HomeMy WebLinkAbout0915 7621~7-~ `
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If Lender required mortgage insurance as a condition of making the loao secured by this Sec:urity lnstrum~nt,
Borrow~er shall pay the premiums required ro maintain the insurance in effect until such time as the requirement for the
insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law.
8. Inspection. Lender or its agent may make reasonable entries upor~ and inspections of the Property. Lender
shall gi~ e Borrow•er notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
9, Condemnation. The praceeds of any award or claim for damages, direct or consequential, in connection with =
an}~ condemnation or other taking of any part of the Property, or for 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 snall be applied to the sums secured by this Security
Instrument, w•hether 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 sec:ured by this Security lnstrument shall be reduced by =
the amount ot' 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 Bo: rower.
lf the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to
make an award ar settle a claim for damages, Borrower fails to respond to Lendec within 30 days after the date the notice is
given, Lender is authorized to collect and apply the proceeds, at its option, eiiher to restoration or repair of the Property or :
to the sums secured by this Security Instrument, whether or not tben due. ~
Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principai shall not extend or ~
postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. ~
10. Borrower Not Released; Forbearance By Lender Not a Waivcr. Extension of the time for payment or ~
modification of amortization of the sums secured by this Security Instrument granted by I,ender 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 proce~edings against any successor in interest ar refuse to 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 Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy
shall not be a waiver of or preclude the exercise of any right or remedy.
11. Successors and Assi~s Bound; Joint and Several Liability; Co-signers. The covenants and agreements of
this Security Instrument shall bind and bznefit the successors and assigns of I.ender and Bonower, 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 l~iote: (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
[hr cilmc hy rhic Cecurity Instrument; and (cl 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 Borrower's consent.
I2. Loan Charges. If the loan secured by this Security Instrument is subject to a law 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 perrnitted limit; and (b) any sums already collected from Borrower which exceeded
permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed
under the Note or by making a direct payment to Borrower. If a refund reduces principai, the re~uciion will bz trea=e~ as a
partial prepay~ment without any prepayment charge under the Note.
13. Legislation Affecting Lender's Rights. If enactment or e~cpiration of applicable lasvs has the effect of
' rendering any provision of the Note or this Security [nstrument unenforceable according to its terms. Lender, at its option,
~ ma}~ require immediate pa~•ment in fuil of all sums secured by this Security Instrument and may invoke any remedies
; permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of
~ paragraph 17.
~ 14. \otices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or b}•
~ mailing it b~~ first c:ass mail unle~s applicable law requires use of another method. The notice shall be directed to the
~ Property Address or any nther address Borrower designates by r.otice to Lender. Any notice to Lender shall be given by
firsl class mail to Lender's address stated herein or any other address Lender designates b}• notice to Borrower. Any notice
~ pro~ided for in this Security Instrument shall be deemed to have been gi~~en to Borrower or Lender when given as provided
in this paragraph.
~ 15. Governing I.aw; Se~erability. This Security~ Instrument shall be governed by federal law and the law of the
jurisdiction in w~hich the Property is located. In the event that any provision or clause of this Security Instrument or the
~ ~ote conflicts ~ith applicable laa•, such conflict shall not affect other provisions of this Security Instrument or the Note
~ ~~hich can be gi~~en effect w~ithout the conflicting provision. To this end the provisions of this Security Instrument and the
Note are declared to bc severable.
~ 16. Borrower's Copy. Borrow~er shall be given one conformed copy of the Note and of this Security. Instrument.
~ 17. Transfer of the Property or a Beneficial Interest in Borrower. [f all or an}~ part of the Property or any
~ interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural
~rticm) w~ithout Cender's prior written consent, Lender may, at its option, require immediate papment in full of all sums
secured b~~ this Security instrument. Nowever, this option shall not be exercised by Lender if exercise is prohibited by~
- federal law~ as of the date of this Securiry [nstrument.
~ If Lender exercises this option, Lender shail give Borrower notice of accelcration. The notice shall pro~~ide a pericxi
of rot less than 30 da~•s irom the date .he notice is delivered or mailed within which Borrower must pay all sums secured by
~ this Securit}~ 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 conditi~ns. Borrower shall have the right to have
~ ~nforcement of this Security Instrument discontinued at any time prior ro the earlier of: (a) 5 days (or such other period as
applicab!e law~ ma}- specif}~ for reinstatement) before ~ale af the Property pursuant to any~ power of sale contained in this
~ Securit~~ Instrument; or (b) entr}~ of a judgment enforcing this Securit}~ Instrument. Those conaitions are that Borrow•er:
(a) pa}s Lendcr ai1 sums a~hich then w~ould be due under this Security Instrument and the Note had no acceleration
occurred: (b) cures an}~ defauh of an~~ other covenants or agreements: (c) pa}•s all expenses incurred in enforcing this
~ Securit}~ Instrument, including, but nc~t limited to, reasonable attorne}~s' fees: and (d) takes such action as Lender may
~ reasonabl} reyuire t~~ assure that the lien of this Security Instrument, Lender's nghts in the Propertp and Borrower's
~ obligaticm t~ ~a} the sums tecured h~• this Securit~~ Instrument ~hall continue unchanged. U~n reinstatement by
~ ~3~rrc~wer. tniti Securit} In~trumrnt :~nu il~ie c~~i~;gati-vn:;ecure~ ~ereb}~ sha!! rema~n f~~~`j ~g~.^!:V~ ~c ;f nn g~relPratlnsi ha~
~ccurred. How~e~ er, this right to reinstate shall not appl}• in the case of acceleration under paragraphs 13 or 17.
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