HomeMy WebLinkAbout0971 It Lender required mortgage insur~nce as ~ condition of making the loan secured by this Security Instrument,
Borrower shall pay the premiums reyuired to ma~~;ain the insurance in effect until such time as the requirement for the
insurance terminates in accordance with BorroweYs and Lender's written agreement or applicable law.
8. Inspection. Lender or its agent may make reasonable entries upon and insaections of the Property. Lender
shall gi~~e Borrower notice at the time of or prior to an inspection specifying reasonabte rause for the inspection.
9, Condemnatiun. The proceeds of any award or claim for damages, direct or consequential, in connection with
any condemnation or other taking of any part ot the Pruperty, or for conveyance in lie~ of condemnation, are hereby
assigne~i and shall be paid to Lender.
In the e~~ent of a total taking ot the Property, the proceeds shall be applied ro the sums secured by this Srcurity ~
lnstrUment, w•hether or not then dur, with any excess paid to B~rrower. ln the event of a partial taking of the Property, ~
unless Borrower and Lender otherw•ise agree in writing, the sums secured by this Se~:urity Instrument shal! t~e reduced by ~
the amc~ut~t a1 the proceeds multiplied b~~ the follow~ing fraction: (a) the total amount of the sums secured imme~iately -
befo:e the taking, divided by (b) the fair market value of the Property immediatelp before the taking. Any balance shall be ~
paid to Borrow~er. ' ;
If the Property~ is abandoned by Borrower, or if, after natice by Lender to Borrower that the condemnor ~fters to :
m~ke ar. aw•ard ur settle a rlaim for damages. Borrower fails to respond to Lender witl~in 30 days after the date the notice is ;
gi~~en, Lender is authorized to colletit and apply the proceeds, at its option, either to restorauon or repair of the Property or ~
to the sums secured by this Security lnstrument, whether or not then due. ~
Unless Lender and Borrower otherwise agree in writing, anp application of proceeds to principal shall not eYtend 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 tiot Released; Forbearance By Leader Not a Waiver. Extension ~f the time for payment or ~
modification of amortization of the sums secured by this Secu~ tity Instrument granted b~~ Lender to any successor in ~
interest of Borrower shall not operate to release the liability of the original Borraw•er or Borrower's successors in interest.
~ender shall not be required to commence proceedings against any s~ccessor in interest or refuse to extend time for
pa}~ment or otherwise modify amortization of the sums secured by this Securit~• Instrument by reason of any demand made
by the original Borrow•er or Borrower's successors in inter~~st. Any forbearance by Lender in exercising any right or remedy
shal{ 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 a~signs of Lender and Borrower, subject to the provisions
of paragraph 17. Borrower's covenants and agreements shall be joint and several. An~~ Borrow~er w~ho co-signs this Security
tnstrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant an~ convey j
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 Borrower may agree to extend,
mo~ify, forbear or make an}~ accommodations with regard to the terms of this Se~:urity Instruroent or the Note without ~i
that Borrower's consent.
12. Loan Charges. If the loan se~:ured by this Security Instrument is subject to a law which sets maximum loan «
charges, and that law is finaily interpreted so that the ir.~Prest 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 permitted 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 principal, the reduction will be treated as a
partial prepayment without any prepayment charge under the Note. ~
13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of
rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option,
i may require immediate payment in full ot 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 i
paragraph 17.
14. tiotiees. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by 5
~ mailing it by first class mai! 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 to Lender shall be given by
first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice
provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided
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in this paragraph.
~ I5. Goveroing Law; Severability. This Security~ Instrument shall tx guverned by federal law and the law of the .
jurisdiction in which ihe Property is located. In the event that any pruvision or clause of this Security Instrument or the
Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument ~r the Note
which can be given efi'ect without the conflicting provision. To this end the provisions of this Security Instrument ana the
~ Note are declared to be severable.
16. Borrower's Copy. Borrower shall be given one conformed copy uf the Note and of this Security Instrument.
_'f / 17. Transfer of the Property or a Beneficial Interes! in Borrower. Ii all or any part of the Property or any
~ interest in it :s scld or transferred (or if a beneficial interest in Borrower ic sold or transferred and Borrower is not a nawral f
~~~person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums ;
~ } secured by this Security Instrument. Nowever, this option shall not be exercised by Lender if eaercise is prohibited by :
~ federa! law as of the date of this Security Instrument. '
~ ~ If Lender exercises ~his op~ion, Lender shall give Borr~wer notice of acceleration. The notice shall provide a period `
~ of not l~s than 30 days irom she date the notice is delivered or mailed within which Borrower must pay all sums sec:ured by
~ this Se:.urity Instrumen;. If Borrower fails t~ pay these sums prior to the expiration ~f this periai, Lender may invoke any
remedies permitted by th~s Security Instrument without further notice or demand on Borrower.
18. Borrower's Right to Iteinstate. If Borrower meets certain conditions, Sorrower shall have the right to have
enforcement oFrhis Security Instrument discontinued at any ti~~~e Nr~or ta t`~e earl~er a`: (a) 5 days (or such other periad as
applicaole law~ may spec~fy for reinstatement; before sale of the Property pursuant to any power of sale contained in this
~ Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower:
~ (a) pays Lender all sums which then w~uld be due under this Securit~ Instrument and the Note had no acccleration -
occur~ed; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this
~ Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may
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reasonably require to assure that the lien ~f this Security Instrument, L.ender's nghts in the Property and Borrower's '
ob~igatiun to pay th~ sums secured by this Security Instrument shall centinue unchanged. Upon reinstatement by
Borr~wer, this Security lnstrument and the ot~iigations secured hereby shaU remain fully efi'ective as if no a:celeration had
acurred. However, this right to reinstate shall not apply in the ca;e of accetera~ion under paragraphs 13 or 17.
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