201002886 - Laserfiche WebLink

Browse

2oioo2ss~ 5. Occupancy, Preservation, Maintenance artd Protection at the Properly; Borrower's Loan Application; Leaseholds. Harrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution at this Sccudty lnstrurnent (or within sixty days of a later sale or transfer of the Property) and shah continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Leader dt:termines that requirement will cause undue hardship far Borrower, ar unless extetuating Circumstances exist Which are beyond Borrower's control, Borrower .shall notify Lender of any extenuating circumstances. Borrower shall not cotrtmit waste or destroy, damage ar substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect the Property if the Property is vacant or abandoned or the loan is in default. Lender Wray take reasonable action to protect and preserve such vacant or abandoned Property. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to pmvide Lender with any material infornation) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is oft a leasehold, Borrower shall comply with the provisions of the Iease. If Borrower acquires fee title to the Froperty, the leasehold and fee title shall not be merged unless Lender agrees to the >lrterger in writing. d. Condemnation. ']"]te proceeds of any award ar claim for damages, direct ar consequential, in connection with any condemnation or other taking of arty part of the Property, or far conveyance in place of candentrtation, are hereby assigned and shall be paid to Lender to the extent of rite full amount of the indebtedness that remains unpaid under khe Note and this Security Instrument. Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security Instrument, first to any delinquent amounts applied in the order provided in Paragraph 3, and then to prepayment of principal- Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments, which are referred to in Paragraph 2, or change the amount of such payments. Any excess proceeds aver an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. 7. Charges to Harrower and Protection oP Lender's Rights in the Property. Borrower shall pay all governmental or municipal charges, fines and impositions that are not included in Paragraph 2. $orrower shall pay these obligations an time directly to the entity which is owed rite 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 ro make these payments or the payments required by Paragraph 2, or falls to perform any other covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in rite Property (such as a proceeding iu bankruptcy, for condemnation ar to enforce laws or regulations), then Leader may do and pay whatever is .necessary to protect the value of the Property and Lender's rights in the Property, including payment of lanes, hazard insurance and other items mentioned in Paragraph 2. Any amounts disbursed by Lender under this Paragraph shall become an additional debt of Borrower and be secured by this Security Instrurncnt. 'lltese arnoutrts shall beaz interest from the date of disbursement at the Nate rate, and at the option of Lender shall be immediately due and payable. Borrower shall prnrrtptly discharge any lien which ltas priority aver this Security Instrument unless Borrower: (a) agrees in writing to the payment of rite obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of ttte lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien; ar (c) secures tram the balder of the lien an agreetnent satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a Bert which may attain priority over this Security Instrument, Lender may give Borrower a native identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 1Q days of the giving of notice. S. Fees. Lender may caliect fees and charges authorized by the Secretary. GVZ171~ (b95) 1?age 4 af8 F>;IA Nebraska Reed of'IYust 111111111111 IIIII 1111! 11111 IIIII VIII VIII 11111 VIII IIII 1111111 III 11111111111 VIII VIII IIII IIII >,l~nl,ti~5n~rs7 ~v~z~a~ ~r~