200709078 - Laserfiche WebLink

Browse

200709078 Borrower shall promptly discharge any lien which has priority over this Security Instrwnent unless Borrower: (a) agrees in writing to the payment of Ule obligation secured by Ule lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faiUI by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only lUltil such proceedings are concluded; or (c) secures [r0111 the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines Ulat any part of Ule Property is subject to a lien which can attain priority over this Security Instrwnent, Lender may give Borrower a notice identify ing the lien. Within 10 days of Ule date on which that notice is given, Borrower shall satisry Ule lien or take one or more of the actioils set forth above in this Section 4, Lender may require Borrower to pay a one-time charge for a real estate ta.'\ verificatioll cmd/or reporting service used by Lender in connection WiUl Ulis Loan. 5. Prollel1y Insurance. Borrower shall keep Ule improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included wiUlin Ule term "extended coverage," and any oUler hazards including, but not limited to, earOlquakes and Doods, [or which Lender requires insurance. This insurance shall be maintained in Ule amounts (inCluding deductible levels) and for the periods Ulat Lender requires. What Lender requires pursuant to the preceding sentences cml chmlge during the term of the Loan, The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection WiOl this Loan, either: (a) a one-time charge for flood zone determination, certification mld tracking services; or (b) a one-time charge for flood zone determination mld certification services mld subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by Ule Federal Emergency Management Agency in cOlUlection WiUl Ule review of mlY flood zone determination resulting from ml objection by Borrower. If Borrower fails to maintain mlY of the coverages described above, Lender may obtain ulsurmlce coverage, at Lender's option mld Borrower's expense. Lender is under no obligation to purchase mlY particular type or amOlUlt of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or Ule contents ofUle Property, agaulst mlY risk, hazard or liability mld might provide greater or lesser coverage Ulan was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed Ule cost of insurance that Borrower could have obtained. Any anlolUlts disbursed by Lender lUlder Ulis Section 5 shall become additional debt of Borrower secured by Ulis Security Instrument. These mnounts shall bear interest at the Note rate from tlle date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requestulg payment. All insurance policies required by Lender mld renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a stmldard mortgage clause, mld shall nmne Lender as mortgagee and/or as ml additional loss payee. Lender shall have the right to hold Ule policies mId renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premilUns mld renewal notices, If Borrower obtains any form of insurmlce coverage, not oUlerwise required by Lender, for dmnage to, or destruction of, Ule Property, such policy shall ulclude a standard mortgage clause mld shall name Lender as mortgagee mld/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to tile insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender mld Borrower otherwise agree in WritUIg, any ulsurmlce proceeds, wheUIer or not Ule lUlderlying ulsurmlce was required by Lender, shall be applied to restoration or repair of Ule Property, if Ule restoration or repair is economically feasible mld Lender's security is llotlessened. During such repair mld restoration period, Lender shall have Ule right to hold such Ulsunmce proceeds tUllil Lender has had ml opportunity to inspect such Property to ensure Ule -;;:c:.. 8800278337 ..~ Inltull,: .-BA(NE) 10407).01 l!l Page 6 or , 5 8800278337 Form 3028 1/01