The URL can be used to link to this page

Home My WebLink About0927 . ~ If Lender required mortgege insurance as a candition of making th~ loan sccured by this Security Instrument, Bc~frawer shall pay the prtmiums requircd to maintain the insurance in effect until such time as the requirement for the insurance terminata in accordance with Borrower's and Lender's written agreement or applicable law~. 8. laapection. L.ender or its agent may make reasonable entria upon and inspections of the Property. l.ender shall give Borrower notice at the time of or prior to an inspection specifying reasonabte cause for the inspection. 9. Condemnation. ~The proceeds of an~~ award or claim for damages, direct or consequential, in connection with a~~ condemnation ar other taking of an~• part ot the Property, or for conveyance in lieu of condemnation, are hereby assigned and shaU be paid to l.ender. ln the event of a total taking of the Pro}xrty, the proceeds shall be applied to the sums secured by this Security lnstrument, wh~ther or not then due, v?ith any excess paid to Borrow~er. In the e~•ent of a partial taking of the Propeny, ~ unless Borrower and Lender otherwise agree in writing, the sums secured by tt~is Security Instrument shall be reduccd by ~ the amount ot the proceeds mul~ip~ied by tt~e following fraction: (a) the total amount of the sums secured immcdiately ~before the taking, divided b~?,(b) the tair inarket value of the Property immediately before ihe taking. Any balance shall be ? : paid to Borrower. ~ If the Proptrty is abandoned by Borrow~er, or if, aRer notice by~ Lender to Borrower that th~ condemnor offers to make an award or settle a claim for damages, Borrower fails to tespond to Lender within 30 days after the date the notice is ~ givtn, Lender is authorized to coltect and apply the proceeds, at its option, eithrr to restoration or repair of the Propeny or `s to the sums secured bp this Security Instrument, whether or not then due. ~ Unlas Lender and Borrowor otherwise agree in writing, any application of proceeds to principa! shaU not extend ar ~ postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the arr~ount af such paymenis. ; 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for paymen~ or ` modification of amortization of the sums secured by this Security Instrument granted by Ltnder to any successor in interest of Borrower shall not operate to relcase the liability of the original Borrower or Borrower's successors in iaterest. , Ltnder shall not be required to commence proceedings against any successor in interest or retuse to extend time for payment or otherwise modify amortization otthe sums secured by this Security lnstrument by re3son otany demand made x by the original Borrower or Borrower's successors in interest. An}~ forbearance by I,ender in exercising any right ~r remedy ~ shall not be a waivet of or preclude the exercise of any right or remedy. ~ 11. Successors 4nd Assigns Bound; Joint and Sereral Lisbility; Co-signers. The covenants and agreements of ~ ~ this Security Instrument shall bind and benefit the successors and assigns of I.ender an~ Borrower, subject to the pro~•isions ~ ~ of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower w•ho co-signs this Security ~ Instrument but dces not execute the Note: (a) is casigning this Security Instrument anl} to mortgage, ~rant and convey ; that Borrower's interes[ in the Property under the terms otthis Security Instrument; (b) is not personally obligated ta pay the sums secured by this Security Instrument; and (c) agrees that l.ender and any other Borrower ma~ agree to extend, ~ modify, forbear or make any accommodations w~ith regard to the terms of this Security Instrument or the Note v?~ithout ; that Bonow•er's consent. 2 12. Loan Charges. If the loan secured by this Securit~• Instrument is subject to a law- w~hich sets maximum loan ? charges, and that law is finally interpreted so that the interest or other loan charges colleeted or to be collected in j connectio~ with the !oan exceed the permitteci timits, then: (a) anp such loan charge shall be reduced by the amount ' necessary to reduce the charge te the permitted limit; and {b) an~~ sums already collected from Borrow~er w~hich exceeded . permitted limits will be refunded to Borrower. L,ender may choose to make this refund by reducing the principal ow•ed ~ under the Note or by making a direct pa~•ment to Borrov?er. lf a refund reduces principal, the reduction w•ili be treated as a partial prepapment without an~ prepay-ment charge under the Note. 13. Legisletion Aff'ecting Lender's Rights. If enactmeni or expirauon of applicable law~s has the effect of rendering an}• provision of the i~ote or this Security Instrument unenforceable according to its terms, I,ender, at its option, i ' may require immediate pa~ment in full of aU sums secured by this Securit~• Instrument and may invoke any remedies 'i permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of I paragraph 17. : l4. Notices. Any notice to Borrower provided for in this Security~ Instrument shail be given by~ delivering it or by ' mailing it by first class mail unless applicable law requires use of another methc~d. The notice shall be directed to the ~ Propert} Address or any other address Borrower designates b~~ notice to Lender. Any notice to Lender shall be given b~~ ~ first class mail to Lender's address stated herein or any other addres~ Lender designates by n~tice to Borrow•er. An~• notice pro~~ided for in this Security Instrument shal) be deemed to ha~•e been gi~en to Borrower or Lender w~hen gi~~en as pro~~ided ~ in this paragraph. ( l5. Governing I,aw; Severebility. This Securit}• Instrumeni shal! be go~~erned by tederal law~ and the IaH of the jurisdiction in which the Property is located. In the event that an~• provisi~n or clause of this Security Instrument or the Note conflicts with applicable la•x, such conflict shall not afi'ect other provisians of this Security Instrument or the !~ote which can be given efFect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to bc severable. l6. Borrower's Copy. BorroW~er shall be given one conformed copy of the I~ote and of this Securily Instrument. 17. Transfer of the Praperty or a Benefici8l l~terest in Borrower. lf all or an~~ part of the Propert}~ or am~ interest in it is sold or transferred (or ita beneficial interest in Borrower is sold or transferred and Borrow~er is nat a natural personl without Lender's prior written consent. Lender may, at its option, require ~mmediate payment in fulJ ot atl sums secured b~ this Security lnstrument. However, this option shall nor be eaercised bp Lend~r if ezercise is prohibited by federal law• as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration The notice shall provide a period of not tess than 30 days from the date the notice is delivered or ma~led w•ith~n which Bnrrov?~er must pa~~ all sum~ secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of th~s penod. Lender ma~~ imoke any remedies permitted by this Security Instrument w•ithout further notice or demand on Borrou~er. l8. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrow~er sha11 ha~~e the right to ha~~e enforcement otthis Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such ather period a~ applicabte law~ may specify for reinstatement) before sale of the Property pursuant to any pow•er of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Securily Instrument. Those conditions are that Borrow•er: ( (a) pays Lender all sums which then a~ould be due under this Securit}• Instrumem and ,the Note had no acceleration I occurred; (b) cura any defa~~lt of any other covenants or agreements; (c) pays ali expenses incurred in enforcing thiti I Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may ~ reasonab{y require to assurc that the lien of this Security Instrument, Lender's nghts in the Property and Borrower's obligation to pay the sums stcurtd by this Security Inslrument shall cantinue unchanged. Upon reinstatement by Borrower, this Security lnstrum~nt and the obligations sec~red hereby shall remain fully efTective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. 6ooK 574 Pa~E 928 - - - . , ~.-y.~.~~ _ ..___.v~ . _