200401029 - Laserfiche WebLink

Browse

200401029 In the event of fi partial taking, destruction, or loss in value of the Property in which me on market value of die Property immediately before the partial taking, destruction, or loss in value is equal to or greater Than the amount of the sums secured by this Security Instrument inmterlialely before the partial taking, destruction, or loss in value, bnlexs BmTOwer and Lender otherwise agree in writing, The sums Secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following I'mdion'. (a) the nual amount of the sums secured inunedlatcly Icfore the partial taking, destruction, of loss in value divided by (b) the fair market value of the Pmpeny immediately before the partial taking, destruction, or loss in value- Any balance shall be paid to Borrower. In the event of a partial taking, destruction or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction or less in value is less Than Ilse amount of the scans secured immediately before the partial taking, destruction ur loss in value, unless Bormwer and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the stuns settled by this Security Instrument whether or not the sums are then due. If the Property IS abandoned by Borrower, Or if, after nth tut by Lender to Borrower That the OPIKISU 19 Party (as defined in The next sentence) offers Of make an awanl hh settle a claim tar damages, Borrower fails to respond to Leader within 30 days after the data the notice is given Lender is authorized to collect slid apply the Miscellaneous Proceeds either to restoration or repair of tire Property or to the sums secured by [his Security Instrument, whether or not then due. 'Opposing Party" means the third party mat fwus Borrower Miscellaneous Proceeds or the party against whom Borrower has a right if action in regard to Miscellaneous Proceeds. Borrower shall he in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or Littler material impairment of Lender's interest in [he Property or rights urvler this Security Instrument. Borrower can cure such a default and, if acceleration has frontier, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling mat, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or Tiflis under (his Security Instrument. The proceeds of any award or claim for damages that are am'ihumble to lire impairment of Lender's interest in the Property arc hereby assigned stiff shall be paid to Lender. All Miscellaneous Proceeds that lire not applied to restoration or repair of the Properly shall be applied in the order provided for in Section'-) 12. Borrower Not Released; Forbearance By Lender NO[ a Waiver. Extension of the t e Ibr payment or Toothily au in of amortization of the sums secured by this Security InhI LITlem granted by Lender to Borrower or any Successor in interest of Borrower shall not operate to release the liability Of Bonower or any Successors in Interest ff Borrower. Lender shall not be required to continence proceedings against any Successor in Interest of Borrower or to refuse to extent time for payment or otherwise modify amortization Uf the sums secured by this Security instrument by reason of any demand made by the original Bonower of any Successors in Interest of tinrrowef. Any forbearance by Lender in exercising any right or remedy including, without linnimtion, Lender's acccpmnce of payments (film third persons, entities or Successors in Interest of Borrower )r in annudli s less than the amount then due, shall not he a waiver of or preclude The exercise Litany right ur remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and seveml. However, any Burrower who co- signs This Security Instrument but does not execute the Note (a "co- signer'). (a) is of shining this Security Instrument only to mortgage, grant and convey the co- signer's merest in [he Property under the teens of this Secur'ay Instrument; (b) is not personally obligated to pay the sums Secured by this Secunly Instrument; and (c) agrees that Lender find any other Borrower can agree to extend, modify, forbear or make say accommodafionv with regard to the terms of Ibis Security Iristrmment or The Note without the co- signer's consent. Subject m the provisions of Section 18, any Successor in Interest of Bormwer who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under This Security Instrument. Borrower shall not be released from Ronower's obligations and liability uncler this Security Instrument unless Lender agrees to such release in willing_ The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender, IJ. Loan Charges. Lender may charge Borrower fees tor services performed in connection with Borrower's default, for the Purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to attorneys' fees, property inspection and valuation fees. In regard to any other Fees, the absence of express authority in this Security instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee Lender may not charge tees Thal are expressly prohibited by this Security Instrument ur by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and Ihal law is finally interpreted so that the interest or other loan Charges collected or to be collected in connection with [he Loan exceed the permitted limits, (hen; (a) any such loan charge shall be reduced by the amount nee6aary to reduce the charge w fire permd[ed limit; and (b) any sums already collected from Borrower which exceeded permitted limits will he Decided to Borrower- Lender may choose (o make this refund by reducing the principal owed Under the Note or by rnmAug a direct payment to Borrower If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Burrnwcr's acceptance of any sum[ refund made by direct payment to Borrower will aomstiW[e a waiver of any right of action Burrower might have arising our of such overcharge. 15. Notices. All entices given by Borrower or Lender In connection with [his Security ITUhvmen( must be in writing. Any notice to Rormwer in connection with this Security Instrument shall be deemed to have Nero given tf, Borrower when mailed by first class mail or when a(mally delivered k) Borrower's nature address if sent by other means. Notice to any one Borrower .shall .nstitine notice m all Borrowers unless Applicable law expressly requires otherwise. The notice address shall be the Property Address unless Bormwer has designated IT substitute notice address by notice to Leaden- Burrower shall promptly notify Lender Of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Burrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrument at any one lime. Any notice TO Lender shall be given by delivering it or by mailing it by first class mail to Leaders address statrd herein unless Lender bas designated another address by notice To Borrower - Any noficc in connection with [his Security Institution shall not be deemed to have been given to Lender until actually received by Lender- if any notice returned by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy lire corresponding requirement under this Security dnatmnuent. 16. Governing Law; Severability; tittles of Construction. This Security Instrument shall be governed by federal law and the Isw of the jurisdiction in which the Properly is located. All rights and obligations contained in this Security lnshmment are subject to any requirements and limitations of Applicable Law_ Applicable Law might explicitly or implicitly allow [lie parties to agree by contact or it might be s'dent, but Stich silence Strait not be construed as a prohibition against agreement by contract. In the event That any provision or clause of [[ITS Security Inevumenr fit the Nate conflicts with Applicable Law, Stich cnntlict shall not affect other provisions Lit this Security Instrument it tire Note which can be given effect without The conflicting provision. As used in this Security Instrument (a) worda of the masculine gender shall mean and include corresponding neuter words or winds of (he feminine gender; (b) words in (he singular shall mean and me ude the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to Take any action. 17. Borrower's Copy. Borrower shall to given one copy of the Note and o1'this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section l8, "Interest in The Property" means any legal or bcncbcial interest in the Property, including, but nor limited to, lose beneficial interests transferred in a hold Iur deed, contract for deed, installment sales mmract I escrow agreement, The intent of which is the transfer of title by Borrower at a future dam to a purchaser - If all or any part of the Property or any Interest in me Property is sold or transferred (of It Borrower is act a natural person argil a heneficial interest in Borrower is sold ur Imnsferred) without Lender's prior written consent, Lender may require imnediae payment in full of all sums secured by this Security InsTnmrem, ldowever, this option .shall not he exercised by Lender if such exercise is prohibited by Applicable I,aw. NEEMASKA— Single Family— Fannie ra— IF-dai t Mac UNIFOnM INSTRUMENT j�,�//Porte 3028 1/01 .m1.O.ynemz1m a,. Ic"A m a Ferr000 I NP PIll2Wa (ryg'e5ef,,,i f,