200705511 - Laserfiche WebLink

Browse

200705511 9. Protection of LeIlder's Interest in the Property and Rights Undu this Security Instrumcnt. If (a) Borrower fails to perfonnthe covenants andagreemehts contained in this Secutity 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 condemna.tionorforfeiture, for enforcement of a lien which may attain priority over this Security Inst11lmentortoenforce laws or regulations), or (c) Borrower has abandoned the Property ,thenLender 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 are not limited to: (a) paying any .sums secured by alien which has priority over this Security Instrument; (b) appearing in court; and (c}paying reasonable attorneys' fees to protect its intereSt in the Property and/or rights under this Seeurity Inst11lment, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not Iimited to, entering the Property to make repairs, change locks, replaceorboardupdoorsand windows, drain water from pipes,eliminate. building. or other code violations or dangerous. conditions ,and have utilities turned on or off. Although Lendermay 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 authoriied. under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of BOITower 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, 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. MortgageInsurance, 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 fromtheinortgage insurer that previously provided such iI1suranceand BorrOWer was . required. to make . separately designated payments toward . the. premiums for. Mortgage .. Insurance, Borrower shall pay the premiums . required .. to obtain coverage substantially equivaleilt to the Mortgage Insurance previously in effect, at a COst substantially equivalent to the cost to Borrower of the MOrtgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substailtially equivalent Mortgage Insurance coverage is not available, Borrower shall cOiltinue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non~refundable lossresetVe in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is uItimately paid in full,. and Lender shall not be 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 requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance; If Lenderrequired Mortgage Insurance as a condition of making the Loan aildBOrrower was required to tna1ceseparately designated payments toward the 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 Insutance eilds in accordance with any written agreementhetweenBorrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this SectionJO affects BOITower's obligation to pay interestat the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity tMtpurchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. .. .... ...... . . . .. ... . . .. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may eI1terinto agreements with other parties that share or modify their risk, or reduce losses. These agreements are on tertnsand conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. Theseagreemeilts may reqUire the mortgage insurer to make payments using any soUrce of funds that the mortgage insurerinay have available (whiCh may include funds obtained from Mortgage Insurance premiums). . -6(NE) (0407).02 @ Initisla' s..O - 07-046945 Psga8of15 ~ Form 3028 1f01