200610925 - Laserfiche WebLink

Browse

~'r, ,~ 200610925 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow tbe Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in ' the Property, Borrower shall maintain theJ~roperty in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is detennift'~d pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the P~1erty if damaged to avoid further deterioration or damage. If insurance or cond.e~nnation proc.eeds are paid in conne~.. ~. with damage to, or the taking of, the Property, Borrower sha.ll be responsible for repamng or restonng the Property only I. ender has released proceeds for such purposes. Lender may dIsburse proceeds [or the repairs and restoration in a single paYrn~!1t or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds arc not sufficient ,ii1f:repair or restore the Property ,Borrower is not relieved of Borrower's obligation for the completion of such repair or restoratlbn. 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 pcrsons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate io[onnation or statements to Lender (or failed to provide Lender with material infonnation) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy o[ the Property as Borrower's principal residence. 9. Pr~tection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perfonn the covenants and agreemerits contained in this Security Instrument, (by 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 a lien which may attaitt priority over this Security Instrwnent 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 Property, and securing and/or repairing the Property, Lender's actions can include, but arc not limited to: (a) paying any sums secured by a lien which bas priority over tbis Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrwnent, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering tbe Property to make repairs, cbange locks, replace or board up doors and windows, drain water from pipes, c1iminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Scction 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security lnstrument. These amounts shall bell; 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 Instrumcnt is on a leasebold, Borrower 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. 10. 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 fr.om the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiwns for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effcct, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in cffect, from an alternate mortgage insurer selected by Lender. If substantially ~quivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separatcly. designated payments that were due when the insurancc covcragc ceased to be in effect. Lender will acce t, use and ret.ain tbese a ments as a non-refundable .loss reserve in lieu.,oJ Mortga,g~ Insurance. Such ~~~~~~~"':;"~~. , .; l.Ul,U, ,l-,'-'l"'''4IL.r:I" ~"'U(I.i.l -m,\. 11\,J required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requircs) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separat.ely designated payments toward the premiwns for Mortgage Insurance. If Lender required Mortgage Ip:surance as a condition of making the Loan and Borrower was required to make separately designated payments toward tile premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agrcement between Borrower and Lender providing for such termination or until tennination is required by Applicable Law. 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 Note) for certain losses it may incur if Borrower docs not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their IOtal risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on temlS and condit.ions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgagc insurer to make payments using any source of funds Ihat the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for \10rtgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often teOlled "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. _ (b) Any such agreements will nOC2J'fect the rights Borrower ha!'~-if any--with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These lights may include the right to receive certain disclosures, to request and obtain cancellation of the M0I1gage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to rcstoration 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 Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertakcn promptly. Lender may pay for the repairs and restOfliltion in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made tn"writing or Applicable Law requires interest to be paid on such Miscellaneous Prbcee~s, Lender .sh~1I not be required t!:'.~fdY Borrower any int~rest or earnings on such ~iscellaneous Proceeds. If the restoratIon or repaIr IS not economIcally feaSIble or Lender's secunty would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the exccss, if any, paid to Borrower. Sucb Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of tbe Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrwnent, whether or not then due, with the excess, if any, paid to Borrower. Form 3028 1/01 (JX'ge 4 of 7 pages) )"'\ r.\ I" -l- ,J- NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Sanko.. Systom..lnc" St. Cloud. MN Form MD-l-NE 8/17/2000