HomeMy WebLinkAbout0923 If l.ender required mortgage insurance as a condition o: making the loan stcu~erl by this Sec:urity Instrument,
Ei~xruwer shali pay the premiums required to maintain th~ insurance in etfi~:t until such time as the requirement for the
insurance terminates in aecordance with Borrower's and Lender's written agreement or applicablr law.
8. Inspection. Lender or its agent may make reasonable antries upon and insptctions of the Proprrty. l,en~ier
shall Rive &~r~ower notice at the time of or prior to an inspeetion spccifying reasonable cause for the inspe:.tion.
9. Condemnateon, 7'he proceeds of any award or ciaim for damages, direct or cons..~quentiai, ir. connection w~ith
any condemnation or other taking of
any pari of the Properiy, or for com~eyanc~ in lieu of condemnation, are hereby
assigned an~ sha)1 be paid to Lender.
In the event of a total taking oF the Property, the proceeds shall be applied to the ~ums secured by this Security
Instrument, whether or not then due, with any ezcess paid to Borrower. ln the event of a partial taking of the Property,
unlrsc B.~rrc?wer and 1_ender otherv~ise agrre in writing, the sums s..^cured b)• this Security Instrume.nt sha!! be reduced by
the amuunt of the proceeds multiplied by ihe fo::awing fraction: (a) the to:a[ amount of the sums secus~c! immediately
before the taking, divided by (b) the fair market value of the Property immodiately before the taking. Any balance shall be
paid to Borrower.
If the Property is atsandoned by Borrower. or if, after notice by Lender to Borrower that the condemnor ofl'ers to
make a~ award or settle a claim for damages, Bor*ower fails to respond to Ixnder within 30 days af~er the date the notice is
given, Lender is authorized to collect and apply the proceeds, at its oplion, either to restoration or re~air of the Property or
to the sums secured by this Security lnstrument, whether or not then due.
Unless Lender and Borcower otherwise agree in writing, any application of proceeds to principal shal! not extend or
postpone the due date of the monthly payments referred to in patagraphs 1 and 2 or change the amount of such payments. '
10. Borrower Not Released; Forbearance By Lender Not a Wairer, Extension of the time for payment or
modification of amortization of the sums secared by this Security Instrument granted by Lender to any successor in
interest of Borrower shall not operate to release the Iiability of the orsginal Borrower or Bonower's successors in interest.
Lender shall not be required to commence proceedings against t.ny successor in interest or refuse to extend timt for
payment or otherwise modify amortization of ihe sums secured by this Security Instrument by reason of any demand made ~
by the original Borrower or Borrov?er's successors in interat. Any forbearance by Lender in exercising any right or remedy
shall not E+e a waiver otor preclude the exercise of any right or remcdy.
11. Successors and Assigns Bound; Joint p.nd Several Liabitity; Co-signers. The covenants and agreements of
this Security Instrument shall bind and ~enefit ttie successors and assigns of I.ender and BorroNVer, subject to tt~e provisions
oi paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Horrower whv co-signs this Security
Instrument but dces not execute the Note: (a) is co-signing this Security Insirument only to mortgage, grant and convey
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 Secarity Instrument; and (c) agrees that I.ender and any other Borrower may agree to extend, ~
modify, forbear or make any accommodations wi!h regard to the terms of this Security Instrument or the Note without
that Borcower's consent.
12. Loan Charges. If the loan secured by this Security Instnernent is subject to a law which sets maximum loan .
charges, and that law is finaliy interpreted so ihat the interest or other loan charges collected or to be collec:~d in
connectian with the loan excezd the pcrmitted limits, then: (a) any such loan charge shall be reduced by the amount
n~essary to rrduce the charge to the permitted limit; and (b) any sums already collected froro Borrower which exceeded
permitted lim'?;y wi11 be refunded to I3orcower. I.ende~ may choose to make this refund by rt3ucina the principal owed =
under the Note or by making a direct payment to Bon~wer. If a refund reduces principal, the reduction wilt be treated as a
~artial prepayment without any prepayment charge under the Note.
