200900330 - Laserfiche WebLink

Browse

200900330 shall also be in default if Borrower, during the loan application process, gave materially false or inaccurateinformation or statements to Lender (or failed to provide Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited to, representationoconcerning Borrower's occupancy of the Property as a principalresidence. If this Security Instrumentis on a leasehold, Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing. 6. Condemnation. The proceeds of any award or claim for damages, direct or consequential,in connection with any condemnationor other taking of any part of the Property, or for conveyance in place of condemnation,are hereby assigned and shall be paid to Lender to the extent of the full amount of the indebtednessthat remains unpaid under the Note and this Security Instrument.Lendershall apply such proeeedsto the reduction of the indebtednessunder the Note and this Security Instrument,first to any delinquent amounts applied in the order provided in paragraph3, and then to prepaymentof principa1.Any application of the proceeds to the principal shall not extend or postponethe due dateof the monthly payments, which are referredto in paragraph2, or change the amount of such payments. Any excess proceeds over an amountrequiredto pay all outstandingindebtednessunderthe Note and this Security Instrumentshall be paid to the entity legally entitled thereto. 7. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all governmentalor munici pal charges, fines and impositions that are not included in paragraph2. Borrower shall pay these obligations on time directly to the entity which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments. If Borrower fails to make these payments or the paymentsrequiredby paragraph2, or fails to perform any other covenants and agreementscontained 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, for condemnation or to enforce laws or regulations),then Lendermay do and pay whatever is necessary to protectthe value of the Property and Lender's rights in the Property, including payment of taxes, hazard insurance and other items mentioned in paragraph 2. Any amounts disbursed by Lender under this paragraphshall become an additional debt of Borrower and be secured by this Security Instrument.These amounts shall bear interest from the date of disbursement,at the Note rate, and at the option of Lender, shall be immediately due and payable. Borrower shall promptly discharge any lien which has priority over this Security Instrumentunless Borrower: (a) agrees in writing to the payment of the obligation secured by thc lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcementof the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien; or (c) securesfrom the holder of the lien an agreementsatisfactory to Lendersubordinatingthe lien to this Security Instrument.If Lenderdeterminesthat any part of the Propertyis subject to a lien which may attain priority over this Security Instrument,Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. 8. Fees. Lendermay coIled fees and charges authorizedby the Secretary. 9. Grounds for Acceleration of Debt. (a) Default. Lender may, except as limited by regulations issued by the Secretary, in the case of payment defaults, require immediate payment in full of all sums secured by this Security Instrument if: (i) Borrower defaults by failing to pay in full any monthly payment required by this Security Instrument prior to or on the due date of the next monthly payment, or (ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Security Instrument. (b) Sale Without Credit Approval. Lender shall, if permittedby applicable law (including Section 341( d) of the Garn-St. GermainDepository InstitutionsAct of 1982, 12 U.S.c. 1701j-3( d)) and with the prior approval of the Secretary, require immediate payment in full of all sums secured by this Security Instrument if: .-4N(NE) (0407) @ InltiaIS:~ Page 4 of B