HomeMy WebLinkAbout0969 It 1_en~ier reyuired mortgage insuranre as a condition of making the loan secured by this Securit~• Instrument,
B~~rr~~~~er,hail ~a~ the premiums required ta maintain the insurance in efl'ect until such time as the requirement for the
?mur.+~ic< termi»at~~ in accordanre w~ith Borrower's and Lender's written agreement or app~icable law~.
8. Inspection, Lender or its agent may~ make reasonable entries upon and inspections of the Property. Lender
~hall gi~r HurroNer notice at the time ofor prior to an inspection specifying reasonable cause for the inspection.
9. Condemnation. The prckeeds of any award or claim for damages, direct or consequential, in conneciion with
any r~mdemnation or other taking of an}~ part uf the Propert~', or for com•eyance in lieu of condemnation, are hereby
a,~~gncd ~od shall be raid to Lender.
In the erent of a,otal taking of the Pro~~ert~•, the proceeds shal) be applied to the sums secured b~~ this Security
In.trumem, whether or not then due, w~ith anp excess paid to Borrower. In the e~~ent of a partial taking of'the Property,
unle~s E3orr~~w~er and Lender otherwise agree in w~riting, the sums secured by this Se~:urity Instrument shall be red~ced by
thc amount ot the prcxeeds multiplied by the following fraction: (a) the tota) amount of the sums secured immediately
heforr the taking, divided by (b) the fa+r market value of the Property immediately before thc taking. Any balance shall be
~aid to Borrower.
If the Yro~rty is abandoned b~~ t3orrow~er, or if, after notice by Lender to Borrower that tne condemnor otrers to
make an aw~ard or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the da?.e the notice is
gi~~en, Lender is authorized to collect and appl}~ the proceeds, at its option, eiiher to restoration or repair ofthe Property or
to the sums seY ured by tfiis Security Instrument, w~hether or not then due.
Unle~~ Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
~x~st~ne the due date of the monthly payments refened to in paragraphs l and 2 or change tfie amount of such payments.
10. Borrower tiot Released; Forbearance By Lender Not a Waiver. Eztension of the time for payment or
m~xlific~ti~~n of amortization of the sums secured by this Secunty Instrument gtanted by Lender to any successor in
interc~t of Borrow•er ~hall not operate to release the liability of the original Borrower or Borrower's successors in interest.
Lender shali not be required to commence proceedings against any successor in interest or refuse ro extend time for
~a}~ment or nthera ise modify amortization of the sums secured by this Security Instrument b~ reason of any demand made
b~ the origina) Borrow~er or Borrower's successors in interest. Any forbearance 6y ~ender in exescising any right or remedy
~hall not F~ a w~ai~~er of or preclude the exercise of any right or remedy. _
11. Successors ~nd Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of
this Security~ (nstsument shai{ bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions
uf paragraph 17. Borrower's co~~enants and agreements shall be join? and several. Any Borrower who co-signs this Securit}~
lnstrument but dc~s not execute the Note: (a) is co-signing this Security lnsirument only~ to mortgage, grant and com~ey
that Borro~~•er'ti interest in the Property under the terms of this Secunty Instrument; (b) is not personall}~ obligated to pay
the sums secured b~~ this Securit}• Instrumenr, and (c) agre~es that Lender and any other Borrow~er ma}~ agree to extend,
mudif}, forbear or make any accommodations with regard to the terms of this Securit~~ Instrument or the Note without
that Borrow~~r'sconsent.
12. I.oan CharRes. If the loan secured by this Security Instrument is subject tc~ a iaw which sets maximum loan
~harue,. 3nd that faw~ i~ finally interpreted so that the interest or other loan charges collected or to be collected in
~~~nnection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
neces,ar} to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded
~rr?nitted limits w~ili be ref~nded to Borrower: Lender may choose to make this refund by reducing the principal owed
under the ~ote or b}• making a direct pa~~ment to Borrower. If a refu~d reduces principal, the reduction will be treated as a
partial prepa~ ment ~~~ithout any prepayment charge under the Note. ~
13. Legislation Af~ecti~g Lender's Rights. If enactment or expiration of applicable law~s has the eftect of
rendering am pro~~ision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option,
ma~ reyuire immediate pa}~ment in t'ull of att sums secured by this Security lnstrument and may invoke any remedies
; permitted b}~ paragraph 19. If Lender etercises this option, Lender shal{ tai:e the steps specified in the second paragraph of
~~ragraph 17.
