200805129 - Laserfiche WebLink

Browse

200805129 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 secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith 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 until such proceedings ;n-e coi1cluded; or (c) secures from the holder of the lien an agreenieilt satisfactory to Lender SUbordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which caD. attain priority over this Security Instrulnent, 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 one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting serVice used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by flte, hazards included within the term "extended coverage, n and any other hazards incliuting, but not limited to, earthquakes and flOods, for which Lender requires insurance. This insurance shall be maintained. in the amoUnts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change 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 shal~ not be exercised unreasQnably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination imd certification services and 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 the Federal Emergency Management Agency in connection with the review of any f1.Qod zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, 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 provide greater or lesser coverage than was previouslY in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower oouId have obtained.. Any amounts disbursed by. Lender under this Section 5 shall become additional debt of Borrowe:r secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. . . All insurance policies required by Lender and renewals of such policies shaIJ be subject to Lender's right to disapp";~ such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee andJor as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shaH proIilptly give to Lender all receipts of paid premiums and ~ewal notices. If Borrower obtains any fOIm of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, sucli policy shall include a standard mOrtgage clause and shall name Lender as mortgagee and/or as ari. additional loss payee. . . In the event of loSs, BOrrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender aild Borrower otherwise agree in ~ting, my insurance proceeds, whether or not the underly~ insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's secUrity is not leSsened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inSP?,?~ Property to ensure the d~<, 08-04-23-000057 1n1t1'Is;~ Fonn 3028 1/01 fBl-eCNE) ((M071.o2 , P'981501111 800/9001ll f 19P~d~~OH SEZ6 Z8E 80E1 XYd L~:Ol NOH 800Z/60/90