The URL can be used to link to this page

Home My WebLink About0972 . t If Lrnder reyuired mortgage insurance ~s a~andition of making the lo~n secured by this S~curity Instrument, ~ l3orru~~•er shall pay the premiums required to maintain the insurance in effect until such ~ime as the requirement for ~he insu~ancr terminates in accordance H~ith f3orrower's and Lender's written agre?ment or lpplicable I~w. 8, lnspection. Lencler or its agent may muke reasonnbte enhies upon and insrections of the Property. l.cnder shall gire 13orru~ver notice at the time of or prior to ~n inspection specifying reasonabfe cause for th~ ins{~ection. , 9. Condemnetion. The proceeds of any award or claim for damages, direct or consequentiat, in connection with any conc;emnation or other taking of any part of the Property, or for conveyance in lieu af condemnatio~~, are hereby assigned and shall be paid tc L.ender. In the erent of a t:~tal t.~king of' the Yropert~~, Ihe proceeds shall be applied ta the sums secured by this Security Instrumenl, «~hether ~r nut then due, ~vith any excess paid to ~orrov~er. In the eve~t of a partial takiiig of the Yrape`ty, uniess I3or~oH•er and Lendzr otherwisE agree in writing, the sums secured by this Security lnstrument shall be reduced by the amount of 11iP proceeds multiplied b~ the following fraction: (a) the total amount of the sums secured immediateiy before the laking, divided by (b) the fair market v~lue of the Property immecliateiy hefore tt?e taking. An~~ balance shal) be , paid to Borrower. IC the Property is abandoned h~~ Borrower. or if, after notice by Lender to liorrower that the condemnor ofiers to rnake a~~ award or settle a claim for damages, Borrowe~ fails to respond ta I.ende~ within 30 days 9fter the date the notice is giv~n, Lender is authorized ta colleet and apply the prc~ceeds, at its aption,~either to restoration or repair of the Propcrty or to the sums secured by tt~is Security Instrun~ent, whethec ar not then ~ue. • Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthty payments referred to in paragraphs 1 and 2 or change the ;sj;?ount oP such payments. 10. Borrower Not Released; Forbearan~e By Lender Not a'Waiver. Extension o~ 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 BorroH~er shall not operate to release the liabiliiy of the original Borrower or Borrower's successors in inte~est. Lender shall not be required to commence proceedings against uny successor in interest or refuse to extend time for payment or otherwise modify amortization of tne sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's success~~rs ±r. jnterest. Any forbearanee 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 Asslgns Bound; Joint and Several Ligbtlity; Co-signers. The cavenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall he joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is ca•signing this Security Instrument only to mortgage, grant and convey that Borrower's inter~st in the Property under the terms of this Security Instrament; (h) 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 a:commodations with regard to the terms of this Security Instrument or the Note without ihat Borrower's consent. ~ _ 12. Loan Charges. If the loan secured by this S~curity 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 with the loan exceed the permitted timits, then: (a) any such lo3n charge shal! be reduced by the amount necessary to reduce the charge ro the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits wil) 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 Borrower. If a refund reduces principal, the reduction wit) be treatPd as a partial prepayment without any prepayment charge under the Note. = 13. Legislation Affecting Lender's Rights. If enactment or expiration of appticable laws has the et~'ect of rendering a~:y provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may require immediate payment in fuii of ait sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps s~ecified in the second paragraph of paragraph 17. 14. Notices. Any noti~e to Borrower provided for in this Security Instrurnent shall be given by deiivering it or by mailing it by first class mail unless applicable taw requires use of another method. Th~ notice shait be directed to the ~ Property Address or any ~other address Borrower designates by nutice to Lender. Any notice to Lender shal! 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 Borrower or Lender when given as provided in this paragraph. I5. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or tl~e Note conflicts with applicable law, such conflict shalt not affect other provisions of this Security Instrument or the Noie . ~vhich can be given eti'ect without the conflicting provision. To this end the provisions of this Security Instrument and the : Note are declared to be se~~erable. - 16. Borrower's Copy. Borrower ~hall be given one conformed copy of the Note and of this Security Instrument. 17, Transfer of the Property or a Beneficial Interest in Borrower. If all or any part oi the Property or any interest in it is soid or transferred (or if a beneficial interest in Borrower is sold ar transferred and Borrower is not a naturai person) without Lender's prior written consent, Lender may, at its option, require immediate payment in fult of all sums secured by this Security Instrument. However, this option shalt not be excrci~ed by Lender if exercise is prohibited by ~ federal law as of the date of t6is Securiry Instrument. . If Lender exercises this option, Lender shall give Borrower nolice of acccleration. The notice shall provide a period ~ of r.ot less than 30 days from the date the notice is delivered os mailed within wnich Borrower must pay al! sums secured by this Security Instrument. If 8orrower fails to pay these sums prior to the expiration of ~his ~riod, Lender may invoke any remedies permitted by thSs Security ~nstrument withoui further notice or demand on Borrower. _ 18. Borrower's Right to Reinstate. If Borrower meets certain conditinns, Bnrrower shall have the riRht to have _ enforcement of this Security instrument discontinued at ans~ time prior to the earlier of: (a) 5 days (or such other period 3s a~plicable iaw may specify for rcinstatement) before sale of !he Property pursuant to any po~er of sale contained in this Security Instrument; or (b) entry of a judgment enfnrcing this Security Instrument. Those conditioris are that ~orrower. (a) pay~ Lender all sums which then would be d~e under this Ser,urity Instrument and the tVote had no acceleration _ occurred; (b) cures any defa~lt af any other c~venants or agreements; (c) pays all expenses incur~ed in enforcing this Security Instrument, in~luding, but r.ot 1'smited to, reasanabie attorneys' fees; and (d) takes such actian as Lender may ~ - reasonably require to assure that the lien oF this Security fnstrument, Lender's rights in the Property and IIorrower's - ebligation to pay the sums secured by this Security Instrum2ni shal! continue unchanged. Upen reinstatement by Borrok•er, this Security Instrument and :he obligations secured 'nereby shal) remain fulty effective as if no acceleration had occurred. Ho~~e~~er, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. BOOK c~~~ PAf,f 97~ „ . . . _ , _ - _ _ . ~ . . _ ~