200710149 - Laserfiche WebLink

Browse

200710 14 ,q 9. Protection of Lender~s Inter-est jn the rroperty and Rights Under thi5 Security l'ostnnnent. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's h'lIerest in the Property andlor rights under this Security Instrument (such ~ a 'proceedi~ ill bankl.1lptcy, probate, for condenmation or forf~ture, for enforcement of a lien which may anain priority over tltis Secutity Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Propeny, then Lender may do anr;l pay for wbateve'( is t'e9.'lonable or appropriate to protect Lender's interest in the Property and dgbt$ under this Security Instrument, including protecting and lor assessing the value of the Property, and securing andlor repairing the Propeny. Lender's aCtions can include, but are not limited 10: (a) paying any sW:U.s secured by a lien which has p/;iodry over this Security Imtrumeut; (b) appearing in court; and (c) payins reasonable attorneys' fees to protect its interest in the Ptoperry andlor rights under this Security Inst.nD.'.aent, jncluding its secured position in a bankruptcy proceedin,g. SecuriJJ.g the Propeny includes, but is not limited to, ~terin~ the Pro!"eny to make repairs, Change locks, replace or board up doors and windows, drain water from. pipes, eliminare building or othe;!;" <:o(l.e violations (It dangerous conditions, and have utilities !'limed on o/; off- Although Lender may take action under this SecT.ion 9, Lender does not have to do so 8J:I.d is not under my duty or obligation to do so. It is asreed that Lender incurs no liability for not taking any or all actions authorized nnde/; this Section 9. Any amounts disbursed by Lender under this Section 9 shall 'becozne additional debt of Borrower secured by this Security Instrument. These amounts shall bear iuterest at the Note rare from the date of disbursement and shall be payable, with such interest, upon notice from Lender T.O BOITower requesting paymif~is Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Bortowet acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the me;J;ger 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 lnsU1:ance coverage required by Lender ceases to "be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately desigIlated payn.1.eDts toward. tlJ,e ptenllums for Mortgage Insurance, BOr/;ower sball pay the premitllllS required to obtain co.....erage SUbstantially equivalent to the Mortgage Insurance previously in effect, at a COSt substantially equivalent to the 1':0St to BOITower of the Mortgage Insurance pr~iously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage lnsurance coverage is nor available, Borrower sh~l conr1I'lue to pay to Lender the amount of the s~arate1y designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, uS'e and rerain these payments as a nOD~refunoable loss reserve in lieu of Mortgage lnsw:a:o.ce. Such loss reserve shall be non-refundable, notwithst<mdtog the fact mal the Loan is ultimately paid in full, 2nd Lender shall not be required to pay Borrower a:ny imeresl or earnings on such loss reserve. Lender can no lon,ger require loss reserve payments if Mortgage lnsurance coverage (in the amount .and fo. the period that Leader requires) prov~ded by an insurer selected by Leude:r aga.in becomes available, is obtained, .and L~der requires separately desig^,,-ated payments toward the premiums for Mortgage lJ1Burance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designateo. payments toward the premiums for Mortgage Insurance, BottOwer shall pay the premiUlI15 required to t'Mintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement fo/; Mongage Insurance ends in acCOrdance with any wriuen agreement between Borrower and Lender providing for such termination or until termination is requ.ired by Applicable Law. Nothing in this Section 10 affects Borrower's o'bligadon to pay imerest at the rate provided in the Nme. Mortgage Insurance reimburse" umde. (or any entity that purchases the Note) fOr certain losses it may incur if BOuower does not repay the Loan as Agreed_ Borrower is not a party to the Morrgage Insurance. Mort~age insurers evahiMe their Iotal risk on all such insurance in force from time to time, and may enter into .agreements willi oilier parties thaT. share or modify their risk, or reo.'t1Ce losst$. These agteements are on term.s and conditions that are satisfactory to the morrgage insurer and the other parry (or parties) to these agreements. These agreements ;may require the mortgage insurer to make payments using any source of fund::; that the mOrtgage insurer may have available (which may include funds obtained f/;om Mortgage InSurance premiums). _-A[NE} 10(06) <>> p<>gel'l 01 1$ Ini'iali~j <;\1 form ~02.S 1/01