HomeMy WebLinkAbout0982 If' Lender reyuirrd mortgage insurance as a condition uf makir~g the luan secured by this Securit~• Instrument,
f3urruHer ~hall pay the premiums required to maintain the insurance in effect w?til surh time as Ihe requirement for the
i?i.ur~?nce ~erminates in arcurdance w~ith Borrower's and Lender's written agreement or applirable law.
8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Pro~xrty. l.ender
,hall gi~ e f3orrow~er notice at the time of or prior to an inspection specifying reasonable rause for the inspection.
9. Condemnation. The pnxeeds at~ an~~ aw~ard or claim for damages, direct ur conseyuential, in cc~nnection with
any rondemnation or other taking of any part of the Pro~rty, or for com~eyance in lieu of condemnation, are hereby
;~s,ignrd and shall be paid to Lender.
In tne event of a total taking of the Propert~~, the proceeds shall be applied to the sums secured by this Security
Instrument, w~hether or not then due, a~ith any excess paid to Borrower. In the event of a partial taking of the Propert}~,
unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by
the amount of the pra-eeds multiplied by the following fraction: (a) the total amount of the sums secured immediately
before the taking, divided by (b) the fair market ~~alue of the Property immediately before the taking. Any balanre shall be
paid to Borrow~er.
If the Property is abandoned by Borrower, or if, after notice by L.ender to Borrower that the condemnor ofTers to
make an award or settle a claim for damages, Borrow•er fails to respond to Lender within 30 da~~s after the date the notice is
gi~en, Lender is authorized to collect and apply the pra:eeds, at its option, either to restoration or repair of the Propc.rty or
to the sums seti:ured by this Securty Instrument, whether or not then due.
Unless Lender and Borrower otherwise agree in writing, any application of pra;eeds to rnncipal shall not extend or
Ewst~ne the due dare of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such papments.
10. Borrower tiot Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
modification of amortization of the sums see:ured by this Security Instrument granted by Lender to any successor in
interest of Borrow~er 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
pa}~ment or otheru ise modif~~ amortization of the sums secured by this Security Instrument by reason of any demand made
by the origiual Borrow~er or Borrow~er's successors in interest. Any forbearance by Lender in exercising any right or remedy
shall not be a w•aiver of or preclude the exercise of any right or remed~~.
11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of
this Security Instrument shall bind and benefit the successors and assigns oi Lender and Borrow•er, subje~:t to the pro~~isions
of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security
Instrument but dces not execute the Note: (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
the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrou~er may~ agree to extend,
modify~, forbear or make any accommodations with regard ro the terms of this Securit}~ Instrument or the Note w~ithout
that Borrower's consent.
12. I.oan Charges. If the loan secured b}~ 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 a~ith 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 will be refunded to [3orrow~er. Lender may choose to make this refund b}~ reducing the principal ow~ed
under the Note or by making a direct pa}~ment to Borrower. If a refund reduces principal, the redurtion w~ill bc: treated as a
parti:~l prepa}•ment w~ithout any prepay~ment charge under the Note.
13. Legisiation Affecting Lender's Rights. If enactment or expiration uf appticable ~1N'S has the effect of
rendering am pro~~i~ion of the Note ~r this Securit~~ Instrument unenforccable according to itti terms, Lender, at its option,
~ ma} reyuire immediate pa~~ment in full of all sums securrd b~~ this Securit}• (nstrument and ma} in~c~ke an}' remedies
~ permitted b~~ paragraph 19. If Lender exercise~ this option, I_ender shall take the ste~s specified in the serand paragraph of
; paragraph 17. ~
~ 14. \otiees. An~~ notice to Borrower pro~~ided for in this Securit~~ L~strument tihall be gi~en b}' deli~ering it or by~ ~
~ mailing it b~ first class mail uniess applicable law~ requires use of another me.hod. [ he notire shall tk directed to the
~ Propert~~ Address e~r an}• other address Borrow~er designates b}• notice to Lender. An}• noti~e tc~ Lender tihail be gi~~en by
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~ first class mail to Lender's address stated herein or an}~ other address Lender designates b~~ notice tc~ Bormwer. An~~ notice
pro~ided for in this Se~urit}' Instrument shall be deemed to ha~e been gi~en te~ B<~rrower ~u Lender ~~hen gi~en as ~ro~ided ;
in thii paragraph.
