The URL can be used to link to this page

Home My WebLink About2702 t~•~ t , . . • , ~ If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, E3orrower shall pay the prem?ums required to maintain the insuranre in effect untii such time as the requirement (or the insurance terminatrs in accordance with Borrowe~'s and Lender's written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender ~ ~hall gi~~e Borrow•er notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnation, The prc~ceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Propeny, or for convzyance in tieu of condemnatian, are hereby assigned and shall be pai~ to Lender. [n the event of a total taking of the Propert}~, the proceeds shal! be applied to the sums secured by this Security InstrJment, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the follow~ing fraclion: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately befi~re the taking. Any balance shall be paid ro Borrower. lf t~e Property is abandoned by Borrower, or if, after notice by Lender to E3orrower that the condemnor oflers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days afte~ the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoraiion or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or ~ostpone the due date of the monthly payments rePerred to in paragraphs 1 and 2 or change the amount of such payments. !0. Borrower tiot Released; Fo~bearance By Lender Not a N'aiver. Extension of the time for payment or modification of amortization of the sums secured 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 required to commence proceedings against any suecessor 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 ~ b~• the original Borrow~er or Borrower's successors in interest. Any forbearance by Lender in exercising ar.y right or remedy ~ shall not be a waiver of or preciude the exercise of any right or remedy. £ I1. Successors and Assigns Bound; Joint and Several Lisbility: 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 $orrower who co-signs this Security Instrument but dces not execute the Note: (a) is co-signing 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 Security Instrument; and (c) agrees that Lender and any other Borrower map agree to extend, modify, forbear or make any accommodations w~ith regard to the terms of this Security lnstrument or the Note without that $orrower's consent. - 12. Loan Charges. If the loan sec;ured by this Securit~~ 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 coilected in connection with the loan exceed the permitted limits, then: (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 $orrower which exceeded ` permitted limits w•ilt be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed ! unde~ the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. Legislation Affecting Lender's Rip,hts. If enactment or expiration of appiicable taws has the efi'ect oi' t rendering any provision of the Note or this Security Instrument unenforceable acrording to its terms, Lender, at its option, may require immediate payment in fuii of alt sums secured by this Securit}• Instrument and may invoke any remedies t permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specifiPd 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 Borrow~er designates by notice to Lender. Any notice to Lender shali be given by first class mait to Lender's address stated herein or any other address Lender designates b}• notice ro Borrower. Any notice provided for in this Security Instrument shall be deemed to ha~~e been gi~•en tc~ Borrower or Lender when given as provided :n this paragraph. 15. Governing I,aw; Severability. This SecuritS• Instrument shall be gu~•erned by federal law and the law of the jurisdiction in which the Property is (ocated. In the event that any prci~~ision or rlause of this Security Imtrument or the Note conflicts with applicable taw, such conflict shal! not affec! other provisions of this Security Instrument or the Note which can be gi~~en effect without the conAicting provision. To this end the provisions of this Security Instrument and the ~ Note are dec~ared to be s?vcrable. i 16. $ofrower's Copy. Borrower shall be gi~~en one confo;med copy of the Note and of this Security Instrumenl. ~ 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part c~f the Propeny or any interest in it is so{d or transferred (or if a beneficial intere~t in Borrow~er is sold or Iransferred and Borrower is not a natural person} without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. H~wever, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Secunty Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleratic~n. 7'he notice shal) pravide a period of not less than 30 days from the date the notice is delivered or mailed within which B~rrawer must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further ~otice or demand on Aorrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shatl ha~~e the right to have enfurcement of this Security Instrument discontinu~d at any time prior to the eart~er of: (a) 5 days (or such other period as applicable law may spec~fy for reinstatement) before sale of the Property pursuant to any pc~wer of sale contained in this Sec:urity [nstrument; or (b} entry of a judgment enforcing this Security Instrument. Those conditions are that Borrow~er. (a) pa}~s Lender all sums w~hich then would be due under this Security Instrument and the Note had no acceleration occur~ed; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Sec~rity Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably reyuire to assure that the lien of tf~is Security Instrument. Lender's r~ghts in the Property and Borrower's obligation to pay the ~ums secured by this Security Instrument shaf) continue unchanged. Upon reinstatement by Borrower, this Serurity Instrument and the obligations secured hereby shall remain full}~ eftective as if no acceleration had occurred. Hou~eve~, this right to reinstate shal! not apply in the case of aeceleration under paragraphs 13 or i 7. ~a 6~'4 ~~2702 _ +,f~'~;,r~~*°w~.~."~-~ r~'~ :~r ~"a~5~. . -'~:~x~`.~~,~sz~~.~~~e""~..~~~~s ,P