HomeMy WebLinkAbout0989 lf Lender required mortgage insurance as a condition of making the loan secured by this Security Inslrument,
Borrower shall pay the premiums required to maintain the insurance in efi~ect until such time as th: reyuirement far the
insurance terminates in accordance with Borrower's and Lender's written agreemcnt or applicable law.
8, Inspection. Lender or its agent may make reasonabte entries upon and inspections of the Property. Lender
shall give Borrower notice at the time of or prior to an i~spection specifying reasonable cause for the inspection.
9, Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with
any condemnation or other taking of any part of the Property, or for con~~eyance in lieu of condemnation, are he~eby
assigned and shall be paid to Lender.
In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security
Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, .
unless Borro~:er and L.ender otherwise agree in wciting, the sums secured by~ this Security lnstrument shall be reduceci by ~
the amount of the proceecis multip?ied 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 shali be ~
paid to Borrower.
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor oflers to
make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is
given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration 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.
10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
modification of amortization of the sums secured by this Security Instrument granted by Lender ta 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 Security Instrument by reason of any demand made
by the original Borrower or Borrower's successon 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 Assigns Bound; Joiet and Several Liability; Casigners. The covenants and agreements of
this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, sabject to the provisions
of paragraph 17. Borrawer's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security
Instrument but does not ezecute the Note: (a) is casigning 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 p~rsonally obligated to pay
the sums secured by this Secur'sty Instrument; and (c) agrees that Lender an~ any other [3orrower may agree to extend,
modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the IVote without
that Borrower's consent.
22. 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 callected 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 permitted limit; and (b) any sums already collected from Borrower which exceeded
permitted limits wilt be re!'unded to $orrower. 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 principal, the reduction will be treated as a
panial prepayment without any prepayment charge under the Note.
13. Legislation AtTecting Lender's Rights. If enactment or expiration of applicable laws has the eff'ect of
rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option,
may require immediate payment in fall oC alt sums secured by this Security Instrument and may irvoke 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. Notices. Any notice to Borrower provided for in this Security Instrumenc shal! be given by delivering it or by
mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the
Property Address or any other address Borrower designates by notice to Lender. Any notice io Lender shalf be given by
first class mail to Lender"s address stated herein or any other address Lender designates by noiice to Borrow~er. Any notice
provided for in this Security Instrument shall be deemed to have been given to Borrow~er or Lender when given as provided
in this paragraph.
15. Governing I.aw; Severability. This Security Instrument shall be go~•erned by federal law and the law of the
jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the
Note conflicts with applicable law, such corflici shall noi affect other provisions of this Security Instrument or the i~iote
which can be given effect without the cor.flicting provision. To this end the provisians of this Security [nstrument and the
1Vote are declared to be severable.
16. Borrower's Copy. Borrow~er shall be given one conformed copy of the ~'ote and of thit Secunty Instrument.
17. Transfer of the Property or a$eneficial Interest in Borro~er. If all or any~ part of the Yroperty or any
~nterest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower iti nc~t a natural
person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full ~f all sums
secured by this Security Instrument. However, this option shall not be exereised by Lender if exercitie is prohibited by
federal law as of the date of this Security Instrument. ~
If Lender exercises this opuon, Lender shalt give Borrower notice c+f acceleration. The notice shail provide a perie,d
of not less than 30 days from the date the notice is delivered or mailed within which $orrow~er must pa}~ all sums secured by
this Security Instrument. If Borrower fails to pay these sums p~ior to the expiration of thi~ period, Lender may imoke any
remedies permitted by this Security Instrument without further notice or demand on Borrow~er.
18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borroa~er shali ha~e the right to have
enforcement of this Security Instrument discontinued at any time privr to the earlier of: (a) 5 days (or such other period as
applicabte law mag• specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this
Securit}~ Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrawer:
(a) pays Lender all sums which then would be due under this Securit}• Instrument and the Note had no acceleration
oecurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses i~curred in enforcing this
Security Instrument, including, but not limited to, reasanable attorneys' fees; and (d) takes such action as Lender may
reasonably require to assure that the lien of this 5ecurity Instrument, Lender's rights in the Property and Borrower's
obligation to pay the sums secured by 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 acceleration had
occurred. However, this right to reinstate shall not apply in the case of acceleralion under paragraphs I 3 or 17.
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