88106353 - Laserfiche WebLink

Browse

88- 106353 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 thc= insurance in effect until such time as the requirement for the insumnce terminates in accordance with Borrower's and Lender's written agreement or applicable law. 8. IDlllKIfon. Lender or its egent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time 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 consequential, in connection with any condemnation or other laking of any pan of the Propc:ny. or for conveyance in lieu of condemnation, arc 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 e.cess 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 hy the following fraction: (a) the total amount of the sums secured immediately before the taking, 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 otrers 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 10 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 ohhe monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearanee By Lender Nol a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender 10 any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shaD 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 nol be a waiver of or preclude the exercise of any right orremedy. 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 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 inlerest in the Property under the tenns of this Security Instrument; (b) is not personally obligated to pay Ihe 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. loRD 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 pennitted limits, then: (a) any such loan charge shall be reduced by the amount necessary 10 reduce the charge to the penniued limit; and (b) any sums already collected from Borrower which exceeded permiued limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Nole 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. 13. Legislallon A1fecting Lender's Ripls. If enactment or e.piration of applicable laws has the eWect of rendering any provision of the Note or this Security Instnlment unenforceable according 10 its terms. Lender, at it::; option. may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies pennitted by paragraph 19. If Lender e.ercises 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 applicahle law requires use of another method. The notice shall be directed to the Property Address or any other add..... Borrower designates by notice to 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 notice to Borrower. Any notice provided for in this Security Instrument shan be deemed to have been given to Borrower or Lender when given as provided in Ihis paragraph. 15. Gonnting Law; Se,erabillty. This Security Instrument 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 Instrumenl or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the NOle which can be given elfect without the confticting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Borrower'. Copy. Horrower shall be given one confonned copy of the NOle and of this Security Instrument. 17. Transfer or Ibe Property or a BeneficiBllnterest in Borrower. If all or any part of lhe Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is nol 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 not be exercised by Lender if exercise is prohibiled by federal law as of the date of this Security Instrument. Jr Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the dale the notice is delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies pennined by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Ripllo Reinstate~ If Borrower meets certain 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 may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry or a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender aJl sums which then would be due under this Security Instrument and the Note had no Deceleration .occurred; (b) ann any default of any other covenants or agrccmenh; (e) pays all e:;;pens~ incurred in enforcing this Security Instrument, inclUding. but not limited to. reasonable attorneys' fccs; and (d) tak~ such uctinn 11~ lender muy reasonably require to assure that the lien of this Security (nstrument. Lcnder'~ fight!! m lhe ProperlY and Borrower's obligation to pay the sums secured by this Security Instrument ~hall cnntlnue unchanged Upon rClOstutemcnl hy Borrower. this Seeuri!)' (nstrumenl and the obligations secured hereby shall remllm full)' dfecllvc II!! II" nUllcccll'rIlllon had occurred. However. this nghl!O rcins!ate !.;halJ not apply In the case ofBccelerutuln under paraitrllph, 1.' or 17