201102785 - Laserfiche WebLink

Browse

20110278� 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeciing 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) Borrower 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 Instrument, including protecting and/or assessing the value of the Property, an@ securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sunns 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 Property 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 make repairs, change locks, replace ar board up doors axrd wirtdows, drain water from pipes, eliminate building or other code violations or dangerous conctitions, and have utilities turned on or off. Although Lender may take action under this Section 9, I.ender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no Iiability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall beco� additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon norice fram I.ender to Bonawer requesting payment. If this Security Instnunent is on a leasehold, Borrower shall compty vvith aIl the provisions of the lease. If Borrower acc}uires fee title to tfie Property, the leasehold and the fee title shati not merge unless Lender agrees to the x�rger in writiag. IQ• � Insurae�e. If Lender required Nlortgage I�zsurance as a co�dit�on of �aking the Loan, Borrower s�l pay � paeuuurns required ta maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage I�uranee coverage rec�uired by L.ender ceases to be available from the mortgage insurer that previcausly prc�vicieci such i��surax�e �ed �rrovver was required to make separateIy designated payments toward � pretruums for Mortgage �ranee, Borrawer shail gay the premiums required ta obtain coverage substatctia�y eq�svaFent to tl�: Mvrtgage Insurance previously in effect, at a cost substautially eguivatent Eo E� Cost to Borrower of t�se Mortgage Insurance previously in effect, from an alternate mortgage ins�rer selected by Lender. If substarrtially equivalent Mortgage Insurance coverage is not availabie, Barrower shatl continue ta pay to Lender the amount of the separately designated payments that were ctc►e whe� Ehe irrsur�e eoverage ceased to be in effect. Lender will accept, use and retain these pa}�rrients as a rmn-ref�dabte Ic>ss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refit�able, nAtwithstanding the faet that the Loan is ultimately paid in ftill, and Lender shatt not be require� to pay Barrower any irnerest or eamings on such Ioss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) pravided by an insurer seiecteci by Lender again becomes availahle, is obtained, and Lender requires separately designatect payments toward the premiums for Mortgage Ir�surance. If Lender required Mortgage Insurance as a condition of making the Loan and Bonower was reqtured to make separateIy designated payments towazd the premiums for Mortgage Insurance, $orrower shatl pay the premiums reqwred to maintain Mortgage Insnrance in effect, or to provide a non-refundabie loss reserve, until Lender's rec�uirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until ternunation is required by Applicable Law. Nothing in this Section 10 affects Bonower's obligation to pay interest at the rate provided in the Note. Mortgage Insitrance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Bonower is not a party to the Mortgage Insurance. Mortgage insurers evaIuate their total risk on ali such insurance in force from time to time, and may enter into agreements with other parties that share or znodify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have avaiiable (which may include funds obtained from Mortgage Insurance premiums). NEBRASKA - Single Family - Fannie Mae/Freddie Mac 1111tIFORM IMSTRUMENT (�-6fNE) �o8ti1 PageB of 15 �nitia�s: Form 3028 1/01 � ��-� ��