200709400 - Laserfiche WebLink

Browse

200709400 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 Wlless Lender agrees to the mcrger 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 condenmation or forfeiture or to enforce laws or regulations), then Lender may do and pay tor whatever is necessary to protect the value of the Property and Lender's rights in the 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 Wldcr this section, Lender docs not have to do so. Any amoWlts disbursed by Lender wuler this section shall become additional debt of Borrower secured by this Stx.-'Ufity Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting paymrot. Mortgage Insurance. If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any reason, the mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the premiums required to obtain coverage substantially equivalent 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 approved by Lender. If substantially equivalent mortgage insurance coverage is not available, Borrower shall pay to Lender each month a sum equal to one-twelfth of the yearly mortgage insurance premium being paid by Borrower when the insurance coverage lapsed or ceased to be in effect. Lender will accept, use and retain these payments as a loss reserve in lieu of mortgage insurance. Loss reserve payments may no longer be required, at the option of Lender, if mortgage insurance coverage (in the amount and for the period that Lender requires) provided by an insurer approved by Lender again becomes available and is obtained. Borrower shall pay the premiums required to maintain mortgage insurance in effect, or to provide a loss reserve, until the requirement for mortgage insurance ends in accordance with any written ab'Teement between Borrower and Lender or Applicable Law. 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 condenmation or other taking of any part of the Property, or for conveyance in lieu of condenmation, 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 this Security Instrument, whether or not then due, with any excess paid to Borrower. In tlle event of a partial taking of the Property in which the fair market value of the Property immediately before the taking is equal to or greater than the amount of the sums secured by this Security Instrument shall be reduced by tlle amount of the proceeds multiplied by the following fraction: (a) tl1e total amowlt of the sums secured immediately before the taking, divided by (b) tl1e fdir market value of the Property immediately before tlle taking. Any balance shall be paid to Borrower. In the event of a partial taking of the Property in which the tair market value of tl1e Property immediately before the taking is less tllan tl1e amount of the sums secured immediately before tl1e taking, llilless Borrower and Lender otherwise agree in writing or unless Applicable Law otl1erwise provides, the proceeds shall be applied to the SUlllS secured by this Security Instrument whether or not tlle SUlllS arc then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condenmor otfers to make an award or settle a claim for damages, Borrower fails to respond to Lender within tlle minimum number of days established by Applicable Law after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by tl1is Stx.-'Ufity Instrument, whether or not then due. @2004-2007Copyright Co"'ph",.ce Systems, IllO, 8C9C-E210 - 2007.01.201 COQ8LnTlef" Rew. E:lltatt:!. Security Instnunent DL2036 Page:: 4 orB www.oompliancosystcms.com 800-968-8522 - Fax 616-956-1868