HomeMy WebLinkAbout0936 if Lendei ?equued morlgage ~nsurance as a cond~Uon of maKingthe loan secuied by th~s Secur~ty Instrument Rorrower shail
pay ihe premiums requ~red to mainta~n Ihe insurance m etfect untd such time as ihe reqwiement for the insurance t~~rmmates ~n
accordance w~th Borro~ver's and Lender's wniten aqreement or applicabte iaw.
8. Inapection. Lender or ~Is agent may make reasonabte er.tnes upon and inspec:tions oi Ihe Properly Lender shall y+ve
Qonower notice at the time of or prbr to an inspect+on specifying reasonable cause }or the ~nspect~on
9. Condemnation. The proceeds of any award or claim lor damages. direcl or consequenilal, i~,conneci~on with any
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condemnation or olher taking ol any part of ihe Property. or for conveyance i~ lieu nI cond~mnaTibn, ar~ heretiy ass~gned and shau
be paid to Lender.
In the eveM oi a total taking oi the Property, the proceeds shall be applied lo the sums secured by this Secunty Inst~ument.
wtiether or not Ihen due, with any excess paid to Borrower. In the event of a partial taking o( the t'roperty. uniess Bo~rower arici
Lender olheiwise agree in wriling, lhe sums secured by Ihis Securily Instrument shaft be reduced by the amount of the proceeds
mult~plied by Cne tullow~ng (raction: (a) ?he total amount of the sums secured immedrately before the taking, d;v~ded by (b) the fair
maike! vatue o( ;he Property immediatety before the taking Any balance shalt be paid to Borrower.
if the Propert~- is abandoned by Bonower. or ~f, atter nolice by Lender to Borro~ver Ihat the condEmna otfers to make an
award or sctt?e a claim for damages. Borrower fa~ls to respond to Lender within 30 days after the date the notice is given, lender ~s
aiithonzed to coHect and appty the proceeds, at its option. either to ~estoration or repair ot the Property or to the sums secured by
this SeCUrity Instrument, whelher or not then due
U~!ess ~ender and Borrower olherwise agree m ~vriting, any app!ication oi proceeds to principal shall not extend or ~
postpone the due date ot the monthty payments referred to in paragraphs 1 and 2 ro change the amount of such payments 2
10. Borrower Not Releaaed; Forbearance 8y Lender Not a Walver. Extension ot the time !ar payment or modil~cation t
of amortization of the sums secured by th;s Security Instrument granled bylender loany successor in interest of Borro~ver shall not f
operate to retease the liability o1 !he o~iginal Borrower or Borrower's successors in interest Le~~er shall not be required to F
commence proceed~ngs against any successor in interest or refuseto extendtime for payment or olherwisemod~fy amortizalion of
the sums secured by th~s Security Instrument by reason ot any demand made by the original Borrower or Borrower's successors in
~nteresL Any torbearance by Lender m exercising any right or remedy shall not be a waiver of or preclude the exerc+se ot any right or
remeciy.
11. Successors and Aaalgns Bound; Jolnt and Several Ltabtttty; Co-slgnera. The covenants and agreements c! th~s
Secunty Inslrumeni shall bind and bene(it the successors and assigns of Lender ar~d 8arower, subjecl to the provisions of
paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrowe? who co-signs this Security
tnstrument but does not execute the Nole: (a> is co-signing this Security Instrument onty to mortgage. grant and convey that
Sarower's inle~es! in the Property under the terms of this Security Instrument; (b) is not personally obtigated to pay the sums
secured by Ihis Security Instrurnent: and (c) agrees that Lender and any other Barower may agree to exlend. mod~fy, forbear o~ '
make any accommodations with regard to Ihe terms of this Security Instrumenl or the Note without that Borrower's Consent
12. Loan Charges. If the loan secured by this Security Instrument is subject to a la~v whfch seis maximum toan charges.
and that taw is finally interpreted so that the interest or other loan charges collected or to be co?lected in connection with the loar.
exceed the permitted limits. then: ( a) any such loan charge shalt be reduced by the amount necessary to reduce the charge to the
permitted 1~mit; and (b) any sums aiready collected trom 8arrower which exceeded peimilted limits wil! be retunded to Sorrower.
