201106997 - Laserfiche WebLink

Browse

201106997 Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Securiiy Instrumenk If Lender determines that any part of the Property is subj ect to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that �notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification andlor reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now e�sting or hereafter erected ott the Property insured against loss by fire, hazards included within the term "extended coverage," and a.ny other hazards including, but not limited to, earthqua.kes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (includ.ing deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the tenn of the Loan. The insuranca carrier provid.ing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall aLso be xesponsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an obj ection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Bortower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by t12is Security Instrumen� These amounts shall bear interest at the Note rate from the date of disbursement a.nd shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Le�der shall have the right to hold the policies and renewal certificates. If Lender requires, B orrower shall promptly give to Lender all receipts of paid premiu�ns and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause a,nd shall name Lender as mortgagee and/or as an additional loss payee. In the evant of loss, B orrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower, Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repaar and restoration period, Lender sha�l have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Properly to ensure the work has been completed to Lender's satisfachon, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on suchproceeds. Fees for public adjusters, or other third parties, retained by B orrower sha11 not be paid out of the insurance proceeds and shall be the sole obligation of B orrower. If the restoration or repa.ir is not economi cally feasible or Lender's security would HCFG-00359 NEBRASKASingle Family-Fannia A4ae/Freddie Mac UNIFORM INSTRUMEN7 VMP� Woitars KluwerFirtancial Services 201909094.0,0.0.4002-J20910224Y Form 3028 1/01 Page 5 of 13 '1 46 21 °"�� I �