' 14. tiotices. An}~ notice to Borrow~er provided for in this Security Instrument shall be given b}~ delivering it or by
mailing it b}~ first class mail unless applicable law requires use of another method. The notice shall be directed to the
~ Yropert}~ Address or any otfier address Borrower designates by notice to Lender. Any notice to Lender shall be grven by
firtit class mail to Lender's address stated herein or any other address Lender designates by notice ro Borrow•er. Any notice
3 ~ro~ ided for in this Securit}~ Instrument shall be deemed to have been gi~~en to Borrow~er or Lender when given as pro~~ided
~ in this paragraph.
~ I5. Governing Ia~~; Severability. This Security~ Instrument shall be governed b}~ federal law and the law of the
; ~urisdiction in w~hich the Property is located. In the event that any provision or clause of ihis 5ecuriiy Instrument or the
k \ote conHicts with applicable law~, such conflict shall not affect other provisions of this Security Instrument or the Note
E :chich ~an be gi~en effect w•ithout the conflicting provision. To this end the provisions of'this Securit}• Instrument and the
~ \ute are derlared to be severable.
16. Borrower's Copy. Borrowei 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. If all or any part of the Nropert}~ or any
- = ~nterest +n it is so{d or transferred (or if a beneficial interest in Borrower is sold or transferred and Barrow~er is not a natural
~ - ~~non) without Lender's prior written consent, Lendec may, at its option, require immediate payment in full of all sumti
6 ~ecureci b~ this Securit}~ Instrument. How~ever, this option shall not be exercised b~~ Lender if exercise is prohibited b~
fedrral law as of the date of this Securit}~ Instrument.
lf Lender exerci5eti this option, Lender shall give Borrower notire of acceleration. The notice shall pr<~vide a~erind
:~f n~,t Itss than 30 days from the date the notice is delivered or mailed within which Borrower must pa}~ all sums secured b~
. thiti Serurity~ [mtrument. [f $orrower faits to pa}~ these sums prior to the expiraiion of this period, Lender may invoke any
rrmedie~ permitted b~~ this Security Instrument without further notice or demand on Borrow•er.
18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrow~er shal! have the right to tiave
~nfc~rrrment o(this Security~ Insirument diuontinued at an}' time prior to the earlier of: (a) 5 da}~s (or such other peric~d as
_~}~Plir:~ble 1aw~ ma} ~pecif}~ i'or reinstatement) before ~ale of the Property pursuant to any power of sale contained in this
~e~urity In~trumec~t: or (b) entr}~ of a judgment enforcing this Security Instrument. Those conditions are that Bc~rrawer:
ra) pa~~t I.ender all wm~ which then w~ould be due under this Sec:urity Instrument and the tiote had n~~ accelerat~on
-,~curred; (b) rures an} default of an}~ other cocenants or agreements; (c) pays all expenses incurred in enforcing this
5rcurit} In~trument. inrluding, but not limited to, reasonable attorneys' fees; and (d) takes such action as I_ender may
r.aticmahl} reywrr t~~ a~tiure that the lien ~f this Security Instrument, Lender's nghts in the Property and ~3orrou~er'S
' ~~bl~gati~~ti t~~ Pa} the tiums secured b}• th~s Security Instrument shall continue unchanged. U~n reinstatement by
. lic~rru«er, thiti Secunt} Intitrument and the obligations secured hereby shall remain fuliy effective as if no acceleration had
:~~~urred. 1ic>we~~r, thiti right to reinstate shail not appl}~ in the case of acceleration under paragrapfis 13 or i 7.
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