200207831 - Laserfiche WebLink

Browse

200207831 Burrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to thepaymentof the obligation sccuredby thelien in a manner acceptable Iu Lender, but only so long as Borruweris performing such agreement;(b) comestxtho lien in good faith by, or defends against enforcementof the hen in, legal proceedings wldch in Lender's opinion operatetu prevent the enforcementof the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) securesfrom the holder of the lion an agreementsatisfactory to Lender subordinating the lien to this Security Instrument, If Lender determinesthat any part of the Property is subject to a lien which can attainpriority over this Security Instrument, Lendermay give Borrower a notice identifying the lien. Within 10 days of thedateon which that notice is given, Borrowershall satisfy the lion or lakcuneor more of the actions set firth above in this Section 4. Lender may require Borrower to pay a one -tune charge for a real 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 Loss by fire, hazards included within the term "extended coverage,' and any other hazards including, but not limited to, earthquakcsand 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 Lender requires pursuant to the preceding sentences can change during I he term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Burrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and trucking services; or (b) a one -time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any rocs imposed by the Federal Emergency Managcmet¢Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the covcragcs described 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 anount of coverage. Therefore, such coverage shall cover Lender, bill might or might not protect Burrower, Borrower's equity in the Properly, or the contents of the Property, against any risk, hazard or liability 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 cxccod the cost of insurzncethat Burrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower seemed by this Security Instrument. These amounts shall bear interest at the Sotc rate fiom the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower roquestung payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name lender as mortgagee and /oras an additional loss payee. Lender shall have the right to hold the politics and renewal certificates. 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 deslructionof, the Property, such policy shall include a standarelmortgage clause and shall name Lender as mortgagee and /or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance currier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lcndcr and Burrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to resloratirnor repair of the Property, if the roslnralionor repair is economically feasible and Lender's security is not lessened. During such repair and restorationperiod, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the MPNE7770(12,001 / 041- 415128 4 t4,.- C-6AINE1 sae,, v�g. a en Form 3028 For 3028 I I01 w