HomeMy WebLinkAbout0991 If Lender required mortgage ~nsurance as a cundition of making the loan u~urzci by thu Sctiunty Imtrumrnt,
&~rrow~er shall pay the premiums rrquired to maintain the insurance in etTeti;t unul such time as the reywremrnt f~~r the
insurance terminates in accurdance with Borrower's and Lender's w~ritten agreement or applirable law•.
8. Inspection. Lender or its agent may make reasonable eniries upon ar~d inspectic~ns of the Pro~rty. Lrnder
shall gi~~e Borrow~er notice at the time of or pnor to an inspection specify~ng reasonable cause for the ins~ ~iun.
9, Condemnation. The proceeds otany award or claim for damages, dirc^~t or cun~qurntial, in runnc~t~un w~th
any condemnation or other taking of any part of the Property~, or Por conveyance in lieu of r~~ndemn.uion, are hereh~
assigned and shall be paid to Lrnder.
In the event of a total tal:ing of the Property, the proceeds shall be applied to the sums secured by this Secunt}
Instrument, whether or not then due, with any excess paid to Borroaer. In the event of a partial taking of ihe Pro~ny,
unless Borrower and Lender otherv?•ise agree in wciting, the sums secured by this Serurity~ Instrument shall be reduced by
the amount of the proceeds multiplied by the following fraction: (a) the tctal amount uf the sums sc~:ured immediately
before the taking, divided by (b) the fair market value of the Property immediately before the taking. An~~ balance shall be
paid to Borrower.
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to
make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days aRer the date the notire is
given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or rep~ir oi~the Property or
to the sums secured by this Security Instrument, whether or not then due.
Unless Lender and Borrower otherw•ise agree in writing, any application of proceeds to principal shall not extend or
postpone the due date oFthe monthly payments reterred to in paragraphs 1 and 2 or change the amount of such payments.
10. Borrower Not Released; Forbearance By L,ender Not a Waiver. 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 Borrower shall not operate to release the liability of the original Borrower or Borrow~er's successors in interest.
Lender shall not be required to commence proceedings against any successor in interest or refuse te~ extend time for
payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made
by the original ~orrower or Borrower's successors in interest. Any forbearance by Lender in exercising an}• right or remed}•
shall not be a waiver of or preclude the exercise of an~~ right or remedy.
11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreementti of
this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to tf~e provisions
of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower w•ho co-signs this Securit}~
Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and comey
that Borrower's interest in the Property under the terms of this Security [nstrument; (b) is not personally obligated to pa~~
the sums secured by this Security Instrument; and (c) agrees that Lendzr and an}~ 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 Borrower's consent.
12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum li~an
charges, ar~d that law is finally interpreted so that the interest or ather 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 b}~ the amount
necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrow~er w~hich exceeded
permitted limits w•i!1 be refunded to Borrower. Lender may choose to make this refund by reducing ihe principal ow~rd
under the Note or by making a direct payment to Borrower. If a refund reduces princi~al, the reduction ~s~ill be treated as a
I~ partiai prepayment without any prepayment charge unde; the Note.
i 13. Legislation Affecting. Lender's Rights. If enactment or expiration of applicable law~s has the efiect c~f
~ rendering any provision af the Note or this Securit~• Instrument unenforceable according to its terms, Lender, at its option,
may require immediate payment in full of a11 sums secured by this Securit}~ instrument and ma}• in~c~ke any remedies
permitted by paragraph 19. If Lender exercises this opiion, Lender shall take the steps specified in the second paragraph of
paragraph 17.
14. ~iotices. Any notice ro Borro:+~er provided for in this Security Instrument tihall be gi~en by delivering it «r b~
mailing it by first class mail unless applicable law~ require~ use of another method. The notire shall be directed to the
Property Address or any other address Borrow~er designates by notice to Lender. An}~ notice t~ I.ender ,hall be gi~~en b~
first class mail to Lender's address stated herein or any other address Lender designatet b} notice to Borrow~er. Am~ nc~tice
; provided for in this Securit~• Instrument shall be deemed to have been given to Borrow•er ~r Lender u•hen given ati prci~ ided
in this paragraph.
15. Governing I,aw; Severability. This Security~ Instrument shall be gc~~erned b~ federal 1aw and the la~~ <~f the
z jurisdiction in which the Property is located. In the event that any procision or clause of this Securit~~ Instrument e~r the
~ Note conflicu with applicable law, such conflict sha11 nat affect other provisions of thu Securit}~ Instrument ur the ticite
R w•hich can be given effect without the conflicting provision. To this end the provitiionti of thiti Scrurity Intitrument and the
Iv'ote are declared ro be severable.
16. Borrower's Copy. Borrower shall be given one conformed cop}• ~~f the tic~t~ and of this Securit} Intitrument.
17. Transfer of the Property or a Beneficial Interest in Borrower. If all ~r an}~ part of the Propert}~ t~r an~
interest in ii is sold or transferred (or if a beneficial interest in Borrow~cr is sold or tran~ferred and Borrower iti not a natursl
person) without Lender's prior written consent, Lender ma}~, at its option, reyuire immediatr payment in full of all wmti
secured by this Security Instrument. How~e~er, this option shall nor b<; exerritied b} l.ender if exercitie is ~rohihited h}
- federal law as of the date of this Security Instrument.
If Lender exercises this option, Lender shall give Borrower not~ce of accelerahon. The notice tihal l pro~ ide a peric~d
of not less than 30 days from the date the notice is delivered or mailed w~ithin u•hich Borrower must par~ aii tium~ tiecured h}
this Se~urity Instrument. If Bocrower fails to pay these sums prior to the expiratian of thiti period. Lender ma}' im«kc an}
remedies permitted by this Security Instrument without further notice ~r demand on Bexrower.
18. Borrower's Right to Reinstate. If Borrower meets certain conditinns, Horrow~er ~hall ha~e the nght to ha~c '
enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 ~la}~s (~r such other p~riod a~
applicable law ma}~ specify for reinstatement) before sale of the Property~ pursuant t<i any p~n~~er ~f ~ale contained in thi~
Secunty Instrument; or (b) entry of a judgment enforcing this Security Intitrument. Those c~nd~tions are that f3c~rrow~er:
_ (a) pays Lender a!I sums which then w~ould be due under this Securit~~ Instrument and the Note had nn acceleration
occurred; (b) eures any default of any other covenants or agreements, (c) pa}•s a!1 ex~;enses incurred in enforcing this
Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes ~uch act~~n a~ I.ender may
reasonably require to aswre that the lien of this Security Instrument, Lender's nghts in the Propert} and E3orrc~uer't
obligation to pay the sums secured by this Security Instrument shall continue unchanged. li~n reinstatement hy
Borrower, this Secunty Instrument and the obligations secured hereby~ shall remain fully~ etTective as if no acceleratic~n had
occurred. However, this nght to reinstate shall not apply in the case of acceleration under paragraphs I 3 or 17.
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