202010145 - Laserfiche WebLink

Browse

202010145 BORROWER AND LENDER AGREE AS FOLLOWS 1. The debt evidenced by the Note Shall be forgiven or repaid as provided by the terms contained in the Note 2. Borrower shall pay all general real estate taxes and special assessments against the property before the same become delinquent. 3. Borrower shall keep the improvements on said premises insured against loss by fire and hazards included within the term "extended coverage" for their insurable value and policies for the same shall include a standard mortgage clause showing Lender herein. In event of loss, Lender may make proof of loss if not promptly made by Borrower. Insurance proceeds shall be applied to restoration or repair of the property damaged, unless both parties otherwise agree, except of restoration or repair is not economically feasible or Lender's security is not lessened, otherwise said proceeds shall be paid on the debt herein, whether or not then due. 4. If Borrower fails to perform the covenants and agreements herein contained. Lender may do and pay for whatever is necessary to protect the value of the property and Lender's rights in the property, including paying of any sum secured by a lien which has priority over this security instrument. Appearing in Court paying reasonable attorney fees and entering the property to make repairs. Any amount disbursed by Lender under this paragraph shall become an additional debt of Borrower secured by this security instrument, to bear interest from the date of disbursement and said amount, together with the then unpaid principal amount, shall bear interest at the highest lawful rate until refunded by Borrower 5. The proceeds of any condemnation award are hereby assigned and shall be paid to Lender and shall be applied to the Sums secured by this security instrument, whether or not then due, with any excess paid to Borrower. 6. Any extensions or modifications of the forgivable loan granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Any forbearance by Leander in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy.