HomeMy WebLinkAbout0933 If Lender required mortgage insurancc as a condition of making the loan secured by this Sc~:urity Instrumen~,
Borrower shall pay the premiums required to maintain the insurance in eflect until such time a~ the requirement for the
insurance terminates in accordance with Borrower's and l.ende~'s written agreement or applicable law.
8. lnspection. I,ender or its agent may make reasonable entries uEwn and incpc,~ctions of thc Property. l.ender
shall give Borrower notice at the time of or prior to an insptction specifying reasonable cause for the inspection.
9. Condemnatton. The proceeds of any award or claim for damages, direct or consequential, in connection with
any condemnatian or othe~ taking of any part of the Property, or for conveyance in lieu af condemnation, are he~ebp
assig~ed and shall be paid to Lender.
In the event of a total taking of the Properly, the proceeds shall be applied to the sums se~;ured by thic Security
lnstrument, whether or not then due, with any axcess paid to Bo~rower. In the event of a parti~l taking of thc }'roperty,
unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be rrduced by
the amaunt of the proceeds multiplied by the following fraction: (a) the total amount af the sums secured irnmediately
before the taking, divided by (b) the tair market value of the Property immediately bef~re the iaking. Any balanre shall he
paid to Borro~rer.
If the Property is abandoned by Borrower, o~ if, after notice by Lender to Borrower that the condemnor oflers to
make an award or settle a claim for damages. Borrower fails to respond to I.ender within 30 days atter the date the notice is
given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Properly or
to the sums secured by this Security Instrument. whether or not then due.
Unless Lender and 8orrower otherwise agree in writing, any application of proceeds to principal shall not extend or
postpone the due date of the monthly payments referred to in parsgraphs 1 and 2 or change the amount of such payments.
10. Bonower Not Releaaed; Forbeannce By Lender Not a Waiver. Extension of the time for payment or
modification of amortization of the sums socured 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 requiraf to commence proceedings against any successor in interest or refuse to extend time for
payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made
by the original Borrower or Borrower's successors in interest. Any torbearance by Lender in exercising any right or remedy
shali not be a waiver of or preclude the exercise of any right or remedy.
11. Successors and Ass[g~s Bound; Jotnt and Several Liability; Casigners. T'he covenants and agreements of
this Security Instrument shaU bind and benefit the successors and assigns of Ixnder and Borrower, subject to the provisions
of paragraph 17. Borrower's cavenants and agreements shall be joint and several. Any BorroW er who co-signs this Security
Instrument but does 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 personally obligated to pay
the sums secured by this Secutity Instrumtnt; 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 wi?hout
that Borrower's consent.
12. Loan Chacges. 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 ioan charges collected or to be collected in
connection with the loan eaceod the permitted limits, th~n: (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 exceecied
permitted limits will be refunded to Borrower. Lender may choose to make this refund by reciucing the principal owed
~nder the Note or by making a direet payment to Borrower. If a refund reduces principal, the reduction will be treated as a
partial prepayment without any prepayment charge under the Note. l
'I l3. Legislation Atiecting Lender's Rights. If enactment or. expiration of applicable laws has the efiect o[
rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, ;
may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies ~
permitted by paragraph 19. If L.ender exercises this option, Lender shall take the steps specified in the second paragraph of
paragraph 17.
14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by
mailing it by first class mail unless applicable law requires 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 gi~~en by
first class mail to Lender's address stated herein or any otfier address Ixnder designates by notice to Borrower_ Any notice
provided for in this Security Instrument shall be deerned to have been given to Borrower ar 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 the
Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Insfrument or the Note
which can be given effect without the conflicting provision. To this end the provisions of this Sec:urity Instrument and the
Note are declared to be severable.
16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of ~his Security Ins~rument.
17. Transfer o[ the Property or a BeneRcial Interest in Borrower. If all or any par~ of the Property or any
interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural
person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of ell sum~
secured 6y this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibi~ed by
federal law as of the date of this Security Instrument.
!f L,ender exercises this option, Ixnder shal) give Borrower notice of acceleration. The notice shall provide a period
of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sum~ secured by
this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period. Lender rt~ay invuke an~
remedies permitted by this Security lnstrument without further notice or demand on Borrower.
18. Borrower's Right to Reinstate. tf E3orrower meets certain conditions, Borrower shall have the right to ha~~c
enforcement of this Security lnstrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as
applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale containcd in thiti
Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower:
(a) pays Lender a!! sums which then would be due under this Security Instrument and the Note had no acceleration
occurred; (b) cures any defautt of any other covenants or agreements; (c) pays a11 expenses incurred in enforcing this
Secunty instrument, including, but n~t limited to, reasonable attorneys' fees; and (d) takes such action as Lender may
reasonably require to assure that the lien of this Security Instrument. Lender's rights in the Property and Borrower's
obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinslatement by
Borrower, this Security Instrument and the c~bligations stcured hereby shall remain fully effective as if no acceleration had
occurred. However, this right to reinstate shall not apply in the cax of acceleration under paragraphs I 3 or 17.
~ooK 575 ~A~f 931
: - _ • ~ , -