200706105 - Laserfiche WebLink

Browse

200706105 9. . Protection of Lender's Interest hi the Property and. Rights. Under this . Security Instrument. If (a) Borrower fails toperfonn the covenants and .agreements contained in this SecUrity IIistrUment, (b) there is a legal proCeeding; that might significantly affect Lender's interestht the Property and/or rights under this Security Instrument (such as a proceedinginbartkruptcy, probate,for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c ) BotTower 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 are not limited to: (a) paying any sums secured by a .1ien which has priority over this Security InstruInent; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrumeilt, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs. change locks, replace or bOard up doors and windows., drain water from pipes, eliminate 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 dmy or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions. authorized under this Section 9. Aily amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower 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 paymIefntth. .. S. , I .... . I h .ld B. h 11 . I .th all th . . .. . IS . ecunty nstrument IS on a ease 0 . . orrower s acomp y WI . eproVIStOnS 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 ~ases to be available from the mongageinsurer that previously-provided'such insurance and Borrower was required to . make separately designated payments toward the. premiums for Mortgage. Insurance. Borrower shall pay the premiums required to obtain coverage substantially eqUivalent to the Mortgage Insurance previously in effect, ara cost substantially eqUivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue 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 paymerits as a Don-refundable loss reserve in lieu of Mortgage Insurance. Suchloss reserve shall be non-refundable, . notwithstanding the fact that the. Loan is ultimately paid in full, and Lender. shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender canno longer require loss reserve payments if Mortgage InSurance coverage (in the amount and for the period tllatLender 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 Lender required Mortgage InSurance. as . a . condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiurns'required to . maintain . Mortgage . Insurance in effect,. or to provide a Don-refundable loss. rese~e, ... until. Lender's requirement for. Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until terminatioh 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 intur if Borrower does not repay the Loan as agreed. Borrower is nota party to the Mortgage Insurance. . Mortgage insurers evaluate their total risk on all such insurance inforce from time to time, andmay enterintO agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include fundsobrained from MOrtgage Insurance premiums). Initl.I':~ 0110269441 .-SINEJ (0407).02 . ~ Page Sot 15 Form3028 1/01