201407530 - Laserfiche WebLink

Browse

��14�753� �n the event af lass,$orrower sha��gi�e Lender�mmed�ate notic�b�mail. Lender may make proof of�oss if no�made pramp�ly��r BorrQwer. Each�nsurance compa�ny concerned is hereby authorized an�directed to make paymen�for su�h�oss direc�ly to Lender,instead of ta Borrow�r and to Lend�r join�ly. A11 or any part af the insurance proceeds may be applied by Lender,at its opt�on, either�a}to�be reduction af the indebtedness under the I�ote and thi�Se�urit�Ins�rument, first ta any de�inquent amounts a�plied in t�ae order in para�gr�ph 3,and th�n to prepayment of�rrncipai,or�b)ta the res�oratian ar repair af the damaged Property.Any applicati�n af�he proeeeds to the princ�pa�shall n�t extend or p�stpone the due date of the month�y payments whic�are referred to�n paragraph Z,or change the amount of such paym�nts,Any excess insura�ce praceeds�ver an am�unt required to pay a��outsta�.ding indebt�dness under�he�`ote and this �ecuri�y�nstrument shall be paid to the entity�egal�y entit�ed thereto. In the e�tent af foreclvsure of this Se�urity Instrum.ent or ather transfer of titl�to t�e Pr�perty that extinguishes the indebtedness,all rig�t,title and�nt�rest of�orr�vver in and to insurance pol�c�es in force shal�pass ta the purchas�r. �. Qccupan�y, Prese�ation, Maintenance and Protection of the Property; Borr�vvver's Lc�an Ap p i i cat�o n;Leas�h�I ds�orrotiver sha��ccupy, establish, and use the Fropear�y as�orrower's princ�pa� r�sidenc��uithin sixty days after the execut�on of this Security Instrt�m�nt(or w��hin sixty days of a�ater sale or transfer of the Property�and shal�continue ta occupy the Praperty as Borro�ver's principal residence for at�east one year af�er the date af accupanc�,unless Lender determrnes�hat requ�rement wi11 cause undue . hardship for Borrov�rer,ar un�ess ext�nuating circumstance��xist�hich are beyond Barrotiver's control. Bor�rot�ver�ha1l no�ify Ler�der of any e�te�ua�ing cucumstances. Borro�rer shall not commit�vaste or desttoy, damage�r substantially change the Proper�y or al�ow the Froperty ta deteriorate,reasonab�e�vear and tear except�d. Lender may�nspec��he Froperty if the Pr�perty is vacan�or a�andaned or th��oan is in defaul�. Lender may take reasonable action t�pro�ect and preserve such vacan�or abandoned Pro�erty. Barrower sha11 also be in default if�orrower, during the�aan applicat�on process,gave mat�rial�y false or ina��urate inf�rmation or statements ta Lender�or failed to pro��d�Lender�ri�h any materia�inft�rmation}�n connectian with the loan ev�denced by the Nate, including,but n�t�imited to,representa�ion�concerning B�rra�rer`s occupancy�f�he Property as a principa�r�sidence. If this�ecurity In��rument is an a leaseho�d, Borro�ver sha�l comp�y�v��h the�rovis�ons af the Iease. If Borrower acqui�res fee title to the Property,the 1eas�ha�d and fee t��le shal�not be merged unless L�nder agrees to the merg�r in�crriting. S. �ondemn�ti�n.The proceeds�f any a�ard or claim for damages, direct or cons�quential, in connection �rith an�r condemn.ation or other tal��ng of any part of th�Proger�y, or for�conveyanc�in place af condemna��on, are hereb�`assigned and sha1�be paid to Lender��th�extent of the ful�amaunt of the indebtedn�ss that remains unpa�d under the Note and th�s S�cur�ty Inst.rurumen�t. Lender sha�l apply such proceeds ta the reduc�ion of�he indebtedness under the Note and this Security Instrumen�, fust to any del�nquen�amaunts apptied�n the�rder pro�rided in�aragraph 3,and then to prepaymen�of principa�.A.�y app�icat�an of th�proceeds to the principal sha11 not exten�or pastpone th�c�ue date of the month�y paymen�s,whx�h are referre�to in paragraph 2,�r change the amaunt�f such payments. Any ex�ess proceeds o�er an amoun�requ�red to pa�a�l outsta.nding indebted��ss under t�ie Note and this Seeurity �nstrum�nt�hall be pa�d t�the entxty�egally entitled thereto. 7. Ghar�es to Bor�ower�an�!Prvtectit�n af Lender's R�ghts�n the Property.Borro�er shal�pay a11 governmental ar municipal charges, fines and imposition.s that are nat included in paragraph�. Borro�er shail pay these obliga�ions on time directly to the enti�ty�h�ch is o�red the pa�ment. If fai�ure�a pay would adversely affect Lend�r's interest in the Property, up�n Lender`s request Bo�rawe�sha�l pramptly furnish to Lender rece�pts�videnc�ng these payment�. �f Borro�ver fails�a ma�e�hese payments or the payments r�quzred by p�ragraph�,or fails�a�erform any other covenants and agr�emen�s cantained in this Security Ins�rument,or there is a legal pr�ceeding that may FHA Martgage WiTH N]ERS-NE Re�ised 4l9fi VMP C�7 VMP4N�NE}�1342).44 Wolters Kluwer Finar��ial 5ervic�s Page 4 of 14 q�3333884�9$ a233 287' �41