The URL can be used to link to this page

Home My WebLink About0988 - _ _ ~ . . . ,.,i~, . . . ~ If I_ender required mortgage insu~ance as a conditi~~n of making the loan secured 'ny chis Securicy In- s~rUmenc, Bor~uwer shall pay che premiums requirc~l tu maineain che i~surance in e(fect un[il such timr as a requiremenc for che insura~ce cerminaces in accurdance w i~h Burruwer's and I.ender's wriccen agreement or applicable law. Inspection. Le~der or ics agenc may make reasonable encries upon and inspections of ~he Properey. l.ender shall give Aurrower notice ae ~he ~ime of o~ prior tu an ins~ection specifying reawnable cause Eur ehe inspecti~~n. 9. Condemnation. The pruceeJs uf any award or claim for damages, direa ur cunsequencial, in cunnecciun with any cundemnatiun or ueher caking uf any part of ~he Prupercy. ur for conveyance in lieu uf condemnaciun, are hereby assigned and shall be paid to Lender. In the event uf a eucai eaking ~f che Propercy, che prexeeds shall be applie~! tu che sums secured by chis Seairi~y Inscrument, whether ur ouc then due, with a~y excess paid to &~~rower. In che event uf a partial caking of che Prupercy, unl.ss Borrower and Lender ucherwise agree in writing, che sums secvred by chis Security lnstrum~nt shal) be reduced by che amuunt uf ~he proceeds multiplied by the folluwing fracciu~: (a) che cueal amount of che sums secvred immediatety betore ~aking, divided by (b) ~he fair markec value of che Propercy immediacely before tne caking. Any balance shal!'.x paid to Borrower. !f the Property is abandoned by Bc~rrower, or if, afcer nocice by l.ender co Borrower chac che condemnur offers cu make an award or seccle a claim for damages, Borruwer fails ta respand tu l.ender wichin 30 days after the dace ehe nucice is given, ~ender is authorized to collecc and apply the pr~xeeds, at its uption, eicher to rescoration or repair uf che Pruperty ur to the sums secured by this Seturicy lnstrumenc, whether or nut chen due. Unless Le~der and Bur~uwer ucherwise agree in wricing, any applicaci~n uf prcxeeds co principa! shall nor extend ur poscpone the due date of the monchly payments referred tu in paragraphs 1 and 2 ur change the amuunt of such payments. 10. Borrower Not Relea~sed; Forbearance By l.ender Not a Waiver. Excension of che cime for -payment or modification of amortization of che sums secured by this Securicy Instrument granced by Ixnder co any successor in interest of Be~rrower shall nut operate to release the liabilicy uf the original Borruwer or Borrower's successors in incerest. Lender shall nuc be required cu commence pnxeedings againsc any successor in i~cerest or refuse co excend cime for paymen~ ur orherwise ~m~dify amorcizacion of the sums secured by rhis Security lnsrrumenr by reason of any demand made by the original Burrower ur Borruwer's successurs in interest. Any furbearance by I.ender in exercising any righc or reme~y shall noc be a waiver of or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joinc and Several Liability; Co-sagoers. The covenancs and agreemencs of chis Security Instrumenc shall bind and benefit the successurs and assigns af Lender artd Borrower, subject to the pruvisiuns of paragraph 17_ Borrower's covenancs and agreements sha!! be joinr and several. Any Borrower who co-signs this Securi~y lnscrumenr bur dces not execute ~he Note: (a) is co-signing this Secvrity Instrumenc only to mortgage, grant and con~~ey that Bu: ruwer's interest in the Property under the terms of this Security lnstrument; (b) is nuc personally ubligaced tu pay the sums secured by chis Securiry Instrumenr, and (c) agrees thac Lender and any ocner Fwrruwrr iuay ag~re tu extc~-~~, r:zc3ify, forbear ur make any accommodations with regard co che cerms of rhis Security Inscrument or che Note without that Burruwer's consenc. 