88106289 - Laserfiche WebLink

Browse

88-106289 If Lender required mongage insurance as a condition of making tbe loan secured by tbis Security Instrument, Bnrrower sball pay Ihe premiums <<quired to maintain the insurance in effect until such time as the requirement for the insurance fermiRates in accordance with Borrower's and Lender's written agreement or applicable Jaw. 8, Inspection, Lender or its agent may make reasonable entries upon and inspections of the Propeny. Lender shall give Borrower nOlice at the rime of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequenrial, 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 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 eyent of a partial laking of the Property, unless Borrower and Lender otherwise agree in writing, the sums secured by tbis Security Instrument shall be reduced by [he amount of the proceeds multiplied by [he following fraction: (a) the total amount of the sums secured immediately befo<< [he taking, divided by (b) the fair market value of the Propeny immediately before the taking. Any balance shall be paid to Borr~wer. If the Propeny is abandoned by Borrower, or if, after notice by Lender 10 Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days aftcr 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 Propeny 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 prindpal 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 interest 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 any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11, Successors and Asslgns 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 ot'paragraph J 7_ Borrower"s covenants and agreements shall be joint and several. Any Borrower who CD-signs this Security Instrument but does not execute the Note: (a) is cOMsigning this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is nol persooally 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 accommodations 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 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 necessary to reduce the charge to the permitted limitj and (b) any sums already collected from Borrower which exceeded permitted 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 prepayment without any prepayment charge under the Note. ]3. Legislation Affecting Lender's Rights. If enactment or expiration of applicable Jaws 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 Ihis Security Instrumenl and may invoke any remedies permitted 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 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 Property Address or any other address Borrower designates by notice to lender. Any notice to Lender shall be given by first class mail [Q Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in tbis Security Instrument shall be deemed to bave been given to Borrower or Lender when given as provided in this paragraph. 15. Governing Law; Severability. This Security Instrument shall be .ovemed 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 Jaw, 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 sha.ll be given one conformed copy of the Note and oCthis Security Instrument. 17. Transfer or the Property or a Beneficial Interest in Borrower. If all or nny pan of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without lender's prior written consenl, lender may. at its option. require immediate paymenl in full of all sums secured by this Security Instrument. However~ this option shall nol be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises this oplion. Lender shall give Borrower notice of acceleration. The nOlice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. !f Borrower fails to pay these sums prior to tbe expiration of this period, Lender may invoke any remedies pennitted by this Security Instrument without funher nOlice or demand on Borrower. 18, Borrower's Right 10 Reinstate. !f Borrower meets cenain conditions, Borrower shull havc 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 a~ applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those condilions ure thai Borrower: . (a) pays Lender all sums which then would be due under this Security Instrument and Ihe Nole had nu Dcceleration occurred; (b) cures any default of any olher covcnanb or agreements; (c) pays aU expemiL~ incurred In enforcing thi~ Security Instrument, including, but not limited to. reasonable attorneys' fees; and Cd) lako ~uch Dclion 8!o lender may reasonably require 10 assure that the lien of this Security Instrument. Lender's rights in Ihe Properly ilml Borrower'!,! obligation 10 pay the sums secured by Ihis SecurilY Instrumcnl shall continue unchanged. Upon rClIlslalemcnl by Borrower. this Securily In!.trumcnt and the obligations secured hereby shall remain fully dfl."Cti\'e as if nOl1cccleratHII1 h.H.I occurred. Howcver. this right to reinstate shall not apply in the case of acceleration under paragraph!! I ,lllr I'" ~.)'l-l~~~