201502552 - Laserfiche WebLink

Browse

201502552 Security Instrtunent, whether or not then due, with any exress paid t:o Borrower. If Boi-rower abandons the Properry, or does not answer within the number of days prescribed by Applicable Law as set forth in a notice from Lender to Borrower that the insurance carrier has offered to settle a claim, then Lender may collect the inst�rance proceeds. Lender may use the pt�oceeds to repair or restore tkie Property or to pay sums secured by this Security Instrument,whether or not then due.The period of time for Borrower to answer as set forth in the notice will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the�iayments due under the ConU�act or chanDe the amount of the payments. If tmder the section titled Acceleration; ]Eiemedies, the Property is acquired by Lender, Borrower's right to any insurince policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the stuns secured by flii�>Security Instniment immediately prior i.o the acquisition. Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Borrower shall not destroy, damage or impair the Property, ailow the Property to deteriarate, or cornmit waste on the Property.Borrower shall be i;n default if any forreiti�re action or proceeding,whether civil or criminal,is begun that in Lender's good faith judgrnent could result in forfeiture� of the Property or otherwise materially impair the lien created by this Seclrrity Instrument or Lender's security interest. Borrower may cure such a default and reinstate, as provided in sectioil�titled Borrower's Right to F�einstate, by causing the action or proceeding to be dismissed with a n�ling that,in Lender's good faith detemunation,precludes forfeittire oP the Borrower's interest in the Property or other material impairment of the lien created by this ;Security Instrument or Lender's seciu-ity interest.Borrower shall also be iri default if Borrower,during the loan application process, gave materially false or inaccurate information or staterrients to Lender (or failed to provide Lender with any material information) in coimection with the loan evidenced by the Contract. If this Sf.curity Instniment is on a leasehold, Borrower shall comply with all the provisions of the lease.If Borrower acquires fee title to the Property,the leasehold and the lee title shall not merge unless Lende.r aa ees to the merger in writing. Protection of Lender's Rights in the Property. If Borrower fails to perform the covenants and agreements contained iv this Security Instnm7enC, or there is a legal proce�dinQ that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then Lender may c�o aud pay far whatever is uecessary to protect the value of the Property and Lender's rights in the Property.Lender's actions may include�raying any sums secured by a lien which has priority over this Security Instrument, ap��earing in court, paying reasonable aCtorneys'fees and entering on the Property to make repairs. Although Lender may[ake action under this section,Lende�-does not have to do so. Any amounts disbursed by Lender under this section shall become additional debt of Borrower secured by this Securiry Instniment. Unless $otrower a�d Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the same r2te asse;ssed on advances under the Contract and shall be payable,with interest, upon notice from Lender to Borrower re;questing payment. Inspection. Lender or its agent �nay make reasonable entries upon and inspections of the Property. Lender shall give Bon-ower notice at the time��f or priar to an inspection specifying re�sonable cause for the inspection. Condemnation The proceeds oi�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 conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be appi�ied to the sums secured by this Security Instrument, whether or not then due, with aily excess paid t�� Borrowe�r. In the event of a partial taking of the Property in which the fair market value of the Property immediately bef'ore the taking is equal to or greater than the amotmt of the sums secured by this Securiry Instrument immediately before the Caking, uniess Borrower and Lender otherwise agi•ee in writin�,the sums seeured by this Security Instrument shall be reduced by the amo�uzt of the proceeds m�tltiplied by the following fraction: (a)the total amount of the sums secured immediately before the taking, divided by (b) the fau� market value of the Property immediately before the taking. Any balance shall be paid to Bon�ower. In the event of a partial taking of the Pro��erty in which the fair market value of the Property �2004-2D14 Compliance Systems,fitc.4953-AL-lA-20liL2.3.1.503 Consumer Real Estatc-Sectirity Instrumem DL2036 Paee 3 of? w�vw.compGancesystemc.co�n