HomeMy WebLinkAbout0997 lf Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument,
[lorrower shall pay the premiums required to maintain the insurance in etTect until such time as the requirement for the
insurance terminates in accordance with [3orrower's and Lender's written agre~ment or applicable law.
A. Inspection. Lrnder or its agent may make reasonable entries apun and inspections of the Propcrty. Lender
sliall give f~orrower no~ice at the time of or prior to an inspection specifying reasonable cause for the inspection.
9. Cundemnntion. Th~ procetds ot~any award or claim For damages, direct or consequential, in conneciion with
any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby -
assigned and shall be paid to Lender.
In the event uf a total taking of the Property, the proceeds sl~all be applied to the sums secured by this Security
Instrumen;, a~hether or not then duc, with any excess paid ta Borrower. In the event of a partial taking of the Property,
unless porrower and Lender ott~erwise agrce in writing, the sums secured by this Security Inst~um~nt shall be reduced by
the amount of the proceeds multiplied by the following fraction: (a) the total amount of th~ sums secured immedi3tely
before the takin¢. divided by (b) thc fair market value of the Property immediately before the taking. Any balance shall be
paid to Elorrewe~.
IC the Propc~ ty is abandoned by Borrower, or if, after notice by Lender to Borrowtr that the condemnor offers to
make, an awar.l o: settte a claim for damages, Borrower fails to respond to Lender within 30 days afttr the date the notice is
given, Lende~ is autnorized to collect and apply the proc«ds, at its option, either to rcstoration or repair of the Propeny or
to the sums secured by this Security Instrument, whether or not then due.
Unless Lender and Qorrower otherwise agree in writing, any application of proceeds to principal shall not extend o~
postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of such payments.
10. Borrower Not Released; Forbearance By Lender Not a WQlrer. Extcnsion of the time (or payment or
modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in
int~rest of Dorrower shall not operate to release the liability of th~ original Borrower or Borrower's successors in interest.
Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for
payment or otherwise modi(y amortization oP the sums s~cured by this Security instrument by reason of any demand madt
by the o~iginal Borrower or Borrower's successors in intertst. Any forbearance by Lender in exercising any right or «medy
shall not be a waiver of or preclude the exercise of any right or remedy.
11. Successors and Assiqns aound; Jotnt and Several Liebility; Co-stgners. Th~ covenants and agreements of
this Security [nstrument shall bind and benefit the suceessors 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
Instrument but does net execute the Note: (a) is co-signing this Security [nstrument only to mortgage, grant and convey
that E3orrower'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 acc~mmodations with regard to the terms of this Security [nstrument or 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 law is finally interpreted so that the interest or other loan charges collected or to be collected in
connection w~ith the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
necessary to reduce the charge to the permitted limit; and (b) any sums already collected from ~orrower which exceeded
permitted limits will be rel~unded to Uorrower. Lender may choose to 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 ~~~il) be treated as a
partial prepayment without any prepayment charge under the Note.
13. Legislation AfTecting Lender's Rights. If enactment or expiration of applicable laws has the efi'ect of
I~ rendering any provision of the Note or this Security [nstrument unenforceable according to its terms, Lender, at its option,
~ may require immediate payment in ful) of all sums secured by this Security [nstrument and may invoke any remedies
~ permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of
paragraph 17.
14. Notices. Any notice to [3orrower provided for in this Security Instrument shall be given by delivering it or by
rnailing it by first class mail unless applicah~e law requires use of another method. The notice shall be directed to the
Property r~ddress or any other address Dorrow•er designates by notice to Lender. Any notice to Lender shall be given by
First class mail to 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 E3orrower or Lender when given as provided
in this paragraph.
l5. Governing Law; Severability. This Security [nstrument shall be governed by (ederal law and the law of the
jurisdiction in which the Property is located. In the e~~ent that any provision or clause of this Security Instrument or the
Note conflicts with applicable law, such conflict shall not atTect other provisions o~ this Security Instrument or the Note
w~hich can be given rtTect without the conflicting provision. To this end the provisions of this Security Instrument and the
Note are declared to be severable.
16. I3or~ower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument.
17, T~ransfer ot the Property or a Ueneficial ~nterest in Qorrower. If all or any part of the Property or any
interest in it is sold or transferred (or if a beneficial interest in Dorrower is sold or transferred and E3orrower is not a natural
person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums
secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibittd by
(edera! !aw as o(the date of this Security Instrument.
!f Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice stiall providr a periud
o( not less than 3U days frorTti the date the notice is deli~ered or mailed within which Dorrower must pay ~II sums serured by
this Security Instrument. (f I3orrower fails to pay these sums Prior to the expiration of this period, Lender may in~~oke any
remedies permitted by this Security Instrument without further notice or demand on Dorro~ver.
f8. I3orrower's Right to Reinstate. I( [3orrower meets certain conditi~ns. Dorrower shalf have the right ro have ,
enforcement of this Security (nstrument discontinued at any time prior to the earlier of: ia) 5 days (or such other period as ;
applicable law may tipccify for rein~tatement) before sale of the Property pursuant to any power of sale contained in this
Se~unty In,trument; or (b) entry ut a judgment enforcing this Security Instrument. Those conditions ~re that Dorro~ver.
pays Lender ~II Sums whirh then u~ould be due under this Security Instrument ~nd the Note had no acceleration
uccurred: Ib) cures any drfault of any other covenants or agreements; (e) pays al) expenses incurred in enforcing this
Srcurity (nstrument, inrluding, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may
reas~nabl}~ require t~ :?~sure that the tien of this Securiry Instrument, Lender's nghts in the Property and f3orrower's
oblig~t~on tn ~ay the wms ~ecured by this Security (nstrument rhall continue unchanged. Upon reinstatement by
f3orroH~r, this Security Imtrument and the c~bligations Secured hereby ShaU remain ~ully etTective as if no arceleration had
~cc~~rred. f I~~ce~er, ~his right to rein5tate shall not a~rly in the ra~e uf aereltration under paragraphs I 3 or I
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