201100281 - Laserfiche WebLink

Browse

20110U281 9. Protection of I,ender's lnterest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreeznents contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect L.ender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Barrower 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 Instrurnent, 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 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 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 rnake repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on ar off. Although Lender may take action under this S�ction 9, L.ender does not have to do so and is nat 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 L.ender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate frona the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Barrower 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 Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrawer shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by L,Qnder ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the prenniums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Moctgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by L.ender. If substantially equivalent Mortgage Tnsurance coverage is not available, Borrower shall continue to pay to Lender 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 lass reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstaz�ding 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 resezve. Lender can no langer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by I.ender again becomes available, is obtained, and Lender requires separately designated payrnents toward the premiums for Mortgage Insurance. If L,end�r required Mortgage Insurance as a cvndition of making the Laan and Borrower was required to make separately designated payments toward the premiums for Mo�tgage Insurance, Borrower shall pay the premiurns required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement far 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 Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reirnburses Lender (or any entity that purchases the Note) for certain lasses it may incur if Borrower does npt repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreernents with other parties that share or znodify their risk, or reduce losses. These agreements are an terms and conditians that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agree�nents may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). NEBRASKA - Single Family - Fannie Mae/Freddie Mac UNIFpRM INS7RUMEN7 (�, �-B(NE) loat t 1 Page 8 of 15 Initials: v Form 3028 1/01