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� A 6 <br />4. t' mn. Fhyi; tar claim or damages, direct or consequential, in comtvction with <br />any coo4enanatton or ether taking of shy° itf the Property, or for conveyance in lieu of condemnation, are hereby <br />fAmigned and shall be paid to Lender. <br />In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security <br />Instrutttteitt, whether or riot then due, with any expos paid to Borrower, In the event of a partial taking of the Property, <br />ankm Borrower And Lender otherwise agree in writing, the sums see ured by this Security Instrument shall be rMucad by <br />Ow amount of the proceeds multiplied by the following fraction: (a) the total amount of the turns Wit "rod immediately <br />Wore the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balanc=e shall he <br />POW to Borrower. <br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to <br />make an award or settle a claim for damages, Borrower fails to respond to lender wilhin 30 days after the date the notice is <br />given. Lomdor is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or <br />to the sums _ cared by this purity instrument, whether or not then due. <br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal $hall not extend or <br />postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of such payments. <br />10. Borrower Not Released; Forbearance By Lander Not it Waiver. Extension of the time for payinent or <br />modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in <br />interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. <br />Lender shall not be required to commence proceedings against any successor in interest or ,efu%e to extend time for <br />payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made <br />by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy <br />shall not be a waiver of or preclude the exercise of any right or remedy. <br />11. Successors and Assigns Bound; Joint and Several Liability; Co- signers. The covenants and agreements of <br />this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions <br />of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security <br />Instrument but does not execute the Note: (a) is co- signing this Security Instrument only to mortgage, grant and convey <br />that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay <br />the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, <br />modify, forbear or make any accommodations with regard to the terms of this Security instrument or the Note without <br />that Borrower's consent. <br />12. Loan Char. If the loan secured by this Security Instrument is subject to a law which sets maximum loan <br />charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in <br />connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount <br />necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded <br />permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed <br />under the Note or by snaking a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a <br />partial prepayment without any prepayment charge under the Note. <br />13. Legislation AtTtcting Leader's Rights. If enactment or expiration of applicable laws has the effect of <br />rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, <br />may require immediate payment in full of all sums secured by this Security instrument and may invoke any remedies <br />permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of <br />paragraph 17. <br />14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or b� <br />mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the <br />Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by <br />first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice <br />provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided <br />in this paragraph. <br />IS. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the <br />jurisdiction in which the Property is located. In the event that any provisior or clause of this Security Instrument or the <br />Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note <br />which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the <br />Note are declared to be severable. <br />16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. <br />17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any <br />interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural <br />person) without Lenders prior written consent, Lender may, at its option, require immediate payment in full of all sums <br />secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by <br />federal law as of the date of this Security Instrument, <br />If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period <br />of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by <br />this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any <br />remedies permitted by this Security Instrument without further notice or demand on Borrower. <br />18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have <br />enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as <br />applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this <br />Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: <br />(a) pays Lender all sums which then would be due under this Security instrument and the Note had no acceleration <br />occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this <br />Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may <br />reasonably require to assure that the lien of this Security instrument, Lender's rights in the Property and Borrower's <br />obligation to pay the sums sccurcd by this Security Instrument shall continue unchanged. Upon reinstatement by <br />Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had <br />occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. <br />NON-UNIMIRM COVENANTS. Borrower and Lender further covenant and agree as follows: <br />1t, give notice to Borrower prior to acceleration following Borrower's <br />in 614 SftwitY Instrument (bat not prior to acceleration under paragraphs 13 and 17 <br />maim applicable lots provides otherwise). The Notice shall specify; (a) the default; (b) the action required to core the <br />(ct a date, not lows, than 30 days from tft data the notice Is given to Borrower, by which the default roust be cured; <br />and (d) to ewe the default on or before the riots specified in the notice may result In acceleration of the sums <br />armed by this Security lastromm and ask of the property. Ths notice shall further inform Borrower of the right to <br />t to bring o court action to awn the -existence of it default or any other <br />deftsour of Narrower to , Iftise 4~ is not cured on or before the date specified In the notice, Lender <br />at In fail of ttti soseas "cord by this Security Instrument without further <br />y y other remedias permitted by applicable law, header shall be entitled to <br />valloset an e provided In this Wattraph 19, Iachtdina, but not limited to, <br />too"*Ak suwm"l le" end "oft of . <br />