200801890 - Laserfiche WebLink

Browse

200801890 Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation sccured by the lien in a manner acceptablc to Lcnder, but only so long as Borrower is performing such agreement; (b) contests the licn in good faith by, or defcnds against enforcenlent 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 until such proceedings are concludcd; or (c) secures from the holder of the lien an agrccment satisfactory to Lender subordinating the lien to this Security Tnstrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take onc or more of the actions set forth above in this Section 4. Lender may requirc Borrower to pay a onc-timc charge for a real estatc tax verification and/or reporting service used by Lender in connection with this Loan. S. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on thc Property insured against loss by fire, hazards included within the term "extcnded coverage," and any other haz.ards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall bc maintained in thc amounts (including deductiblc lcvcls) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the tenn 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 excrcised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a onc-time charge for flood zone detcnnination, certification and tracking services; or (b) a one-time charge for flood zone determination and certitlcation services and subsequent charges each time rcmappings or similar changes occur which reasonably might affect such dctermination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Fedcral Emergency Managemcnt Agency in connection with the review of any flood 7.OnC determination resulting from an objection by Borrowcr. If Borrower fails to maintain any of thc coverages described abovc, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might providc greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed tbe cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Scction 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at thc Note rate from the date of disbursement and shall be payable, with such intercst, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a ~iandard mortgage clausc, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lcnder requires, Borrowcr shall promptly givc to Lcnder all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lendcr, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagec and/or as an additional loss payee. Tn the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may makc proof of loss if not made promptly by Borrower. Unless Lendcr and Borrower otherwisc agree in writing, any insurancc proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lendcr's security is not lesscned. During such repair and restoration period, Lender shall havc the right to hold such insurance procceds until Lender has had an opportunity to inspect such Property to ensure the ~).D. 8800374338 8800374338 .-BAINE) (0407),01 t!> Inilials: Page 6 of 15 Form 3028 1/01