HomeMy WebLinkAbout0940 i
If Lender rryuirrd mortgage insurance as a condition of making the loan secured by this Security Instrument.
I3c~rruHrr ,hall the prrmiums required to maintain the insurance in effect until such time as the requirement for the
~nsur.enrr tern~inatr~ in accordance w~ith Borrower's and Lender's w~ritten agreement or applicable law.
8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender
.hall gi~ e Borrow er notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
9, Condemnation. The pra:eeds of any award or claim for damages, direct or consequential, in connection with E
~n~~ rondemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby ~
:~ti~igned and shall be paid t~~ Lender. !
In the e~•ent of s total taking of the Yroperty, the proceeds shall he applied to the sums secured by this Security ~
Intitrumcnt, ~.hether or not then due, w•~th any excess paid to Borrower. In the event of a partial taking of ihe Property, '
unl~ss Borrower and Lender utherw~ise agree in writing, the sums secured by this Security Instrument shall be reduced by
the amoum of the pra:eeds multiplied by the following fraction: (a) the total amount of the sums secured immediately
hefure the taking, divided b~• (b) the fair market value of the Property immediately before the taking. Any balance shall be ~
~ ;~irl tn I~nrr~~~?•e•i, ~
If the Propert~ is abanduned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to ;
make an a~~~ard or srttle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the natice is ~
gi~ rn, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or i
to the sums ~ecur~d by this Security Instrument, whether or not then due.
Unless Lender and Borrower otherwise agree in writing, any application of proceecls to principal shaii not extend or
pu,trc~ne the due date of the monthiy payments referced to in paragraphs 1 and 2 or change the amount of such payments.
lU. Borrower tiot Released; Forbearance By Lender Not s VVaiver. Extension of the time for payment or
m;~difiratic~n 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.
Lrnd~r shal) 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 Security lnstrument by reason of any demand made
by the ~riginal Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy
shall not be a~~•aiver of or preclude the exercise of any right or remedy.
11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of
this Securit}~ Imtrument shall bind and t~nefit the successors and assigns of Lender and Borrower, subject to the provisions
of paragraph 17. Bocrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security ~
Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey s
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 Securit~• Instrument; and (c) agrees that Lender and any other Borrower may agree to eztend, '
mcxiify, iori~ear or mai:e any accommociaiions with regarei ta tlie tern~s uf this ~curi~y Instrumeni or the N~te without `
3
th:~t f3orro~~~er's consent. _
12. l.oan Charges. If'the loan secured by this Security lnstrument 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 colleeted in
connection w~ith the loan exceed the permitted limits, then: (a) any such loan charge shail be reduced by the amount ?
neressary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded ;
permitted limits w•ill 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 efi'ect of i
rend.ring any pro~~ision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, < ~
ma~~ require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies
~ permitted b}~ paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of :
R paragraph 17.
~ 14. '.~otices. An}~ notice to Be:: previded for in this Security Instrument shall be given by delivering it or by ~
~ mailing it by first rldss mail unless applicable law requires use of another method. The notice shall be directed to the =
Yroperty Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by _
~ first class mail ta Lender'ti address stated herein or any other address Lender designates by notice to Borrower. Any notice
~ro~ ided for in thiti Secur~t}~ Insirument shall be deemed to have been given to Borrower or I,ender when given as provided
in this paragraph. ~
15. Governing La~•; Severability. This Security Instrument shall be go~~erned by federal law and the law of the r
jurisdictian in which the Property is located. In the event that any provision or clause of this Security Instrument or the ~
tiote conflicts w~ith a~plicable law, such conflict shall not affect other provisions of this Security Instrument or the Note ;
w hinc ~an be gicen e(i'ect without the conflicting provision. To this end the provisions of this Seturity Instrument and the
tiote are declared to be se~erabte.
16. Borrawer's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument.
17. 'Transfer of the Property or a Beneficial Interest in Borrower. If all or any~ part of the Property or any
interetit in it is tiold or transferred (or if a beneficial interest in Borrower is sold ~r transferred and Borrower is not a natural
~en:m) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums
~ecured h~ this Securit}~ Instrument. However, this option shall no~ be exercised by Lender if exercise is prohibited by
federal lau~ ~s of the date of this Security Instrument.
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period
~>f n<~~ letiti than 30 da~~s from the date the notice is delivered or mailed within which Borrower must pay ail sums secured by~
thi, Serurit} Intitrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any
rrn~edies ~rmitted b}• this Securit}~ Instrument without further notice or demand on Borrawer. '
18. BorroKer's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have ;
rnf~~rccment of this Securit}~ Instrument dis~ontinued at any time prior to the earlier of: (a) S days (or such other period as
ar~li~ahlr law~ ma}• specif}~ for reinstatement) before sale of the Property pursuant ro any power of sale contained in this ~
Se,urit~~ Instrument; or (b) entr}~ of a judgment enforcing this Security Instrument. Those conditions are that Borrower:
(a) pa~t Lender all sums w~hich then would be due under this Security Instrument and the Note had no acceleration
occurred; (b) cures any default of an}~ other covenants or agreements, (c) pays al{ expenses incurred in enfotcing this
Securit~ Instrument, including, but nc~t limited to, reasonable attorneys' fees; and (d) takes such aetion as Lender may
reationabl~~ reyuire m assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's
ohligation to pa} the sums secured by this Security Instrument shali continue unchanged. Upon reinstatement by
Borr~wer. thiti Securit} Intitrument and the obligations secured hereby shall remain fully effective as if no acceleration had
~xcurred. Hc~wever, this right to reinstate shal) not apply in the case of acceleration under paragraphs 13 or 17.
~ 504 s~a
,o~K
- - . ' - -