HomeMy WebLinkAbout0280 If Lender required mortgage insurance as a condition of making the loan secured by~ th~s Serunt~~ In~trument,
BorroN~er shall pay the premiums required to maintain the insurancz in eftect until such time 3s thr reyu~rement for the
insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law~.
8. Inspection. Lender or its agent may make reasonable entries upon and ins~tions of the Pro~erty. Len~i~r
shall give Borrower notice at the time of or prior to an inspection specif}~ing reas~nable cause for the inspection.
9. Condemnation. The proceeds of any aw•ard or claim for damages, direct or consequential, in ronnection w~~th
any condemnation or other taking of any part of the Property, or for comeyance in lieu of condemnati~~n, are hereby
assigned and shall be paid to Lender.
In the event of a total taking of the Property, the proceeds shall be applied to the sums secured hy this Securit}•
Instrument, whether or not then due, with any excess paid ro Borrower. In the e~ent of a partial taking of the Yro~rt}~,
unless Borrower and Lender otherwise agree in writing, the sums secured b~• this Securit~• Instrument shall be redured b}•
!he amount of ~he proceeds multiplied by the following fraction: (a) the total amount of the sums serured immediately
before the tzking, divided by (b) the fair market value of the Propert~~ immediately before the taking. An}• halanc~ shaU be
paid tb Borrower.
If the Property is abandoned by Borrow~er, or if, after notice by Lender to Borrow•er that the condemnor affers to
make an award or settie a claim for damages, Borrower fails to respond to Lender w~ithin 30 days after the date the notice is
given, Lender is authorized to collect and apply the proceeds, at its option, either to restorat~on or repair of the Propert}~ 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 shaU not extend or
postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of tiuch pay~ments.
10. Borrower Not Released; Forbearance By Lender hot a Waiver. Extension of the time for pay~ment or
modification of amortization of the sums secured by this Security Instrument granted by Ler.der to any successor in
interest of Borrower shall not operate to release the liability of the original Borrow~er or Borrow~ea's successors in ~ntere;t.
Lender shall not be required to commence proceedings against any successor in interest or refuse to extend ume for
payment or otherwise modify amortization of the sums secured by this Security [nstrument by reason of any demand made
hv thr nrioinal Rnrrnwvr nr Rnrrn..,a~•~ ~,.~~.~_r.,.c . .,~o.o~~ w., . f ~F.o r ~..,i.. _
....b y~. . . _ . .
'i ~ _.....--<e _ _~'~~~sa.•:s stt s _ aatf te:c.:..s:ia....... j .i. LA~~~.iJi'~~` ' ~ E` a v~ ~~,I~~L ~
' " •i'- uii'~ i i"ii" -"'~j•
shall not be a waiver of or preclude the exercise of any right or remedy.
11, Successors and Assigns Baund; Joint and Several Liability; 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 pro~~isions
of paragraph 17. Borrower's covenants and agreements shal! be joint and several. Any Borrower who co-signs this Security
Instrument but does nos execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and conve~~
! that Borrower's interest in the Property under the terms of this Security [nst~ument; (b) is not personatly obligated to pa~-
the sums secured by this Security Instrument; and (c) agrees that Lender and any~ other Borrow~er may agree to extend,
modify, 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 Security Instr~ment is subject to a law which sets maximum foan
charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in
connection with the loan exceed the permitted limits, then: (a) any such I~an charge shall be reduced by the amount
necessary to reduce the charge to the permitted limit; and (b) any~ sums alread~~ collected from Borrower which exceeded
permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal ow•ed
i under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a
i partial prepayment without any prepayment charge under the Note.
f 13. Legislation AtTecting Lender's Rights. If enactment or expiration of applicable laa~s has the efTert of
~ rendering any provision of the Note or this Security [nstrument unenforceable according to its terms, Lender, at its option.
may require immediate payment in full of all sums secured by this Securit}~ Instcument and may in~oke any remedies
permitted by paragraph 19. If Lender exercises this option, L.ender shall take the steps specified in the second p~ragraph ~f
~ paragraph 17.
~ 14, tiotices. Any notice to Borrower provided for in this Security Instrument shall be gi~en b}~ deliverin~ it <~r b}~
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 b}~ notice to Lender. An~• notice to Lender shall be gi~en b}
~ first class mail to Lender's address stated herein or an}' other address Lender designates b}• notice to Borrower. An} notice
pro~~ided for in this Secunty Instrument shall be deemed ro have been given to Borro«er c~r Lender when gi~en as ~r<~~~ided
in this paragraph.
~ 15. Governing Law; Severability. This Securit}~ lnstrument shall be go~erned b} federal law and the I~u c,t the
; jurisdiction in which the Property is located. In the even: that any provision or clause of this Security lnstrument or the
a Note conflicts with applicable law, such conflict shall not affect other provisions c~f this Security~ Instrument c~r the tiote
~ which can be given effect without the conflicting pruvision. To this end the pro~ isions of this Security~ Instrument and the
~ Note are declared to be severable.
16. Borrower's Copy. Borrower shall t~ gi~~en one conformed co~,}~ ot the Nate and of this Securit} Instrument.
~ 17. Transfer of the Property~ or a Beneficial Inierest in Borrow~er. If all or an}~ part of the Propert} or an~
interest in it is sold or transferred (or if a beneficial interest in Burrow~er is lold or transferred and Borrower i~ not a natural
~ rson) without Lender's nor written consent, Lender ma at its o tion, re uire immediate a ment in full ~f all sums
= Pe P • P 9 P~
~ secured by this Security Instrument. However, this option sha11 nc~s be exercised bp Lender if exercitie prohibited h~
' federal lau• as of the date of this Security Instrument.
If Lender exercises this option, L~nder shall give Borrow~er r7otice of acceleration. The notsce shall pm~ ide a~en~d
of not less than 30 daS~s from the date the notice is delivered or mailed within which Borrow~er must pa~ all sum~ secured by
this Security Instrument. If Borrower fai~s to pa}~ these sums prior to the expiration of this periad, Lender ma}~ im oke an~
remedies permitted by this Security Instrument without further notice or demand on Borrow•er.
18. Borrower's Right to Reinstate. If 3orrower meets certain conditions, Borrow~er shall ha~e the right tc~ ha~e
enforcement of this Security Instrument discontinued at an~ time prior to the earlier of: (a) 5 da~~s (or such other ~eri~d at
applicable law may specify for reinstatement) tsefore sale of the Propert}~ pursuant to an~~ pow~er of sale contained in this
k Security Instrument; or (b) entry of a judgment enforc~ng this Security~ Instrument. Those conditions are that Borrow~er.
(a) pays Lender all sums which then would be due under this Securit}~ Instrument and the Note had no acceleration
. occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this
Security Instrument, including, but not 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 ProJ~erty and B~rrow~er's
r obligation to pay the sums secured by this Security Instrument shall continue unchanged. li~n reinstatement by
Borrower, this Security Instrument and the obligations secured hereby shall remain fully ePFective as if no accelerahon had
occurred. Hoa~ever, this right to reinstate shall n~t apply in the case of acceleration under paragraphs 13 or 17.
BocK 675 ~E 280
~ .
~
i t
v-:~ ~.+~,c~^:rY-s.a
-`~:~.~~s~~.,~~.~~~