HomeMy WebLinkAbout0980 ? ~ 1~,~
!f Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument,
~torrower snaii pay ine premiums reg~ired i~ ma~r~iai~~ ttie ir~~uranc2 c~~ a~!ect unti! s::~~ ::rr,;, ss *.!:e cequirement fof ;
the insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. i
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s~ll c,~ive Borrower notice at the time of or prior to an inspection spec+fying reasonabte cause for the inspection. ~
9. Condemnation. The proceeds of any award o~ claim for damages, direct or consequential, in connection with ,
any condemnation or other taking of any part of the P~operty, or for conveyance in lieu of condemnation, are hereby ~
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 pa~d to Borrower. in the event of a partial taking of the Property,
. unless Borrowe~ and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be
reduced by the amount of the pro~eeds multiplied 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 betore the taking. Any
balance shall be paid to Borrower.
If the Property is 9bandoned by Borrower, or if, after natice by Lender to Borrower that the condemnor offers to
make an award or settle a ctaim 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 Waive~. Extension of the time tor payment or E~
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 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 othervvise modify amortization of the sums secured by this Security Instrument by reason of any ~
demand made by the o~iginal Borrower or Borrower's successors in interest. Any iorbearance by Lender in exercising
any right or remedy sha11 not be a waiver of or prectude the exercise of any right or remedy.
11. Successors and Assigns Bound; Joint and Sereral Liability; Co-signers. The covenants and agreements of
this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the ;
provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Bo~rower who ~
co-signs this Security Instrument but does not execute fhe Note: (a) is co-signing this Security fnstrument only to ~
mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrumeni; (b) is
not pe~sonally obligated to pay the sums secured by this Security lnstrument; and (c) agrees that Lender and any ~
other Borrower may agree to extend, modify. torbear or make any accommodations with regard to the terms of ihis ;
Security Instrument or the Note without that Borrower's consent.
12. 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 inte~est 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 ta reduce the charge to the permftted timit; and (b) any sums atready collectect from Borrower whieh
exceeded permitted limits wili be refunded to Borrower. Lender may choose to make this refund by r~ducing the
principal owed under the Note or by making a direct paymentto Borrower. If a retund reduces principal, the reduction
will be treated as a partial prepayment without any prepayment charge under the Note. i
; 13. Legislatfon Affecting ~ender'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, may require immediate payment in full of 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
i second paragraph of paragraph 17.
~ 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by detivering it or by
i mailing it by first class mail untess applicable law requires use af 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 8orrower.
w Any notice provided for in this Security Instrument shall be deerned to have been given to 8orrower or Lender when
~ given as provided in this paragraph_
15. Goveming Law; Severability. This Security Instrument shall be governed by federal law and the law of the
~ jurisdict~on in which the Property is located. ln the event that any provision or clause of this Security Instrument or the
~ Note conflicts with applicabfe law, such conflict shall not affect other provisions of this Security Instrument or the
Note which can be given eifect without the conflicting provision. To ihis end the provisions of this Security Instrument ,
and the Note are declared to be severable.
16. Borrowe~'s Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. ,
- 17. Transfer of the Prope~ty or a Beneficial lnterest in Borrower. lf all or any part of the Property or any interest in
it is sold or transferred {or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural
person) without Lender's prior written consent, Lender may, at its option, reguire immediate payment in full of all
sums secured by this Security Instrumen!. However, this option shall not be exercised by Lender if exercise is
prohibited by federal law as of the date oi this Security Instrument.
If Lender exercises this option, Lender 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 all sums ~
secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender
may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. j
; 18. Borrower's Flight to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have
~ enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other ;
t period as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale ~
~ contained in this Security Instrument; or (b) Pntry of a judgment enforcing this Security Instrument. Those conditions ~
~ are that Borrower: (a) pays lender all sums which then would be dus 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 j
in enforcing this Secu~ity Instrument, including, but not limited to, reasonabte 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 pay the sums sec~red by this Security Instrument shall continue unchanged. ~
Upon reinstatement by 8orrower, this Securiry Instrument and the obligations secured hereby shall remain fully ~
~ effective as if no acceleration had occurred. However, this right to reinstate shall not appty in ihe case of acceleration ~
under paragraphs 13 or 17. ~
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