12. Loan Charges. lf the (oan secured ~y this Security lnstrumene is subjecc to a law which sets maximum loan charges, and chat law is finally interpreted so thac the interest or other luan charges collected ur co be collected in connection with the loan exceed che permicc~d limits, then: (a) any such loan charge shall be reduced by che amount necessary co reduce the charge tu che permitted limir, and (b) any sums atready collecced fram Borrower which excc-eded permitted limits will be ' refunded ro Borrower.l.ender may choose co make rhis refund by reducing the principal owed under the Noce ur by maki~g a ! direct paymenc to Borrower. If a refund reduces pri~cipal, che reducciun will be treaced as a partial prepaymenc withouc any prepaymenc charge under the Noce. j 13. begislation Affecting Lender's Rights. If enaccmenc or expiracion of applicable laws has the effecc af rendering any provision uf the Note or chis Securicy Inscrumenc unenforceabte according co ecs cerms, Le~der, ar its opcion, may require immediate paymenc in full of all sums secured by this Secvrity Inscrumenc and may invoke any remedies permitced by ! paragraph 19. If l.ender exercises this opcion, l.ender shall take the steps specified in che second paragraph of paragraph 17. ,i 14. Notices. Any notice co Borrower provided for in this Securiry Instrumenc shall be given by defivering it or by i mailing ic by firsc class mail un{ess applicable laa requires use of another method. The rwtice shall be direcred co che Property ; Address or any other address Borrower designaces by notice co Lender. Any notice ru Lender shall begiven by first dass mail ' co Ixnder's address sraced herein or any other address Lender des~gnates by nutice to Borrower. Any nocice provided fur in ~ this Securiry Instrument shall be deemed co have been given co Borruwer or l.ender when given as provided in chis paragraph. ' 15. Governing Law; Severability. This Security Ins~rumenc shall be governed by federal laca and che law of che ~ ~ jurisdiction in which the Property is located. ln che evenc chac any provision or dauseof chis Security Instrumentor che Note confliccs wich applicable law, such conflicc shall noc affecc ather provisions of chis Sec~uricy lnscrumenr or the Note which can be given effect wichout the confliccing provision. To this end the provisions uf this Security Instrument and che Noce are i declared w be severable. I . 16. Borrower's Copy. Borrower shall be given one conformed copy of che Note and of chis Security Instrumene. ; 17. Transfer of che !'ropeny or a Beneficial Interest in Borrower. if all or any parc oi che Propercy or any interest in it is sold or cransferred (or if a beneficiai incere~c in Sorrower is sold or transferred an~! B&~rrower is not a nacural ~ person) wichouc l.ender's prior written consent, Lender may, at its option, re,~ire immediace payment in full of all sums ~ secured by this Securi~y Instrumene. However, this option shall not be exercised by Lender if exercise is prohibiced by federal ~ law as of che dace of chis Securiry lnscrumenc. If Ler~der exercises chis opcion, Lend.r shall give $orcower nocice of acceleration. The nocice sna11 provide a peric~d of not less chan 30 days from the dace the notice is delivered or mailed within which Svrrower must pay all sums secured by this i Security Instrur*tenc. lf 8orrower fails co pay rhese sums prior to the expiration of chis period, Lender may invoke any remedies permicced by this Seturity Instrumenc wichout further notice or demand on Borrower. i 18. Borrower's Right co Reinstate. If Bocrow.r meecs cercain condicions, Borrower shall have che righc to have enforcement of this Security Instrument disconcinued ac any cime prior co che eartier of: (a) 5 days (or such arher period as ' applicable law may specify for reinstatement) before sale of the Property pursuaor to any power of sale contained in this Se- li~ cvrity Instrumenc; or (b) encry of a judgment enforcing this Security ]nstrument. Thcse conditions are that Borrower: (a) ! pays Lender aU sums which then would be due under chis Secvrity Instrument and the N~~te had no acceleration occurred; (b) ( cures any default of any ocher convenants or agreemen~s; (c) pays all expenses incurred in enforcing chis Security Instrumenc, ~ induding, buc noc limiced to, reasonable attomeys' fees; and (d) takes such action as Lender may reasc;nabty require to as- sure thac the lien of this Secucity Instrumenc, Ixnder's righcs in che Property and 8orrower's obligacion ro pay rhe sums secured by this Sea,ricy Inscrument shall continue unchanged. Upon reinstatemenr by Borrow~r, chis Security lnstrument and the obligations secured hereby shall remain fuily effective as if no acceleration had occurred. However, this right co II~~ r i n t t i e s a e shall not apply ~n che case of acceleracion under paragraphs 13 or 17. ; ~v52~ ~oea~ ; ~ _v _ . _