10-28-1996 Council Packet - Laserfiche WebLink

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- - , , , lOAN r40 ; 1-S38914 2 □ . iiisneclioii. I rmfe. m.iy malie reasonable tnlncs uiK>n amj tnspcctiof.a of lire I'torerly. Lander shall Qiva Borrower nohce ai the lime of or prior to an inspoctior^ tpacilyir^tf raasonnUo rausa lor tha intpaclion. >0. Curulediiiniiun TIm? proccniU of arty award or claim for damnoet. rlirr^ct or consaqtienlial. li^ connactlon with any conrIeirMiahnn or olltrr Inkinri of any part of the Properly, or for emveynneo rn Ircii of condciniratini^ are Irereby assipnrd artd shnlt Ire p.ml tn I eirdcr lit llic even! of a lolal ijViny of the Properly. Ilia proceeds shall be applied to the sums secured by tliis Security Inslriiinent. whcliter or not then due, with any cveess paid to Bonower. tn the event of a pailial taking of tba Property in wfiicft the fair market vnluo of Ifie Properly inuncrlrjfcly before tlie lakiitg is ettiKil to or greater than tha ammail of tha sums secured by this Sccuiity Instruincitl iminciliately before tire taking, unless Borrower and leitder niherwise agree irt wnlinif Ibe sinus sertaed by Ibis Seciwily InslMHiient sh.ill be retliircrl by the amouMt of the pn < reds mtitiiplird liy P following ftartinn f.i| lire Infaf mtmnnl of the sums secured immrdi.ilcly Irefoie the taking, divided by (hi the lair market value of llie Piopcrlv iminrdialcly Ireloto tire taking Any balartca sball be paid to Rorrowat. In lire event of a partial taking of lire Properly in wfiH;li lire fair niarkel value of lira Property inmrcdiafcly lieforo Ibe taking is less lhan fba amount of lira sums seemed immediately liefuia the taking, unfest Borrower and Lender otheiwise agree in writing of Iinlrss afipticatrle law olherwisc provides, tfie proceeds shall be applied to the sums secured by Ibis Secmily Instrument whellirr or not Ilia sinus are llicn due. 11 tbc Properly is abantloned by Rorrower. or if, after rsotica by Lender to Rotrnwer tliat the condoomor offeil to make an awaid nr settle a claim for damagi's, Ronnwer fails to respond to Lender wiihm 30 days after the date Ibo irolica is given. l eiMli*! is auiho red to collect and apply tiro proceeds, at its option, either to restoration or repair of tha Property or to the sums seemed by this ScctNily Inttriiineirl. wbctlicf or not Ifien duo. Unless terwlcr an«l Borrower ollrerwise agree in writing, any application of proceeds to piiiicipal sirall not e*!einf or postfrono the due rfale of tiro moidfily payments refcired tO in Paiaj^iaphs I aird 2 or cltango lire anrurjnt of such payments 11. Borrower Not ndcasetl: rotlrenrance By Lemler Not a Waiver. Estension of tf»e time for payment or modification of amortif.ilion of tire sums secmrrf fry tins Scennty liislirimeni granted by Lcmler to any successor in interest of OcHiower shall rrot operate to release the lialMldy of tire origural Borrower or Oorrower's successors in ritleresl. Lender that! not lie inpHred to contntenre pioreetlnrgs against any successor in irrlerett or refuse to eNtcnd lime lor payment or Ollrerwise ntoddy amrHlifalimi of the sriins serurcrl by IIms Security Instrument try reason of any demand nrade by the original Rorrower or flonowri's sur rcssors in Inleiesl. Any ffMlicarancc tiy Icrujer in exercising any right or remedy sliall trot be a waiver of or piechuic the exercise of any light r>r remedy. 12 Successors ami Assigns Oniiml; Joint and Several Liability: Co signers. The covenants arrd agreements of tfria Security Insifumciit sh.ill bind and l)ennfit the successors and assigns of leiulr'r and Rorrower, subject tn tiro provisions of Paragiapli 17 Doitowrr’s covonanls and agreements shall be joint and several Any Borrower who co signs tliif Security Inslnniienl but docs not execute the Mute: (a) is co signing tiris Srcuniy Instrument only to mortgage, grant and convey tbal Donowrr’s interest in Ibe Properly muter lire feims of this Security Instiurnent; fb| is not peisonalty obtigaled to pay tlie sums seemed by lliis Sermity Instiurnent; a'ul (r) agiees ih.il lender and any other Borrower may agiee lu exteruf. mouldy, (nrlrcar or make any «iccommodatiuns witli regard to the terms of tins SeciMiiy Instrument or the fJolc wilfiiMit IImI Borrower's consent. 13. Loan Cliarges. If tbc loan secured by llus Security Inslrmncnt is subject to a law wluch sets maximum loan clmiges. and Ib.il law is fin.illy inleipicted so Ib.ii itie interest or oilier loan charges collccled or to be collected in connerlinn with the loan exceed ll»e primdied limits, tbeiv (a) any surb lo.m tbaige shall <e reduced by the amount neccssaiy In ledticc the chaigo to the pcnnillcd limit, ami Ibl any simiis alioaily coileclod from Borrower wlticli exceeded permdird limits will t>rj refunded to Oniiowrr Lender may choose to make this refund by reducing the fuincipal owed under the Mote nr |iy making a rliiect p.iyinent to Roirower If a lelund icdures principal, the rcdviclion wi'l bo IrealecI as a paili.il prrp.iymrnl willioul any |iiepavmrnt r harge undi?r tho Mule 1i. Muliccs. Ar«y notice to Buriower provided for in Ibis Security InstruinenI shall be given by delivering it or by mailing it by first class mail unless applicalile law requires use of another method. The notice shall be directed to tfie Pfopcily Aililrpjs or any oMicr address Roir- ..rr designates by notice to lender Any notice to letuler sball Im? given by Itisl class mail to lender's address stated luiein or any oilier address I endru designates l»y "otice to Borrower. Any notice provided lor in this ScciMity liisirumcnl shall l»o deemed to have been given to Borrower or Loiuler when given as provided in tliis paiagiapfi. 15. Governing Law; Severability. This Security Instrument sfiall be governed by federal law ar>d tt^e law of the iurisdiction in which the Property is located. In the event that any provision or clausa of this Security Instrument or the f.* de cordlicis wiih applicalile law, suclr conflict shall not affect oilier provisions of this Security Instrument or Ilia Note which can be given effect without the coiillicbng provision. To this end the provisions of this Security Instrument and the Mote are ilcclared to he sevr!tal»le. 16. Oorrower's Copy. Rorrower shall be given one conformed copy of tho fJofe and of tliis Secmily Instrument. 17. Transfer of the Properly or a Rcncficial tiitcrcsl In Borrower. If all or any part of tfie Properly or any interest in it is sold or transferred (or if a bor\cficial iiitciesi in Borrower is sold or transferred end Borrower is not ■ natural personi witliout lender's pdor wiilten consent, tender may, at its ojihon. rc<|uiir immediate payment in full of all sums secured by this Security Instriiinciit. However, iIns option sball not bo exercised by lender d exercise is probitiiled by federal law as of llie date of tins Security fnstmmcnt If LeinJcr exercises tliis option. Lender sliall give Borrower notice of acceleration. Tfie notice sliall provide a peiiod of not less tlian 30 days from ilte dale the notice is delivered or mailed vilfiin wliicfi Borrower must pay all sums secured by Ibis Security Inslrumonl. If Borrower fails to |iay these sums prior to the expiration of tfiis period. Lender may invoke any remedies pennitlcd by this Sccuiity Instniinent without further notico or demand on Ounower. 18. Borrower's Bight to neinslalo. If Borrower meets certain conditions. Borrower shall liavo the right to liavo enfnrceinont of this Sccuiity InstruinenI discoiiiinuod at any liino pnor to tlio earlier of: (al 5 days (or such otlier period as applicable law may specify for reiiistalomciit) hoforc sale of tho Properly pursuant to any power of sale contained in this Secuiily Instnnneni; or (hi entry of a indgniciil enforcing this Security Instrument Those conditions are that Borrower* (at pays Lctwlcr alt sums which thru would be due under tbit Security Inslfiimcnl and the Mote as if no acceleialion had occurred: (b) cures any default of any olticr covenants or agreements: tel pays all expenses incurred in enforcing llus Sccurily Instrument, itududing. but not limited to. leason.iMo otimneys* feeu: and (d) lakes such action as Lender may reason,ibty require to assure lhal the liorr of Ums Secuni/ Intliumonl. Londer's nghls in the Property ami Boirower's oblignlion to pay lire simiis secured liy Hits Security Instrument stiatl continue unchanged. Upon reintlatonieni by Borrower, tins Security Instrument ond the ohlig.iiions secured hereby shall remain hilly ellective as it no acceleration bad occurred However, this right to lonislale shall not apply in llie case of accelerotion under Paragrapli 1 7. 19. Snl« of Mole; Cliniuja of Loan Servicer. Tho Mote or a panial inlcM*st in the Note? (logcthcr with this Security Instrument) may he sold one or more tunes without prior notice to Ooiruv/cr A sale may result in a cltange In the cnlily (known ns Iho "Loan Servicer"! Ilial collects monllily payments duo under the Mote and this Sccurily Instriimorit. Tliore also may he ono or more changes of the Loan Servicer unrelated to a tale of the Mole If there is o cliango of the Loan Servicer. Borrower will be given written notice of Ibo cliange in accordanco with Paragraph 14 above and applicable law. The notice will stale the name and address of the new Loan Servicer and tfie address to which payments should ba made. Tlie notice will also contain any olhrrr inform,itlon required by apptic«ibIo law. roim 3021 9/90 /p.icje J of 4 psgesf