201007430 - Laserfiche WebLink

Browse

2oioo�430 9. Protection of Lender's Interest in the Praperty and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and a�reements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a prpceeding in bankruptcy, probate, for condemnatian or forfeiture, for enforcement of a lien which may attain priority over this 5ecurity lnstrument or to enforce laws pr regulations), or (c) Borrower 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 andJor assessing the value of the Prop�rty, and securing and/or repairing the Property. Lender' s actions can include, but are not limited to: (a) paying any surns 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 Property 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, chan�e lacks, replace ar board up doors and windows, drain water from pipes, eliminate building or other code vialatiqns vr dangerous conditions, and have utilities turned on or off. Although Lender nnay take action under this 5ection 9, Lender does not have to da sa and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all acCions authorized under this Section 9. Any amaunts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amaunts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Boarrower requesting payment. Tf th�s Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower 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 Insuranee. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurax►ce and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiux�as required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate morcgage insurer selected by Lender. If substantially equivalent Mortgage lnsurance coverage is not available, Borrower shall continue to pay to Lendar the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstandizag the fact that the Loan is ultimately paid in full, and Lender shal] nat be required to pay Borrower any interest or earnings on such loss reserve. Lender can no langer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) prpvided 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 Loan and Barrowcr was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to rnaintain Martgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreernent between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this 5ection 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses I�ender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the I,oan as agreed. Barrvwer is not a party to the Mortgage Tnsurance. 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 rnadify their risk, or reduce losses. 'T'hese agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of £unds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). 230911 N�BRA5KA - Single Family - Fannie MaelFreddie Mac UNIFpRM INSTRUMENT �-s�NE� (0811) PageB of 15 Initials: � Form 3028 1101 