88104476 - Laserfiche WebLink

Browse

88- 104476 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 insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. 8, Inspection, Lender or its agcnt may make reasonable entries upon and inspections of the Property. Lender shaH give Borrower notice at the time of or prior to nn inspection specifying reasonable cause for the inspection. 9. Condemnation. 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 Propcrty, the procceds shall be applied to the sums sccurcd by this Security Instrument, whether nr not then duc, with any excess paid to Borrower. In thc eyenl of a panial taking of the Property, unless Borrower and Lender otherwise agree in writing, the sums sccured by this Sccurity Instrument shall bc reduced by the amount of the proceeds multiplied by the following fractinn: (a) the total amount of thc sums secured immediately before the taking, dividcd by (b) the fair market valuc of the Propeny immediately beforc 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 seule 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, al its option, eilher to restoration or repair of the Propeny or to the sums secured by this Sccurity Instrumcnt, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application nf proceeds to principal shall not cxtend or postpone the due dalc of the monthly payments referred to in paragraphs I and 2 or change the amnunt of such paymenls. 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the lime for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest nf Borrower shall not operatc to rclease tbe liability of the original Borrower or Borrower's successors in intcrest. Lender shalJ not be required to commence proceedings against any successor in interest or refuse 10 extend time for payment or otherwise modify amortization oftbe sums secured by this Sccurity Instrumcnt by reason of any demand madc by the original Borrower nr Borrower's successors in interest. Any forbearance by Lendcr in cxercising any right or remedy shalJ not be a waiver afar preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Several Uabilll)'; Co-signers. Thc coyenants and agrecments of Ihis Security Instrument sball bind and bencfitthe successors and assigns of Lender and Borrower, subject to thc provisions of paragraph 17. Borrower's covenants and agreements shall be joinl and several. Any Borrower who co-signs this Security Instrument but does not cxecule the Note: (n) is co.signing tbis Security Inslrument only to mortgage, grant and convey that Dorrowcr's in.cresl in the Propeny under the lerms of tbis Securily Instrument; (b) is not personally obligaled to pay the sums sccurcd by this Security Instrumcnl; and (c) .grces that Lender and any other Borrower may agree 10 exlend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Narc without that Borrower's consent. 12, Loan Charges. If the loan secured by this Securit). Inslrumenl is subjecl 10 a law which sels maximum loan charges, and that law is finally interpreted so that the interest or olhcr loan charges collecled or tn be collected in cannection with the loan exceed tbe permilled limils, tben: (a) any such loan charge shall be reduced by the amount necessary to reducc the charge to tbe permitted limil; and (b) any sums already collected from Borrower which ..ceeded permitted limits will be refunded to Borrower. Lender may choo... to makc this refund by reducmg the principal owed under the Note nr by making a direct payment 10 Borrower. If a rcfund reduces prinCIpal, thc reduction will be treated .. a panial prepayment without any prcpayment charge undcr the Note. 13. Legislation Affecting Lender's Rights. If cnaclmcnt or expiration of applicable laws has thc effect of rendering any provision of the Note or this Security Instrument unenforceable uccording to its terms, Lender, at its option. may require immediate payment in full of all sums secured by this Secunty Instrument and may in~oke any remedies permittcd by paragraph 19. If Lender cxcrcises Ihis option, Lender shalltakc the sleps specified in the second paragraph of paragraph 17. 14, Notices. Any nOlice to Borrowcr provided fnr in Ihis Sccurily Instrument shall be givcn by dchvcring it or by maiJing it by first class mail unless applicable law requires use of another method. The notice shall be dirt"cted to the Propeny Address or any olher address Borrowcr dcsignales by notice to Lender. Any notice to Lcnder shall bc givcn by first class mail to Lender's address stated herein or any other addres!o lender designates by notice to Borro\\'er. Any notice provided for in this Security Instrument shull be deemed to hU\ic been given to Borrower or lender when given as provided in this paragraph. 15. Governing Law; Severability. This Secunty Instrument shall bc goycrned by rederallaw and thc law of Ihe jurisdiction in which the Propeny is located. In the event that any provision or clause: of thi!!. Security Instrument or the Note confHcts with applicable law, such conmct shall not affect other provisions of thi!!. Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provision!> of thio:., Seeunty Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of 1he Note and of rhi~ SecunlY Instrument. 17, Transfer of Ihe Property or a Beneficial Inlcrest in Borrower, If all or any part or ,he Propeny or any mterest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borro\\.cr i!o. not a natural 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. Howevt:r. this option shall not be exercised hy Lender if exercise i!o. prohibited by federal law as of the date nfthis Securily Inslrument. If Lender exercises this option, lender shall give Borrower notice of acceleration. The notice shall provide a penod of not less than 30 days from the date the notice is deJivered or mailed within which Borrower mu~t pay aJl sums ~ecured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of thi~ period. lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain condition~, Borrower shall havc tllc right to have enforcement orthis Security Instrument discontinued at any time prior to the earlier of: (a) 5 days for such other period a~ appliceble law may specify for reinstatement) before sale of the Property pursuant to any power of emle l.."ontained in Ihis Seeuril)' Instrument; or (b) entry of a judgment enforcing Ihis Securily Instrument. Those conditions urc that Borrower: (a) pays Lender all sums which then wou;d be due under lhis Security Instrumcnl and tile NOle hud no aCl'derntlOn occurred; (b) cures any default of any other covenants or agreements: (el pays all expenses incurred in enforcing Ihls Security Instrument, including, but not limited to, reasonable attorneys' fee\; and (d) lakes ...uch ilclion as Lender may reasonably require to a."isure that the lien of this Security Instrument. Lender's righls in the Property und Horrower's obligation to pay the sums secured by this Security Instrument shull conllnue unchangt:d. llpon rl'm"talcmcnt hy Borrower, this Security In\lrument and the obligutiom. secured herchy ...hall rem am fully etrel'l1\'t' u...tfnn :l,-".:dcralion had occurred. However, Ihis right to reinstule shall nol apply In the ca~c of ,H:I:ckr.lTllHl under parag:T<lph... 1'\ llf 17