201103135 - Laserfiche WebLink

Browse

201103�3� abandoned Properly. Bonower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning Bonower's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, Bonower shall comply with the provisions of the lease. If Borrower acquires fee tide to the Property, the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing. 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 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 eactend or postpone tlte due date of the monthly payments, which are refened 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 Ue paid to the entity legally entitled thereto. 7. Charges to Borrower and Protection of Lender's Rights in the Property. Bonower sha11 pay all governmental or municipal charges, fines and impositions that are not included in paragraph 2. Bonower 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 I.ender's request Borrower shall promptly furnish to Lender receipts evidencing these 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 Security Instniment, or there is a legal proceeding that may signif'icantly affect I,ender's rights in the Property (such as a proceeding in banl�uptcy, for condemnation or to enforce laws or regulations), then Lender may do and pay whatever is necessary to protect the value of khe Property and Lender's rights in the Properly, including payment of taxes, hazard insurance and other items mentioned in paragraph 2. Any amounts disbursed by Lender under this paragraph shall become an additional debt of Borrower and be secured by this Security Instrument. These amounts sha11 bear interest from the date of disbursement, at the Note rate, and at the opdon of Lender, shall be immediately due and payable. Borrower shall prompdy discharge any lien which has priority over this Security Inshument 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; or (c) secures from the holder of the lien an agreement satisfactory ta Lender subordinating the lien to this Security Instrument. If Lender deteruunes that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth abave within 10 days of the giving of notice. 8. Fees. Lender may collect fees and charges authorized by the Secretary. 9. Grounds for Acceleration of Debt. (a) Default. Lender may, except as limited by regulations issued by the Secretary, in the case of payment defaults, require immediate payment in full of all sums secured by this Security Instrument if: (i) Bonower defaults by failing to pay in fu11 any monthly payment required by this Security Instrument prior to or on the due date of the next monthly payment, or (ri) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Security Instrument. (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 Instrument if: III II'II'IIIIIIIIIIIII�IIIIillllll IIIIIIIII'IIII Initlals: o e VMP�-4N(NE11oao�i.oi Pege 4 of 8 