13. Legislation APfeeteng Lender's Rig6ts. If enactment or ezpiration of applicable laws has the effect of
renderir~g any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, '
may require immediate payment in fv11 of all sums secured by this Security Instrument and may invoke any remedies
~ermitted by paragraph 19. Tf Lender exerci~es this option, Lender shall take the steps specified in tne second paragraph of _
paragraph 17.
14. Notices. Any notice to Borrower provided for in this Security Instrument shal! be given by delivering it or by ;
mailing ii by firsi class mail uniess appl~cable law requires use of another method. The notice shatl be d~rected ta the
Property Address or any other address Borrower designates by notice to Ixnder. Any notice to I.ender shal! be given by
first ciass mail to Lender's address stated herein or any other address L.ender designates by noti:,e to Borrower_ Any notice
provide.~i for in this Security Instrument shall be deemed to have been gir•en to Borrower or Lender when given as provided
in this paragraph. _
15. ('~overning I.aw; Sererahility, This Security Instrument shail be governed by federal law and the 1aw of the ;
jurisdiction in which the Property is located, In the event that any pravision or ctause of this Security Instrument or the '
t~lote conflicts with applicable law, such conHici shall not affect other provisions of this Security Instrument or t~e Note ~
~
which can be given effect without the conflicting provision. To this end the pro~•±sions of this Security Instrument and the ;
~Iote are declared to be severabte.
16. Barrowrr's Copy. Borrower shall be given one conformed r~py of the Note and of this Security Instrument.
I7. Trstnsfer of the Praperty o~ a Beneficial ~nterest in Borrower. If alt or any part of the Property or any
interest in it is so?d or transfened (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural
person) without Lender's priar written consent, Lender may, at its option, require immediate payment in tuli of all sums
secured by this Security Insirument. Howtver, this option shall not be exercised by L.ender if exercise is prohibited by
federal iaw as oi'the date of thts SPc~rity Instrument.
If Lender exercises this opiion, Lender shalf give Bonower notice of arceleration. The notice shall provide a period
of not tess than 30 days ~rom the date the notice is delivered or mailed withir. which Sorrower must pay all sums sec~red by
this Security lnstrument. If $orrower fai[s to pa~~ these sums prior ro the expiration of this period, Gend°r may invoke any
remedies perm~tted by this Security Instn.~mem w-ithout furtt,~r notice or demand ;~n Borrowe:.
18. Borrower's Rig6t to Reinstate. If Borrower mcets certain conditions, Borrosver shall have the right to have
enforcement of this Security Instrument discontinued at any time prior tp the earlier of: (a) 5~ays {or such other period as
ap~licable law may specify for reinstatement) befor~ sale of the Property pursuant to any power of ~ale contained in this
Security Instrurne~:t; or (b) entry of a judgment enforcing this Security Instrument. Those conditeons are that Bonower:
(a) pays LE:nder all sums which then would be due under this Security Instrument and th= Note had no ac:xleration
occurred; (b) cures any default of any other covenants o: agrcements; (c) pays ap ezpenses incurred in enforcing this
Security Instrument, including, but not tinited to, re~sonable attomtys' fees; and (dj ~akes such action as Lertder may
reasonably require to assure that ihe lien ot' this Security Instnsment, Lender's rights in the Property and Borrower's
obtigati~n to pay the sums secural by this Security InStrument shail continue w~changrd. L;pon rtinstatement by
Borrower, this Security I~st:vme~t ard the obligations socaroa hereby shall remain ;ully Elfective as if no acr.eleration had
occurred. Nowever, this right to reinstate sha11 not apply in the case of accel=ration ~nder paragraphs 13 or 17.
aoo~ 5~1 P~cE 922
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