HomeMy WebLinkAbout0949 If Lender required mortgage insurance as a conditior? of making thc loan s~~urcd by this ScYUntp tnstrument,
Borro~ver shall pa~• the prcmiums req~ired to maintain the insuranre in efl'rc~ until such time as the requiremen~ ~ ir the
insuranre terminates in ~ccord~nce ~vith Borrower's and Lendrr's writtcn agrerment or :?pplirablr law.
8, lnspection. Lender or i~s agent may make reasonable rntries u{wn and in.~xtiu~ms ut' the Proprrty. Lendcr
shall give Borrow~er notice at the time of or p~ior to an inspection specifyiag ~easonable cause fo~ the insQection.
9. Condemnation. The proceecis nf any 3warcf or claim fnr damages, direct nr con~eq~~ential, i~ ~onnection w•~th
any condemnation or other ~aking ot any part of the Property, or for conveyance in lieu of condemnation, are hereby
assigned and shall be paid to Lender.
In the tvent of a total taking of' the Property, tfie pr+oceeds ~fiat1 be applied to the sums secured by tfiis Security
[nstrument, w~hether or not then due. with any excess paid to Borrower. In the event uf a partial taking of the Pcoperty,
unless Borrower and Lender otherwise agree in writing, the sums secured by this Serurity Instrument shall be reduced by
the amount of the proceeds multiplied by the following fraction: (a) the to~al amount of the sums secured immediately
before the taki~g, di~~ided by (b) the fair market value of the Property immediately~ bri'ore the taking. Any balance shall be ~
paid to Borrowec.
lf the Property is abandoned by Borrower, or if, after notice by Lender to Sorrower that the condrmnor otTe~s to
mai:e an award or settle a claim for damaga. Borrower fails to respond to Lender within 30 days af'ter the date the notice is
given, Lender is authorized to collect and apply the proceeds, at its option, tither to rc~storation or repair of the Property ar
to the sums secured b} this Security lnstrum~nt. whether or not then due.
Unless Lender and Borrowec otherwise agrte in writing, any application of proceeds ta principal shall not extend or
postpone the due date ot the monthly payments referred to in paragraphs 1 and 2 or change the amount af such payments.
10. Borrower l~iot Released; Forbeannce By Lender Not a Wairer. Extension of the time for payment or
modification of amortization ot' the sums secured by this Security Instrument granted by Lender to any succe~sor in
interest of Borrower shall not operate to releax the liability of the original Borrower or Borrower's successors in interest.
Lender shall not be required to eommence ~roe~cciinos ?aaincf anv c~~rrrecnr ±~~p~~~ ~e ~:r•~~~ e~;e~~
payment or otherwise modify~ amonization of the sums secured by this Security Instrument by rz:ison of any demand made
by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy
shall not be a waiver of or preciude the exercise of any right or remedy.
il. Successors and Assigns Bouad; 3oiM and Sereral Liabifity; Co-signers. Tfie r~venants and agreements of
this Security Instrument shall bind and benefit the successors and assigns of Lende~ and Borrower, subject to the provisions
of paragraph 1~. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security
Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey
that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay
the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend,
modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without
that Borrov?er's consent.
12. Loan Charges. li the loan secured by this Security Instrument is subject to a law which sets maximum loan
charges. and that law is final{y interpreted so that the interest or other loan charges rollected or to be collected in
connc~tion with the loan exceed the peRnitted timits. then: (a) any such loan charge sha{I be reduced by the amount
neeessary to reduce the charge to the permitted limit; and (b) any sums alread}• collected from Borcower H•hich exceeded
permitted limits ~cill be refunded to Borrower. Lender may choose to make this refund b}• reducing the principal owed
under the Note or b} making a direct payment to Borrower. If ~ refund redurc~ principal. ~br rcduction will be Ireated as a
' partial prepa~ ment without any prep:~ymem rharge under the Note.
j 13. Legislation AffeetinR Lender's Itip~hts. If cnactment or ex~iration of :~r~i~~ablc I:~w~ has tfi~ eflect of
` rendering anp provisiun uf the Note or this Security Instrument unenforceable accurding tci its terms, Lender, at its option.
