201100257 - Laserfiche WebLink

Browse

201100257 security is nat lessened. if tha restoratinn or repair is not econnmk;ally f�sible or Lender's security would be lessened, tha insurance proceeds shall be applied first to the reductbn of any indabtedness undar the Seoond Note and this Security Instrument. Any axcess insurance proceeds over an amount required to pay �11 outstanding indebtedness under the Second Note and this Security Instrument shall be paid tp the entity legally entitled thereta. In the event of forecbsure of this Security Instrument or other transfer of title to the Property that extit�uishes the indebtedness, all right, title and interest af Somower in and to insurance polici� in farce shall �ss to the pur+chaser. 4. Occupancy, Preservatlon.Maintenanceand pratsctionof the Property; E3orrow��'sLosn Appltcation;Leasshalds$orrower shaU occupy, establish, and use the Property as Bornawer's princip�l residence after the execution af this Security Inatrument, and Borrower (ar at least one Borrower, ff lnitially more than one person are Bprrowers) shall cantinue to accupy the Property as Borrowe�s principal residsnca for the term of the Security Instrument. "Principal residence" shall have the same meaning �s in tha Laan P►greemeM. Barrower shell not oommit waste or destroy, d�mage ar substantially change the Properry or albw the Property to deteriorate, r�sonaWe wee�r and tear excepted. Borrower shall also be in default if Borrower, during the ban appikatbn process, gave materially falsa or inaccurate infarmation or s�temen� ta Lender (or failed tn prnvide Lender with any mater�al infomnation) in c�onnectian with the loan evidenced by the Nate, including, but not limited to, representatbns canceming Borrower's occupancy of the Properly as a principal residenoe. If this Securiiy tnstrument is on a leasehoid, Borrower shalt cqmply with tha provisions of the lease. If Barrower aoquires fee title to the Properky, the I�sehold and fee title shall na# be merged unless Lender aqrees to the merger in writing. 5. Charg�sto Borrowsrand Protectianoi Lsnd��'sRight�in the Property. Borrower shall �aay aN gavemmental or municipal charges, fines and impositions that are not inclucied in Paragraph 2. Borrower shall pay these obligatbns on time directly to the er�tity which Is owed the payment. if fallure to pay would adversely affed Lender's interest in the Property, upan Lende�'s request Bnrrower shall promptly fumish to Lender receipts evidencing these peyments. Barnower shall promptly di�charpe any lien which has priorily over this Security Instrument in the manner provided in Paragraph 12(c). If Borrower fails ta make these payments or the property char�es required by Paragraph 2, or fails to pertnrm any other aovenants and agreaments contafned in this Security Instrument, ar there is a I�g�l proceedtng that may signficantly affect Lender's rights in the Prope�ty (such as a proceeding In bankruptcy, for candemnatidn or to enforce laws or regulatbns), then Lende� may do �nd pay whatever is necessary b pr�tect the value of the Rroperty and Lenders rights in the Property, including payment of taxes, hazard Insurance and other items mentbned in Para�raph 2. To protect Lendar's security in the Property, Lender shall advance and charge to Borrower all amour�ts dere tn the Secretary for the Martgage Insurance Premium as defined in the Loan Agresrnent as well as all sums due ta the ban servicer fpr servicing activitles as defined In the Lnan Agreement. Any amounts disbursed by Lender under this Paragraph shall beaame an addi#ional debt of Borrower as provkied for in the Laan Agraement and shaA be secured by this Security In&trument. 6. Inspectlon.Lander or its agent mey enter on, inspect or make appraisals of the Rroperty in a reasonable menner and at reasonable times p�+ovided that Lender shali give the Bomawer nvtica prior to any inspection or appraisal specitying a purpose for the inspection or ap lsai which must be related ta L�nde�s interest in the Property. If the Propsrty is vacant or aha�ned pr the loan is in defauR, Lender may take reesonabie aation to protect and preserve such vacar►t or abandoned Prop�ty without notice ta the Borrower. 7. Condemnation.The proceeds af any award or Gaim for damages, direct or consequential, in cannection with any candemnatbn ar other #aking af any part of the Property, or ior corneyance in place of condemnation shali be paid fia Lerider. The proaeeds shall be applied flrst to the redudicm aT arry indebtedness under a Seoond Nvte and this Security Instrument. Any excess proceeds over an amnunt required b pey all outstanding irx�ebtedness under the Seoond Nate and this Security Ir�strument shall be paid � the entity legally entitiad thereto. 8. Fees. Lender may collec! fees and charges authorized by the Secretary fior the Home Equity Conversion Mortgage Insurance Program. , Flnt M�rrle.n �o.n Pro�k,oUa, s�viw. H�6r�nka HF:C� 3.oend s,a.+y �nsaunsnt O 7ooe FNst Anwrla�n R�r1 Frrr sdwa+K U.G FALPSN UB/0: ONOB NMFL �'BBtlBANE Uoe Id QGNE P� 3