200208637 - Laserfiche WebLink

Browse

200208637 coverage, not otherwise required by Lender, for damage t0, 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 the event of loss, Borrower shall give prompt outice 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 prxecib, whether or not the underlying insurance was required by Lender, shall be applied to restofation 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 Lender has had an opportunity to inspect such Property m ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken prompdy. Lender may disburse proceeds fiu 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 he rcyuircl 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 obligation of Borrower. if the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance prx;ceds shall be applied to [he sums secured by this Security Instrument, whether or not then due, with [he excess, if any. paid to Borrower. Such insurance proceeds shall be applied In the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does no[ respond within 30 days to a notice from lender that the insurance carrier has offered to settle a claim, then Lendcs may negotiate and settle the claim. The 3-day period will begin when the notice is given. In either even[, or ifIender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other ofBonower's rights (other than the right to any refund of uneamed premiums paid by Borrower) under all insurance policies covering the PrOpelTy, insofar as such rights are applicable to the coverage (if the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Now 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 Smurity Instrument and shall continue to occupy the Property as Borrower's principal residence for at ]cast 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. Both ower 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 determine pursuant to Section 5 drat repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, orthe taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. 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. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application 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 information or statements to Lender (or failed to pprovide Lender with material information) in connection with the Loan. Material representations include, but are not lhniredto, representations concerning Borrowers occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights 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 might significantly affect Lender's interest in the Property and/or rights under this Security Instrument(such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of alien which may attain priority over this Security Instrument or to enforce 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 under this Security Instrument, including protecting and/or assessing the value of the Properly, and securing and/or repairing the Property. Lender's actions can include, but are not limited t¢ (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court: and (c) payin& reasonable attorneys' fcs to protect its im[erest m the Properly and/or rights under this Security Instrument, including rts secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Propert y to make repairs, change Incks, replace or board up doors and windows, drain water from pipes, elirtdnete building nr Other code violations or dangerous conditions, and have uWides tamed on or off. Although I <nit may take action under this Section Y, Lender does not have to do sit and is no[ under any duly or obligation to do so. It is agreed that Lender incurs nu liability for no[ taking any or all actions authorized under this Any amounts disbursed by Lender under this Section 9 shall become additional debt of Bonower 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. Bonower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 30. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums forMongage Insurance, Borrower shall pay the premiums required m ubtam coverage substanUallyequivalent to the Mortgage Insurance prcvi,,.Iy in effect, at a cost substantially equivalent to the cast to Bonower of the Murtgxge Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivaleo[ Mortgage lnsumnce coverage rs not available, Borrower shall continue to pay to Lender the ¢mount of the separately designated payments that woe duewhen the insurance coverage ceased to be in effect I entire will xccept, use and retain these payments as avoo-refundable loos reservem belief Morlga a Insurance. Such loss reserve shall be nor- refundable,notwithslanding the fact that the Loan is ultimatelypaid in full, annender shall not be required to pay Burrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments If Mortgage Insurance coversge (in the amount and for the period [hat Lender requires) provided by an insurer selected by Lender again hr:comes available, is obtained, and lender requires separately designated payments toward the premiums for Mortgage Insurance. [£fender required Mortgage Insuramte as acoldrnon of making the Loan and Borrower was required to make separately designated payments toward [he premiums for Mortgage Insurance, Borrower shall pay the premiums required m maintain Mortgage Insurance in effect, or nrpr� vide anon- refundable loss reserve, until Lender's requirement for Mnrtgagc Insurance ends in accordance with any written agreement between Borrower and fender providing for such termination or until termination is required by Applsable Cow. 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 Noe) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower Is not a patty to the Mortgage Insurance. N'RHRAS"-- Singtckamily- Fannie Mae /Freddie Maa UN'IFORMINSTRUMINT Form3028 1 /01 pmge4n(8page..) 9750CV(IN2) GARS GOTO(00028.0 )