201008143 - Laserfiche WebLink

Browse

2oiaosi43 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) I3orrawer fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding tliat rnight significantly affect Lender's interest in the Property and/or rights under this 5eeurity Instrument (such as a proeeeding in bankruptcy, probate, fc�r eandemnation or forfeiture, for enforcement of a lien which may attain priority over this Sccurity Instrument or to enforce laws or regulations), or (c) Borrc�wer has abandoned the Property, then Lender mxy do and pay for whatever is reasonable or appropridt� to proteet Lender's interest in the Prop�rty and rights under this Security Instrument, including protecting ancl/or assessing the value of the 1'roperty, and securing and/or repairing the Praperty. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority c�ver this Security Instrument; (b) app�;arin�; in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its s�cured pasition in a bankruptcy praceeding. Securing the Proparty includes, but is not limited ta, entering the Property to rnake repairs, change locks, replace or board up doars and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Altl�pugh Lender may take action uncicr this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agrecd that Lender incurs no liability for not taking any or all actions authorized under this Sectian 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Sccurity Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall bc �ayahle, with such interest, upon notice from I,cnder to Borrower requesting payment. lf this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. Tf Borrower acquires fee title to the Property, the leasehold and thc: fee title shall not merge unless I�ender agrees to the merger in writing. i0. Mortga�e Insurance. 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. Tf, for any reason, the Mortgag� Insurance coverage required by Lender ceases ta be available fi the mortgage insurer that previc�usly provided such insurance and Aorrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the pr�miums 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 eff�ct, from an alternate mortgagc insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Bc>rrpwer shall cont'rnue to pay to Lender thc am��unt 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-refundablc lass reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, natwithstanding the fact that the Laan is ultimately paid in full, and Lender shall not bc requircd to pay Borrower any interest c�r carnings on such lass reserve. Lender can no longer require lass rescrve payments if Mortgage Insurance coverage (in the amount and for the period that Lend�r requires) provided by an insarer selected by Lender again becames availahle, is abtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the I,oan and E3orrawer was required to make separately designated payments taward the premiums for Mortgage Insurancc, IIorrc�wer shall pay the premiums required to maintain Mortgage Insurance in eFfcc:t, or to pravide a non-refundable loss reserve, until Lendcr's requirement for Mortgage Insurance �nds in accardance with any written agreement between $orrower and Lender providing for sucl7 terminatian or until termination is required by Applicable I,aw. Nathing in this Section 10 affects Iiarrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it. may incur if Borrowcr dacs not repay the Loan as agreed. Borrower is not a party to tht Mortgage lnsurance. Mort�;xge insurers evaluate their total risk c�n all such insurance in force from time to time, and may cntcr into agreements with other parties that slaa.re or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these a�reements. These agreements may require the mort�;a�;e insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds abtained from Mortgage Insurancc premiums). �-6(NE) �oao��.o2 � P�e 8 pf 15 � � �r� �y F��1-'S��YitJ Form 3028 1/01