200901255 - Laserfiche WebLink

Browse

200901255 this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2_ In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the swns secured by this Security Instrument, whether or not then due. with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking. destruction, or loss in value is equal to or greater than. the amount of the sums secmed by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing. the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property irilmediately before the partial taking. destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is le99 than the amount of the sums secured immediately before the partial taking, destrnction. or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument wherher or not the sums are then due. If the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the Opposing party (as defined in the next sentence) offers to make an award to 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 Miscellaneous Proceeds either to restoration or repair of1he Property or to the smns secured by this Security 1Dstnunent, whether or not then due_ "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if 8(:celeration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed. with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impainnent of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restonttion or repair of the Property shall be applied in the order provided for in section 2. lZ. 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 Borrower or any Successor ill Interest of Borrower shall Dot operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to 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 origiftal Bon'Qwer or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons. entities or Successors in Interest of Borrower or in amotmt5 less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several LlabDity; Co-IJgners; Successors and Assigns Bound. Borrower covenants and agrees that BOITOwer's obligations an.d liability shall be joint and several. However. any Borrower who co-signs this Security Instmment but does not execute the Note (a "co--signer"): (a) is co-signing this Security Instrument only to mortgage, grant and CODVey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums socured by this Secwity lnslrument; and (c) agrees that Lender and any .~ L..~ NebDlka hd orTnlA-,Siagle FUlily-FnBie Mae/FredtIie Mae U.l1brm lDstnlDlI:.t F; 101 MERS Modl1led TIle CoDlptillJlce Sollftle., be. Page' or 14 MCldUied by Co..p"". Sollru 1430INE 08100 Rev. MJ08 www.eompliallcesouftLeom01OOO.Th. CGmplia_ Soape, I.e. 1111111111111111111111111111111111111 Dill _11111111111111111111111111111111111111111111111111111111111111111111 * + 0 Z 3 4 9 09 3 6 4 + 0 0 A D + 9 + 1 4 *