The URL can be used to link to this page

Home My WebLink About0914 • lf Lende~ required mortgage insurance as a condition of making the loan ~erurcd hy thi. Srcurity Instrumeni, Barrower shall pay the premiums required to mai~tain the insurance in eflect until such time a~ the reyuirement fnr the insur~nce te~mina~es in accordance w~ith Borrower's and Lender's written agreemem ar appli~able law. 8. Ihspe~itioni~ :L~nS~e~ or its agent may make reasonable eniries uEwn and inspc~tions of thc Property. l.ender shall gi~~e 8orrower notice at the time af or prior to an inspection specifying reasonablr cause for the inspection. 9. Condemnation. The proeeeds of any award ar claim for damages, direct or consequential, in connection with any condemnation or othe~ taking of any part of the Property, ar for convcyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a tota) taking of the Property, the p~oceeds shall be applieci to the sums se~:ured by this Security Instrument, whether or not then due, with any excess paid ta Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in w•riting, the sums secured by thit Security Instrument~shall,be reduced by the amount oP the proceeds multiplied by the following fraction: (a) the total amount of the sums ser:ueod {mrpediately before the taking, divided by (b) the fair market value of the Yroperty immrdi:~tcly beWre lhc ta~g~~¢~,~alance shell be paid to Borrower. If'the Property is abandoned by Borrower, o~ if, aRer notice by Lender ta 13c~rrower that the eondemnor off~rs to make an award or settle a claim for damages, Bonower fails to respond to Lender within 30 days aRer the date the natice is given, Lend~r is authorized to collect and apply the proceeds, at its option, either to restoration or repair oP the Pro~.rty or to the sums secured by this Security Instrument, whether or not then due. Unless Lender and Borrowec otherwise agree in writing, any application of proceeds to principal shall not extead or postpone the due date of the monihly payments referred to in paragraphs 1 and 2 or change the amount of snch payments. 10. Borrower Not Released; Forbearance By Lender Not a~i'siver. Extension of the time for payment or maiification of amortization of the 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 extend time for payment or otherwise modify amortization of the sums secured by ihis Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint snd Several Liability; Casigners. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of I.ender and Borrower, subject to the pravisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security lnstrument but dces not execute the Note: (a) is casigning this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personaUy obligated to pay the sums secured by this Sec~rity 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. Loan Charges. If the lo~n secured by this Security Instrument is subject to a!aw which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be cullected in connection with the loan exceed the ~ermitted 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 Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrow•er. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. Legislstion Affecting Lender's Rights. If enactment or eapiration of applicable laws has the rffect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may require immediate payment in fult of all sums ser,ured b~~ this Security Instrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this option. Lender shall take the steps spcxifird in the second paragraph of _ paragraph 17. 14. Notices. Any notice to Borrow•er provided for in this Security Instrument shall be given by delivering it or by t mailing it b~ first class mail unless applicable law requires use of another method. The notire chall be directed to the Property Address or any other address Borrower designates by notice to Lender. An}~ notice to I.ender shall he gi~~en bp - first class mail to L,ender's address stated herein or any other address Lender designat~~s by notice to Borrower. An~~ notice provided for in this Security [nstrument shall be deemed to have been given to Borrower or Lender when gi~~en as provided in this paragraph. E 15. Governing Law; Severability. This Serurity~ Instrument shall be governed bp federal IaH~ and the law~ of thc jurisdiction in which the Property is located. In the event that any provision or clause ~?f this Security Instrument or the Note conflicts with applicable law, such conflict shall not afi'ect other provisions of this Security Instrument or the Natc which can be given etfect without the conflicting provision. To this end the pro~~isions of this Security Instrumrnl and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Securit~• Instrument. 1'I. Transfer of the Property or a Beneficisl Interest in Borrower. If all or any part of ~he Yropcrty or an}~ interest in it is sold or transferred (or if a beneficial interest in Borrower is tiold or transferred and Borrow•er is not a natural person) without Lender's prior written consent, Lender may, at its option, reyuire immediatc papment in full of al) sums secured by this Security Instrument. However, this option shall not br exerci~ed by~ Lender ~f exercite i1 prohibited b~~ federal law as of the date of this Sccurity Instrument. If' Lender exercises this option, Lender shall give E3orrower notice of acceleration. The notice shall provide a perioci of not less than 30 days from the date the notice is delivered or mailed within which Horrower mutit pay all sum~ ~ecured b}• this Security Instrument. If Borrower fails to pay these sums prior to the cxpira~ion of ~his pericxi. LCII(ICf I118~' I11~'l1ICt an}~ remedies permitted by this Securiry Instrument w•ithc~ut further notice or demand on I3orrower. r'' 18. Borrower's Right to Reinstate. !f Norrower meets certain ccmditions, Borrow•cr shall have the right to ha.c f enforcement of this Securiry Instrument discontinucd at any time prior to the carlier of: (a) 5 days (~ir such other ~riod a~ ~ applicable iaw may specify for reinstatement) before sale of the Proper~y pursuant ro any power of sale comained in this f Securily Instrument; or (b) entry of a judgmem enforcing this Security [nstrument. Those conditions are that Borrower: ~ (a) pays Lender all sums which then would be due under this Security Instrument and the T`ote had no acceleration f occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this _ Security Instrument, including, but n~t limited to, reasonable attorneys' fees; and (dj takes such action as Lender may reasonably require to assure that the lien oP this Security Instrument, l.ender's rights in the Property and Borrower's obligation to pay the sums secured by this Security lnstrument shall continue unchanged. Upon reinslatement by Borrower, this Security Instrument and the ubligations secured hereby shall remain fully effective as if no acceleration had ; c~ccurred. How•e~~er, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. i i ~ UR ~ooK 544 PACE 9~.3 r-y.~,.. ~ - - - - IL _ 1. _ . . _ . ~ -