86107477 - Laserfiche WebLink

Browse

$6-- 107477 If Lender required mortgage insurance as a condition 'of making the loan secured by this Security Instrument, Borrower al" pay the premiums required to maintain the insurance in effect until such time as the requirement for the i insurance terminates in accordance with Borrower's and Lender's written W eement or applicable law. IL Inapse0m. Leader or its agent may take reasonable entries upon and inspections of the Property. Leader shall give, _ ortower mortise at ,tMrc time, of or prior to as inspection . specifying reasonable cause for the inspection. j !. CanMatnnllM. The proceeds of any award or claim for damages, direct or consequential, in connection with an- I condatwtion or other taking of any part of the Property, or for conveys= in lieu of condemnation, are hereby assigned j and Phan be paid to Lender. . In the `event of a total taking of the Property. the proceeds shall be applied to the sums seared 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, unkan Bosrowes and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of tbe'proceeds multiplied by the following fraction: (a) the total amount of the stuns secured immediately before the takin{, dniided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. If the Property is adandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to take 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 Leader 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 no 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. Saeeessors act Assigm Boaai: 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 shalt be joint and several. Any Borrower who co -signs this Security Instrument but does not execute the Noe: (a) is co- signing 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 not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, j` forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 12. Isar 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 ban exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; 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 wihout any prepayment charge under the Note. 13. Legislation Affecting Leader's Rights. If enactment or expiration of applicable laws has the effec, 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 Instrument and may invoke any remedies permitted by paragraph 19. If Leader 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 to 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 paragraph. 15. Governing Law; Severability. 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 provisions 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 an be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. tf. %m owes 's Copy. Borrower shall be given one conformed Copy of the Note and of this Security Instrument. 17. Traaater of the Property or a Beneficial Interest In borrower. If all or any part 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 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 of the date of this Security Instrument. If Leader exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which the 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 reined permitted by this Security Instrument without further notice or demand on Borrower. Is. borrower's AWN 11 RelaatNe. If Borrower meets certain conditions, Borrower shall have the right to have enfor, i of this Secuzit) Instrument 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 Seeority Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower. (a) pays Lender aq 'sums which then would be due under this Security Instrument and the Note had no acceleration occurred, (b) curd any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, inch ding, but not limited to, reaumvib(e attorney's fees; and (d) takes such action as Lender may reasonably require to assure that the limy of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the sums secured by, this security Instrument shag continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations inured hereby shag remain fully effective a+ if no acceleration had occurred However, this nght to reinstate shall mot apply in the ea+e of acceleration under paragraphs 13 or t7.