HomeMy WebLinkAbout0943 lf L.ender required mortgage insuru~c~ as a condition of maling the loan secured by this Security Instrument,
Bonower shall pay the premiums requirod to maintain the insurance in etFxt until such time as the roquirement for ihe
insurance terminates in acconiance with Horrower's and L,ender's writtsn agroemrnt or applicable law.
a. Iaspeedoa. Lrnder or its agent may ma~e reasonable rntries upun and inspections of th~ Property. [.ender
shatl give Borrower natice st the time of or prior to an inspoction spocifying reasonable cause for the inspection.
9. CoudemnaNoa. The proooeds of any award or claim for damages, direct or consequential, in connection with
any oondemnatioa or other taking oi any part of the Preperty, or for conveyance in lieu of condemnation, are hereby
sssigned and shall be paid to Lrnder.
In the evrnt ot a total taking of the Property, the procoais shall be applie~ to the sums secured by this Security
Instrumtnt. whether or not thrn dne, with any excacs paid to Borrower. In the evtnt of a partial taking c>E'the Property,
unlas Borno~ver and I.endrr otherwise agree in writing. the sums secured by this Security lnstrument shall be reduced by ;
the amount of the proceads multipliod by the following fraction: (a) the total amount of th~ sums secured immediately ~
t+efoire the taking, divided b;? (b) the fair market value of the Property immodiately before the taking. Any balance shall be
paid to Borrower. t
If the Property is abandoned by Borrower. or if, aRer notice by Lender to Borrower that the condemnor offers to
maice an award or xttle a claim for damages, Borrower fails to respond to Lender within 30 days aRer the ~ate the noticc is
given. Lender is authorized to collect and apply the p~oce~ds, at its option~ either to resto~tion or repair of the P~operty or
to the sums secured by this Security Instrument, ahether or not then due.
Uniess Lender and Borrower otherwise agroe in writing. any application of procads to principal shall not extend or
postpone the due date of the monthly payments r~ferred to in paragraphs 1 and 2 or change the amount of such payments.
10. Borrower Not Released; Forbdu~ance By I.ender Not a Wai~er. Eatension of the time for payment or
modification of amortization of the sums socurod by this Socurity Instrument granted by Lender to uny successor in
interat of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest.
Lender shaU not be ~oquirod to commenoe procoedings against any successor in interest or refuse to eatend time for
paymrnt or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made
by the originat Borrower or Horrower's successors in interest. Any forbeanince by Lender in exercising any right or remedy
shall not be a waiver of or proclude the exercise of any right or remedy.
ll. S~or~ and AsQI~s Bound; Jot~t and Se~enl I~ability; Co-signers. The covenants and agrcements of
this Securiry Instrument shall bind and benefit the suocasors and assigns uf Lender and Borrower, subject to the provisions
of paragtaph 17. Borrower's covenants and ageements shaA be joint and several. Any Borrower who co-signs this Security
Instrumrnt 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) agras that Lender and any other Borrower may agree to eztend,
modify, forbear or make any acxommodations with regard to the terms of this Security Instrument or the Note without
that Borrower's consent.
12. Loxn Charges. If the loan secured by this Security Instrument is sublect t~ a law which sets maximum loan
charges, and tha.t law is Gr„ally inta:preted so that the intertst or other loan charges collected or to be collected in ,
oonnection with the laan excoed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
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 Borrower. I.ender may choose ta make this refund by reducing the principal owed
under the Note or by making a dire~:t payment to Borrower. If a refund reduces principal, the reduction will be treated as a
partisl prepayment withou~ any prcpayment chazge under the Note.
E 13. Ix~islation AlTecting I.ender's Rig6b. If enactment or eapiration of applicable laws has the effect aF
~ rendering any provisior. of the Note or thi~ Security Ilstrument unenforceable according to 'sts terms. Lender, at its option,
may roquire immtdiate payment in full of all sums secured by this Security Instrument and may invoke any reruedies
permittod by paragraph 19. If Lender eaercises this option, Lender shall take the steps specified in the second paragraph of
paragraph 17.
14. 1l~tiees. Any notice to Borcower provided for in this Security Instn:ment shall be given hy delivering ii or by
mailing it by first class mail unless applicable law requires use of another method. The no?ice shall be directed to the
~ Property Address or any other addr~ss Borrower designates by notice to I,ender. Any notice to Lender shall be given by
first class mail to Lender's address stated herein or ~ny othet add;ess Lender designates by notice to Borrower_ Any notice
provided for in this Security Instrument shall be deemed to have been given to Bonower or Lender when given as provided
in this paragraph.
15. Governing I.aw; Sererability. This Security Instrument shall be governed by federal law and the law of the
jurisdiction in which the Propcriy is located. In the event that eny provision or clause of this security I~~strument or the ~
" Note con9icts with applicable law, such conflict shall not atfect other provisions of this Security Insirument or the Note ~
which can be given effect with~ut the conflicting provision. To this end the provisions of this Security Instrument and the j
Note are dec!ared to be severable.
~ 1~. Borrower's Copy. Borrower shall be given ~ne conformed copy of the Note and of this Security Instrument.
27. Transfer of the Property or a Beneficial Interest in Borrower. If a1: or any part of the Propery sny
interest in it is sold or transftrra~ (a: if a beneficial interest in Borrower is sold or trancferred and Bonower is not a natural
person) without I.ender's prior written consent, L.ender may, at its option, require irr~mediate payment in full of all sums
securod by this Security Instrummt. Howevet, this option shali not be ezercised by Lender if eaercise is prohibited by
~ tederal law as ~f the date of th~s Security Instrument.
If Ltnder eaercis~ this option. I.ender shall give Borrow2r notice of accelerstion. T'he notice shall provide a perial
~ flf not less than 30 days from the cfate the notice is delivered or mailed within which Bonower must pay atl sums secured by ;
' this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period. Lender may invoke any ~
~ remedies permitte~ by this Security Iastrument without further notice or demand on Borrower.
1$. Borrower's Rig6t to Reinstate. If Botrower nieets certain conditions, Borrower sha;l have the right to have
enforctment of this Security Instrument disr,ontinued at any tirr~e prior to the earlier of: (a) S days (or such other period as
~ applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this ;
Security Instrument; or (b) entry of a judgment taforcing this Security Instrumer.t. Thcse conditions are that Borrower:
(a) pays Lender all sums which then would be due under this Security Ir~strument and the Note Fad no acceleration
oc: urred; (b) cures any default of any other covenants ~r agreements; (c) pays all expenses incurred in enforcing this
~ Security Instrum~nt, including, but not limited to, reasonablt attorneys' fees; and (d) takes such action as I.ender may
~ reasonably roquire to assure that the lir~ of this Socurity Instrument, L.ender's rights in ?he Property and Borrower's
; obligation .o pay the su~ns secured by this Security Instrurt;ent shall continue unchanged. Upon rcinstatement by ~
~ Bonower, this Security Instrument and the obligations secu~ed hereby shall remain fully effective as if no acceleration had ~
~ occurred. However, this nght to reinstate shall not apply in the case of acceleration under paragraphs : 3~r 17. ~
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