201101404 - Laserfiche WebLink

Browse

201101404 abandoned Propercy. Borrower shail also be in default if Borrower, during the loan application process, gave matetially false or inaccurate infoimation or stateznents to Lender (or Failed to provide Lender with any material information) in connection wiFh the loan evidenced by the Note, including, but not limited to, representations conceming Bormwer's occupancy of the Property as a principal residence. If this Security instrunnent is on a leasehold, Barrower shall comply wi[h the provisions of the lease. If Bonower acc�uires fee titte to tt�e Progerty, the leasehold and fee titie shall not be merged unless [,ender agrees to the mergez in writing. 6. Condemnation. The proceeds of any award or claim for damages, direct ar consequential, in cannection witi3 any condemnation or other taking of any part of the Property, or for conveyance in place �f condemnation. are hereby assigned and shali be paid to Lender to the extent of the full amount of the;indebtedness that remains unpaid under the Note and this Security Instrument. Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Secuztiry Instrucnnent, first to any definquent amounts applied in the order provided in paragraph 3, and then to prepayment of principal. Any application of the proceeds to ihe principal sha3l nat extend or postpane ihe due date of the monthly payments, which are refenred to in paragraph 2, or change the amount of such payzrtents. Any excess procaeds over an amount required to pay all outstanding indebtedncss under tt►e Note and this Security Instrument shail be paid to the entity legaliy entitled thereto. 7. Charges to Bot'�rower a�ttd Protection of Lender's Rights in the Ptoperty. Borrower shall pay all governmental or municipa! charges, fu�es and impositions that are nat included in paragraph 2. Borrower shall pay chese obligations on time directly to the entity which is owed the payment. If failure to pay would adverseiy affect Lender's interest in the Property, upon Lender's request Borrower shall prompdy furnish to Lender receipts evideac'vng these payments. If Barrower fails to make these payments or the payments required by paragraph 2, or fails to perfozm any other covenants and agreements contained in this Security Insttvment, or there is a Iegai proceeding that may significantly affect Lender's rights in the Praperty (such as a pmceeding iu bankruptcy, for condemnation or to enforce laws or regalations), then Lender may do and pay whaiever is necessary to protect rhe value af the Praperty and Lender's rights in the Property, including payment of taxes, hazard insuraace and other iterns mentioned in paragraph 2. Any amounts disbutsed by Lender under this paragraph shall become an additional debt of Borrower and be secured by this 5ecurity Instrurr�ent. These amounts slaall bear intexest from the date of' disbursement, at the Noie rate, and at the option of L,ender, shall be immediately due and payable. Borrower shall promptly discharge any lien which has prioriry over this SecuriFy Instrument unless $orrower: {a} agrees in writing to the gayment of the obligation secured by the lien in a manner acceptabie to Lender; (b) contests in good faith the lien by, or defends againsi enforcement of the lien in, legal pmceedings which in the Lender's opinion operate to prevent the enforeeznent of the lien; or (c) secures from tb�e holder of the lien an agreemeut satisfactory to Lender subordinating the Iien to this Secunity Instrument: If L.ender determines that any part af the Property is subject to a lien which may attain priority over this Security Instzument, Lender may give Borrower a notice identifying the ]ien. Borrower st►ali satisfy the lien or take c�ne or more of the actions set forth above within 14 days of the giving of notice. 8. �`ees. Lender may collect fees and charges authorized by the Secretary. 9. Grounds for Acceleration of Debt. (a} llefault. Lender may, except as limited by regulations issued by the Secretary, in tlze case of payment defaults, require immediate payment in fuil of a}1 sums secared by This SecuriTy Instrument if: (i} Borrower defaults by faiiing to pay in full any monthly payment reqnired by this 5ecurity Instrument prioc to or on the due date of the next monthly payment, or (ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Securicy Instrument. (b) Sa1e Without Credit Approval, Lender shall, i� pernutted by applica.ble law (including Section 341{d} of the Garn-St. Germain Depository Insiitutions Act of 14$2, 12 U.S.C. 1701j-3(d)) and with the priar approvai of the Secretary, require immediate payment in fu11 of afl sums secured by this Securiry Instrument if: 21-01-OOQ072 � -4N�NE� f0407) Initials: , � Page 4 of S � � \ :