200105157 - Laserfiche WebLink

Browse

200105157 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrowerfails to performthe covenantsandagreementTontainedin this SecurityInstrument,(b) there is a legal proceedingthat might significantly affect Lender'sinterestin the Property and/or rights under this Securitylnstrument(such as a proceedingin bankruptcy,probate,for condemnatioror forfeiture,for enforcementof a lien which may attain priority over this Security Instrumentor to enforce laws or regulations),or (c) Borrowerhas abandonedthe Property, then Lendermay do and pay for whateveris reasonableor appropriateto protect Lender's interest in the Property and rights under this Security Instrument,including protectingand/or assessing the value of the Property, and securing and/or repairing the Property. Lender'sactions can include, but are not limited to: (a) paying any sums securedby a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys'fees to protectits interestin the Propertyand/orrights underthis Security Instrument jncluding its secured position in a bankruptcyproceeding. Securing the Property includes, but is not limited to, enteringthe Propertyto make repairs, change locks, replaceor board up doors and windows, drain water from pipes, eliminatebuilding or other code violationsor dangerousconditions, and have utilities turned on or off. AlthoughLendermay take action underthis Section9, Lenderdoes not have to do so and is not under any duty or obligationto do so. It is agreedthat Lenderincurs no liability for not taking any or all actions authorized under this Section 9. Any amountsdisbursed by Lender under this Section 9 shall become additionaldebt of Borrower securedby this Security Instrument.These amountsshall bear interest at the Note rate from the date of disbursementand shall be payable, with such interest, upon notice from Lender to Borrowerrequesting payment. If this Security Instrumentis on a leasehold,Borrowershall comply with all the provisions of the lease. If Borroweracquiresfee title to the Property, the leaseholdand the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If LenderrequiredMortgagelnsuranceas a conditionof makingthe Loan, Borrowershall pay the premiumsrequiredto maintainthe MortgageInsurancein effect. If, for any reason, the MortgageInsurancecoveragerequiredby Lenderceasesto be availablefrom the mortgageinsurer that previously provided such insurance and Borrowerwas requiredto make separatelydesignatedpayments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantiallyequivalentto the Mortgage Insurancepreviously in effect, at a cost substantially equivalentto the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available,Borrowershall continueto pay to Lenderthe amountof the separatelydesignatedpaymentsthat were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non- refundableloss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non- refundablepotwithstandingthe fact that the Loan is ultimatelypaid in full, and Lendershall not be requiredto pay Borrowerany interestor earnings on such loss reserve. Lendercan no longer requireloss reserve paymentsif Mortgage Insurancecoverage(in the amountand for the periodthat Lenderrequires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separatelydesignatedpaymentstowardthepremiumsfor MortgageInsurance.If LenderrequiredMortgage Insuranceas a condition of making the Loan and Borrowerwas requiredto make separatelydesignated paymentstoward the premiumsfor Mortgage Insurance, Borrowershall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non - refundableloss reserve, until Lender's requiremenfor Mortgagelnsuranceendsin accordancewith any writtenagreemenibetweenBorrowerand Lenderprovidingfor such terminationor until terminations requiredby ApplicableLaw. Nothingin this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage InsurancereimbursesLender (or any entity that purchasesthe Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgageinsurersevaluatetheir total risk on all such insurancein force from time to time, and may enterinto agreementsvith otherpartiesthat share or modify their risk, or reducelosses. Theseagreements are on termsand conditionsthat are satisfactoryto the mortgageinsurer and the otherparty (or parties)to these agreements Theseagreementsnay requirethe mortgageinsurer to makepaymentsusing any source of funds that the mortgageinsurer may have available(which may include funds obtainedfrom Mortgage Insurance premiums). Initial ®6A(NE) (0005) Page 8 of 15 Form 3028 1/01 i i