200303551 - Laserfiche WebLink

Browse

200303551 coverage, not otherwise required by L,ndeq fur damage lo, Ord estruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mort gagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt nonce w [he insurance carrier and Lender. Lender may make proof of loss ifnot made promptly by Borrower. Lot and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration promptly. Lender may disburse proceeds lm the repairs and restoration to a single payment or to a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable law requires interest to be paid on such ihsmance proceeds, Iznder shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured bythis Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance Proceeds shall be applied In the order provided for in Section 2. If Borrower abandons the Property. Lender may tile, negotiate and settle my available insurance claim and related matters. If Borrower does not respond within 30 days' w a notice Rom Lender that the insurance carrier has offered in settle a claim, then Lender may negotiate and settle the claim. The 30 -day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns in Lender (a) Borrower's rights w any insurance proceeds in an amount not w exceed the amounts unpaid under the Now or this Security Instrument, and (b) my other of Borrower's rights (other than the ri [to anyrefund ofunearned premiums paid by Borrower) trader all insurance policies covering the Property, insofar as sue rights are applicable to the coverage ofthe Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residencewithin 60 days after the execution of this Security Instrument and shall continue w occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection ofthe Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due w its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property ifelamaged to of progress payments as me work Is completed. It the Insurance or condemnation proceeds are not sumcient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion ofsuch repair or restoration. Lender or its agent may make reasonable entries upon and inspections ofthe Properly. Ifit has reasonable cause, Lender may inspect die interior ofthe impprovements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection speciCying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate Information or statements to Lender (or failed to provide Lender with material information) in connection with the LOan. Material representations include, but are not limit representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. if (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding thatmi ht significantlyaffect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement ofa lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under, this Security Instrument, including protecting an d /or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest In the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited w, entering the Property w make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate but or other code violations or dangerous conditions, and havemilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument These mounts shall bear interest at Note rate from the date ofdisbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. Ifthis Security Instrument is on a leasehold, Borrower shall comply with all the provisions ofthe lease. IfBorrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 70. Mortgage Insurance. If Lander required Mortgage Insurance ins a condition of making the Loan, Borrower shall pay the premiums required to maintain the Montage Insurance in effect. Ig for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the ppremiluns for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower ofthe Mortgage Insurance previously in effect, Gum an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue w pay to Lender the amount ofthe separately designated payments thatwereduewhen the insurance coverage ceased to be in effect Lender will accept, use and retain these payments as a non - refundable loss reserve in lieuof Mortgage Insurance. Such loss reserve shall be non - refundable, notwithstanding the fact that the Loan is ultimawly paid in ful I, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition ofmakmg the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or w provide a non - refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Now. Mortgage Insurance reimburses Lender (or any entity that purchases the 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. N EBRhtiKA— Single Farttily— Nannte Mac /FrWdic Mxa UNIFORM INSTRUMENT Form3028 1/01 (pnge4oj8pnges) 9954 Lv(IN2) 1.7245 WTIX000479tb)