The URL can be used to link to this page

Home My WebLink About0981 Any amounts di~bursed by Lender uncier this paragraph 7 shall become aJditiunai deM oi~ &~rrower ~erurcd by thi~ Securiry In.tn~nxnt. Unle,~ Bormwer and L.ender egree to ~Kher ternu ~f payment, these amount~ ~hall bear interest from th~ •~ate uf di.burx:nx:nt ; the Notz r3te and shall be payable, with i~terest,'upon notice from l.ender tu Borrower reyucsti~g payment. Ij Lender reyuired nwngage insurance as a cunciitiar: uf making the loan se~ured by this~Secunty Instrument, &~rruwe~ ,h~ll pay the premiums reyuired to maintain the insurance in effect until such time as ttk requirenknt for tt~ !nSNr~ t~iinate~ in :icc~nianre ~ with Borrowe~'s and Lender's written agreement or applicable law. . ~ insperiion. I.enaer ur iis ageni may niake r~:asonable entries upon arxi inspections ~~f the Prop~rty. Lender ~hell Kive &xrowcr notice at the time of or prior to an inspection specifying reas~nable cause for the inspection. 9. Condemtwtion. The proceeds uf any award or claim for damages, dine_~ ~~t consequential, in conr~tion with any rnnciemnation ur uther taking of any part of the Propeny, or for conveyance in lieu of conciemnation, are hereby a~signeci anJ shall be paid to l.ender. [n the event of a total taking ot the~Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then clue, with any ezcess paid to Borrowe~. In the event of a partiai tai:ing of the Property, unless Borrower atx~ Lender atherwise agree in writing, the sums secured by this Security lnstrument shall be reduceti by the anxwnt of the pnx~eecis multi~lieei 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 immedialely before the taking. Any balance shall be paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Le~der to Borrower Ihat the corxlemnor offers to make an :~ward or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, L.encler is authorized to collect and apply the proceeds, at its optian, either to restoration or repair of the Property or to the sums serured by this Secu~ity Instrument, whether or not then due. Unless Lender and Borrower othervvise agree in writing, any epplication of proceeds to principal shall not extend or postponc the due date of the monthly payments referred to in paragraphs 1. and 2 or change the amount of such payments. 10. 8orrowet Not ,~eleased; Forbearance By Lender Not a Waiver. EYtensian of the time for p;iyment or mociification of ~mortization of t)te su[Os's~ured by this Securiry Instrument granted by L.ender to any successor in interest of Borrower sL•all not operate to release tbe ~ialii~iljrof the original Borrower or Borrower's successors in inierest. l.encier shall not be required to commence proceedings against any"suoc~essor in interest or refuse to extend time for payment or ~~therwise modify amortization of the sums securc~i by this Sc~ruriry Ins[tUment by reason of ariy demand made by the origir-..:: °cr ~xer or Borrower's successors in interest. Any forbearanc~e by l,ender irt extrC`isltlg ~ny right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Snccessocs ~Md ~igns Bound; Joint and Several Liabitity; Co-signers. The covenants and agreements of this Security Instrument shall ~bind and Denefit the successors and assigns of l.ender and Borrower, subject ro the p~rovisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this S~curity lnstrument but dces not execute the Note: (a) is casigning this Security lnstrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrumenr, (b) is not personally obligated to pay the sums securecl by this Security Instrumtnr, and (c) agrees that i.ender and any oiher $orrower may agree to extend, modify, forbear or make any accommodations with regard to the term~ of this Security Instrument or the Note without that Borrower's consent_ l2. I.oan 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 efiarges co{lected 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 ezceeded permitted limits w~ill be refunded to Borrower. Lender may rhoose ro 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. I.egislation Affecting Lender's Rights. lf enactment or expiration of appticable laws has the effect of rendering any provision oi the Note or this Security Ins.rument unenforceable according to its terms, Lender, at its option, may require immediate pdyment ~ in full of all sums secured by this Security Instrument and may invoke any remedies permittedby pa~a~raph 19. If L.ender exercises this aption, Lender shall take the steps specified in the second paragraph of paragraph•17. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it b} 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 notire to Lender. Any notice to Lender shall be given by first class mail to Lender's address ~:tated herein or any other address Lender designates by notice to Borrower. Any notice provided far in this Security [nstrument shall tx deemed to have been given to Borrower or Lender when given as provided in this paragraph. ~ 15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is (ocated. In the event that any provision or clause of this Securiry Inswment or the Ncxe conflicts with applicable law, such conflict shall not affect ott~er provisions of this Security Instrument or the Note which can be given effect withcwt the conflicting F provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. ~ 16. Borrower's Copy. Borrower shall be given one conformed capy of the Note aru.i of this Security Instrument. _ ~ 17. Tcansfer of the Property or a Beneficial lnterest in Borrower. If all or any part of the Property or any interest in it t i~ sold or tranferred (or if a beneficial interest in Borrower is wld or transferred and Borrower is ncx a natural per.wn) without Lender's ~ prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. ~ However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Securiry Instrument. lf Lender exercises this option, L.ender shall give Borrower notice of acceleration. The notice shall provide a period of not ~ less than 30 days from the date the notice is delivered or mailed within which Borrower must pay a!I sums secured by this Security ~ {nstrument_ If Borrower fails to pay these sums prior to the expiration of this period. Lender may invoke any remedies permitted ~ ~y t ~is Security Instn;ment without fu~i~~ci ~~~~ce uemand on Borrower. ~ 18. Borrowet's Right to Rrinstate. [f Borrower meets certain conditions. Borrower shall have the right to have enforcement ~ F of this Securiry Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law may ~ specify for reinstatemeni) before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry ; c~f a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would i - 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 afl expenses incurred in enforcing this Security Instrument. including, but not limited to, reasonable attorneys' f'ees; and (d) takes such aciion as L.ender may reasonably require to assure that the lien of this Securiry Instrument, [.ender'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 acceleration under paragraphs i 3 or 17. ~ ~ ~ ~ ~ ~ ~ ~ - ~ • B ' f i z € c~ ~ ao~K ~o~ PaGE ~ r~ ~ i ~ t ~ ~ - - - - - - - - - a ~