88105105 - Laserfiche WebLink

Browse

88- 105105 If Lender required mongage 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 agent may make reasonable entries upon Dnd inspections of the Property. Lender shall give Borrower notice at the rime of orpnor toan inspection specifying reasonable cause for the inspection. 9. Conde.noBtlon. The proceeds of any award'br- cl~im for damages, direct or consequential, in connection with any condemnation or other taking of any part of'tlic"Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. [n the event of a total taking of the Property, the proceeds shall be applied to Ihe sums secured by this Security Instrument, whether or nol then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unless Borrower Bnd 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: (allhe lotal amounl of the sums secured immediateLy before the taking, divided by (b) the fair market value oflhe Property immediately before the Inking..Any balance shall be paid to Borrower. Uthe Property is abandoned by Borrower. or if. after nor ice 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, at its option, eilher 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 shaH not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change Ihe amount of such payments. 10. Borrower Not Released; Forbearance Dy Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any Sllccessor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse t.o 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 shaJl not bea waiver of or preclude the exercise of any right or remedy. 116 Successors and Assigns Bound; Joint Bnd Several Liability; C06signers, The covenants and agreements of this Security Instrument shaH 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 Borrower's interest in the Property under the terms of this Security Instrumenl; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and allY other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of 1his SecurilY Instrument or the Note without that Borrower's consent. 12. Loan Charges, If the loan secured by this Security Inslrument is subjecl (0 a law which sets maximum lonn charges. and that law is finally interpreted so that the interest or other loan charges canceled or to be collected in connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permiUed limits will be refunded to Borrower, Lender may choose to make thl!t refund by reducing the principal owed under the Note OJ by making n direct paymenl to Borrower. If u refund reduces principal, the reduction will be treated as a partial prepaymenl without any prepayment charge under the Note. 13. Legislation Affecting Lender.s Rights. If enactment or expiration of applicable laws has the effect of rendering any provision of the Note or Ihis Security Instrument unenforceable according to its terms, Lender, at its option, may require immediate payment in full of all sums secured by chis Security Instrument and may invoke any remedies permilted by paragraph 19. [fLender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Notices, Any notice to Borrower provided for in Ihis Securiry Instrument shall be given by delivering it or by mailing it by first class mail unless npplicable law requires use of anolher method. The notice shall be directed to the Property Address or any other address Borrower designate..li by notice 10 Lender, Any notice to Lender shall be given by first class mail to Lcnder.s addr~s 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 10 Borrower or Lender when given us provided in this paragraph. 15. Goycrning Law; Se,erBbility. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is localed. In Ihe event that nny provision or clause of this Security Inslrument or the Note conflicts with applicable law, such connict shall not affect other provisions of this Security Instrument or the Note which 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. 16. Borrower's Copy. Borrower shalJ be given one conformed copy of the Note and of this Securily Instrument. 17. Transfer of the Property or a Beneflciallntercst In Borrower. If all or any parlor 1he Property or any interest in il is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is nola natural person) without Lender's prior written consent. lender may, at its option. require immediate payment in full or all sums ~urcd by thiS Security Instrument. However, this option shall '1ot be exercised hy Lender if exercise is prohibited by rederallaw as orrhe date of this Security Instrument. If lender ex.ercises this oprion, Lender shall give Borrower notice ofacceJeration, The nolice shall provide a period of not Jess than 30 days from the date the notice is delivered or mailed within which Borrower must pay all ..urns secured by Ihis Security Instrumenl. If Borrower fails to pay these sums prior ro rhe expiralion of this period, lender may invoke lIUY remedies pc:rmiued by Ihis Security Instrument without further notice or demand on Borrower II. Borrower's Right to RelMtate. If Borrower meets cenain conditions, norrower 'thaU have the righl 10 have enforcement orthis Securhy Instrumcnl discontinued al any time prior to the earher of: (Ill 5 days (or such (}ther peflnd a~ applicable law may !"opecify for rcinstblement) before sale of the ProperlY pursuant to any power or sale conlaincd in this Security Instrumenl; or (bl enlry of a judgmenl enforcing Ihis Security In"'lrumeflt. Those condition!> are Ihul Burrower' (a) pa)'~ Lender nil sums which Ihen would be due under this Sc,.'curiIY Inslrumenl and the Note had 110 llccclcrutmn occurred; (b) cure!. nny ddnull of any other covenants or agreements; (c) pay!t all eXpen..c.. Incurred In l'nrOrl'lI1g llw, Sccunty Instrumenl, mcludlng, but 1101 hmlted to, rea,lionable allorney..' fees; ami (d) tuke~ "Udl l\cllon a.. Lendcr mllY rca.sunabl)' require 10 1I","un: thul the lien of 11m, Securlly In..trurncnl. lcnder'" right!. 10 Ihe PrPrt.'rl~ and lInrn,,,er'.. obligation 10 P3) the ,"Olin ..et.'uret.1 hy 11m Sel'urlly In\trumenl ...hall contlnuc unchangcd l'poll fCln..lalt'IllCIlI h~ Borrmller, Ihl" Sc-l'unl) II1\t,ul1u'l1l IIlul the llhhE!ulinfl\ ..ccured hereby ...hall rcmam full) etTc.'t'II\(" a.. If nIl ;!t'l'Ck',ltIllII had uccurrrd I Imltt'\(,1 , Ihl" n~hl III n'lII"'llllc ..hBJllIlll apph In the (.',1'(' ur ilt'..:c1erall'lTIl1ndrr rilfil~rarh.. Ill" I"