201105692 - Laserfiche WebLink

Browse

201��569� 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 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 regutations), or (c) Borrower kas 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 prote.cting andlor assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but aze 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 attorneys' fees to protect its interest in the Property andJor 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, repl�;e or board up doors and windows, drain water from pipes, eliminate bwilding or other code violations or dangerous conditions, and have utiliries turned on or off. Although Lender may take acrion under this 5ection 9, Lender daes not have to do so and is not under any duty or obligation to do so. It is agz�eed that Lender incurs no liability for not taking any or alI actions authorizeci vncier this Section 9. Any amounts disbursed by Lender under this Section 3 shall become additional debt of Borrower se,curad by this Security IIIStr�ment. These amounts shall bear interest at the Note rate from the cfiate of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requestigg payment. If ttus Security 1`t�CtrrrmPnt is ott � leasehold, Borrower shall comply with all the provisions of the lease. If Bonower acguFres fee titIe to the Property, tlie Ieasehold and the fee title shalI not merge unless Lender agrees to the merger in writing. 10. Mortgage �nee. If Lender requir� Martgage Insur�nce as a condition of malang the T.oan, B�rmwer sh�il pay the gremivms requir�i to ma.i�tain t�ie 14rortgage Insu.rance in effect. If, for any reaso�, the Mortgage Insura�cce ca�erage requised by I.enc��s cc�ses ta be available from the mortgage insurer tha� previously pmvicked suet� iasurauce and Borrower was re�uirecfi to make separately designatec� paym�ts toward the premiur� fa� 1Wlartgage Tasura�ce, Barro�+er shall pay tke gremiums required to obt�in coverage substanrially eqe�ivatent to the Martgage �m�rance previously in effe�t, at a cost substanrially equivalent to the eost ta Borrower of the Mortgage Instuance previously in effect, from an alternate mortgage insurer sele,eted by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall coIItinue to pay to Lender tlte amount of the separately designated payments that were due when the inssu�arace coverage ceased tv be ia effect. I.ender will accept, use and retain these payments as a non-refundable loss reserve in Iieu of 1Vlortgage Insurauce. Sueh Ioss reserve shall be non-refunc�able, notwithstaading the fact that the Loaac is ultimateiy gaid in fu1l, anc� Lender shall not lre required to pay Bvrrower any interest or earnings on such loss reserve. I,ender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount aud for the period that Lender requires) provided by an insurer sele,cted by Lender again b�ames available, is obtained, and Lender requires separately designated payments towazd the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condirion of making the Loan and Borrower was requir� to make separately designated payments toward the premiums for Mortgage Insurance, Bonower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Bonower and Lender providing for such termination or until terminarion is required by Applicable Law. Nothing in this Secrion 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any enrity that purchases the Note) for certain losses it may incur if Bonower does not repay the Loan as agre�i. Bonower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share 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 these 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 INSTRUMENT �-B(NE) (0811) Page 8 of 15 Initials: Form 3028 1/01 � � �` V