201003340 - Laserfiche WebLink

Browse

201003340 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Barrawer fails to perfarnrt the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Landar's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation nr forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws ar regulations), or (c) $arrower has abandoned the Property, then Lander may da and pay far whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/ar assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a licit which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited ta, entering the Property to make repairs, change lacks, replace or board up chars and windows, drain water from pipes, eliminate building ar other code violations ar dangerous conditions, and have utilities turned an or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any ar all actions authaxized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Harrower secured by this Security Instrument. "phew amaunta shall bear interest at the Note rate from the data of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. . If this Security Instrument is an a leasehold, Harrower shall comply with all the provisions of the lease. If Harrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Laan, Barrawer shall pay the premiums required to maintain the Mortgage Insurance in effect. If, far any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Harrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Harrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cast to Harrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments chat were due when the insurance coverage ceased to be in affect. Lender will accept, use and retain these payments as anon-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest ar earnings an such lass reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and far the period that Lander requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Laan and Hnrrawer was required to make separately designated payments toward the premiums far Mortgage Insurance, Harrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide anon-refundable lass reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Harrower and Lander providing for such termination or until termination is required by Applicable Law. Nothing in this Section lp affects Harrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Nate) for certain losses it may incur if Harrower does not repay the Loan as agreed. Harrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk an all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce lasses. These agreements arc nn terms and conditions that are satisfactory to the mortgage insurer and the other party (ar parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). '`~ o~io3oa9ao Initials:~h -61NE) loao~l.oz pa®e s of 15 Form 3028 9/09 ~ ~.~~~