88105784 - Laserfiche WebLink

Browse

88-105784 If Lender required mortgage insurance as a condition of making the lonn secured by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in elfect until such time as the requirement for the insurunce terminates in accordance with Borrower's nnd Lender's written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Prcperty. Lender shall gi\'c Borrower nolice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnation. The proceeds of any awnrd or claim for damages. direcl or consequenlial. in connection with any condemnalion Of other taking of any part of the PropenYl 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 Property, 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 partial 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 frnction: (a) the total amount of the sums secured immediately before the laking. divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender 10 Borrower thai the 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 10 restoration or repair of Ihe 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 10 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 ~ot Released; Forbearance By 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 successor in interesl of Borrower shall not operate to release the liability of the origmal Borrower or Borrower's successors in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or mherwise modify amortization of the sums sa:ured by this Security Im>trument by reason of any demand made by (he original Borrower or Borrower's successors in interest. Any forbenrance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy 11. Successors Bnd Assigns Bound; Joint and Several Liabilityj Co.signers, The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisio~s of paragraph 17. Borrower's covenants and agreements shall bejoint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Securily Instrument only 10 mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that lender and any other Borrower may agree to extend. modify, forbear or make any olccommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 12, Loan Charges. If the loan secured by this Security Inslrumenl 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 with the loan exceed the pennined limits, then: (a) any !Ouch loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collecled from Borrower which exceeded permitted limits will be refunded 10 Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a dircct paymcm to Borrower. Ifa refund reduces principal. the reduction will be treated as n partial prepaymenr without any prepaymem charge under the Note, 13. LegislstloD Affecting Lender's Rights, If enactment or eApiration of applicable la.ws has the effect of rendering any provision of the Note or this Security Instrument unenforceublt: 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 permitlcd by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Notices. Any nOlice to Borrower provided for in Ihis 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 shaH be directed to the Property Address or any other address Borrower designale5 by notice to Lender. Any notice 10 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. Governing Law; Severability, This Security Instrument shall be governed by fedcmllaw and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this SecurilY In!>1rument or the Note conflicts with applicable law, such conflict shall not affect other provisions of Ihis Securily Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrumen1 and the Note ure declared to be severable. 16, Borrower's Copy, Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of the Property or D Beneficial'Interest in Borrower. If aJJ or any part of the Property or an}' interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred nnd Borrower is 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, However, this option shall nol be exercised by Lender if exercise is prohibiled by federal law as oflhe date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The mltice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower IOU!>t pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiralion of this period, Lender may invoke any remedies permitted by this Security Instrumenl without further nolice or demand on Borrower. UI. Borro"er.s Right to Reinstate. 'f Borrower meets cenain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law ma}' specify for remstatement) before sale of the Property pursuant to an).' power of ..ale contained in this Securil'l lnstrumenl; or (b) entry of a judgment enforcing this Secunty Instrument. Tho..c condillOn!!. are Ihat Borrower: (a) pays Lender all sums which then would be due under this Securily Instrument and lhe Note had no accelernllnn OCcurred; (b) cure5 an)o' default of any other covenants or agreements: (c) pay.. all exp~nsc... mcurrl-d in enforCing thl!> Security Instrumenl, including. but not limited to, reasonable attorneys' fees.: and (d) take<. ..uch acI1<1I1 a... Lender may reuonably rrquire 10 assure thal lhe lien of this Security Instrument. Lender'" nghls In the PTllpcrty and BnrTllwer'.. obligallon 10 pny lhe oc;ums. '>Ccured by Ihis Security Instrumenl shall l'ontlllue unChl1n~l-d. llpon rCIT1..llItemclIl h~' Borrower. Ihl.. SecUnlY In...lrument and the obligalions secured herehy ...hall remain fully dfl"l.:ll\'l' II" .f IlIl JIl.l'derulwl1 had occurred. Hnu.c\C"r. Ihl'o nghllo rein!otate !ohall not apply In the cas(: ofucn.lerallclTl undl'r partl!!raph, I' "1 Ii