HomeMy WebLinkAbout0993 If Lender required mortgage insurance as a conditian of making the lozn secured by this Security lnstrument,
Borrower shail pay the premiums required to maintain the insurance in effect until such time as the requirtmtnt for the
insurance terminates in accordance with Borrower's and Lender's written agrecme~t or applicable law.
8, lnspection. Lender or its agent may make reasonable entries u~n and inspections of the Property. I.ender
shail give Borrower notice at the time of or prior to an inspeetion specifying reasanable cause for the inspection.
9. Condemnation. The proceecis oP any award or claim for damages, direct or consequential, in connectian with
any condemnation or ot6er taking of any part of the Praperty, ar for conveyance in lieu of condemnation, are hereby
assigned and shall be paid to Lender.
In the event of a total taking of the Property, the proceeds shall he applied to the sums secured by this Security
inst~ument, whether or not then due, with any excess paid to Borrower. In the e~•ent of a pariial taking of'the Property.
unless Borrow•er and Lender otherwise agree in writi~g, the sums secured by this Security Instrument shall be reduced by
the amount of the proceeds multiplied by ihe foliowing fraction: (a) the total amnunt o( the sums secured immediately
before the taking, divided by (b) the fair market value of the Property immediately bc:fore the taking. Any balance shall be
paid to Borrower.
If the Propehy is abandoned by Borrower, or if, after notice by l.ender to Borrower that the condemnor oH'ers to
make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days aRer the date the notice is
gi~~en, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or
to the sums secured by this Secarity Instrument, wheiher or not then due.
Unless Lender and Borrower otherwise agree in writing, any application otproceeds to principal shall not extend or
postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments.
10. Borrower Not Released; Forbearance By I.ender Not a Waiver, Extension of the time for payment or
moclification of amortization of the sums seeured by this Security lnstrument granted by Lender to any suecessor in
interest of Borrower shall not operate to release the liability of the original Borr~wer or Borrower's successors in intorest.
Lender shall not be required 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 lnstrument by reason of any demand made
by the original Bonower or Bonower's successors in interest. Any forbearance 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 Assigns Bound; Jolnt and Serers! Ltabillty; Co-signers. The covenants 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 be joint and several. Any Borrower who casigns this Security
lnstrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey
that Borrower's interest in the Proporty under the terms of this Security Instrument; (b) is not personally obligated to pay
the sums secured by this Security Instrument; and (e) agrees that Lender and any other Borrower may agree to extend,
m~dify, forbear or make any accommodations with regard to the terms of' this Security lnstrument or the Note without
that Borrower's consent.
12. Loan Charges. If the loan secured by this Seeurity Instrument is subject to a law which sets maximum loan
charges, and that law is finaily interpreted so that the interest or other toan charges collected or to be collected in
connection with the toan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
necessary to reduce the eharge to the permitted limit; and (b) any sums already collected from Borrower which eaeetded
permiited limits will 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 wiil be treated as a
partial prepayment without any prepayment charge under the Note.
13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the eft'ect of
rendering any provision of the Note or this Security Instrumenf unenforceable according to its terms, L.ender, at its option,
may require immediate payment in full of ali sums secured by this Security Instrument and may invoke any remedies
permitted by paragraph 19. If Lender exercises this option, Lender shal) take the steps specified in the second paragraph of
paragraph f 7.
14. *iotices. Any notice to Borrower provided for in this Security Instrument shal) be given by delivering it or by
mailing it by first class mail unless applicable law reyuires use of another methoci. The natice shall be direeted to the
~roperty Address or any other address Borrower designates by notice to Lender. Any notice to I.ender shall be given by
first class mail to Lender's address stated herein or any other address Lender designates by notic~ to Borrower. Any notice
provided for in this $e^urity Instrument shall be deemed to have been given to Borrower or Lender when given as provided
in this paragraph.
15. Governing I.aw; Severability. This Serurity lnstrument 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 w•ith applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note
which can be given eflect without the conflicting provision. To this end the provisions of this Security Instrument and the
Note are declared to be severable.
16. Borrower's Copy. $orrower shall be given one conformed copy of the Note and of this Security Instrument.
]7. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any
interest in it is sold or transferrrd (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural
J person) without Lender's prior written consent, [.ender may, at its option, require immediate payment in full otall sums
~ j~ f~•,~ secured b}• this Security Instrument. How•e~•er, this option shall nat be exercised by Lender if exercise is prohibited by
federal IaN• as otthe date ofthis Security Instrument.
' If Lender exercises this option, Lender shall 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 sums secured by
this Securitp lnstrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any
remedies rmitted b~ this ri
Secu t Instrum n w' w.
~ } y e t ithout further not~ce or demand on Borro er
t8. Borrower's Right to Reinstate. If E3orrower meets certain conditions, Aorrower shall have the right to havc
enforcement of this Security Instrument 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 Propeny pursuant to any power of sale contained in this
Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that B~rrower:
(a) pays Lender all sums which then would be due under this Security tnstrument and the Note had no acceteration
occurred; (b) cure~ any~ detault of any other covenants or agreements; (c) pays all eapenses incurred in enforcing this
Security~ Instrument, including, but not limited to, reasonable atrorneys' fees; and (d) takes such action as Lender may
reasonably require t~ assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's
obl~gation to pa}~ the sums secured by this Security Instrument shalt continue unchanged. Upon reinstatement by
Borrower, this Security Instrument and the obligations secured hereby shall remain fulty effective as if no acceleration had
occurred. However, this right to reinstate shalt not apply in the case of accelerati~n under paragraphs 13 or 17.
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. - ao~K ~80 P~cE 991
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