200207501 - Laserfiche WebLink

Browse

200207501 Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement-, (b) contests the lien in good taint by, or defends against enforcement of the lice in, Icgal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures front the holder of the lien an agreement satistactory to Lender subordinating the lien to this Security Instru ment. If I ender determines that any part of the Property is subject to a lien which can attain In jority over this Security Instrument, Lender may give Burrower a notice identifying the lien. 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 so forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a teal estate tax verification and /or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against Inss 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 maintained in the amounts (including deductible levels) and for the periods that Lender requires. What tender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right w disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one -time charge for flood zone determination, certification and tracking xervicus; or (b) a one -time charge for flood zone determination and certification services and subsequent charges each time romappings or similar changes occur which reasonahly might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any Bocci zone determination resulting from an objection by Borrower. If Ron'nwer fails to maintain any of the coverages deacribel above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage, Therefore, such coverage shall cover Lender, but might or might not proton Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or hability and might provide greater 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 Insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument These amounts shall (rear 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. All insurance policies required by Lender and renewals of such policies shall be subject to fender's right to disapprove sudh policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and /or as an additional loss payee. Lender shall have the right to hold the policies and renewal cerI i ficates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction ol', the Property, such policy shall include a standard mortgage claasc and shall name Lender as mortgagee and /or as an additional loss payee. In the event of loss, Borrower shall give prompt notice m the insurance carrier and Lender. tender 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 shall have the right to hold such insurance proceeds until tender has had an opportunity to inspect such Property w ensure the -6(NE) roaast a =ue a oh v Form 3028 1101 0