88104020 - Laserfiche WebLink

Browse

88- 104020 If Lender required mongage insurance as a condition of making the loan secured by this Security Instrument, Borrower.sbal1-pay the premi\lms ~~i~ to maintain the insurance in effect until such time as the requirement for the insurance terminates inlCCOrdaace with Borrower's and Lender's written agreement or applicable law. 8.~ lDI)Iillctloa~"[;eftder or'its agent may make reasonable entries upon and inspections of the Property, Lender shall give'~~~jl!'~~~atJlietimeofor'prior to an inspection specifying reasonable cause for tbe inspection. 9. ('mwLoon..,Uoa:' tfii:' proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or otber taking of any pan of the Propeny, 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 Propeny, 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 panial 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 fraction: <a) tbe total amount of the sums secured immediately before tbe taking, divided by (b) the fair market value of the Property immediately before the takirig. Any balance shall be paid to Borrower. If tbe Propeny is abandoned by Borrower, or if, after notice by Lender to Borrower tbatthe 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 oCthe 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 referred to in paragraphs I and 2 or change the amount of such payments. 10. Borrower Not Releued; Forbearuc:e By Lender Not a Waiver. Extension of the time for payment or modification of amonization 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 successors in inleRSL Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amonization of the sums secured hy t his Security Instrument by ~"lISOn 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. s-n ami Aaipa BoIIDlI; JolDt ami Several Uabllity; Co-sipen. The covenants and agreements of this Security Instrument sh:dl 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 CD-signing this Security Instrument only to mongage. grant and convey that Borrower's interest in the Propeny under the terms of this Security Instrument; (b) is not personally obligated to pay the surnslCl:ured by this Security Instrument; and (c) agrees tbal Lender and any otber Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 12. Lou awwe., 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 loan charges collected or to be collected in connection witb the loan exceed the permitted limits, then: (a) any such loan chsrge shall be reduced by the amount necessary to red~ the charge to tbe permitted limit; and (b) any sums already collected from Borrower which exceeded per.nitted limits will be refunded to Borrower. Lender may choose: to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, thi: reduction will be treated as a partial prepayment without any prepayment charge under tbe Note. 13. .LeaiIIaUoa A1feetlDa Leader'. RiahtL If enactment or expiration of applicable laws has the efl'ect 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 permitted by paragraph 19, If Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. I.. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Properly Address or any other address Borrower designates by notice to Lender. Any notice to Lender 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. 15. GOYernlq LaW; SnerabUlty. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. In the event thai any provision or clause of this Security Instrument or the Note confticts with applicable law, such conflict shall not affect other provisions of this Security Instrument or tbe NOle which can be given e1fect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. 1Iorrower'. eo,,,. Borrower shall be given one conformed copy of the Note and of this Security Instrumenl 17. Truafer of the Property or a Beneficial Interest In Borrower. If all or any pan of the Propeny or any interest in it is sold or transferred (or if a beneficial inlerest in Borrower is sold or transferred and Borrower is nota natural person) without Lender's prior wriuen consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. However. this option shall nOI be exercised by Lender if exercise is prohibited 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 period of not leu than 30 days from the date the notice is delivered or mailed within which Borrower mll!t pay all sums secured by this Security Initrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. Ill. Borruwer'. RlPt to RelJlltate. If Borrower meets cenain condilions, Borrower shall have the nghl to have enforcement oCthis Security Instrument discontinued a. any time prior to the earlier of: (a) 5 days (or such OIher penod a~ applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale con tamed in th.. Security insln.lment; or (b) entry of a judgment enforcing this Security Instrument. Those conditIOns an: that Borrower (a) pays Lender all sums which then would be due under this Security Instrument and the Note had no accele:rallon Occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in e:nforcmll thiS Security Instrument. including, but not limited to, reasonable: attorneys' fees; and (d) takes such acllon as Lender ma) reasonably require to assure that the lien of tbis Security Instrument. Lender's ngnlS in Ihe Property and Dorrowe:r', obligation to pay the: sums secured by this Security Instrument shall conlinue unchanged, Upon rem'lalemelll il! Borrower, this Security Instrument and the obligations secured hereby shsll remalll fully ell'c:cllve as If no accelersllon had occurred. However. this righl to reinstate shall not apply m lhe case of acceleralion under paragraphs I J or 17