HomeMy WebLinkAbout0918 If ~.cnder required mortgage insurance as a condition iif making the loan secured by this Security lnstrument,
i3urn~~cer shall pay the premi~ms required to maintain ;he insurance in etiect until such time as the rcquircment for the
insurance termina~es in accordance with l3orrower's ~nc; Lende~'s wricten agreement or applicable law.
S. Inspection. LenJer or its agent rr~ay make reason~ble rntries upon and inspections of the Property. Lender
shall gi~•e Borro~~er noticr at the time of or prior to an inspection specifying reasonable cause for the inspection.
4, Condemntttion. "fhe prcxeecis of any award nr claim for damages, d~rect or consequentisl, in connection with
any condemnalion ot other taking of any part of the Property, ar for conveyance in lieu of condemr.ation, are hereby
assigned and shall be paid to Lrnder. ~
In the event of a total tak~ng of !he Property, the proceeds 5hal) be applied to the sums secured by this Security
Instrument, whether or not then due, a•ith any excess paid to Bormwer. In the event of a partial taking of tke Property,
unless [3orrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be rcduced by
the amount of the pr~eeds multiplied by the foliowing fraction: (a) the total amount of the sums secured immrdiately
beforr 1he taking, divided by (b) the fair market v3tuc of thc Property immediate~y before tbe taking. Any ~alance shall be
paid to 8orrow~er. ~
If the Property is abandoned by Borrower, or if. after notice by Lender to Borrowef that the condemnor offers to
make an award or settle a claim for damages, Horrower fails to respond to Lender within 30 days aRer the date the notice is
given, Lender is authorized to coll~ct and appiy the praceeds, at its option. either to restoration or repair of ihe Property or
to the sums secured by this Security tnstrumens, whetheror not then dut.
Unless Lender and Borrower ottierwise agree in writing, any application of proceeds to principal shall not txtend or
postpone the du~ date of the monthly payments reCerred to in paragraphs 1 and 2 or change the amouni of such payments. .
10. Borrowe~ Net Released; Forbearance By Lender Not a Waiver. Extension of the time for payment 6r
modification of amortization of the sums secured by this Secvrity Instrument granted by Lender to any successor in
interest of Sorrower shatl not operate to reiease the liability vf the original Borrower or Borrower's succ~ssors in interest.
Lender shafl not be required to commenet proeeedings against any successor in interest or refuse to extend timG for
payment or othzrwise modify amortization of the sums secured by this Security Instrument by reason oCany aemand made
by the original 13orrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy
shall not be a waiver o!'or prec[ude the exercise of any right or remedy.
11. Successors and Assigns Bound; Joint and Sereral LiabiEity; Co-signers. The covenants and agrcements of
this Security Instrument shal! bind and benefit the successors and assigns of Lender and tiorrow~r, subject to the provisionc
of paragraph 17. Borrower's cavenants and agreements shall be joint ared xveral. Any Borrower who co-signs this Security
Isistrument but does not execute t~e Note: (a) is co-signing this Security [nstrument only to mortgage, grant and convey
tnat Borrower's interest in tl~e P~operty undEr the terms of this Security Instrument; (b) is noi personafly obligated to pay
the sums secured by this Sec.urity Instrumenh and (c) agrees that L,ender and any other Borrower may agree to extend,
mc~dify, forbear or rnake any accommodations with regard to the terms of this Security Instrument or the Note without
that Borrower's consent,
12. Loan Charges. If the loan secured by this Secuiity Instrument is subject to a Isw which sets maximum loan
charges, and that law is finally interpreted so that the interest or other loan charges calt~cted or to be collected in
connection with the Ioan exceed the permitted limits, then: (a) any such loan charge sha!! 5e reduced by the amount
necessary to reduce the charge to the permitted liinit; and (b) any sums already collected from Bonower which e~ceeded
~ermitted limits will be refunded to Borrower. Ixnder may choo-~ to make this refund by redu~ing the principal owed -
under the Note or by makir,g a direct payment to Borrower. If a refund reduces princepal, the reduction wiU be treated as a i
partial prepayment without any prepayment charge under the Note.
l3. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the eti'ect of
rendering any provisiort of the Note or this Security Instrument unenforcea~le according to its terms. L.ender. at its option,
may require immediate payment in full of all sums secured by this Security Instrur*ient and may invoke any remedies
~crmitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the sec:ond paragrap6 of
paragraph 17.
l4. Natices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by
maiiing it by first ctass mail unless appl~cable law requires u~e of another method. The notice shall be directed to tht
Property Address or any other address $o~ row•er designates by notice to Lender. Any notice to Lender shatl be given by
first class mail to Lender's addrets s:ated herein or any other address Lender designates by noeice to Borrower. Any notice
~ro~ided for in this Security Instrument shall be deemed te have been given to Borrower or Lender when given as provided
in this paragraph.
15. Gorerniag Law; Sererability. This Securit}~ Instrument shall be governed by federal faw and the law of the ~
jurisdiction ir~ which the Property is located. In the event that any provision or clause of this Security Instrument or the
Note conflicts with applicable laa~, such conflict shal) not a(Tect other provisions of this ~urity Instrument or the Note
which can be given eti'ect without the conflicting provision. To this end the provisions of this Security Instrument and the
Note are declared to be severable.
16. Borrower's Copy. BorroK~er sha!! be given one ~onformed copy of the Note and of this Security Instrument.
17. Transfer of the Property or a Beneficial Interest in Borrov?er. If 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 trans(erred and Borrower is not a natural
person) without Lender's ~rior written consent, Lender may, at itc option, require immediate ~ayment in tull of all sums
secured by this Security Instrument. However, this option shail not be eaercised by I.ender ii exercise is prohibited by
federai law as vf the date of this Security Instrument.
If Lender exercises this opt~on, Lender shall give Iiorrower natice of acceleration. The notice shall provide a period
of not less than 30 days from the date the notice is defi•rered or mailed within which Borrower must ~ay 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 turther notice or demansf on E3orrower.
18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Aorrower shall have the right to have
e~~forcement of this Security Instrument discontinued at any time prior to the earl~er of: (a) 5 days (or such othPr period as
~pplicable law may spe~ify for reinstatement) before sale of the Properry pursuant to any pc?wer of sale contained in this
Securit~~ Instrument; or (b) entry of a judgment enforcing this Security [nstrument. Those conditions are that Borrower:
(a) pays Lender all sums which then would be due under this Security [nstrument and the Note had no acceleratian
occurred; (b) cures any default of any other covenants or agreements; (c) pays aU expenses incurred in enforcing this
Security Instrument, incluciing, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may
reasonabiy require to assure that the lien of this Sec~riry Instrument, Lender's rights in the Properry and Borrower's
obiigation to pay the sums secured by this Security Instrument sball continue unchanged. Upon reinstatement by
E3orrower, this Security instrument and the obligations secured hereby shalt remain fully efi'cctive as if no acceleration had ~
occurred. However, this right co reinstate shal! not apply in thr ca.se of acceleration paragra r 17.
aooK QacE
, . ..i . . _ . . _ ~ ~ - . . _ ~ :..r..rej ~.~A : :rv~. ~,`t~ _ ~:~''~"s