|
<br />200801552
<br />
<br />Borrower shall promptly discharge any lien which has priority over this Security Instrument
<br />unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a
<br />manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b)
<br />contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings
<br />which in I,ender's opinion operate to prevent the enforcement of the lien while those proceedings
<br />are pending, but only until such proceedings are concluded; or (c) secures from the holder of the
<br />lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument, If
<br />Lender determines that any part of the Property is subject to a lien which can attain priority over
<br />this Security Instrument, Lender may give Borrower a notice identifying the lien, Within 10 days
<br />of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of
<br />the actions set forth above in this Section 4.
<br />Lender may require Borrower to pay a one-time charge for a real estate tax verification
<br />and/or reporting service used by Lender in connection with this I,oan,
<br />5. Property Insurance. Borrower shall keep the improvements now existing or hereafter
<br />erected on the Property insured against loss by fire, hazards included within the term "extended
<br />coverage," and any other hazards including, but not limited to, earthquakes and floods, for which
<br />Lender requires insurance, This insurance shall be maintained in the amounts (including
<br />deductible levels) and for the periods that Lender requires, What Lender requires pursuant to the
<br />preceding sentences can change during the term of the Loan. The insurance carrier providing the
<br />insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice,
<br />which right shall not be exercised unreasonably. Lender may require Borrower to pay, in
<br />connection with this Loan, either: (a) a one-time charge for flood zone determination, certification
<br />and tracking services; or (b) a one-time charge for flood zone determination and certification
<br />services and subsequent charges each time remappings or similar changes occur which reasonably
<br />might affect such determination or certification. Borrower shall also be responsible for the
<br />payment of any fees imposed by the Federal Emergency Management Agency in connection with
<br />the review of any flood zone determination resulting from an objection by Borrower.
<br />If Borrower fails to maintain any of the coverages described above, Lender may obtain
<br />insurance coverage, at Lender's option and Borrower's expense. I,ender is under no obligation to
<br />purchase any particular type or amount of coverage, Therefore, such coverage shall cover Lender,
<br />but might or might not protect Borrower, Borrower's equity in the Property, or the contents of
<br />the Property, against any risk, hazard or liability and might provide greater or lesser coverage
<br />than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so
<br />obtained might significantly exceed the cost of insurance that Borrower could have obtained, Any
<br />amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower
<br />secured by this Security Instrument. These amounts shall bear interest at the Note rate from the
<br />date of disbursement and shall be payable, with such interest, upon notice from Lender to
<br />Borrower requesting payment.
<br />All insurance policies required by Lender and renewals of such policies shall be subject to
<br />Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall
<br />name Lender as mortgagee and/or as an additional loss payee, Lender shall have the right to hold
<br />the policies and renewal certificates, If Lender requires, Borrower shall promptly give to Lender
<br />all receipts of paid premiums and renewal notices, If Borrower obtains any form of insurance
<br />coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such
<br />policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an
<br />additional loss payee.
<br />In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender,
<br />Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower
<br />otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was
<br />
<br />G --6(NE) (0407)
<br />@
<br />CVNE 02/19/08 2:22 F'M 6229306870
<br />
<br />Page 6 of 16
<br />
<br />'";H'~
<br />
<br />Form 3028 1/01
<br />
|