HomeMy WebLinkAbout0989 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 until such time as the requirement for the
insurance terminates in accordance with Horcower's and Lender's written agrc~rt~ent or applicable law.
S. Inspectioa. Lender or its agent may make reasonable entries upon and inspections af ~he Property. Lender
shall give Borrower notice at the time of or prior to an inspection speciCying reasonable cause for the inspection.
9. Coademnation. The proceeds of any award or claim for damages, direet or consequential, in connc~tion with
an~• condemnation or other taking of any part of the Property, or for conveyance in lieu o( condemnation, are hereby
assigned and shall be paid to Lender. .
In the event of a total taking of the Property, the proceeds shali be applied to the sums se~;ured by this Security
Instrument, whether or not then due, with any eacess paid to Borrower. In the event of a partial taking of the Property,
untess Borrower and Lender otherwise agree in writing, the sums secured by this Secunty 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 Borro~~er.
If the Property is abandoned by Borrower, Qr if, after notice by Lender to Borrower that the condemnor offers to
make an award or settle a cla~~n for damages, Borrower fai!s to respond to Lender within 30 days after the date the notice is
gi~~en, Lender is authorized to collect and apply the proceeds, at its option, either to restaration 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 or change the amount of such payments. f
10. Borrower Not Released; Forbearance Hy Lender Not a VVaiver, Extension of the time for payment or
modification of amortization of the sums secured by this Security Instrument grantc-c1 by Lender 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 proceedings against any successor in interest or refuse to extend time for
payment or otherwise modify amortization of the sums secured by this Securit~~ Instrument by reason of an}~ demand made
b}~ the original Borrower or Borrower's successors in interest. Anp forbearance b~° 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 Assigns Bnund; 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 casigns this Security
Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and conve}•
that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay
the sums secured bp this Security Instrument; and (c) agrees that Lender and an}~ other Borrower may agree to exter.d,
modify, forbear or make any~ accommodations with regard to the terms of this Secunty Instrument or the Note without
that Borrow~er's consent.
12. Loan C6arges. [Fthe loan secured by ihis Securit~• Instrument is subject to a law• w~hich sets maximum loan
charges, and that laa~ is hnally interpreted so that the interest or other loan rharges collected er to be coflected in
connection with the loan exceed the pe*~mitted limiis, then: (a) any such loan charge shall be reduced by the amount '
necessary to reciuce the ~harge to the permitted limit; and (b) any sums alread}• callected from Borrower which exceeded
permitted limits will be refunded to Borrower. Lender may choose ro make this refund by reducing the princ~pal ow•ed ~i
under the Note or by making a direct payment to Borrow~er. If a refund reducc~ principal, the reduction will be treated as a
partial prepayment without any prepayment charge under the Note.
13. Legislation Affeeting Lender's Rights. If enactment or expir~tion of appiicable law~s has the ef~ect of
rendering any provision of the Note or this Sc~urit}~ Instrument unenforcwhle arrc,rding to its terms, Lender, at its option,
may require immediate payment in full of all sums secured h}~ this Secunt} ~ntitrument and may in~oke an}~ remedies
permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps sperified in the serond paragraph of
paragraph 1', .
14. \otices. An}• notice to Borrow~er provided for in this Secarit~~ In~trument shall be gi~~en b~~ delivering it ~~r h}
mailing it by first class mail unless applicable law requires use of another methe~d. The notire shall be directed ti~ the
Propert}~ Address or an}~ other address Borrow~er designat~ b~~ no[ice to Lender. Any notire to Lender shall be gi~en h}
first class mail to Lender's address stated herein or any other address Lender designates b~~ nc~tice to &~rrc~wer. An~~ n~~tire
F provided for in this Security Instrument shall be deemed to ha~e been gi~•e~ to Borro~cer ar Lender w~hen g~~en ati pruvidcd
` in this paragraph.
I5. Gorerning La~; Severability. This Securit}~ Intitrument shall he gu~~erned b~ federal la~• and the law «f the
~ jurisdiction in w~hich the Property is located. In the e~•ent that an}~ prorision or clause ~f this Sec~urit~~ Ins~rument or the
~ tiote conflicis with applicable law, such conflict shall not affect other pro~isions of this Security tnstrument or the Nc~te
which can be given eftect without the conflicting provision. To this end the provisions of this Sc~urih~ Instrument ~nd the
tiote are declared to be severable.
16. Borrower's Copy. Sorrower shall be given one ronformed cc~py uf the ti'otr and e~f this Securit~• Instrument.
l7. Transfer of the Property or.a Beneficial Interest in Borrower. If aL' c~r an~~ part of thc Property or an}
interest in it is sold or transferred (or if a beneficial interest in Borrow•er is sold or transferred and Bormwer is nc~t a natur;.tl
` person) without Lender's prior written consent, Lender map, at its optiort, reyuire immediate payment in full of all sums
secured by this Security Instrument. How~ei~er, this option shall not be exercised h}• Lender if exercitie i~ prohibited b~
federal law as of the date of this Security Instrument.
If Lender exercises this option, Lender shal) gi~•e Borrow~er notice of acceleratinn. The notice shall provide a pc nc~d +
of not less than 30 days irom the date the notice is delivered or mailed w•ithin w•hich Borrow~er mu1t pa~~ all sums secured by
- this Security Instrument. If Borrower fails to pay these sums prior to the cxpiration of thit peric~d, Lender ma}~ in~~oke an}
remedies permitted by this Security Instrument w ithout further notice or demand on Borrower.
18. Borrower's Right to Reinstate. If Borrower meets certain conditi~ns, Borrower shall ha~e the right to ha~e
enforcement of this Security Instrument discontinued at any time prior to the carlier of: (a) 5 days (or such other period as
applicable law may specify for reinstatement) before sale of the Propert}~ pursuant to any pow•er of sale t_ontained in this
Security Instrument; or (b) entry of a judgment enforcing th~s Security Instrument. Those conditions are that E3orrower:
(a) pays Lender all sums which then w~ould be due under this Securit}~ Instrument and the Note had no accelerat~on
- occurred; (b) cures any default of any other covenants or agreements: (c) pays all expenses incurred in enforcing this
' Security Instrument, includin~, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may
reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and B~rrower's
obligation to pa3~ the sums secured 'oy this Security Instrument shall continue unchanged. Upon ~reinstatement by
Borrower, this Security~ Instrument and the obligations secured hereby° shall remain fully effective as if no accel:rat~on had
occurred. However, this right to reinsiate shall not apply in the case of acceleration under paragraphs 13 or 17.
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