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201500161
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Last modified
7/20/2017 10:31:11 PM
Creation date
1/12/2015 8:44:30 AM
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DEEDS
Inst Number
201500161
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201500161 <br /> loss payable clauses in favor of,and in a form acceptable to,Lender. <br /> In the event of loss,Borrower shall give Lender immediate notice by mail. Lender may make proof of <br /> loss if not made promptly by Borrower. Each insurance company concerned is hereby authorized and <br /> directed to make payment for such loss to Lender instead of to Borrower and Lender jointly. Insurance <br /> proceeds shall be applied to restoration or repair of the damaged Property, if the restoration or repair is <br /> economically feasible and Lender's security is not lessened. If the restoration or repair is not <br /> economically feasible or Lender's security would be lessened,the insurance proceeds shall be applied <br /> first to the reduction of any indebtedness under a Second Note and Second Security Instrument held by <br /> the Secretary on the Property and then to the reduction of the indebtedness under the Note and this <br /> Security Instrument.Any excess insurance proceeds over an amount required to pay all outstanding <br /> indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled <br /> thereto. <br /> In the event of foreclosure of this Security Instrument or other transfer of title to the Property that <br /> extinguishes the indebtedness,all right,title and interest of Borrower in and to insurance policies in <br /> force shall pass to the purchaser. <br /> 4. Occupancy,Preservation,Maintenance and Protection of the Property; Borrower's Loan <br /> Application; Leaseholds.Borrower shall occupy, establish, and use the Property as Borrower's <br /> Principal Residence after the execution of this Security Instrument and Borrower(or at least one <br /> Borrower, if initially more than one person are Borrowers)shall continue to occupy the Properiy as <br /> Borrower's Principal Residence far the term of the Security Instrument. "Principal residence" shall have <br /> the same meaning as in the Loan Agreement. <br /> Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the <br /> Property to deteriorate,reasonable wear and tear excepted. Borrower shall aiso be in default if Borrower, <br /> during the loan application process, gave materially false or inaccurate information or statements to <br /> Lender(or failed to provide Lender with any material information)in connection with the loan <br /> evidenced by the Note, including,but not limited to,representations concerning Borrower's occupancy <br /> of the Property as a Principal Residence. If this Security Instrument is on a leasehold,Borrower shall <br /> comply with the provisions of the lease. If Borrower acquires fee title to the Properly,the leasehold and <br /> fee title shall not be merged unless Lender agrees to the merger in writing. <br /> 5. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all <br /> governmental or municipal charges,fines and impositions that are not included in Paragraph 2. <br /> Borrower shall pay these obligations on time directly to the entity which is owed the payment. If failure <br /> to pay would adversely affect Lender's interest in the Property,upon Lender's request Borrower shall <br /> promptly furnish to Lender receipts evidencing these payments. Borrower shall promptly discharge any <br /> lien which has priority over this Security Instrument in the manner provided in Paragraph 13(c). <br /> If Borrower fails to make these payments or the property charges required by Paragraph 2, or fails to <br /> perform any other covenants and agreements contained in this Security Instrument, or there is a legal <br /> proceeding that may significantly affect Lender's rights in the Property(such as a proceeding in <br /> bankruptcy, for condemnation or to enforce laws or regulations),then Lender may do and pay whatever <br /> is necessary to protect the value of the Property and Lender's rights in the Property, including payment <br /> of taYes,hazard insurance and other items mentioned in Paragraph 2. <br /> To protect Lender's security in the Property,Lender shall advance and charge to Borrower all amounts <br /> due to the Secretary for the Mortgage Insurance Premium as defined in the Loan Agreement as well as <br /> Page 3 of 13 HECM First Deed Of Trust-2014 <br />
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