201109223 - Laserfiche WebLink

Browse

201109223 Lender with any material information) in connection ��ith the loan evidenced by the Note, including but not limited to, representations concerning I3orro�ver's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, Borrower shall comply �vith the provisions of thc lease. If Borrower acquires fee titic to the Property,Yhe leasehold and tee title shall not bc i�erged unless Lende�-agrees tio the merger ii�writing. 5. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay ali governmental or municipal charges, fines and impositions that are not included in Paragraph 2. Borrower shall pay these obligations on timc directly to lhe entity which is owed the payment. If failure to pay would adversely atfect Lender's interest in the Property, upon Lender's request E3orrower shall promptly furnish to Lender receipts evidencing these payments. Borro��er shall promptly discharge any lien which has priority over this Security Instrument in the manner provided in Paragraph 12(c). � If I3orrowe�• fails to make these payments or the property charges required by Paragraph 2, or fails to periorm any other covenants and agreeu�ents contained in this Security Instrument, or there is a legal proceeding that may signiticantly atl-ect Lender's rights in the Property (such as a proceeding in bankruptcy, ior condemnation or to enforce laws or regulations),then Lender may do and pay whatever is necessa�y to protect the value oF the Property and Lender's rights in the Propeirty, including payment of taxes, hazard insurince and other items mentioned in Paragraph 2. To protect Lender's security in the Property, Lender shall advance and charge to f3orrower all amounts due to the Secreta�y for the Mortgage Insurance Premium('`MII'")as detined in the Loan Agreement as well as all sums due lo the loan servicer tbr servicing activities ("Seivicing Fee") as detined in the Loan Agreement. Any amounts disbursed by Lender under this Paragraph shall become an additional dcbt of Borrower as provided for in the Loan Agreement and shall be secured by this Security Instrument. 6. Inspection. Lender or its agent may enter on, inspect or mal<e appraisals of the Property in a reasonable manner and at reasonable times provided that Lender shall give the Borro��er notice prior to any inspection or appraisal specilying a purpose for the inspection or appraisal which must be related to Lender's interest in the Property. If the Property is vacant or abandoned or the loan is in default, Lender may take reasonable action to protecti and preserve such vacant or abandoned I'roperty without notice to the Borrower. 7. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with �iny condemnation or other taking of any part of the Property,or for conveyance in place of condemnation, shall be paid to Lender. "i'he proceeds shali be applied tirst to the reduction of any indebtedness under the Second Note and this Security lnstrument. Any excess proceeds over an amount reyuired to pay all outstanding indebtedness under the Second Note and this Security Instrument shall be paid to the entity legally entitled thereto. 8. Fees. Lender may collect f'ees and charges authorized by the Secretary for the }(ome Equity (:onversion Mortgage Insurance Program. 9. Crounds for Acceleration of Debt. (�) Due and Payable. Lendcr may require immediate payment in fiull of ali sums secured by this Secw•ity [nstrument if: (i) A Borrow�er dies and the Property is not the principal residence of at least one swviving Borro�o�er;or (ii) All oi'a Borrower's title in the Property(or his or her beneficial interesl in a trust owi�ing all or part of the Property) is sold or otherwise transferred and no other E3orrower retains (a)title to the Property in fce simple, (b) a leasehold under a lease for not less than 99 years which is renewable or a lease having a remaining period ol'nvi less than 50 years beyond the date oi'the 100th birthday of the youngest Borrower, ' or (c) a life estate in the Properfy (or retains a beneficial interest in a trust with such an interest in the I Property);or � Nebrasl�a 2"��Seczu•itv lnsn7�ment �O Bav Docs,Inc.06/10 Page 3 .