201100260 - Laserfiche WebLink

Browse

201140260 6. EXCULPATION. Borrower's personal liability for payment of the Indebt�dn�ss and for perfarmance of the other obligatians ta be performed by it under this Instrument is limited in the manner, and to the extent, prnvided in thc Note. 7. DEP4SITS FOR TAXES, INSC717ANCF AND OTHER CHARGES. (a) Borrower shall deposit with Lender on the day monthly inst�llmen�s pf principal or interest, or both, arc due under the Note (or on anothcr day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the Mortgaged Property, (2) the premiums for fire and other hazard insurance, rent loss insurance and such other insurance as Lender may require under Section 19, (3) Taxes, and (4) amowats for other charges and expenses which Lcnder at any time reasonably deems necessary ta protect the Mortgaged Property, ta prevent the impasition df liens on the Mortgaged Praperty, or otherwise to proteet Lender's interests, all as reasonably estimated from time to time by Lender. The amounts deposited under the preceding sentence are collectively referred ta in this Tnstrument as the "Impasition Deposits". The obligatians af Borrower for which the Imposition Depasits are required are collectively referred to in this Instrument as "Ympositioas". The amount of the Imposition Dsposits shall be sufficient to enable Lender to pay each Tmpositian before the last date upon which such payment may be made wi.thout any penalty ar interest charge being added, Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Impasition Deposits held by Lender are held for the purpose of paying Taxcs, insurance premiwns and each other obligation of Bonrower for which Impasitian Deposits are required. Any waiver by Lender of the requirement that Borrower remit Tmposition Deposits to Lender may be revaked by Lender, in I�ender's discretion, at any time upon notice to Borrower. (b) Impositinn Deposits shall be held in ar� institution (which may be Lender, if Lender is such an institution) whose depcasits or accounts aze insrxred or guaranteed by a federal agency. Lender shall not be obligated to apen additional accounts or deposit Imposition Deposits in additianal institutions when the amount af the Imposition Deposits exceeds the maximum amount of the federal deposit insurance ar guaranty. Lender shall apply the Imposition Deposits ta pay Impositions so long as no Event of Default has accwred and is cantinuin�. Unless applicable law requires, Lender shall not be required to pay Bonrower any int�rest, earnings or proftts on the Imposition Deposits. Borrower hereby pledges atad g�'atats ta Lender a security interest in the Irnpasitian Depasits as additional security far all of Borrower's obligations under this Instrument and th� other Loan Dacuments. �1ny amounts deposited with Lender under this Section 7 shal( not be trust funds, nar shall they operate to reduce the Indebtedness, unless appli�d by l�ender for that purpose under Section 7(e). (c) if Lendcr rcceives a bill or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have na obligation to pay FANNIE MAE MULTI�"AMILY SECURITY INSTRUMENT - Form a028 06/09 Page 12 NEBRASKA � 1997-2009 Fannic Mae