200207318 - Laserfiche WebLink

Browse

20020731!3 (c) Mortgage Not Insured- Borrower agrees that should this Security Instrument and the Note secured thereby not he eligible for insurance under the National Housing Act within 60 days from the date hereof, Lender may, at its option and notwithstanding anything in paragraph 9, require immediate payment in full of all sums secured by this Security Instrument. A written statement of any authorized agent of the Secretary dated subsequent to 60 days from the date hereof, declining to insure this Security Instrument and the Note secured thereby, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may not be exercised by Lender when the unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary. 10. Reinstatement. Borrower has a right to he reinstated if Lender has required immediate payment in full because of Borrower's tat lure to pay an amount due under the Note or this Security Instrument This right applies even after foreclosure proceedings are Instituted- 'to reinstate the Security Instrument, Borrower shall trader in a lump sum all amounts required to bring Borrowerk account current including, to the extent they are obligations of Borrower under this Security Instrument fomulosurc costs and reasonable and customary attorneys' fees land expenses property associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures shall remain in effect as It Lender had not required immediate payment in full. However, Lender is not required nt permit reinstatement if @ Lender has accepted reinstatement after the commencement of foreclosure proceedings within two years immediately preceding the conanencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the turue, or (iii) reinstatement will adversely affect the priority of the lien created by this Security Instrument 11. Borrower Not Released; forbearance By Leader Nola Waiver. Extension of die time of 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 successor in interest Lender shall not be required to commence proceedings against any successor 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 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. 12. Successors and Assigns Bound; Joint and Several Liability; Co- signers. The covenants and agreements of this Security Instrmnent shall bind and henefit the successors and assigns of Leader and Borrower, subject to the provisions of paragraph 9b. Borrower's covenants and agreements shall be joint and several- Any Borrower who co -signs this Security hutrumcnt but does not cvreutc the Note (a) is co-signing this Security Instrument only to mortgage, grant and convey that Bomrwer's interest in the property under tire terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Seem'Ity Instrument, and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations w'nh regard to the forms of this Security Instrument or the Note without that Borrower's consent. 13. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing I( by first class mail unless applicable law requires use of another method. 'Pre notice Shall be directed to the Property Address nr any other address Borrower designates by notice to lender. Any notice to Lender shall he given by first -class mail to header's address stated herein a any address Lender designates by notice to Borrower Any notice provided for in dais Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 14. Governing Law; Smerability. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. to 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 which can be given effect without the conflicting provision '1'o this end the provisions of this Security Instrument and the Note are de;lamd to be severable. 15. Borrower's Copy. Borrower shall be given one conformed copy of this Security instrument. 16. Ilazardons Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property that is in violation of any Environmental law. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property. Borrower shall Promptly give Leader written notice of any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Properly and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge. If Borrower learns, or is notified by any governmental or regulatory authority that any removal or other remediatton of any Hazardous Substances uffecung the Property is necessary, Borrower shall promptly take all necea.'ary remedial actions in accordance with Environmental Law. As used in this paragraph Ih Hazardous Substances' are those substances defined as toxic or hazardous substances by Bnvironmentul Law and the lollowmg substances. gasoline, kerosene, other num sable or toxic petroleum products, toxic pesdndes and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph 16, "Environmental Law" means federal laws and lows of the jurisdiction where the Property is located that relam to health, safety or environmenrul proectien. gc4ora �.. iiuxca.vrx txasvaz000