88106701 - Laserfiche WebLink

Browse

88- 106701 If Lender required mortgage insurance as a condition of making the loan secured by this Security Inltrument, Borrower shsl1 pay the premiums required 10 malnlain the in.urancc In effecl unlil such lime es the requiremenl for the insurance Icnninalcs in accordance VJith Borrower's and Lender's wrincn agreement or applicable law. R. Inspection. Lender or its 8~cnl may make rcasonabl.: entries upon and inspections of the Property. Lender shallslve Borrower nolice at the lime of or prior 10 an Inspeclion .pecifyinS rea.onable cau.e for Ihe inspection. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connectioi1 with any condemnation or olher taking of any pari of the Property, or for conveyance in lieu of condemnation, orc hereby assisned end shsll be paid 10 Lender. In Ihe event of a total tekins of the Property, the proceeds shsil be applied to Ihe sum. secured by Ihis Security Instrument, whether DC nol then due, with any excess paid to Borrower. In the eYent of 8 partial taking of the Property, unless Borrowe, and Lender otherwise esree in wrillns, Ih. sums secured by Ihis Securily Inslrumenl shall be reduced by the amounl of Ihe proceeds mulliplied by Ihe followins fraclion: (a) the 10lal amounl of the sums secured immediately before the teking, divided by (b) Ihe fair markel value oflhe Property immediately before Ihe taklns. AllY belance shall be paid to Borrower. If the Property is abandoned by Borrower, or if, after nvtice by Lender to Borrower thBt the condemnor offers to make an award or !IcttJe 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.he Propcny 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 nol extend or postpone the due date oflhe monthly payments referred 10 in paragraphs I and 2 or change the amounl ofluch payments. 10. Borrower Not Released; Forbearance By Lender Not B Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrumenl granted by Lender 10 any successor in interesl of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interesl. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend lime for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason afany 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. II. Suecelliors and AssIsns Bound; Joinl and Several Liebillly; Co.slllllers, The covenaots end agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender Bnd 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 thai Borrower's inlerest in the Property under the terms oflhis Security Instrument; (b) is not personally obligated to pay the sums secured by this SCt:urity I!lstrumentj and (c) agrces 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 finelly interpreted so lhat the interest or other loan charses collected or to be collected in conoection with the loan exceed the permilled limits, then: (a) any such loan charse shsll be reduced by the amount necessary 10 reduce the charge 10 Ihe permilled limit, and (b) any sums already collecled from Borrower which e.ceeded permined limits will be refunded 10 Borrower. Lender may choose 10 make Ihis refund by reducins the principal owed under Ihe Note or by making a direct payment to Borrower. If a refund reduces principal. the reduction will be treated as a parlial prepaymenl Wilhoulany prepeyment charse under the Not.. 13, Leslllallon Mecllns Lender'a Rights, If enaclment or expimtion of applicable laws h.. Ihe effecl of rendering any provision of the Note or this Security Inslrument unenforceable 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 permined by pam8f8ph 19. If Lender e.ercises this oplion, Lender shall takelhe steps specified In the second parsSrsph of parasraph 17. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mamns it by first class mail unless applicable law requires use of another melhod. The notice shall be direcled to the Property Address or any olher address Borrower designates by notice to Lender. Any nOlice to Lender shall be siven by first class mail 10 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 parasraph. 15. Governing Law; Severability. This Securily Instrument shall be sovemed by federellaw 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 Nole conflicts with applicable law, such conflict shall not Bft'ect other provisions of this Security Instrument or the Note which can be given effect without the eonfticting 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. Transrer nr tbe Property or a Beneficial Interest in Borrower, If all or any part of Ihe Property or any interest in it is sold or transferred (or if a beneftcial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior wrinen consent, Lender may. at its option, require immediate payment in full of all sums secured by this Security Instrument. However. Ihis oplion shall nol be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Inslrument. IrLender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from Ihe date the notice is delivcred or mailed within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails 10 pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further nolice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the righlto have enforcement of this Security Inslrument discontinued at any time prior to the earlier of: (a) S 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 (~) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Inslrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreemenlSj (c) paya all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable aUorneys' fees; and (d) lakes such action as Lender may reasonably require to assure that the lien of this Security Inslrument. Lender's rights in the Property and Borrower's obligation 10 pay the sums secured by this Security Instrument shall continue "nchanged. Upon reinstatement by Borrower, Ihis Security )nstrumenland Ihe obligalions secured hereby shall remain fully efl'tcli\le a~ if 110 ua:cclcratioll had occurred. However. this riaht to reinstate shall nol apply in the case ofacceleralion under paragraph5. I J or 17.