|
200303085
<br />Borrower shall promptly discharge any lien which has priority ever this Security Instrument unless
<br />Borrower: (a) agrees in writing In the payment of the obligation secured by the lien In a tearer acceptable
<br />to Lender, but only so long as Borrower Is performing such agreement; (b) contests the lien In good faith
<br />by, or defends against enforcement of the lien in, legal proceedings which In Lender's opinion operate to
<br />prevent the enforcement of the lien while these proceedings are pending, but only until such proccedle,s
<br />are concluded; or (r) secures from the holder of the lien an agreement satisfactory to Lender subordinating
<br />the lien to this Secretly Instrument. If Lender determines that any part of the Property is subject to a lien
<br />which can attain priority over this Security Instrument, Lender may give Borrower, a wrier, Identifying the
<br />lien. Within 10 days of the date on which that notice is given, Been,., bell satisfy tire lien or take one or
<br />care of the actions set forth above in this Section 4.
<br />o Lender may require Borrower to pay a one -time charge for a real estate tax verification and /or
<br />reporting service used by Lender in connection with this Loan.
<br />5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on
<br />the Property Insured against lass by fire, hazards included within the been "extended coverage," and any
<br />other hazards Including, but not fretted to, earthquakes and Mounts, for which Lender requires insurance .
<br />This humane shall be maintained in the amounts (Including deductible levels) and for the periods that
<br />Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of
<br />the Loan. The insurance carrier providing the Insurance shall be chosen by Borrower subject to Lender's
<br />right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may
<br />require Borrower to pay, In connection with this Loan, either: (a) a one time change for Mend zone
<br />determination, certification and tracking see uns; or (b) a one -time charge for Bond zone determination
<br />and certification services and subsequent charges each time remappirp or similar changes oc.r which
<br />constantly might affect such determination or certification. Borrower shell also be responsible for the
<br />payment of any fees imposed by the Federal Emergency Management Agency in connection with the
<br />review of any Mood zone determination resulting from an objection by Borrower.
<br />If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance
<br />coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any
<br />particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might
<br />nut protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk,
<br />huzatd or liability and might provide greater or lesser coverage than was previously in effect. Borrower
<br />acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of
<br />insurance that Borrower road have obtained. Any, amounts disbursed by Lender under this Section 5 shall
<br />become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest
<br />at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from
<br />Lender to Borrower requesting payment.
<br />AM insurance policies required by Lender and renewals of such policies shall be subject to Lender's
<br />right to disapprove such policies, shat include a standard mortgage dense, and shall name Lender as
<br />mortgagee and /or as an additional lass payee. Lender shall have the right to hold the policies and renewal
<br />certificates- If Lender requires, Borrower shall promptly give to Lender au receipts of paid premiums and
<br />renwaval notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender,
<br />for damage m, or destruction of, the Property, such policy shall include a standard mortgage clause and
<br />shell name Lender as mortgagee and /or as an additional loss payer.
<br />In the event of loss, Burrower shall give prompt notice to the insurance carrier and Lender. Lender
<br />may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree
<br />in writing, any ma anee proceeds, whether or oat the underlying insurance was required by Lender, shell
<br />be applied to restoration or repair of the Pmperty, if the restoration or repair Is economically feasible and
<br />Lender's security Is not lessened. Oaring such repair and restoration period, Lender shall have the right to
<br />hold such insurance proceeds until Lender has had an opportunity to ins! \\ �t�su1c(fh, Property to ensure the
<br />NIAIER1000236146 1000236196 p \{yN 1i 0
<br />®-fip(NE)unat) sayavni YYllrl�,\ Forraim28 1/01
<br />
|