The URL can be used to link to this page

Home My WebLink About0968 1 . ~ If Lender required mortgage insu~ance as a condition oti making the loan secured by this Security I~istrument, Borrower shall pay the premiums required to maintain the insurance in elTect until such time as the reyuirement for the insurance terminates in accordancc with Borrower's and tender's wrilten agreement or applieable law. 8, Inspection. Lender or its agent may make reasonabte entries upon and inspections of the Property. Lender shall give Borrower notice at the time af or prior ta an inspeclion sp~cifyin$ reasonable caus~ for the inspection. 9. Conc~emnation. The proceeds of any a~vard or claim for damages, direct or consequential, in conneetion with any condemnation or other taking of any pari of the Property, ar for com~eyancc in lieu ~~f condemnation, are hereby assigned and shali be paid to Lender: In the event of a total taking of the Property, the proceeds shall bc applied to the sums sccured by this Security Instrument, a~hether or not then due, with any excess paid to Borro~ver. In the event of a partial taking of the PrDperty, unless Borro~ver and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the pra;eeds multiplied by thc following fraction: (a) the rotal Amount af the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance s}~all be paid to Borro~~~er. If the Property is abandoned by ~3orrower, or if, aRer notice by I.ender to I3arrower that the condemnor oflers to ~ make an award or settle a claim for damages, Borrower fails to respond to Lender ~vithin 30 days after the date the notice is given, Lender is authorized to col~ect and apply the proceeds, at its option, eithe~ to restoration or repair of the Property or ~ to the sums secured by this Secur[ty Instrument, whetbe~ or nof then due. Unless Lender and Borrowcr othenvise Agree in wtitlAg~ any application oP proceeds ro principal shall not eatend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such ~ayments. 10. Horrower Not Released; Forbearance Py I,ender Not a Wuiver. Extension of the time for payment or ~ modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shail not aperate to retease the liability of the origirta! Dorrower or I3orrower's successors in interest. ' Lencter shal) not be required to commence procecdings against any successor in interest or refuse to extend time for payment or other~sise m~ify amortization of the sums secured by this Securit~~ Instrument by reason of any demand made by the original Borrow•er or Borrower's successors iu interest. Any forbearance by Lender in exercising any right pr remedy shall not tie a H~aiver of or preclude the exercise of any right or remedy. lI. SucceSSOrs and Assigns Bound; Joint and Severa) I.iability; Co-signers. The covenants and agreements of this Security Instrumen! shal! bind and benefit the successors and assigns of Lender and Aorrawer, subject to the provisions of paragraph 17. I3orro~ver's covenants and agreements shall be joint and several. Any I3orrower ~vho co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms oPthis Security [nstrument; (b) is not personally obtigated to pay - ~ the sums secured by this Security Instrument; and (c) agrees that Lender arid any other ~3orrower may agree to extend, modify, forbear or make any accommoc~atio~~s ~~~ith regard to the terms ~f this Security Instrument ar the Note without that Borrower's consent. 12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that la~ti• is finally interpreted so that the interest or other loan charges cotlected or to be cotleeted in connection with the loan exceed the permitted limits, then: (a) any such loan charge shal! be reduced by the amouni ~ necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits ~~~il) be refunded to Borrosver. Lender may choose io 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. `r 13. I,egisiation Affecting Lender's Rights. If enactment or expiration of applicable laws has the efl'ect of ~ rendering any provision af the I`'ote or this Securiq~ Instrumenf unenforceable acrording to its terms, Lender, at its option, ' may require immediate pa}~ment in full of all sums secured by this Securit~~ Ioisirument and may invoke any remedies 3 permitted by paragraph 19. If Lender exercises this option, Lender shaU take the steps specified in the second paragraph of ~ paragraph 17. 14. Notices. Any notice to Borro~ti•er provided for in this Security Instrument ShaN be given by delivering it or by maiiing it by first class mail unless applicabte la«~ reyaires use of another method. 'The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any n~tice to Lender shall be given by first rlass mail ro Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to E3orrorver or Lender when given as provided in this paragraph. . ~ _ ~ 15. Governing L~w; Severabitity. This Security Instrument shall be goverr~ed b}~ federa! law and the law of the jurisdiction in which the Properiy is located. In th~ event that anp provision or clause of this Security Instrument ,~:e Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given ef~ect without the conflicting provision. To this end the pro~~isions of this Security Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borre~wer shalt be given one conformed copy~ of the Note and of this Security Instrument. 17. Transfer of the Yroperty or a Beneficial Interest in IIorrower. If all or any part of the Properly or any interest in it is sold or transferred (or if a beneficial interest in BorroH~er is sold or transferred and Borrower is not a natural , person) without Lender's prior written consent, Lender may, at its option, reyuire immediate payment in full of all sums ; secured by this Security ]nstrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lendes exercises this option, Lender shall git~e Dorrotiver notice ~f acceleration. The netice shall provide a period ~ of not less than 30 days from the date the notice is delivered or mailed ~~~ithin ~vhich Borrow•er must pay all sums secured by this Security Instrumeni. If Borrower iails to pay these sums prior to the ex{~i~ation of this pcriai, Lender may inv~ke any remedies permitted by this Security Instrument w•ithout further notice or demand on f3orrower. 18. Borrower's Right to Reinstate. If Borrower meets certain canditions, Borrower shall have the right to have enforcement of this Security Instrumeni discontin~ed at any time prior io the earlier of: (a) 5 ays.(or ~uCh other period as ~ ; applicable law may specify for reinstatement) before sale of ihe Property pursu~t tQ~y ~wer af sale contained in this ~ i Security Instrument; or,(b) entry of a judgment enforcing this Security Instrumerit. Those conditions are that Borrower: ~ R (a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration ~ occurred; (b) cures any default of any other covenants or agreements;~ (c) ~ays aN expenses incurred ~ enforcing this k Securiry Instrument, including, but not limited to, reasonable attorneys' fees; and (d).takes such actioitas Lender may ~ reasonably require to assure that the lien of this Security Instrument, Lender's rigl~ts in the Property and Borrower's ` obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by ' ~ Borrower, this Security InstrumCnt and the obligations secured hereby shall remain fully effec[ive as if no acceteration had ; occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. ~ ~ 44853 7/86 ~ t ' { ~ ` i . rt~ i~ . . I, ~ ~~Q5?_0 P~~r0962 ~ ',y~ i ~