201106775 - Laserfiche WebLink

Browse

201106775 monthly payments which are referred to in paragraph 2, or change the amount of such payments. Any excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. In the event of foreclosure of this Security Instrument or other transfer of title to the Property that extinguishes the indebtedness, all right, title and interest of Bonower in and to insurance policies in force sha11 pass to the purchaser. 5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Bonower's principal residence within sixty days after the execution of this Security Instrument (or within sixty days of a later sale or transfer of the Properiy) and shall continue to occupy the Property as Bonower's principal residence for at least one year after the date of occupancy, unless Lender determines that requirement will cause undue hardship for Bonower, or unless extenuating circumstances exist which aze beyond �orrower's control. Borrower shall notify Lender of any extenua.ting circumstances. Borrower sha11 not commit waste or destroy, damage or substantially change the Property or a11ow the Property to deteriorate, reasonable wear and tear excepted. Lender may insgect the Progerty if the Property is vaca.nt or abandoned or the loan is in default. Lender may take reasonable acrion to protect and preserve such vacant or abandoned Property. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate inforniation or statements to Lender (or failed to provide Lender with any maxerial informarion) in connecrion with the loan evidenced by the Note, including, but not limited to, representations concerning Barrower's occupancy of the Property as a principal residence. If this Security Instru.ment is on a leasehold, Borrower shali comply wi�li tfie pmvision,s of the lease. If �orrower acquires fee ritle to the Property, the leasefiold aud fee titte s�at� nat t� merged unless Lender agrees to the merger in: wriring. 6. Canderrtnation. '�tse groc�eds a� an.y aw+ard or claim for datna.ges, ctire,ct or consequential, in connection with any conctee�nnatian or othea ta�ciag of afsy part of the Property, or for conveyance in place of condeni�tian, �re hereby �ig� a�d stiaTS be gaid to Lender ta the extent of the futl amount of the indebtedness that rema.ins ianpaicY �ttnder tfie Note auct this Security Instrument. Lender shall apply such proceeds to the reductio� of tS�e iac�ebteci�sess under tYze Note ane� this Security Instrumeni, first to any delinquent amovnts applied in the order provided 'm paragraph 3, and then to prepayment of principal. Any apglication of the prciceeds to t�e priIICipal shall not extend or postpone the due date of the monthly pay�rcents, which are referre� to ux paragragfi 2� or change the aznount of such payments. Any excess proceeds over aYn a�nount re�i,rer� to gay aII oirtstandiag indebtedness unc�er the Note and tFus �curity Instx�ment shall he paid to the e�ity Iegalty entitled thereto. 7. Charges to Borrower and Protection of Lender's Rights ire the Property. Bvnower shall pay all governmentat or municipal charges, 8nes and imgosirions that are not included in paragraph 2. Borrower sha11 pay these obligarions on time directly to the enrity which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's request Borrower shall promptly furnish to Lender rec;eipts evidencing these payments. If Borrower fails to make these payments or the payments required by pazagraph 2, or fails to perform any other covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Properly (such as a prQCeeding in bankruptcy, for condemnation or to enforce laws or regularions), then Lender may do and pay whatever is necessary to protect the value of the Property and Lender's rights in the Property, including payment of taxes, hazard insurance and other items menrioned in paragraph 2. FHA Deed of Trust-NE 4/96 VMP � VMP4R(NE) �1105) Wolters Kluwer Flnancial Services Page 4 of 10