HomeMy WebLinkAbout0986 If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument,
Burrower shall pa}• the premiums required to maintain the insurance in efteci uncil such rime as the rrquirement for the
insurance terminates in accordance with Borrowe~'s and Lender's written agreement or applicable law.
8. Inspection, Lender or its agent may make reasonable entries upon and inspections of the Property. Lender
shall give Borrower notice at the time of or prior ta an inspection specifying reasonable cause for the inspection.
9. Condemnation. The proceeds of any award or claim for damages, direct or consequtntial, in connec:tion with
any condemnation or other taking of any part of,the Property, or for conveyance in lieu of condemnation, are hereby
assigned and shall be paid to Lender.
In ttie event of a tatal taking of the Property, the proceeds shall be applied to the sums secured by this Security
lnstrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property,
unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shati be reduced by ;
the amount of the proceeds mulriplied 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 imme~!iately before the taking. Any balance shall be
paid to Borroa~er. ~
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor ofi'ers to
make an award or settle a claim for damages, Borrower Pails to respond to Lender within 30 days after the date the notice is
given, Lender is authorized to collect and apply the pra:eeds, at its option, either to restoratiort or repair of the Property or
to the sums secured by this Security Instrument, whether or not then due.
Untess 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; Forbearstnce 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 to any successor in
interest of Borrower shall not operate to retease the liabiiity of the original Borrower or Borrower's successor$ in interest.
Lender shalt 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 Sec:urity Instrument by reason of any demand made
by the original Borrower or Borrower's successors 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; Joint and Severel Liability; Co-signers. The covenants and agreements of
this Security tnstrument shat) bind and benefit the successors and assigns of Lender an~ Borr~wer, subject to the provisions
of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower w~ho co-signs this Security
Instrument but does not exe.;ute 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 !nstrument; and (c) agrees that Lender and any other Borrower may agree to extend,
modify, forbear or make any~ accommodations a~ith regard to the terms of this Security Instrument or the Note without
that Borrower's consent.
12. Loan Charges. [f the loan secured b~• this Security Instrument is subject to a law which sets maximum toan
charges, and that law~ is finally interpreted so that ihe interest or other loan charges collected or to be collerted in
connection with the toan 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 Borrow~er 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 redu:.tion witl be treated as a
par iat prepayment without any prepayment charge under the Note.
13. Legislation Afi'ecting Lender's Rights. If enactment or expiration of applicable laws has the effect of
rendering an}• provision of the Note or this Securi[y Instrument unenforceahle according to its terms, Lender, at its option,
may require immediate payment in full of all sums secured bp this Securit~~ Instrument and may invoke any remedizs
Qermitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of
paragraph 17.
14. tiotiees. An}~ notice to Borrower provided for in this Security~ Instrument shall be gi~~en by delivering it or by
mailing it by first class mai~ unless applicable lau~ requires ~se 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 an}• other address Lender designates by notice to Borrow~er. An}~ notiee
provided for in this Security Instrument shali be deemed to ha~~e been gi~~en to Borrow•er or Lender when given as provided
in this paragraph.
15. Governing I.aw; Severability. This Sec~rit~~ 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 pro~~ision or clause oP this Security lnstrument or the
Note conflicts w°ith applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note
w~hich can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the
'vote are declared to be severable.
16. Borrower's Copy-. Borrower shall be given one canformed copy~ of the Note and of this Security Instrument.
i( ~ 17. 1'ransfer of the Property or a Beneficial Interest in Borrower, lf all or any part of the Prapert}~ ~r any
y~ interest i~ it is sold or transferred (or if a beneficial interest in B~rrower is sold or transferred and Borrower is not a naturat
~~'~Jt person) without Lender's prior written consent. Lender ma}~, at its option, require immediate payment in fuil of a!1 sums
secured by this Security Instrument. However, this option shali nor be exercised by Lender if exercise is prohibited by
federal law as of the date of this Security Instrument.
If Lender exercises this option, Lender shall give Borrow~er notice of acceleration. The notice shall provide a period
of not less than 30 days from the date the notice is delivered or mailed w~ithin which Borrow~er must pay all sums secured by
this Security Instrument. If Borrower fails to pay these sums prior to th~ expiration of this period, Lender may invoke any
remedies permitted by this Security Instrument w•ithout further notice or demand on Borrower.
18. Borrower's Rip,ht to Reinstate. If Borrower meets certain cond~tions, Borrower shall have the right ta have
enforcement of this Security Instrument discontinued at any~ time prior to the earlier of: (a) 5 days (or such other period as
a~plicaole 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. Thcse conditions are that Borrower.
(a) pays Lender all sums a~hich then would be due under this Security Instrument and the Note had no acceleration
occurred; (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
reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's
obligation to pa}~ the sums secured by this Securit~ Instrument shall continue un:.hanged. 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 acceleration uRder paragraphs 13 or 17.
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