HomeMy WebLinkAbout2151 If Lender required mortgage insurance as a condition of making the loan secureci by th~s Security Instrument,
Borrower shall pay the premiums required to maintain the insurance in ef~e~:t until such time as the reyuirement f~~r the
~nsurance term~nates in accordance with Borrower's and Lender's written agreement ar applirable law.
8. Inspeetion. Lender or its agent may malce reasonable entries uFwn and inspections of the Property. Ler,der
shall gi~~e Borrow~er notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
9. Condemnation. The proceeds of any award or elaim fi~r damages, dirc~t or cons~quential, in ronnectiun w~ith
any condemnation or other taking of any part ol the Property, or fix com~e}ance in lieu of rondemnahi~n, are hereby
assigned and shall be paid to Lender.
In the event of a total taking of ihe Propeny, the proceeds shall br applied to the sums secured by this Securit}•
Instrument, whether or not then due, with anY excess paid to Borrower. In the event uf a partial taking of the Yropert~,
unless Borrower and Lender otherwise agree in a~riting, the sunis serured hy this Securit}• Instrument shall t~e reduced bp
the amount of the proceeds multiplied by the following fraction: (a) the wtal amount of the sums secured immediatel~~
uri~cc ii~e iaK~~~g, uiviueei oy (~j ine ia~r mari:ei vaiue oi tne "rroperty ~mmeciiateiy oeiixe tne tai:~ng. Any oaiance snaii i~e
paid to Borrower.
lf the Property is abandoned by Borrow•er, or if, after n~ii~e by Lender to Borrower that the condemnur of~ers to
make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days alter the datr thr noure is
given, Lender is authorized to collect and apply the proceeds, at its option, etther to restoration or repair of the Property ur
to the sums secured by this Secarity lnstrument, whether or not then due.
Unless Lender and Borrower otherwise agree in writing, any application of pr~eeds to prinri~ al shatl nol ertend or
postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount o( such payments.
10. Borrower Noi Relessed; Forbearance By Lender Not a V4'aiver. Extension of the time f~r payment or
madification of amortization of the sums secured by this Security [nstrument granted by Le~der to any successor in
interest of Borrower shall not operate to release the liability of the original Borrower or I3orrower's successon in interest.
Lender shall not t~. required to commence proceedings against any successor in interest or refuse to extend time for
payment or othenti~ise modify amortization of the sums secured by this Securit}• Instrument by reason of any demand made
by the original Borrower or Borrower'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. Suecessors and Assigns Bound; Joint and Several Liability; Co-signers. The rovenants and agreements of
this Se~urity Instrument shaU 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 E3~rrower who co-signs this Security
Instrument but does not ezecute 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 obligate~ to pay
the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to exlend.
modify, forbear or make any accommodations with regard to the terms of thi~ Security Instrument or the Note without
that Borrower's consent.
12. Loan Charges. If the loan secured by this Security Insirument is subject to a law w•hich sets maximum loan
charges, and that law is finally interpreted so that the interest or other loan charges callected or to be collected in
c,onnection with the loan exeeed the permitted limits, then: (a) any such loan charge shall be redureci by the amount
necessary to reduce the charge to the permitted limit; and (b) any sums alreadp collect~d from Borrow~er which exceeded
permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal ow~ed
! under 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. Gegislation Affeeting Lender's Rights. If enactmenl or expiration of applicable laws has the effect of
; 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
f permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of
~ paragraph 17.
~ 14. tiotices. Any no:ice to Borrower provided for in this Security Instrument shall be given by delivering it ~~r by~
mailing it by first class mail unless applicable law requires use of another methc~d. The notice shall be directed tc~ the
; Property Address or any other address Borrower designates by notice to Lender. Any notice to I.ender shall be given by
first elass mail to Lender's address stated herein or any other address Lender designateti b}• notire ta Borrow~er. Any nc~tice
` provided for in this Security Instrument shall be deemed to have been given to Borrower ~~r Lender when given as pro~•ided
~ in this paragraph.
~ I5. Governing Law; Severability. This Security Instrument shali br governed hy federa! law and the law c~f the
~ jurisdiction in which the Property is located. In the event that any provision or clause of this See~urity Instrument ur the
~ Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument ~~r the h'ote
6 which can be given effect without tne conflicting provisior~. To this end the provisions of this Security instrument and thc
~ Note are declared to be severable.
's 16. Borrower's Copy. Borrower shall be given on.° conformed copy of the Note aad of this Security Instrument.
~ 17. Transfer of the Property or a Bene6cial Interest in Borrower. If all or any part of the Prc~perty or any
~ interest in it is sold or transferre~ (or if a beneficial interest in Borrower is sold or transferred and Borr~wer is nut a natural
~ personj without Lender's prior written consent, Lender may, at its option, require immediate payment in full uf all sums
; secured by this Security InstrumenL However, this option shall not be exercised by I_ender if exercise is prohib~ted by
' federal law as of the date of this Security Instrument.
If Lender exercises this option, Lender shall give Borrower notice of acceleration The notice shall provide a perioci
of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all tium, secured by
this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, I,ender may invoke any
remedies permitted by this Security Instrument without further notice or demand on Borrow~er.
18. Borrower's Right to Reinsts~te. If Borrower meets certain conditions, Borrower shall ha~~e the right to have
enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other penod as
applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this
Seeurity Instrument; or (b) entry of a judgment enforcing this Security {nstrument. Those conditions are that Borrower:
(a) pays Lender all sums which then would be due under this Security Instrument and the 1~Iote had no acceleration
" occurred; (b) cures any defaUlt of any other covenants or agreements; (c) pays aU eapenses 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 thr lien of this Security Instrument, Lender's rights in the Property and Borrower's
~ obli ation to a the sums secured b this Securit Instrument sha11 continue unchan ed. U n reinstatement b
~ 8 P Y Y Y B P~ Y
~ Borrower, this Security Instrurrsent and the obligations secured hereby shall remain fully eH'e~:tive as if no acceleration had
occurred. However, this right to reinstate shall not apply in the case of acceteration under paragraRhs 13 or 17.
B~~K675 r~;,E2151
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