200303743 - Laserfiche WebLink

Browse

200303743 coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In he event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender 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 period, Lender shad the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been coinplewd to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or In 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 insurance proceeds, lender 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 obbgation of Borrower. If the res[om[ion or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, If any, paid [o Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. IfBOrrower abandons the Property, Lender may file, negotiaw and settle any available insurance claim and related matters, lfBnrrower Jocs notrespond within 30 days to anotice from Lender that the insurance carrier has offered to settle claim, then Lender may negotiate and settle the claim. The 30 -day period will begin when the notice is given. In either event, or iflznder acywres [he Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's riglh[s to any insurance proceeds in an amount not to exceed the amounts unpaid under the Now or this Security Instrument, and (b) any other ofBOrrower's rights (other than the right to any refund at unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Underway use the insurance proceeds either to repair or restore die 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 residence within 60 days after the execution of this Security Instrument and shall continue to 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 of the 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 to Its condition. Unless it is determined pursumrt to Section 5 that repair or restoration Is not economically feasible, Borrower shall promptlyrepair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid In connection with damage to, or the taking of, the Property, Borrower shall be responsible far repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceedsfor the repairs and restoration In a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is no[ relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its a &ant may make reasonable conics upon and inspections of the Property. If it has reasonable cause, U. may inspect the nrterior of the im rovements on the Property. Lender shall give Borrower notice at the time of or prior n such as mterior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan a placation process, to Borrower or any persons or on actin& at the the 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 limited m, representation concerning Borrower's occupancy uRhe Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Bights 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 that ml ht significantly affect Lender's interest in the Property and/or rights under this Security lnstrument (such as a proceedin& in bankruptcy, probate, for condemnation or forfeiture, for enforcement ofalien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Under 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 and /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 alien 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 us secured position in a bankruptcy proceeding. Securing the Property Includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, el immure bur ding or other code violations or dangerous conditions, and have utilities turned on or M. 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 Under 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 amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. IfRorrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgx¢age Insurance in effect. I( for any reason, the Mortgage Insurance coverage required by Under ceases to be available Rohn the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward thepremiwns for MortgageInsurance, Borrower shall pay the premiums required to obtain coverage subs[an[iallyequivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost Lo Borrower ofthe Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Iznder. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to payw Lender the amount ofthe separately designated payments that were due when the insurance coverage ceased to be in effect Lender will accept, rise and retain these paynents as anon- refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non- refundable,notcoathslanding the fact that the loan is ultimately paid in full, and Lender shall not be required to pay Rorrowcr any mteres[ or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mort gage Insurance covesge (in the amount and fur 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. lfl.ender required Mortgage Insurance as a wndrtmn ofmakmgthe Loan and Borrower was required to make separately designated payments toward [he premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provWc anon- refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Under 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 Note. 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 parry to the Mortgage Insurance. NERRA "E ,n8le Family — Fannie Mne/Freddie Mac UNIFORM INSTRUMENT Furin3038 "I (page6 f8pages) 9754CVoA)2) 1675107 GOTO(OW4%5a)