~ m~y rc~quire immediate payment in fuU of all sums secured by this Security In;trument :~nd may im~oke any remedies
~ ~rmitted by paragraph i9. If Lender exercises this option, Lender shall take the steps sprcified in the serond paragraph of
` naraer~oh 17.
f 14. \otices. Any notice to Borrower provided for i~ this Secunt~ lntitrument ~haU ix: gi~•en b}~ deli~ering it or by
~ mailing it b~~ hnt class mail unless applicablr law rryuirrs use uf anothrr m~th~xl. l~h~ ne?ii« +hall b~ duexted to !!i~
fi Yroperty Addre~ss or any~ other address Borrower designates bj~ ~wtice to Lendcr. Any~ nuticr to Lender shall be gi~~en .
~ hrst class mai{ to Lender's address stated herein or any other address Lender dc~ignates by nat~rr to Borrow~er. Any nou: ~
x ~ra~ ided far i~i this Sc~ucity~ tnst~ument shall be deemed to have been given Io Rorro~~•er ~~r Lrndrr ~vhen given as rrovidcd
~ in thi~ paragr~ph.
~ 15. Governing Law; Severability. This Sc~urit~~ Instrument ~hall be go~erned by irderal la~v and the law oC the _
~ junuiiction in which the Pronerty is Ic~cate~i. t~ rhP P~P~r ~?,~s z..:. _!~:s,: .~•h:.. c__~.-
~ Nute .onHirts with applirable iaw, sunc ~onflict shall not atTc~t ~~ther pruvisiuns ~if ~hi. Srrurity Instrumcn~ or thr Nute
~ which can be gi~~en e@'ect without the cunflicting provision. To this end the pro~i~ions e~ti this Security In~trument and !he
~ Note are declared to be severable.
~ 16. Borrower's Copy. Borrower shall be given one conformed cop}~ of the Note and of this Security Instrument.
~ 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any p:~rt of the Property or any
~ interest in it is sold or transferred (or ii'a beneficial interest in Borrower is sold or transferred and Borrow~er is not a natural
~ Qerson) without Lender's Qrior w~itten consent. Lender may, at its option, require immediate payment in (ull oi' all sums
~ secured by this Security Instrument. However. this optioR shall ~oi be exercikd by L~nder if exercise is profiibited by
' federal law as of the date of this Security instrument.
If Lender ezercis~s this option. Lender shall give Borrow•er notice of acceleration. Thr notire shall provide a period
of not less than 30 days from the date the notice is delivered or mailed within w~hich Borrutirr must pay ali sums secured by
this Security Instrument. If Borrower fails to pay these sums Qrior to the expiration of thi. Prriod. Lendcr may invoke any
~ remedies permitted by this Security Instrument without further notice or demand on [3o~rower.
' 18. Borrower's Rigbi to Reinstate. If Borrower meets certain conditicros. Borruwer ~hall ha~•e ~he right ro have
enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 dr~~s (or such other period as
applicable law~ ma} spc-~iCy fos reinstatement) before saie of the Yroperty pursu~nt to an~~ ~x~~~rr of wle containrcl in thiti
Securit}• Instrument; or (b) entrp of a judgment enforcing this Secusity Instrum~nt. Th~ne c~~nditiom are that BorroN•er:
(a) pa~~s Lender all sums w~hich then would be due under this Security Inscrument anel the tiote had no acceleraiion
- occurred: (b) cures anp de(ault of an~• other covenants or agreements: (c) pays :,II ~xrrnse1 incurred in enforcing thi.
Security lnstrument, inrluding, but not limited to, reawnable attorneys' fees: and (d) ~ak~~ ~urh action as Lender ma}•
~ reasonablp require to assure that the lien of this Security Instrument, Lender's nghty in thr Property and Borrower's
obliganon to pac the ~ums seeured by this Sc~urity (nstrument shall com~nue uncfiangcd. U~xm reimtatement by
~ Born»rer, this Srrurit} Instrument af~d Ihe obligatiom u~cur~Yi hrreb~~ ~hall rrrnain full~~ etlirti~~c a~ if i?c~ acccl~rati~m h~d
occurred. Howrser, this right to reinstate shall no~ apply in ~hr r~sc: of arrclerati~m un r ph~ 13 Q
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