HomeMy WebLinkAbout0967 If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument,
Borrower shall pay the premiums required to maintain the insurance in effect untii such time as the requirement for the
insurance terminates in accordance with Borrowet's and Lender's written agrr:ement or applicable law.
8. Inspection. Lender or its agent may make reasanable entries upon and inspections of the Property. Lender
shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with
any condemnation or other taking of any part of the Property, or tor conveyance in lieu of condemnation, are hereby
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 secured by this Security
InstrUment, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property,
unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by
the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately
before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be
paid to Borrower.
lf the Property is abandoned by Borrower, or if, after notice b}• Lender to Borrow~er that the condemnor ofters to
make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is
given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or
to the sums secured by this Security Instrument, whether or not then due.
Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
postpone the due date of the monthly payments referred to in paragraphs 1 and 2 ar change the amount of such payments.
10. Borrower Not Released; Forbearance By Lender Not a VVaiver. Extension of the time for payment or
modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in
interest of ~3orrower shall not operate to release the liability of the origina) 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 othervvise modify amortization of the sums securrd by this Security Instrument by reason of any demand made
by the original Borrower or Borrower's successors in interest. Any Corbearance by Lender in exercising any right or remedy
shall not be a w•aiver of or preclude the exercise of any right or remedy.
11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants 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 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 ihe Property under the terms of this Securitp Instrument; ~b) is not personally obligated to pay
the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower ma~~ agree to extend,
modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without
that Borrower's consent.
12. Loan Charges. If the loan secured by this Security Instrument is subject to a law w•hich sets max~mum 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 amaunt
necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded
permitted limits will be refunded to Borrow•er. Lender may choose to make this refund by reducing the principal owed
under the Note or by making a direct payment to Borrow~er. If a refund reduces principal, the reduction will be treated as a
partial prepayment without any prepayment charge under the Note.
; 13. Legislation Affecting Lender's Rights. If enactment or expiration of appficable laws has the effect of
~ rendering any provision of the Note or this Securit~• Instrument unenforceable according to its terms. Lender, at its nption,
may require immediate payment in full of all sums secured by this Security Instrument and may im-oke any remedi~.~s
~ permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of
paragraph 17.
14. ~iotices. Any notice to Borrower provided for in this Securit}• Instrument shall be given by delivering it or by
mailing it by~ first class mail unless applicable law~ requires use of another method. The notice shall be directed tn the
Propert~~ Address or any other address Borrow~er designates by notice to Lender. An}~ notice to Lender shall be given by
first dass mail to Lender's address stated herein or any other address Lender designates b~• notice to Borrower_ Any nouce ,
provided for in this Security [nstrument shall be dee~ned to ha~~e been gi~~en to Borrower or Lender when given as provided 3
in this paragraph.
15. Governing La~; Severability. This Securit~~ Instrument shall t~e go~~erned by federal law and the law of the
jurisdiction in which the Property is iocated. In the e~~ent that any pruvision or clause ol this Security Instrument or the
Note conflicts with applicable law, such conflict shall not afi'ect other provisions of this Security Instrument or the Note
w~hich can be given eft'ect without the conflicting provision. To this end the provisions o( this Security Instrument and the
tiote are declared to be severable.
~ 16. Borrower's Copy. Borrower shail be given one conformed copy~ of the Note and of this Security Instrument.
~ 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any
nterest in it is sold or transferred (or :f a beneficial interest in Borrower is sold or transferred and Borrower is not a natural
~>erson) without Lender's prior written consent, Lender may, at its option, require immed~ate payment in full of all sums Q~
~ecured b}• this Security Instrument. However, this option shall not be exercised b}~ Lender if exercise is prohibited by
federal law as af the date of this Security Instrument.
~ If Lender exercises this option, Lender shall gi~~e Borrower notice of acceleration. The notice shall provide a period
~ of not less than 30 days from the date the notice is delivered or mailed w~ithin which Borrow•er must paS all sums secured by i
,his Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may in~oke any ~
~ remedies permitted by this Security Instrument without further notice or demand on Borrower.
~ 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have {
enforcement of this Security Instrument discontinued at any time prior ro the earlier of: (a) 5 days (or such other period as :
applicable law~ may spec~fy for reinstatement) before sale of the Property pursuant ro any power of sale contained in this ;
Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower:
(a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration
occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this
Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may
~ reasonably require to assure that the lien oP thi~ Security Instrument, Lender's rights in the Property and Borrower's
obligation to pay the sums secured by this Security Instrumen: shall continue unchanged. Upon reinstatement by
Borrower, this Security Instrument and the obligations secured hereby shall remain tully effective as if no acceleration had
occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17.
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~o~ 455 P,~~ 9fi~ '
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