Lender may choose to make this refund by reducing the principal owed under the Noteor by mak~ng a direct payment to Borrower. If
a retund reduces principal. the reduction will be treated as a partial prepayment without any prepayment charge under lhe Note.
13. Leglslatfon Afiecting Lender's Rights. If enactment or expiration ot applicable laws has the effect of rendering any~
provision of the Note or this Security Instrumenl unenforceable according to its terms. Lender, at its optlon, may rc:quire immediate
payment in tull of all sums secured by th~s Security lnslrument and may invoke any remedies permitted by flaragraph t9 H Lender
exerc~ses this opUon. Lender shall take the steps spec~tied m the second paragraph of paragraph 17.
14. Nollces. Any nolice to Borrower provided for in this Security Instrument shaN be given by delivering it or by ma~ling it
by hrst class mail un!ess applicabte taw requ~res use of another method The notice shall be directed to the Property Address or any
other address Borrower designates by notice to Lender Any notice to Lender shall be given by firsi class mail to Lender's address
stated herein or any other address lender designates by notice to Borrower. Any not~ce provided for ~n this Secu!ity Instrument
shatl be deemed to have been given to Bosrower or Lender when given as provided in thfs paragraph
15. Governing Law; Severabflity. Th~s Secunty Instrument shail be governed by federal law and the law of the
jurisdiction m which the Property is located In the event that any provision or clause ~f this Secunty Instrument or the Note conflicts
with applicable law, such contlict shali not affect other provisions of this Secunty Instrument or the Ncle wnich can begiven effect
~n~~i!hou! the contlicting provision To this end the prov+sions of this Security Instrument and the Note are dectared to be severable
- 1S. Borrowe~'s Copy. Borrower shalt be given one conformed copy of the Note and of fhis Secwity Instrument.
1T. Transier ot the ~roperty or a~eneficial Interest in Borower. !f all or any par! of the Property or any interest in it is
sotd ar transferred (o! ~f a beneficial interest in Borrower is sold or transterred and Borrower is not a natural person) without Lender's ~
prior ~vrilten consenl. Lender may, at its option. require ir.~mediate payment in full o( all sums secured by this Security Instrument
. However, this option shall not be exerc~sed by Lender if exercise is proh~bited by federal law as oi the date of this Secunty
i Instrument
It ~ender exerc~ses this option. Lender shall give Borrower notice ol acceleration The notice shatt provide a period ol not ~
~ less than 30 days from the date the notice ~s delivered or mailed v~ithin which Barower must pay al? sums secured ~y this Secur~ty ~
'I Inst~ument (f Borrower iails to pay these sums prior to the exp~ration of th~s penod. Lender may +nvoke any remedies p~rmitted by
this Secusity Instrument wlthout further notice ar demand on Sorrower ' y
18. Borrower's ftfght to Relnstate. !f 8arower meets certain conditions, Borrower shall have the right to have
enforesment ot this Security Instrumen! discontinued at any lime prior to the earlier ot ( a) 5 days (o~ such other period as app6cable
law may specify for reinstatementl before sale af the Property pursuant to any power of sale conlained in this Security Instrument.
or (b) entry of a judgment enforc,ing this Security Instrument Those canditions are that Borrower. (a) pays Lender all sums which
then would be due under th~s Security Instrument and the Nofe had no acceleration occurred: (b) cures any default of any other
covenams or agreements; {c) pays a?I expenses incu~red in eMorcing this Security Inst~ument, including. but not limited to.
reasonable atto!ney's fees: and fd) takes such action as l_ender may reasonabty require t~ assure that the lien of this Security
Instrument. Lender's nghts in the Property and Borrower's obligation to pay the sums secwed by this Secw;ty Inslrument shall
continue unchanged Upon reinstatement by Borrower. this Secu?ity Inslrument andlhe ob~igatiors secureci hereby shall rema~n
' fully effective as rt no acceterati~n had ocew?eci. However. Ih~s nght to reinstate shatl not apply in the case of acceleration under
I paragraphs 13 or 17
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