HomeMy WebLinkAbout0948 . • ~ '
If Lender rrquired mortgage insurance as a condition of making the loan secured by th~s $ecurity Instrum~nt,
Barrower shall pay the premiums rrquired to maintain the insurance in effect until such time as the requirement ior th~
insurance terminates in accordance with Borrowef's and Lender's written agreement ur appticabte law. ~
Inspectton. Lender or its agent may make reasonabk entries upon snd inspections of the Property. Ixnder
snall give Bc~rrower notice at the time of or prior ta an inspoction specifying reasonable caust for the inspection. ,
9. CondemnaiIon. The proc:eeds of any award or claim for damages, direct or consequential, in connection with
any condemnation or othtr taking of any part of tht Propcrty, or for conveyance in lieu of condemnation, are heceby
assigned and shall be ppid to Lender. ~
In the event oP a tota[ taking of the Property, the proceeds sha11 be appiied to th~ ~ums secur~d hy this Security t
Instrument, whether ar not then dut. with any excass paid to Horruwer. In the event of a pahial taking of the Property, i
unless 8orrower and Lender otherwise agree in writing, the sums secur~ed by this Security Instrument shall be reduced by ~
th~ amount of the proceeds multiptied by the following fraction: (a) the total amount of the sums secured immediateiy ~
befare the :aking, divided by (b) thE fair market value of the Property imrnediately before the taking. Any balance shall t~e x
paid to Bonower.
If the Property is abandonea by Borrower, or if, after no!ice by Lender to Borrower that the candemnor offers to
make an award or settle a claim for damages. Bonowu fails to respond to Lender within 30 days after the date th~ notice is
givan, Lender is authoriaed to collect and apply the proceeds, at its option, ~ither to restoration or repair of the Property or ~
to the sums secured by this Security Instrument, whether or not then due.
Unltss Lender and Bonowtr otherwise agra in writing, any application of proceeds to pr;ncipal shall not extend or
postpone the duo date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of sach payments.
10. BorroMer Not Released; Forbearance By Leader Not e'+~Vaiver. Extension of the time for payment or
modification of amortization of the sums securcd by this Security Instrument granted by Lender to any successor in
interest of Borrower shall not operate ro reitxse the liability of the original Borrower or Borrower's successors in interest. i
Lender shall 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 Securiry Instrument by reason of any demand made j
by the original Borrower or Borrower's successors in interest. Any forbearaace by Lender in exercising any right or reme.iy I
shall not be a waiver of or preclude the exercise of any right or remedy. j
11. Successors and Assigns Bound; Joint and Se~enl ~.iability; Co-signers. T'he covenants and agreernents of ' ;
this Security Instrument shatl 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 joim and scveral. Any $onower who co-signs this Security
Instrurr~ent but dces not execute the Note: (a) is co-signing this ~,.ecurity Instrument oniy to mortgsge, grant and convey i'
that Borrower's interest in the Property undxr the terms of this Security Instrument; (b) is not personaUy obligated to pay € i
the sums secured by this Security Instn~ment; and (c) agrees that Lender and any other Borrower may agree ta eztend, ~
modify, forbear ar rnake any accommodations with regard to the terms of this Security Instrument or the Note without ;
that Borcower's consent.
12. I.oa~t Chsrges. If the loan seeured by this Security Instrument is sub;ect to a law which sets mazimum loan }
rharges, and that law is finally interpreted sc~ that the interest or other loan charges collected or to be collected in
connection with the loan exceed the permitted limits, then: (a) any sneh loan charge shall be reduced by the amount
necessary to reduce the charge to the permitted limit; and (b) any sums al~eady collected from Borrower which ezceeded
permitted limits witl be refunded to Borrower. I.ender 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 Atfecting Lender's Rights. If enactment or expiration o!' applicable (aws has the effect of
rendering any provision of the Note or this Security Instrument uneniorceabte 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 opiion, Lender shaU take the steps specified in the second paragraph of
paragraph 17.
14. NoticQS. Any notice to Borrower provided for in thi~ Security Instrument shall be given by deiivering it or by '
mailing it by first class mail unless applicable law requires use of another method. The notice shatl be directed to the
Property Address or any other address Bonower designates by notice t~ I.ender. Any notice to L.ender shall be given by
first ciass mail to I.ender's address staied herein or any oiher addrrss Lender designates by notice to Borrower. Any notice ;
provided for in this Sesurity Instrument shall be 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 federai law an~ the law of the ~
jurisdiction in which the Property is tocated. In the event that any provisic~n or clause of this Security Instrurr~ent or the ~ ;
Note conflicts with appticable law, such conflict shall not aff'ect other provisions of this Secerity Instrument or the Note ~
which can be given efl~t wiit~aut the con@icting provision. T'o this end the provisions of this Security Instrument and the ;
Note are declared to t,e severable. '
16. Borrower's Copy. Borrower shap be given one conformed copy of the Note and otthis Security Instrument.
17. TranSfer of t6e Property or a Beaeficial [nterest in Borrower. It atl or any part of the Pr~perty or any
interest in :t i~ sold or transferred (or if a beneficiat interest in Borrow~er is sold or transferred snd Borrower is not a naturat
person) without Lender's prior written consent, L,ender may, at its option, require immediate payment in full of all sums
secured by this Security Instrument. However, this option shall not b~ exercised by L.ender if exercise is prohibited by
federal law as of the date of this Security Instrument.
If Lxnder exercises this option, L.ender shall give Bottower notice of acceleration. The notice shal! pravide a pcriod
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 pay tltese sums prior to the ex~iration of this period, I.ender may invoke any
remedies permitted by this Security Instrusnent without further notice or demand on Borrower.
18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shali nave the right to have
enforcement of this 5ecurity Instrurr?ent discontinued at any time prior to the earlier of: (a) 5 days (or such other period as
applicable law~ may spec~fy for reinstatementl before sale of the Praperty pursu~nt to any power of sale conta;ned in this
Security Instrument; or (b) entry of a judgment enforcing th~s Security Instrument. Those conditions are that Bonower:
(a) pays Lender al! sums which then wauld be due under this Security Instrument and the Note had no acceleration
occurred; (b) cures any default of any ether covenants or agrcements; (c) pays all ezpens~ incurced in enforcing this
Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as I,ender may
rtasonably require tn assure that the ~lien of t6is Security Instrurnent, I,ender's righis in the Property and Borrower's
obligation tu pay the sums secured by this Security Instrument st?all continue unchanged. Upon reinstatement by
. Borrower, this Security Instrument and ihe obligations secured herehy shall remain Fully effective as if no accelcration had
oec~rred. However, this right to reinstate shall not apply in the cass of acceleration under paragraphs I 3 or 17.
Bo~K 509 P~~ 94~
_ - F -
: l -