201007415 - Laserfiche WebLink

Browse

2oioo�4i5 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significancly affect L.ender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, fox condemnation ar forfeiture, for enforcernent of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), ar (c) Borrawer has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or 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 lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Froperty and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or boazd up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned an or off. Although I..ender 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 L.ender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this 5ection 9 shall become additional debt of $orrower secured by this Security Instrument. These amounts shall bear interest at che Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrurnent is on a leasehold, Borrower shall comply with all the pxovisions of the lease. If Borrower acquires fee title tv 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 Loan, Borrower shall pay the prerniums required to rnaintain the Mortgage Insurance in effect. I;F, for any reason, ttAe Mortgage Insurance coverage required by Lender ceases ta be available frorn the rnortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the prerniums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cast substantially equivalent ta the cost to Barrower of the Mprtgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Tnsurance coverage is not available, Borrower shall continue to pay to Lender the auiount of the separately designated payments that were due when the insurance coverage ceased ta be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. 5uch 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 or earnings on such loss reserve. Lender can no longer require loss reserve payrnents if Mortgage Insurance coverage (in the amount and for the period thaC T..ender reqnires) provided by an insurer selected by Lender again becornes 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 Loan and Borrowex was required to make separatsly designated payments toward the premiums for Mortgage Insurance, Boarxower sha11 pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance �nds in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section lp affects Borrawer'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 Borrower does not repay the Loan as agreed. Borrower is not a party ta the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, ar reduce losses. These agreements are an terms and conditions t�at are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make paynnents using any source of funds that the mortgage insurer rnay have available (which may include funds obtained from Mortgage Insurance premiurns). NEBRASKA - Single Family - F�nnie Maa/Freddie Mac UNIFORM INSTRUMENT q �-6(NE) losi il Pape 8 of 15 in�t�ais�,_t'� Form 3028 1/01 � ��'�i.�xs.'