200704634 - Laserfiche WebLink

Browse

200704634 Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate, or commit waste on the Property. Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun that in Lender's good faith judgment could result in forfeiture of the Property or otherwise materially impair the lien created by this Security Instrument or Lender's security interest. Borrower may cure such a default and reinstate, as provided in section titled Borrower's Right to Reinstate, by causing the action or proceeding to be dismissed with a ruling that, in Lender's good faith determination, precludes forfeiture of the Borrower's interest in the Property or other material impairment of the lien created by this Security Instrument or Lender's security interest. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material infoIDlation) in connection with the loan evidenced by the Contract. Tfthis Security Instrument is on a leasehold, 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. Protection of Lender's Rights in the Property. If Borrower fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), tllen Lender may do and pay for whatever is necessary to protect fue value of the Property and Lender's rights in tile Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action under tills section, Lender does not have to do so. Any amounts disbursed by Lender under this section shall become additional debt of Borrower secured by tllis Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the same rate assessed on advances under fue Contract and shall be payable, wifu interest, upon notice from Lender to Borrower requesting payment. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifYing reasonable cause for the inspection. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part ofthe Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by fuis Security Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of tile Property in which the fair market value of the Property immediately before the taking is equal to or greater than the amount of tile sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total anlOunt of the sums secured immediately before t1Ie taking, divided by (b) t1Ie fair market value of t1Ie Property immediately before the taking. Any balance shall be paid to Borrower. In the event of a partial taking of t1Ie Property in which t1Ie fu:ir market value of tile Property immediately before the taking is less t1Ian t1Ie amount of the sums secured immediately before the taking, unless Borrower and Lender otherwise agree in writing or unless Applicable Law otllerwise provides, the proceeds shall be applied to the sums secured by tIlls Security Instrument whetlIer or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within the minimum number of days established by Applicable Law after tile date the notice is given, Lender is authorized to collect and apply t1Ie proceeds, at its option, eitlIer to restoration or repair of the Property or to the sums secured by tIlis Security Instrument, whether or not then due. Unless Lender and Borrower otllerwise agree in writing, any application of proceeds to principal shall not extend or postpone t1Ie due date of the payments due WIder the Contract or change the amount of such payments. @2004.2007CopyrightCompliancc SY"tCIIll, Inc. 8C9c.n51J - 2007,01.201 COIlSwner Real Estate. Security Itlltrument DL2036 Page 3 of? WWW.compliancesystem:o>.com 8()()-%8-8522 - Pax 616.956.1868