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HomeMy WebLinkAbout0925 ~ . ~ • . : ; - ~ lf Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, . I3arro~~•er shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the - insurance tern~inates in accordance with Borrower's and Lender's written agreement or appticable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender * shall gi~~e B~rro~~er notice at the time of or prior to an inspection specitying reasonable cause for the inspection. 3 9. Condemnation. The proceeds of any award or claim for damages. direct or consequential, in connectian w•ith an}• condemnation or other taking of any part of the Property, or for conveyance in lietr pf condem~ation, are hereby assigned and shall be paid to Ler.der. ' ~ ~ - In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security ~ Instrument, whether or not then due, with any excess paid to Borrower. In the event ofa partiaLtaking of the Property, - unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Preperty immediately before the taking. Any balance shall be ~ paid to Borrower. ~ F If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower tha: the condemnor oflers to ; make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is ~iven, Lender is authorized to collect and apply the proceeds, at its option, either to resturation or repair of the Property or to the sums secured by this Security If~strument, 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 1Vot Released; Forbearance By Lender Not a Waiver. Extension oC the time for payment or modification of amortization of the s~ms secured by this Security lnstrument granted by Lender to any successor in interest of Borrower shall not 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 lnstrument 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 shali not be a waiver of or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Sereral 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 ~raragraph 17. Borrow-er's covenants and agreements shall be joint and several. 4ny Borrower w~ho casigns this Security f Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and conve}• that Borro~ver's interest in the Propert}~ under the terms of this Security Instrument; (b) is not personally obligatetl to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make an}• accommodations w~ith regard to the terms of this Security Instrument or the Note without that Borrower'sconsent. ; 12. Loan Charges. If the loan secured by this Security Instrument is subject to a law w~hich 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 loan 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 w~hich exceeded = ~ permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principa) owed ~ under the Note or by making a direct payment to Borrow~er. If a refund reduces principal, the reduction will be treated as a - partial prepayment without any prepayment charge under the Note. 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of r I ; rendering any provision of the Note or this Security Instrument unenforceable according t~ its terms, Lender, at its option, 'E ma}~ require immediate pa~~ment in full of ail sums secured b~~ this Security Instrument and may invoke an}• remedies ~ permitted by paragraph 19. If Lender exercises this option, I_ender shatl take the steps specified in the second paragraph of yi paragraph 17. E 14. '.Votices. 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 ~ Pro~rty Address or any other address Borrow~er designates by notice to Lender. Any notice to Lender shall be given by ~ ~ firs; class mail to Lender's address statrd herein or any c,ther address Lender designates by notice to Rorrower. Any notice ~ ~ro~ ided for in this Security~ lnstrument shall be deemed ro ha~~e been gi~~en to Borrower ~~r Lender when gi~~en as provided ? m this paragraph. ? 15. Governing Law; Severabitity. This Securit}~ Instrument shall be go~~erned by feueral law and the laH~ of the ~ ~ jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the ~ tiote conflicis w•ith applicable law, such conflict shall not affect other pro~~isions of this Security Instrument or the Note ; ~chich can be given effect without the conflicting provision. To this end the provisions of this Securit}• Ir~strument and the ~ ~ote are declared to be severable. ~ 16. Borrower's Copy. Bor~ower shall be given one conform~d copy of the Note and of this Securit~~ [nstrument. ~ ~~±~`~»~057. Transfer of the Property or a Beneficia! Interest in Borrower. If all or any part of the Property or an}~ ~ ' interest in it is sold or transferred (or if a beneficial interest in Borrov?~er is scld or transferred and Borroa~er is not a natural ~ ~ ~rson) a~ithout Lender's prior w•ritten consent, Lender may, at its option, require immediate pa}~ment in full of all sum~ ~ secured by~ this Securit~~ Instrument. Howe~~er, this option shal{ not t,ie exerci;ed b}• Lender if exercise is prohibited b~~ ~ federal la~ as of the date of this Se~urit}• Instrument. If Lender exerci~es this option, Lender sha11 give Borrower notice of acceleration. The notice shall proti~ide a period of not less than 30 days from the date the notice is delivered or mailed w~ithin which Borrow~e~ must pay all sums secured b} this Securiiv Instrument. If Borrower fails ro pay these sums prior to the expiration of this period, Lender may im~oke an~• remedies permitted by this Security Instrument without further notice or demand on Borrow~er. 18. Borrower's Right to Reinstate. If Borrow~er meets certain conditions, Borrower shall ha~~e the right to have enforcement of this Security Instrument discontinued at any time prior ro the earlier of: (a) 5 da}~s (or such other period as applicable law may~ specify for reinstatement j before sale of the Property pursuant to any pow~er ~f sale cnntained in this ~ Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: ; (a) pa}•s Lender all sums wfiich then woutd be due under this Security Instrument and the tiote had no acceleration ~ occurred; (b) cures any~ default of any other covenants or agreements; (c) pays ali expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pa~~ the sums secured by this Security Instrument shall continue unchanged. [Ipon reinstatement by Borrower, this Security Instrument and the obiigations secured hereby shall remain fully effective as if no acceleration had cxcurred. However, this right to reinstate shall not apply~ in the case of acceleration under paragraphs 13 or 17. ~~~~46 Pa~E 924 ~ _K ~r»._~ ~ ~,.~„~:~t