201101573 - Laserfiche WebLink

Browse

20�1U15�3 abandoned Property. Bonower shall also be in default if Bonower, during the loan application process, gave materially false or inaccurate information ar statcmcnts to Lcndcr (or failcd to providc Lcndcr with any matcrial information) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shall nol be merged unlesa Lender agrees to the merger in wriling. 6. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in place of condemnation, are hereby assigned and shall 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 undcr the Notc and this Security Instrument, first to any delinqucnt amounts applied in thc order providcd in paragraph 3, and then to prepayment of principal. Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments, which are referted to in paragraph 2, or change the amount of such payments. Any excess proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled therelo. � 7. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all govet�tunental or municipal charges, fines and iinpositions that are not included in paragraph 2. Borrower shall pay these obligations on time directly to the entity which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's request Borrower shall promptly furnish to Lender receipts cvidcncing thcsc payments. If Borrower fails to make these payments or the payments required by paragraph 2, or fails to perform any other covenants and agreements contained in this 5ecurity Instrument, or there is a legal proceeding that may signiticantly affect Lender's rights in the Property (such as a proceeding in bankn►ptcy, for condemnation or to enforce laws or regulalions), then Lender may do and pay whalever iti necessary to protect the value of the Property and Lender's rights in the Property, including payment of taxes, hazard insurance and other items mentioned in paragraph 2. Any amounts disbursed by Lender under this paragraph shall becoine an additional debt of Borrower and be secured by this Security Instrument_ These amounts shall bear interest from the date of disbursement, at the Note rate, and at the option of Lender, shall be immediately due and payable. Borrowcr shall promptly discharge any lien which has priority over this 5ecurity Instrumcnt unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien; ar(c) secures from the holder of the lien an agreement satisfaclory to Lettder subc�rdinating ihe iien to this Securily Instrument_ If Lender delermines lhat any parl of the Property is subject to a lien which inay attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or inore of the actions set forth above within 10 days of the giving of notice. 8. Fees. Lender may collect fees and charges authorized by the Secretary. 9. Grounds for Accelerallon of Debt. (a) Default. Lender may, except as limited by rcgulations issucd by thc Secretary, in the case of paymcnt defaults, require immediate payment in full of all sums secured by this Security Instrument if: (i) Borrower defaults by failing to pay in full any monthly payment required by this Security Instnunent � prior it� or on the due dale of the nexl monthly puyment, or (ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Security Instruinent. (b) Sale Without Credit Approval. Lender shall, if permitted by applicable law (including Section 341(d) of the Garn-St. Germain Depository Institutions Act of 1982, 12 U.S.C_ 1701j-3(d)) and with the prior approval of the Secretary, require immediate payment in full of all sums secured by this Security Instnunent if_ ��-4R(NE) �sso� ) Page 4 of 8 � �� Initials,�.