201102387 - Laserfiche WebLink

Browse

20110238� abandoned Property. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to I.ender {or failed to provide Lender with any material infarmadoa) in aonnection with the loan evideztced by the IVote, including, but not limitecl to, representations concerning Borrower's occupancy of the Property as a prinapal residence. If this SecUrity Instrument is on a leasehold, Borrower shall comgly with the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shall not be merged unless Lender agees to the merger in writing. 6. Condemnation. The proceeds of any awatd or claim for daanages, direct or conset}uential, in oonnection with any condemnarion ar other taking , of any part of the Property, oz for conveyance in plaoe of condemnation, are hereby assigned and shail be paid to Lender to the e�ent of the full amount of the indebtedness thaf remains unpaid under the Note az�d this Secarity Instrument. Lender shall apply such proceeds te, the reduc�ion af the indebtedness under the Note and this Security Instrument, first to any delinquent amounts applied in the order provided 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, wluch are refer�ed to in pazagzaph 2, or change the ar�wunt of such payments. Any excess proceeds over an amount required to pay sil outstanding indebtedness under the Note and this Security Instivment shail be paid to the entity legally endtled thereto. 7. C6arges to Borrower and Protection of Lender's Rights in the Prnperty. Borrower shall pay all governmental or municipal charges, fines and impositions that aze not included in paragraph 2. Borrower shall pay these obligations on time d'uectly to the entity which is owed the payment. If failure to pay would adversely aff'ect Lender's interest in the Property, upon Lender's request Borrower shall promptly fw�nish to Lender receipts evidencing these payments. If Borrower fails to make these payments ar the payments required by paragraph 2, or fails to perform any other arvenaa�ts and agreements c�ontained in this Se�urity Instrument, or there is a legal procxeding that may signifiqntly affed Lender's rights in the Property (such as a proceeding in bankruptcy, for condemnarion or to enforce laws or regulations}, then Lender may do and pay whatever is necesssry to protect t6e value of the Property and Lender's rights in the Property, including payment of taxes, hazard insurance and otlter items mentioned in paragraph 2. Any amounts disbursed by I.ender under this paragraph shall become an additional debt of Borrower and be secured by this Se�urity Instrument. These amounts shall bear ' interest from the date of disbursement, at the Note rate, and at the option of I.ender, shall be immediately due and payable. Borrower shall promptly discharge any lien which has priority over this 5e�urity Instrument unFess Borrower: (a) agrees in writing to tlze payment of the obligation secared bq the Izcn in a manner aaceptable to Lender; {b) contests in good faith the ]ien by, or defends against enforcement of the iien in, legal proc�eadings which in zhe Lender's opinion operate to prevent the enforcement of the lien; or (c) secures �from the holder af the lien an agreement satisfactory to Lender subordinating the iien to this Security Instrument, If I,ender determines that any part of the gtoperty is subject to a lien w}u,ch may attain priority over this Secu�ity Instrument, Lender may give Borrower a notice identifyiag the lien. Borrower shall satisfq the lien or take one or more of the actions set forkh above within 10 days of the giving of notice. 8. Fers. Lender may collect fees and chazges authorized by the Secretary. 9. Grounds for Acceleration of Deb� (a) Default, Lender may, excxpt as limited by regulations issued by the Secretary, in the case of payment defauits, require immediate payment in full of alI sums sec�ued by this Security Instxvment if: (i) Borrower defaults by failing to pay in full any monthly payment required by this Security Instrument prior to or on the due date of the aext manthly payment, or (ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in t►us Security Instrument. (b) Sate Withont Credit Approval. L.ender shall, if permitted by applicable law (including Section 341(d) of the Garn-St. Germain Depository Institutions Ad of 1982, 12 U.S.C. 1701j-3(d}) ar�d with tbe prior approval of the Secretery, require immediate payment in full of all sums secured by this Secucity Tnsttvment if: �-4N(N� {040�� Pape 4 of 8 i initfds j�� ;�`.- � ,