HomeMy WebLinkAbout0981 If Lender requ~red mortgage insurance as a cund~t~on of making the loan secured by this Sre:unt~• Instrument,
Horrower shall pay the premiums reyuired tu maintain the insurance in effect until surh time as the reqwrement (or thr
~nsuranre terminates in accordance with Borrower's and L.ender's wntten agreement or applicable law.
8. Inspection. L~nder or its agent may make reasonable entries upon and inspections of the Property. Lender
shall give Borrov?•er notice at the time of or prior to an inspection specifying reasonable cau~ for the mspectiun.
9. Condemnation. The proceeds oiany aw$r~ or claim for damages, direct or consequential, ~n connectiun w~~th
any condemnation or other taking of an}~ part of the Property, or for conveyance in lieu of condemnation, are herrby
assigned and shall be paid to Lender.
In the event of a total taking of the Property, the proceeds shall be applied to the sums sctiured by ~his Sc~urity
Instrument, whether or not then due, with any excess paid to Borrower. Ir. ~he event oC a partial ta{:ing of the Pro~rty,
unless Borrower and l,ender otherwise agree in writing, the sums secured by this Securiry Instrument shall be reduced by
the a~ount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately
befare the taking, divided by (bj the fair market value of the Property immedia«iy before the taking. An}~ balance shaU be
}~aid to Borrower.
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor otTers to
make an awar~ or settle a claim for damages, Borroa~er fails to respond to Lender within 30 days after the date the notice is
~iven, I ~nder is authorizzd to collect an~ apply the proceeds, at its option, either to restoration or repair of the Property ar
to the sur.?s secured by this Se~:urity Instrument, whethe: or not then due.
Unless Lender and Borrower otherwise agree in writing, an}~ application of proceeds to principal sha!1 not extend or
postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such pa;?~ments.
10. Borrower Not Released; Forbearance By Lender Not a V1'aiver. Extension of the time for payment or
modification of amortization of tne sums secured by this Security Instrument granted by Lender to any successor in
interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest.
Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for
payment or otherwise modify amortization of the sums secured by this S.°curity Instrument by reason of any demand made
by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remed}~
shail not be a waiver of or preclude the exercise of any right or remedy.
11. Successors sind Assigns Bound; Joiat aad Several Liability; Co-signers. The coveuants and agreements of
this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions
of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who c~-signs this Secunt}~ i
Instrument but does not execute the Note: (a) is co-signing this Security [nstrument only to mortgage, grant and convey 1
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 a~y other Borrower may agree to extend, ~
modify, forbear or make any~ accommodations with regard to the terms of this Sec:urity Instrument or the Note ~•ithout ~
that Borrower's consent.
12. Loan Charges. If the loan secured by this Security Instrument is subject to a lati which sets maximum loan '
charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in
connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
necessary to reduce the charge to the permitte~ limit; and (b) any sums already collected fr~m Borrower w~hich exceeded
i permitted limits wil) be refunded to Burrower. Lender may choose to make this refund by reduciag the principa! owed
! under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a
; partial prepayment without any prepayment charge under the Note.
~ 13. Legislation 4fTeeting Lender's Rig6ts. If enactment or expiration of applirable law~s has the etTect of
; rendering any provision of the Note or this Security lnstrument unenforceable according to its terms, Lender, at its option.
! may require immediate payment in full of all sums secured t~y this Security~ Instrument and may~ invoke any remedies
~ permitt~d by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of '
~ paragraph 17.
14. Notices. Any notice to Borraw~er provided for in this Securit}~ Instrument shall be given by deli~~ering it or b~~ ,
' mailing it by first class mail uniess applicable law requires use cf another method. The notice snalt be directed to the '
~ ~
~ Property Address or any other address Borrower designatc~ by notice to Lender. An~~ notice to Lender shall :~e gi~en b~
~ first class mail to Lender's address stated herein or any other address Lender designates b}~ notice to Borrower. An}~ notice
~ provided for in this Security Instrument shall be deemed to ha~~e been gi~~en to Borrower or Len~er when given as provided
in this paragraph.
~ 15. Governing Law; Severability. This Securit}• Instrument shall be go~erned by federal iaw and the law~ of the
~ jurisdictiun in which the Property is located. In the event that any provision or clause of this Security Instrument or the
Note conflicts with applicable law, such conflict shall not affect other provis~ons of this Security Instrument or the Note
~ w~hich can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the
~ tiote are declared to be severable.
~ 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security lntitrument.
~ 17. Transfer of the Property or a Bene6cial Interest in Borrower. If all ~r any pan of the Yropen}• or any~
~ interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrow~er is not a natural
~ person) witho~t Lender's prior written consent, Lender ma}~, at its option, req~ire immediate pay~ment in full ~(all sumti
; secured b}~ this Security Instrument. Hou•ever, this option shall nor be esercised by~ Lender if exercise is prohihited b}
~ federal law as of the date of this Security Instrument.
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall pro~ ide a peric~d
of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sum~ secured b~~ I
this Security Instrument. If Borrower fails to pay these sums prior to the expiration of thiti period, I_ender ma}~ imoke an} i
G remedies permitted by this Security Instrvment w~ithout further notice or demand on Borrower.
_ 18. Borro~er's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the righi ro ha~e
~ enforcement of this Security Instrume~t discontinued at any time prior to the earlier of: (a) 5 da}~s (or such ather period at '
~ applicable laa~ may specify for reinstatement) before sale of the Nroperty pursuant to any~ pow~er of sale contained in this
- Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower:
la) pays Lender all sums w~hich ther would be due under this Security Instrument and the Note had no acceleration
~ occurred; (b) cures any default of any other covenanis or agreements; (c) pays all expenses incurred in enforcing this
~ Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes ;uch action as Lender may
~ reasonably require to assure that the lien of this Security Instrument. Lender's rights in the Property and Borrower's
obligation ro pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by
Borrower, this Sec~~rity Instrument and the obligations secured hereby shall remain fully eftective as if no acceleration had
occurred. However, this right to reinstate shali not apply En the case of acceleration under paragraphs 13 or 17.
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