201000108 - Laserfiche WebLink

Browse

201000108 Borrower shall promptly discharge any lien which has priority aver this Security lnstrumc~~t unless [3orrower: (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 c.~pinion operate to prevent the enforcement of the lien while those proceedings arc pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien as agreement 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 can attain priority over this Security lnstrumenl, Lender may give Harrower 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 rcyuire Harrower to pay aone-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loarr. S. Property Insurance. Harrower shall keep the improvements now existing or hereafter erected on the Property insured against lass by fire, hazards included within the term "extended coverage:," and any other hazards including, but not limited to, earthquakes and floods, far which Lender rcyuires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender raluires 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 shall not be exercised unreasonably, 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 and 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 flood zone determination resulting from an abjection by Horrowcr. If Harrower 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 Harrower, Horrower's equity in the Property, ar 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 sa obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by lender under this Section S shall become additional debt of Horrower 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 shall be subject to lender's right to disapprove such policies, shall include: a standard mortgage clause, 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, Tf lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. if Borrower obtains any farm of insurance coverage, not otherwise reyuired by lender, for damage ta, or destruction of, the Property, such policy shall include a standard a7ortgagc clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of lass, Horrower shall give prompt notice to the insurance carrier and leader. lender may make proof of loss if not made promptly by Borrower. CJnless Lender and Borrower otherwise; agree in writing, any insurance 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 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 inspect such Property to ensure the 0110299982 i ueig: ®-6(NE) ~aaor~.nz Pie 6 of 15 FOrm $t)2$ '~/0~ ® ~~