HomeMy WebLinkAbout0966 If Lender required mcrtgage insurance as a condition of making the loan sctiurrd by this Securty lns~rument.
Borruv?•er shall pay the premiums required to maintain the insurance in efTect until such time as the requiremen! for the
insurance terminates in accordance with Bonower's and Lender's written agreement or applicable law_
8. Inspection. Lender or its agent may make reasonabte entrirs upan and inspection~ of the Propeny. Lender
shall gi~ e Borrow•er notice at the time of ~r prior to an inspection specifying reasonable cause for the inspection.
9. Condemnation. The proceeels of any award or claim for damaga. dirrcl or consequential, in connectioi~ with
any condemnation or other taking of any part of the Yroperty, or for conveyance in licu of condemnation, are hereby
assigned and shall be paid to Len~ier.
In the event of a total taking of the Pro~erty, th~ proceeds sha~l be applied to the sums secured by this Security
Inserument, whether ur not tFr_~n due, w~~th any ex:ess ~uid to Borrower. In tha evet~t of a partial taking ~~f the Froperty,
unlc~s Borrower and Lender otherwise agrc~e in Ar~ting, the sums secured by this Security lnstrument shall be reduced bu
the amount of the pr~ceeds multiplied by the following fruction: (a) the te[al amount of the sums secured immediately
before the taking, divided by (b) the tair market value of the Property immediately before the taking. Any balance shall be
paid to Borrow•er.
If the Property is abandoned by Borrower. or if, after notice by Lender to Borrower that the condemnor offers to
make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days atter the date the notice is
given. Lender is authorized to collect and apply the proceeds, at its o~tion, either to restoration or repair of the Property or
to the sums secured by this Security tnstrument, whether or not then due.
Unless Lender and Borrower otherwise agree in writing, any applicat:on of proceeds to principal shall not eztend or
postpone the due date of the monthly payments refened to in paragraphs 1 and 2 or change the «mount of such payments_
10. Borrower Not Released; Forbearance By Lender Not a Wai~er, Eatension of the time for payment or
modification of amortization of tt~e 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 eatend time for
payment or othervvise modify amortization of the sums secured by this Security Instrument by reason of any demand made
by the original Borrower or Borrower's successors in interest. Any forbearance by [.ender in exercising any right or remedy
shall not be a waiver uf or preclude the exercise of any right or remedy.
lt. Successors and Assigns Bouad; Joint and Sereral Liability; Casipers. The covenants ard agreements of
this Security Instrument shall bind and benefi2 the successsors and assigns of Lender and Borrower, subject to the provisions
of paragraph 17. Borrower's covenants and agreements shall be joint and several_ Any Borrower who co-signs this Security
lnstrument but doe~ not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and cQnvey
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 Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend,
modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without
that Borrower's consent.
12. I.oan Charges. If the loan secured by this Security [nstrument is subject to a law which sets maaimum loan
charges, and that law is finally interpreted so that the interest or other loan charges coll•;cted or to be coliected in
connection w~ith the loan ezceec~ the permitted limits, then: (a) any such loan charge shall be reduced by the amount
necessary to reduce the charge to the permitted timit; and (b) any sums already collected from Borrower which exceeded
permitted limits will be refunded to l3orrower. Lender may choose to make this -efund by reducing the principal owed
undPr 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 efTect of
rendering any provision of the Note or this Security Instrument unenforceable according to its terms. Lender, at its option.
may require immediate pay~ment 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 sceps specified in the second paragraph of
i paragraph 17.
14. \otiees. Any notice to Borrower provided for in this Security Instrument shall be given by delivc;ing it or by
i mailing it by first class mail unless applicable law requires use of another method_ The notice shall be directed to the
Pr~perty Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be gi~~en by
firsi class mail to Lender's address stated herein or any other address Lender designates by notice to Borro~•er. Any notice
pro~~ided for in this Security Instrument shall be deemed to ha~~e becn given ro Borrower or Lender w hen gi~•en as pro~~ided
in this paragraph.
15. Governing I.a~; Severability. This Security Instrument shall be governed by federal law and the law of the
jurisdiction iri which the Property is located. In the event that any provision or clause of this Security [nstrument or the
Note conflicts with applicable law~, such conflict shall not affect other provisions of this Security Instrument or the Note
which can be given efi'ect without the conflicting pro~~ision. To this end the provisions of this Security Instrument and the
Note are declared to be severable.
16. Borrower's Copy. Borrower shall b~z given one conformed copy of the Note and of this Security Instrumen!.
17. Transfer of the Property or a Beneficial I~nterest in Borrower. If all or an}• part of the Property or any
interest in it is sold or transferred (or if a beneficial i~terest in Aorrower is sold or transferred and Borrew•er is not a natural
person) without Ixnder's prior written consent, Lender may, at its option, require immediate payment in full of all sums
secured by this Security Instrument. Howev2r, this option shall nnr be exercised by Lender if exercise is prohibited by
federal iaw as of the date uf this Security Instrument.
;f Lender e~ercises this option, Lende~ shali give Borrower notice of accele:ation. The notice shall provide a period
of not less than 30 days from the date the notice is deliverrd or mailed within which Borrow•er must pay a!1 sums secvred by
this Security Instrument. [f Borr.~wer fails t~ pay these sums prior to the expiration of this period, Lender may~ im~oke any
remedies permitted'bs~ this Security Instrument without further notice or demand on Borrower.
18. Borros~er's Right to Reinstate. If Borrower meets cenain conditi~ns, Borrower shall have the right t~ have
enforcement of this Security I~strument discontinued at any time prior tu the earlier of: (a) S days (or such other period as
aFplicable law~ may specify for reinstatement) before sale of the Property pursuant to arry pawer of sale contained in this
Security (nstrument; cr (b) eniry of a judgment enf~rcing this Security l~strument. Those conditions are that Borrow~er:
(a) pays Lender a!I sums which then would be due under this Security Instrurnent and the Ncte had no accelerat~o~~
occurred: (b) cures any default of any other :ovenants or agreements; (c) pays all eapenses ine3rred in enforcing this
Secarity Intitrument, ~ncluding, but not limited to, reasonable attorneys' iees; and (d) takes such action as Ler.der may
reasonably require t~ assure that the lien of this Security [nstrument, Lender's nghts in the Property and Borrower'~
obligation to pay the sums secured by this Secur'ty Instru~nent shal! contin~ie unchanged. Upon reinstatemen! by
Borrower, :his Security Instrument ane' the obligations secu~ed hereby shall remain iuily e!i'ective as if no acceleration had
nccurred. How~e~~er. this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17.
BooK51~ ~A~E 965
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