201103231 - Laserfiche WebLink

Browse

�'�� 9. Protectiion of Lender's Interest in the Progerty and Rights Under ttus 5ecurity Instrument. If (a) Bonower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect I.ender's interest in the Property and/or rights under this Se�urity Insm�nent (such as a proceeding 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 Properly, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Ptoperty and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repa.iring the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c} paying reasonable attomeys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured posirion in a banlauptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or hoard up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. AIthough 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 L,ender incurs no liability for not taking any or all actions authvrized uncler this Seetion 9. Any amounts disbursed by Lender under this Secrion 9 shall Uecome additional debt of Borrower sec�red by tl�is �curity Instrument. These amounts shall bear interest at the Note rate from the date of disbursemern aud shall be payable, with such interest, upon notice from Lender to Bonower requesting payment. If tius Security Instrument is on a leasehold, �rrower shall con�ly with aIl the pmvisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agr�s to the merger in writing. 1Q. Mo�g�ge Iz�surance. If Lender rec}uzred Mortgage Insurance as a condirion of making the Loan, Bonower shatF pay t�e premiums requiral to maintain the Mortgage Insuranc� in effect. If, for any reason, the Mortgage TnsuraIICe coverage reqnired by Lender ceases to be available from the mortgage insurer that previously provictec� such insurance and Borrowez was required to make separately designated payments toward the premiums for Mortgage Insuranee, Barrower shail pay the prexniums required to obtain coverage substantially equivalent to tlze Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an altemate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue 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 payments as a non-refundable loss reserve in lieu of Mortgage Insurauce. Such Ioss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condirion of making the Loan and Borrower was required to make sepazately designated payments toward the premiums for Mortgage Insurance, Bonrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss ressrve, unxil Lender's requirement for Mottgage Insurance ends in accordance with any written agreement hetween Bonower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 1Q affects Borrower's obligarion to pay interest at the rate provided in the Note. Mortgage Insurance reunburses Lender (or any entity that purchases the Note) for certain lasses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evalua.te their total risk on all such insurance in force from time to time, and may enter into agre,ements with other parties that shaze or modify 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 thess agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). NEBRASKA - Single Family - Fannie Mae/Freddie Mac UNIFORM lIVSTRUMENT �-6(NE) coa� �1 Page 8 of 15 inic�a�s: Form 3028 1/07 