88106034 - Laserfiche WebLink

Browse

88-106034 If Lender required mongage insurance as a condition of making the loan secured by Ihis Security Instrument. Borrower shall pay the premiums required to maimnin the insurance in effect umil such time as the requirement for the insurance terminates in accordance with Borrower's Bnd Lender's written agreement or applicable law. 8. Inspection. lender or its agent may make reasonable entries upon and inspections of the Pre-peTty. Lender shaH give Borro\ycr notice at the time ofar prior Ilian 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 com'eyance 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 rraction: (aJ the total amount or 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 to Borrower that 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 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 shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not 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 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 intere5t 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 uny right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Several Liability; 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 provisions 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 Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the tenns of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrumt:nt; and ec) agrees that Lender and any other Borrower may agree to extend, modify. forbear or make any accommodations with regard to the terms of this Security InslTument or the Note without that Borrower's consenL 12. Loan Charges. 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 with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount neces."iary 10 reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded pcnniucd 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, the reduction will be treated as a partial prepaymenl without any prepayment charge under the Note. 13. Lel!islatlon Affecting Lender's Rights. If enactment or e'pirdlion of applicable laws has the effect 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 Inslrument 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. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mall unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice 10 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 nmice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given 10 Borrower or Lender when given as provided in this paragraph. 15. Governing Law; Severability. This Security Ins1rument shall be governed by federal law and the law of the jurisdiction in which the Property is located. In 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. To this end the provisions of this Security Instrument and the Note are 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 a Beneficial Interest in Borrower. If all or any part of the Property or any interesl in it is sold or transferred (orifa beneficial interest in Borrower is sold or Iransferred and Borrower is not a natural person) withoUl 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 not be exercised by Lender if exercise is prohibited by federal law as ofthe date Oflhis Security Instrument, If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period or not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all ~ums secured by this Security Instrumen1- If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies pennitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right 10 Reinstate. If Borrower meets certain conditions, Borrower shlJIJ have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such olher period as applicable law may specify for reinstatement) before sale of the Property pursunnt to any power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Security In!\trument. Tho~c conditions arc IhuI Borrower: (a) pays Lender all sums which then would be due under this Securily Instrument and lhe Nole hlld no aCL"ch:ration occurred; (b) cures any default of any other co\'enant!Jo or agrl'ement!Jo; (c) pays nil expense" incurred In enforcing Ihis Security In!Jo1rumcnt. including, but not limited to, rea.sonable allorncy'" fc~; and (d) take. ..ueh acllOn a!J Lender may reasonably require In assure thai the lien of this Security In!o.lrumcnl. Lender'.. nghls in Ihl' Proper!) and Borrower.... obhgauon to pay the ...urns ..ecured by thi!i Security In...trumell1 "hall conlinnc ullchangt.'d llpon n..'lnqatcment h) Borrowc:r. 11m. Sec:urny In!o.trument and the ()bli~a(ion!oo ..c:curcd hcrch~ ...hall fl"mam fully eITel.IIH. ii' If nil .ll"L"ckrallllll had occurred. Hl'Iwe\.'cr. Ihl!. Tlghl to rein~tat~ ~hall nfll .apply ITI lhl" Io:a...c nf alTelerallllO ullltt:r r;lr;l~rarh.. ! \ ('1 17