200207253 - Laserfiche WebLink

Browse

200207253 Borrower shall promptly discharge any lien which has priority over this Security Instrument Unless Borrower (a) agrwa in writing to the payment of the obligation assured by the lien in a roamer acceptable In Lender, but only so long ac Borrower is performing such agreement; (b) contests the lien in good faith by, or dc@nds against mdormnent of the lion iv, legal procxmlings which in Lenders opinion operate in prevent the enforemnent of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secm'eS from the holder of the lien an agreemmlt sarreactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of die Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the limo. Within 10 days of the date on which that notice is given, Borrower shall ,satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Burrower' to pay a one -time charge for a real came tax verification and/or reporting service used by Tender in connection with this Loan. 5. Property Insurance Borrower "I keep the improvement now existing or hereaftcf crected on the Property insured against lass by fire, hazards included within the term "extended coverage" and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be naninatned in the amounts including deductible levels) and for the periods that Lender require, What Lender requires pursuant to the lowering sentences can change during the term of the Lowy. Ibe insurance carrier providing the insurance shall be chosen by Borrower subject to Lender' a right m disapprove Borrower's choice, which right shall not be exercised unreasonably. Leader may ruperm Borrower to pay, r n connection with this Igan, enter. (a) a one-time charge for flood zone dQbnarenation. certification and tracking services; or (b) a one -time charge for flood zone deformation and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such deterarmnon or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Bnhergency Management Agency in connection with the ref 1e, of any flood zone determination resulting front an objection by Borrower. If Borrower fails hr maintain my of the coverages described above, Lender nay, obtain insurance coveidgt, at Iassler's option and Borrower's expense. Lender is under no obligation to purchase my particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide socater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of ineurrow that Borrower could have obtained. Any amounts disbursed by Leader under this Section 5 shall become additional debt of But owes secured by this Secariiy batrument. These maomts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice front Vender to Borrower requesting Payment_ All insuance policies required by Lender and renewals of such policies shall be subject to Leader's righl to disapprove such policies, shall include a standard mortgage clause, and shall if I order as rmpage a and /or as an additional loss payee. Leader shall have the Tight to hold the politics and renewal vertificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid pirnilmus and renewal notices. If hbrrawcr obtains any form of insurance coverage, not otherwise required by Lender, for damage m, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name I ender as mortb gee and/or as an additional loss payee. In the event of loss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender fron ' v make proof of loss if not made promptly by Berrmken. Unless leader and Borrower otherwise agree Tit writing, my iexamen pi weeds, whether or not the underlying insurance was required by Lender, Shull be applied N restoration or repair of the Property. if the restoration or repair is economically feasible and Lenders urity is not loosened During such repair and restoration period, locales shall have the right to held such nsurance proceeds until l.ondcr has had an opportunity to inspect such Property to ensure the "��a,:17IT) pm 229150 -etnF Orr Ins. h If I. form 3018 pot