200705840 - Laserfiche WebLink

Browse

200705840 Borrower shall promptly dischargtl any lien which has priority over this Security lilstrument unless 'Borrower: (a) aa;ree$ in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender. out only so long as aorrower is perfomting such agreement; (b) contests the liet.l in good faith by. Or defends against enforcement of the lien in, legal proceedings which in Lcncler's opinion opc:rate to prevent the enforcement of the lien while those proceedings are pending. but only until such proceedings are concluded; or (c) Sel;ures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lt..~der determines that any part of the Property is subject r.o a lien which can attain priority over this Security Instrument. Lender may give 'Borrower a notice identifying the lien. Wltbin 10 days of the ClaIe on which that notice is given, Borrower shall satisfy ct'Ie lien or take one Or more of the actions set fonh above in this Section 4. Lender may require Borrower to pay a one-time charge fa. a real estate tM verification and/or reporting service used by Lender in connection with this Loan.. 5. ProJiEit'ty Insurance. Borrower shalll(eep the improvemen15 now existing or hereafter erected on the Property insured against 1055 by fire. hazards included within the term "extended coverage," and any other hazardS including. but not limited to, earthquakes and floods, for which Lender requires insurance. This iItsurance shall be maintained in the amounts (including deductible: levels) and for th!.: periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing: Ule insurance shall tle chosen by Borrower subject to Lencler's right to disapprove Borrower's choice. which right shall not be exercised unreasolla,bly. Lender may require Borrower to pay, in connection with this Loan. either: (a) a one-time charge for flood zone detennination, certification and tracking services; or (b) a one-time charge for tlaad zonl;! determination and certification services and subsequent charges each time rernappings or similar cnanges occur which reasonably might affect such detennination or certification. Borrower shall also be responsible for the payment of any fees imposed by [he Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an o~it.:Ction by Borrower. If Borrower tails to maintain any of the coverages 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 amount of coverage. Therefore, such coverage shall cover Lender. but might Or might not protect Borrower, Borrower's equHy in the Property. Of the contents of the Property, agairtSt a.ny 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 exceed the cost of insurance that Bon-ower could have obtained. Any amounts disbursed by Lender under Lbis Section 5 shall become additional debt of Borrower secured oy this Security lnstrument. These amounts shall bear interest at the Note ra~e from the date of disbursement and shall be payable. with such interest. upon notice from Lender to Borrower reqw;.'Sting payment. All insurance policles required by Lender and renewals of such pOlicies shall be subject to Lender's right to disapprove such policies. shall include a stancL:1fd mortgage claust\. and shaH name Lender as mortgagee and/or a..~ an additional loss payee. Lender shil.ll have the right to hold the policies and renewal certificates. If Lender requires. :Sorrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains iUly fonn of insurance coverage, not o~het'Wise required by Lender, for damage to. or destnlction of. the Propeny. such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the evoot of loss, Borrower shall give prompt notice to the iIlS'UtatlCf: 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 proceeds. whether or not the underlying insurance was required by Lender, shall be applied to rcstoration or repair of the Propeny. if the restoration or repair is economically feasible and Lender's security is not lessened. During Sj,iCh repair and rcstoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opponunity to inspect such Propeny to ensure the Gl8l-6INEIICCCSI Iniji~lo: Form 302B 1/01 PllQ~ 6 or 15