201102624 - Laserfiche WebLink

Browse

201102624 9. ProtccNon of Lcndcr's Intcrest in thc Property and Rights Undcr this Sccurity Instrumcnt. If (a) Borrower fails lo perfonn the covenants and agreements contained io this Security Instruinent, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security [nslrumenl (such as a proceeding in bankn�plcy Prubale, (i�r amdemnuliim or forfeilure, liir enti�rcemcnt of a lien which may attain priority over this Security Instn�ment or to enfbrcc laws or rogulations), or (c) Borrowcr has abandoncd thc Properiy, thcn Lcndcr �nay do and pay for whatcvcr is rcasonablc or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, includi�g protecting andlor assessiug tlie value of the Property, and securi►�g and/or repairing thc Properiy. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priorily ovcr this Sccurily Instrumcnt; (b) appcaring in court; and (c) paying rcasonablc attorneys' fces to protect its interest in the Properiy and/or ri�hts under this SecuriYy Instrument, including its secured position in a bankniptcy proceeding. Sccuring lhe Property includes, but is not limited to, cntering thc Properiy to make repairs, change locks, replace or board up doors and windows, drain water lrom �ipes, eliminate building or other code vio,lations or dangerous conditions, and have utilitie�s turned on or of£ Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all uctions �ulhurized under lhis tiecliun 9. Any amounts disbursed by Lcnder under this Section 9 shall become additional debt of Borrowcr secured by this Security Instrument. These amouuts shall bear intcrest at the Note rate tiom the date of disburse►nent and shall be payable, with such interesl, u�on notice {�oin Lender to Borrower requesting paymcnt. If tl�is Security Instrument is on a leasehold, Borrower shall co�nply with all the provisions of the lea�e. If Borruwer acyuireti lee title to lhe ProPerly, the leasehuld and lhe lee litle shall nut merge unless Lender agrees to the merger in writing. 10. Mortgage Insuranee. If Lcnder required Mortgage Insurance as a condition of makin� the Loan, Borrower shall �ay the premiums required to maintain the Mortgage Insurance in eflcct. If, lor any reason, the Mortgage Insurance coverage required by Lender ceases to be available fiom the mortgage insurer that previously provided such insurance and Borrower was required to �nake separatcly designated Payments toward the premiuins for Morlga�e Insurance, Borrower shall pay the preuliums reyuired to obtain coverage subtitantially equivalenl to the M�irlgage Intiurance Previoutily in eflecl, al a cosl tiubslanlially equivalent to the cost lo Borrowc;r of the Mortgage Insurance previously in effect, from an alternate ulorlgagc insurcr scicctcd by Lcndcr. If substantially cquivalcnt Mortgagc Insurancc covcragc is not available, Borrower shall continuc 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 paymenis as a non-relundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-rcfundablc, notwithstanding thc lact that thc Loan is ultimatcly paid in full, and Lc�dcr shall not bc required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve pay�nents if Mortgage Insurance coverage (in the amount and for the period that Lender reyuir�s) provided hy an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiiuns for Mortgage Insurance_ If Lender requircd Morigage Insurance as a condition of inaking lhe Loan and Borrower was required to tnake separately designated payments loward the premiums for Mortgage Insurance, Borrower shall pay the premiums required lo muinlain Morlgage Insurance in eflecl, ur lo rrovide a non-relunduble lusti reserve, until Lcnder's requireinent for Mortgage Insurancc ends in accordance with any written agreement betwecn 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 Insurancc reimburses Lender (or any entity that purchases the Note) for ceriain losses it inay incur if Borrowcr docs not rcpay thc Loan as agrccd. Borrowcr is not a party to thc Mortgagc Insurance. Mortgage insurers evaluate their total risk on all such insurance in force tcom time to ti�ne, and may enter into agreements with other parties that share or modify their risk, or reduce losses_ 1'hese agrcements are on tenns and conditions that are satistactory to the mortgage insurcr and the other party (or parties) to these agreements. These agreeinents may require the mortgage insurcr to inake payments using any source of funds that the mortgage insurer �nay have available (which may include fiinds obtained froin Mortgage Insuranct preuiiums)_ � NEBRASKA- Single Family - FannieMae/Freddie Mac UNIFORM INSTRUMENT/+'�� +/ ��( N E) � o s t �� P a g e 8 o f 1 5 i � � e a i s F o r m 3 0 2 8 1/ 0 1 0