ions concem�ng Borro►n►�r's oc�upancy of #he Prop�rty as a pr�ncipai resid�nce. I� �his Se�urity Instrument �s an a leasehold, Borrvw�r shaf� comp�y w�#h the provisians of th� lease. 1f Sorrower acquir�s fee ti��e�a the Pr�perty, th�leasehold and fee title shall no#be merge� unless Lender agrees ta the merger in writin�. 5. Charges to Barrower and Pr�tect�on of Lender's R�ghts in the Praperty. Borrawer shall pay alI �overr�menta� or �un�ci�a� ch�r�es, �nes ar�d irx�pQsit�o�s #ha# ar� n�# included in Paragraph 2. 8arrow�r shall pay �hese abliga�ions on time direct�y ta �he en�ity which is otinred the payment. �f failure to pay would adWersely a�fect Ler�der's �nt�r�s� �n t�e �roper#y, up�n Lend�r's request �arr�w�r sha�i promptly furnish ta L�nder receipts e�idencing these payments. Borro►�v�r shall prQ��d�sc�arge any lier� which has prior�ty �ver t�is Secu�ity �nst�ument �n the r�anner pravided �n Paragraph ��c}. If Borrower fails �o make these payments or the property charg�s required by Paragr�ph 2, or fails to pe�For�m any othe�couenar��s ar�d agreements con�ained in this Securi#� �nstrumen�, vr there is a legal proceeding that may signif�antly affect Lender's r�ghts�n the Prvperty�such as a proceeding in bankru�tcy, tor conde�r�at�or� �r to enforce ��ws ar regula�ions}, th�r� Lender or MERS may d� and pay wha#e��r is necessary �� prote�#the �alue of#he Properky and Lender's r�ghts in th� Property, incl��in�pay�ner�t of tax�s, haza�d insu�an�e a�d�t�er iter�s rnentioned in F�a�a�rapf��. 1�� prote�� Lende�'s secur�#� in the Property, �en�er shall ad�ar�ce ar�d charg� to Barrovver ail amaunts du� to the 5ecretary far the Mortgage lnsurance Qremium as defin�d �n the Loan Agreement as w�ll as a��sums dUe to the Ioan senricer for serv�c�ng activi#�es as defn�d in tne L�an qo33zs � 45zsaoz33000aaoo : �►�centure Ntvr�gage Cadence Document Center� 0228 {3 of��j Neb�'aska Desd o�Tn�st HEC�FI�ED RATE-M�RS Q'I!�4