89100310 - Laserfiche WebLink

Browse

r- 7 89 100310 if Lender required mortgage insurance as a condition of making the loan secured by this Security instrument, Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the t insurance terminate in accordance with Borrowees and Leader's wnW.- P- agreement or applicabk law. •. inspection. Lender or its agent may make reasonable ent.r ms upon and inspections of the Property. Lender shall give Borrower notice at the time ofor prior to an inspection specifying reitsonable cause for the inspection. 9. Can*=satiaa. The proceeds of any award or claim for damages, direct or, consequential, in connection with any condemnation or other taking of any part of the Property, or 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 be applied to the sums secured by this Security Instrument, 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 following fhaction: (a) the total amount of the suers secuted imina tely before the taking divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. If the Property is abandoned by Borrower. or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given. 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 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 postpone the due date of the monthly payments inferred to in paragraphs I and 2 or change the amount o(such payments. 10. Borrower Not Rdeaw* Forbatranee By Lender Not a Waiver. Extension of the time for payment or mcdifieatioa c6 amortization of the sutras secured by this Security Inatrument granted by Lender to any successor in i.wm est of Ectro rer shall not operate to rzl :se the liability of the original grower. or Ronvwees sim- vs_Qors in interest. Lender shag not be required to commence prootedings against any successor. in interest or refuse :Ao extend time for payment or otherwise' amort ization of the sums secured by this Secett'ity Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lexrder in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remdy. 11. Sateessots gad Aaslga+s Rental; Joint aai Several Lisbfllty; 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 co-signs this Security Instrument but does not execute the Note: (a) is co- signing this Security. Instrument only to mortgage;, grant and convey that Borrowers interest in the Property under the terms of this Security Instrument; (b) is not personalty obligated to pay the sums setitiatred by this Security Instrument; and (c) agrees than Leader aed any other Borrower may agree -to extend, tIIOUtiy, 4orvear or irate itEx-3M —Mwa siforli with regard to-the tcarms &4thw ,�+w�"ii : :.� 1n !M -.ra=t oralse Neft --i iie,nt - ::r.• that Borrower's consent. 12. Loan Mrges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan _ charges, and that law is finally interpreted so that the interest or other ban charges collected or to be collected in connection with the loan exceed the permitted limits, then: (a) any such ban charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower whkh exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed - under the Note or by mating 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. Iexislatiott Affecting Lender's Rlglaft If enactment or expiration of applicable laws has the -effect of rendering any provision of the Note or this Security Instrument unenfor= -Me according 'to its terms, Lender, at its option, may require immediate payment in full of all sums secured by this Secu: its Instrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this option, Lender shall talee the steps specified 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 r y' ' mailing t b first class mail unless applicable late requires use of another method. The notice shall be directed to the 8 Y pp e9 :�. Property Address or any other address Borrower designates by notice to Lender. Any notice to I. Mer shall be given by first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 115. Governing IoM Severability. This Security Instrument shall be governed by federal law and the liw 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 with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note w 'hich can be given effect'without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 116. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of the Property or a Beaeffcial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a benefidiul; interest in ]Borrower is sold or transferred and Bormwer is not a Batumi 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. However, this optiett sball not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If lender exerctses this option, Lender shiietl giiie )�4itrower notice of acceleration. The notice shall provide a period . of not less than 30 days, from the date the notice It delivered or mailed within which Borrower 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 i remedies permitted by this Security Instrument without further notice or demand on Borrower. la. Borrower's Rf0t to Reinstate. If Borrower meets-certain conditions, Borrower shall have the right do have enforcement of this Scoi ity Instrument discontinued at. any ttime prior to the earlier of: (a) S days (as such other period as applicable law may specify for reinstatement) bdbi'e sale of the l rapercy'pursuant to any power of contained in this ... Security Instrument; pt (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender a)1 rams which then would be due under: this Security 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, reasocmbte attorneys' fees; and (d) takes such action as Lender may lien Security instrument, Lender's rights in the Property, and Borrower's reasonably require to assure that the of this obligation to pay the sums secured by this Security instrument shall continue unchanged. Upon reinstatement by Borrower, this Security instrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17.