201405994 - Laserfiche WebLink

Browse

��14�5994 In the even�t af�oss,$orrawer shall give Lender imm�di�te notice by mail.Lender may make pro�f of�oss if not made prompt�y by Borrower.Each insurance c�mpany concerned is hereby authorized and�ireeted to make payment for such loss directl�to Lender, instead of t�Borrower and to Lender jointly.A11 or any pa�rt of the�nsurance proceeds may�e applied by Lender,at its option,�ither(a}to the reduction�f�he ��.debtednes�s under the�Tot�and th�s SeGur�ty I�.s�rumen�, f�rst tv an��elinquent amounts applied in the �rder in paragraph 3,and then to prepaym�nt of principal,or(b)to the restor�tian ar repair�f the damaged Proper�y.Any app�icatian of�h�proceeds�o the pr�ncipa�sha11 nat extend or postpane the due date of the monthly payments whi�h are referred�a in paragraph Z,ar change the amount�f su�h payments.Any excess insurance proceeds a�er an amount requ�.red to pay all vutstanding indebtedness under the Note and this 5�cur�ty Instrument�hal1 be paid to th�entity�egally en�itled thereto. In the event of foreclosure of this Security In�strument or other transfer of t�t1e to the Property that extinguishes the indebtedness,al�right,title and interest of Borro�er in and to insurance policies in f�rce shal�pass to the purchaser. 5. �ccupancy, Preservation, Maintenance and Prvte�tion vf the Propgrty; Bvrrow+�r's Loan App��at�on;Leaseholds�orrower sha11 occupy, establish, and use the Proper�y as Borra�ver'� principal resid�nce�vithin sixty day�ai�er the execution of thrs Secur�t��r�strurn�n��ar�xth��.srxty t�a�s of a�a�er sa�e or�ransfer of�he Praperty}and sha11 con�inue ta occu�y the Property as Borra�ver's principal residence for at least one year af�er the date�f occupancy�untess Lender determ�nes that r�quirement wi1�ca�se undue hardship for Borrower,or unless extenuating circumstances exis�which are beyond Borra�er's control. Borro�ver shall n�t�fy Lender vf any exten�tating circumstanc�s.Borrower shall not commit waste or destroy, darnage or substantia�I�change the Property ar a�lc�w the Property#o deteriorate,reasonable wear and tear excepted. Lender may insp�ct the Froperty i�the Property is va�ant�r abandoned c�r�he�oan is in defautt. Lender may take r�asonab�e action ta protect and preserve such vacant or abandoned Froperty.Borrower shal�a�so be in default if B�rrower,during�he Ioan app�icatian pracess,ga�e materially false or�naccurate infarmatian or statements to Lender�ar failed�o provide Lend�r with any material inform�tion}in connection with the loan evidenced by the Note, including,but not Iimit�d to,representations cancerning �orro�ver's occugancy of the Property as a principal residen.ce. If this Security Instrument is an a leaseho�d, Borrower shall c�mgty with�be pro�ision.s�f�he�ease. �f Bar-rower acquires fee title t�the Praperty,the leaseho�d and fee tit�e shall not be merged unless Lender agrees to the merger in�vrit�ng, �. Cvndemnatian.The proceeds of an�award�r claim for dam�ges, �irect or cansequential, in connection vvith any condemnation or other taking�f any part of the Property, or for con�eyance in place of condemnation, are hereby assign�d and sha11 be paid to Lender to the extent of the full amount�f the indebtednes��hat rema�ns unpaxd undeF the�Tote anc�th�s Secu.r��y I�n.stru�ent. I��nder s�.al�ap��suc� proceeds to the reduction�f the indebtedness under the Note and this Security instrument, first to any de�inquent amount�applied in the ord�r provided in paragr�ph 3,and then to prepayrnent of prxncipal.Any application of the proceeds to the pr�ncipal sha11 nat extend or postpone the due date of the monthly payments,�vhich are referred to in paragraph 2,ar change the amount of such paym�nts.Any excess proceed�over an amount required to pay a��autstand�ng indebtedness under the Note and this Security Inst�-ument sha��e paid ta t�.e entity�ega��entit�ed t�.ereta. 7. �hargssto Borrowerand Protectionof Lender's Ri�hts�n the Property,Borrovver sha11 pay all governmental or municipa�charges, f aes and impas�tions tha.t are not included in paragraph 2. �orrower sha11 pay these obligatians an tim�dir�c��y to the entity which is owed th�payment. If failure ta pay wou�d adversety affect Lender's interest�n the Property, up�n Lender's request Borrower shal�promptly furnish to Lender r��eipts evidencing these payrnents. If Borrower fails to make�hes�payments or the payments required by pa.ra.graph�,or fails to perfarm any other covenants and agr�ements contained in this Security In�trument,or there is a 1ega1 proce�ding that may L FHA Martgage Vl11TH MERS-NE Revised 419fi VMP� VMP4N(NE}(1342�.44 Wolters Kluwer Financial Servtces Page 4 of 14 q43�128$a2�1 0233 4Q8 �41