HomeMy WebLinkAbout0993 Unless I~nder and Bon~ow~er otherwise agree in writir~q, any ap~lication of
proce~c.3s to pri.ncipal shall not extent or postpor~e the due date of the monthly
payme~lts referred to in the Note secxiz~ed hereby. If w~der paragraph 16 the
Praperty is aoquired by Le.nder, Borrawer's riqht to any insuranoe policies or
proceeds z~esulti.ng fram damage to the Pt~operty prior to the aoquisition st1a11
pass to Lender to the extent of the sums secured by this S~curity Instnm~ent
itmnediately prior to the aoquisition.
3. F~V~ZZCN AND N~lII1I~3~1NC~ OF ~PIIZI`Y.
Borrower shall not destroy, damaqe or substantially change the Property,
allc7w the Property to deteriorate or oc~mnit waste.
4. ~f71'DCTION O:' III~l2'S RIC~IIS IN ~ PR~P~t.
If Bon~aer fails to perforn? the cx~venants ar~d agrecnnents oontained in this
Sec~irity Instnmient, or there is a legal proceeding that my significantly affect
Ler~dtir's rights i.n the Property (surh as a proc~eedir~q in b~anlmiPtc,,Y, p~te, for
condemnation or to enforce laws or x~egulations), then I,ender may do and pay for
whatever is neoessaYy to protect the value of the property and L,~~der~s rights in
the Property. Lender~s actions may include payiryg any stmtis secured by a lien
which has priority wer this Security In,stnm~.nt, appearing in court, paying
reasonable attorneys' fees ar~d enterir~g on the Property to m~lce repairs.
Although Le.nder may take action under this paragraph 4, Let~der does not have to
do so.
Any amounts dis~.~d by I~er~der wxier this ParaSraph 4 shall beaotne
additional debt of Borrower secured by this Security Insttzm~ent. Unless
Borrowex and L~erx~er agree to other ternis of payment, these amounts shall t~ear
interest in aocordanc~ with fihe Note secured hereby from the date of dis~~urse~„nt
ar~d shall be payable with interest upon notice fram Lender to Borrawer requesting ~
paYment.
5 _ 7IZSPF]C`I~ON.
I,er~d~r or its agent may make reasonable entries upon and i.nspections of the
Property. Lender shall give Borrower notice at the time of or prior to an
inspection specifying reasonable cause For the inspection.
b . OONI~I~'1~ON.
Zhe prnceeds of any award or claim for damages, direct or oonsequential, in
connection with any oonde~u~tion or other taking of any part of the Pro~er~ty, or
for oorn?eyance in lieu of oonde~ation, are here.by assiyned and shall be paid to
I,ender .
In the event of a total taking of the Property, the prooe~s shall be
applied to the stuns secured by this Security Instnm~ent, whether or not then due, i
with any excess paid to Borrvw~ez•. In the event of a partial taking of the
PropertY, unless Borrawer and Le.r~der otherwise agree in writi.rig, the s1m~s secured
by this Security Instnunent shall be redu~ed by the am~uit of prooeeds multiplied
by the follvwi.ng fraction: (a) the total amaunt of the sluns secured inm~ediately
before the taking, divided by (b) the fair mark,et value of the Pro~rty
inune,diately before the tak.ing. ArYy balance shall be paid to Borrower.
If the Property is abandoned by Borrower, or if, after notice by Lender to
Boi-rawer that the condemnvr offers to make an award or settle a clairn for
damages, BorL-r~wer fails to respond to Lender withi.n 30 days after the date the
notioe is given, Lender is authorized to oollect and apply the prooeeds, at its
aption, either to restoration or repair of the Property or to the sums secured by
~ this Security Instnmient, whether or not then due.
~ Unless L~nder ar~d Borrawer otherwise agree in writing, any application of
'E proceeds to principal shall not extend or postpone the due date of the monthly
paycnex~ts referred to in the Note secured hereby.
7. BDIZRfJWIIt t~K7?r RELFASID; FCl~2IiF~1RAiK~ SY Z~R I~7P A i~IVFR.
E~cte.nsion of the time for paymel~t of modification of this Security
' Znstnmient or the Note secured here.k~y yr~ranted by le,.r~ex to any successor in
intexest of Borrrkrer shall not c~perate t:o relP.ase the liability of the oriqinal
~ Eorrower or Borrower's suocessors in interest. I~nder shall not be required to
c~ proc.eedirigs agair~st any suocessor in interest or refuse to ext~r~d time
for gaymP~t or othezwise modify the stuns or the tezms for repayime.nt of the s-ums
secured by this Security Instnm~ent by reasan of ar~y demarxi made by the original
Borrawer or Borr~wer's suoce.ssor in interest. Any forbearance by I,er~der in
exercisir~g any right or remedy shall not be a waiver of or preclude the exercise
~ of any right or remedy.
~ 8. SfJ~C~RS AND ASSIQ~ BWNDi JOINP AND SEVII2AL i TA$TT TI'Y; UD~SIC~. 'IY~e
~ covenants and agreP.ments of this Security InstYwnent shall bind ar~d benefit the
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