15. Governing I,aw~; Se~~crabilit~•. Thi; Securit} ir.strument shall he go~•erned b} federal law and the laN~ of the
jurisdiction in w~hich the Propert}~ is located. In the e~ent that an}~ provision or clause of this Serurit}~ Itiistrument or the
~ ti~~te conflicts with applic~thle law~, such conHict thall not affect other provisions of this Securit~~ Instrument ~r the tie,te
~~hich can bc: given effect withaut the conflicting pro~ision. To this end ;he ~rrnisions of this Sec~rit}~ Inttrument :~nd the ,
~ ti~te are declared to be se~~erable.
~ 16. Borrow~er's Copy. Bormw~er shall be gi~~en one ronformed cop} e~f ?he ti~te and c~f thi~ Serunt}~ Instrument.
17. Transfer of the Property or a Beneficial ~nterest in Borrower. If all c~r an~ rart of the Pre~pert~ or any
~ ~ntere~t in it is 5o1d c~r transferred (or if a b~:nef cial interest in Borrower iti u~ld cir trantiferred and Borrower i~ nc~t a natural
~ pertioi~) «ithout t.ender's prior µ~ritten ronser:t, Lender ma}~, at its c~~tic~n, reyu~re immediate ~a}~ment in (ull c~f sll tiumti
~ ,rcured h}• this Securit} Instrument. H~w•e~~er, this option shall no~ he exrr~ised b} Lender it~ e~ercise iti prohibite~i by~
k fede~al law as of ihe d.ste of this Securit}~ [nstrument.
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r tf Lender exercises thi~ option, Lender thall give E3orrower nonre ~f accelerati~~n. The notice tihall ~re~~•ide a}xricxi
- «f n~~t leti~ than 30 ~a} ti fmm the date the n~tice is deli~ered c~r ma~led w ithin ~chirh I3c~rrc~~cer must pay all ~um~ tiecur~d hy
thi~ Serurit}~ Imtrument. If Borrow~er failti to pa}~ these sums pric~r to the cxpirati~n of thiti peric~d, Lender ma~ in~e~ke an~
remedies permitted b~~ thi5 Securit}• Instrument w~ithout further notire or d~mand :~n E3orru«er.
~ 18. Borrower's Right to Reinstate. If Borrower meets certain cc~nditic~ns, Borrc~wer shall ha~e the right tc~ ha~e
enfcirrrment c~f thi5 Securitc In~trument ditcont~nued at an~~ time ~rie~r to the earlier c~f: (a) 5 da}~s (or such other perioc.i a;
~ ~~~lic~ihle law may ti~ecif}~ f~r rein~tatement) before sale of the Yro~erty {~ursuant to any power of sale contained in this
; Serunty In~tri?menr, c~r (b> entr~~ ~f a judgment enforcing this Securit}~ Instrurnent. Thotie conditions are that I3orrower:
~ (a) p~~~ Lender all sumti which then w~ould be dur under this Securit}~ Instrument and the Note had no acceleration
~3 urcurred: (h) ~ureti am defauli of an} other co~~enantc or agreementti; (c) ra}~s all expenseti incurred in enforcing this
~ Secur~t•, lntitrument. including, b~rt ncn limited to, reasonable attorne}s' fee~; and (d) takes ,uch action as Lender ma}•
~ rea,~mahl~ r~yuire t~~ ~~wre that thc lien ~f thi~ Securit}~ Instrument. Lender'S nghts in the Propert}' and t3arroµ~er's
~ cihligati~}n t~~ the tumt secured h}• thi~ Securit}• Instrument ~hall cc~ntinue unchanged. U~n rein;tatement b}•
I3c~rrc~wer, thi~ Securit~ {ntitrume~t and the ~bligatiom tiecured 'nereb} shall remain full~~ effecti~e as if n~ acceleration had .
~ ~~crurred Hnue~er. thit right tc~ re~ntitate tihall nc~t appl} in the ra~e of accelerat~on under paragrarh~ I3 or 17.
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