201104210 - Laserfiche WebLink

Browse

201104210 circumstances. Borrower shall not commit waste or destroy, damage or substantially change the Properly or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect the Property if the Property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or abandoned Property. Borrower shall also be in default if Borrower, during the loan applicarion process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material informarion) in connecrion 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 Instivment is on a leasehold, Bonower shall comply with the provisions of the lease. If Bonower acquires fee title to the Property, the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing. 6. Condemnation. The praceeds of any awazd or claun for damages, direct or consequential, in conn�tion with any condemnarion or other taking of any part of the Property, or for conveyance in place of condemnation, are hereby assigned and sha11 be paid to L,ender to the extent of the full amount of the indebtedness that remains unpaid under the Note and tt�is Security Instrument. Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security Instru.ment, first to any delinquent amounts applied in the order pmvided in paragraph 3, and then to prepayment of principal. Any applicarion of the proceeds to the principal shall not extend or postgone the due date of the monthly payments, which are refened to in para.graph 2, or change the amount of sucfi payments. Any excess proceeds over an aanount requared to pay all outstanding indebtedness vnder the Note and this Security Insixument shall be paid to the enrity legatly entitled thereto. 7. Charges to Borrower and Protection of I.ender's Rights in the Property. Borrower shall pay aIl governmental or municipal charges, fines and impositions that are not includect 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 affect Lender's interest in the Property, upon I.ender's rec�uest Borrower sha11 pmmptly 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 aIIy other covenants and agreements contained in this Se,curity Instrument, or there is a legaI groceeding that may significantlg aff�t Lender's rights in the Properly (such as a proceeding in bankruptcy, for condemnation or to enforce laws or regulations), then Lender may do and pay whatever is necessary to protect the value of the Property and I.encter's rights in the Property, including payment of taxes, hazard insurance and other items rnentioned in paragraph 2. Any amounts disbursed by Lender under this paragra.ph sha11 become an addirional debt of Borrower and he secured by this Security Instrument. These amounts shall bear interest from the date of disbursement, at the Note rate, and at the option of Lender, shall be immediately due and payable. Bonower shall promptly dischatge any lien which has priority over this Security Instnunent unless Borrower: (a) agress in writing to the payment of the obligation se.cured 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 praceedings 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 to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subje�t to a lien which may attain priority over this Security Instrument, I,ender may give Borrower a notice identifying the lien. Bonower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of norice. 8. F�s. 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 tlus Securiry Instrument if: (i) Borrower defaults by failing to pay in full any monthly payment required by this Se�curity Instrument prior to or on the due date of the next monthly payment, or (ii) Bonower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Security Instrument. FHA Deed of Trust-NE 4/96 VMP p �� VMP4RINE) 10809) Wolters Kluwer Financial Services Page 4 of 9