200206882 - Laserfiche WebLink

Browse

J I I BUM :: costa age, not otherwise required by Lender, for damage lo, or destruction of, the Property, such policy shall include a standard mortgage clause and shut wale lender as mortgagee and/or as an additowl loss Este. In the event of loss, Borrower shall give prompt notice to the insurance carrier and lender. lender nvaymekeprmf of loss if not made promptly by Borrower. Unless Under and Borrower otherwise agree in writing, any Insurannce proceeds, whether of not the cancel yang insurance w'as required by Sender, .shall Inc applied to restoration or repair of the Property, if the restoration of repair is economically feasible and lender's security is not lessened. During such repair and resmmtinn period. (antler shall have the iftg to hold such insurance phicar ds until Lender has had as opportunity w inspect such Property to ensure the work has bccn completed m Lender's satisfaction, provided that such Inspection shall be undertaken pmrnpdy lender may disburse proceeds for the repairs and postulation in a single payment or In a series of progress oavnsnts as the work is completed. Unless an agreement is made in writne or Applicable Law requires inamestit) be paid If ton restoration or repair is shall be applied to the sums see mower. Such Insurance omce rthat the insurance carrlerhas oRdredwseNeu will begin when the notice is given. In either ewerherehv asauns It, Lamer (m Borrower's ce polices covering the Property, insofar as such rights are appIcable to me coverage of merropeny. i mar may use the inmmnce proceeds either to repair or restore the Ferocity or to pay amounts repaid under me Note or this Security Instrument whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal lnsidcnecwithin 60 days after the execution of this Security Insuument and shall continue to occupy the Propety as Borrower's principal sidence or at (cast one year after the dale of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist whim are beygnd Borrower's control. 7. Preservation, Maintenance and Protectlonufthe Property; Inspections. Bcarower shall not destroy, damage or impair the Properly, allow the Property, to deteriorate or commit waste on the Properly whether or not Borrower is resenting in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due wits condition Unless it is determined pursuant in Section 5 that repair or restoration is notecommtcally feasible, Bormom shall promptly repair the Property ddmwged to void further deterioration urdamage. If insurance or condemnation proceeds use paid in corrections with damage no, orthc takiup of, the Property, Borrower shall he responsible for repairing or restoring the Property only if lender has released proceeds for such purposes. Lender may disburse pl eWs for the repairs and restoration in a single payment or in a series fprogresspayments as the work is connected. Ale insurance m ichademnatirn proceeds are not sufficient to repair or re, tore the Property, Burrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender oats agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the intetor of the improvements on tire Property Icnder shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause B. Borrower's Lomb Application. Borrower shall be In default it, during me khan apphcmmm 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 Inforination of statements to Lender (or failed w provide leader seem material information) In connection with theUan. Material representations Include, but are not liitd ro, representadomwnceming Borrawed s occupancy of me Propertz as Borrower's principal residence. 9. Protection of Lender s Interest in the Property and (tights Under this Security Instrument. IF (a) Borrower falls to perform the cuvenunh and agrecrecnn contended in this Security Instrument, (b) them is a legal proceeding that might significandyaficct Linde "sinterest in the Propenvarni rights under this SactrityBhsuumen tauch as a proceeding In bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may amain priority cover this Security Instrument or to mince 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 model this Security Instrument, Including protecting and/or assessing the value of the Property, and securing and/or repairing me Property I den's actions include. but an not limited) - (a) paying anyar cured by alien which has prlorityover as Security Instrument. (b) appearing in court; and (c) paying reasonable attorneys fees to protect its interest in the Pi openly rights under this Secnnty Instrument, including its secured position in a bankruptcy proceeding Securing the Property i lodes, but is not limited to. entering the Property w make repairs, charge lucks, replace or hoard up doors and ai access, th'am water from pipes, of imitate building or other code violations or dangerous conditions, and Stveuthfies mrnedpnoroff. Although lender may take action under (his Section 9, Under does not have 0 do sr and is not under any dun or obligation to do so. 11 is agreed that [ender locals no liability for not taking any or all actions aulhot¢d under this Section 9. Any amounts disbursed byltrder under this Section 9 shall become Wthalonal debt f Borrower secured by this Security lnsmrocia. These amounts shall bear interest it the Note rite from the date rfdishurscmcnt and shall he payable, with such interest, upon notice from Lender to Rouroxer requesting payment. If this secure) Instrument is on a leasehold. Borrower shall comply with all the provisions ofthe lease. IfBotrower argwres fee tide to the Property, the leasehold and me fee tide shall not merge unless lender agrees to the merger in sent 10. Mortgage Insurance. If Lender required Mongalge Inset as a condition of making the Loan, Ronoem shall pay the premiums required w maintain the Mortgage1 umncemeffect. If, for any reason, the Mortgage Insurance covemgc required by Lendercto sea w be available from the mortgage insurer that previously provided such in effect, at a cost substantially equivalent to the Cost to Borrower of the mortgage lnomancl alternate mortgage insurer selected by lender. If substantially equivalent Mortgage Insural Borrower shall continue to pay to Under the amount of the separately designated payments if coverage ceased to be in effect lender will accept, use and retain these payments us o non re Mortgage Insurance. Such less I clan No shall be nomrefunduble. notwithstanding the fad tea' full, and Lender shat not he required to pay Borrower any interest or earnings on such loss r esquire loss reserve payments iI Mortga ce ge hnsumn coverage (in the amount and for the provided by an insurer selected by Len of again becomes available, is obtained, and Lenders reserve, as NEERFUSICA- S ... le, Fanny -Fwaie Msed reddie Mar UNIFORM INS 1'RL MINT 9].54.0A Jmd x11662 ward the premiums for Mortgage Insurance, n effect, or m provide a non- rehlndable loss in with any written agreement between required by Applicable law. Nothing in this In the Not, es the Note) for certain losses it may incur if Form3025 Intl hPagea pfli(W¢O) on I"aAac 6Wh