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HomeMy WebLinkAbout0982 If Lender required mortgage insurance as a condi!ion of making the loan secured by this Security Instrument, Borrower shall pay th~ premiums required to rnaintain the insurance in eflcct until such time as the requirement for thz insurance termi~ates in accordance with Bonower's and Lender's writte~ ag~eement or appl~cable law. 8. Inspectioa. L.ender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable ~ause for the inspection. 9. Coademnf~tion. Tht procetJs of any award or claim for dam3ga, direct or consequential, i~ connection with a~v condemnation or other taking of any part of thr Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. 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 Borrawer. In the event of a partial taking of the Property, unless Bonower and Lender otherwise agree in writing. the sums secured by this Security l~strument shall be reduced by tht amount of the proceeds multiplied by the foilowing fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Pro~ierty immediately before the taking. Any balance shall be paid to Borrower. If the Property is abandonod by Bonower, or if, after notice by Lender to Horrower that the condemnor offers to make an award or settle a claim for damages, Berrower fails to respond to Lender w~ithin 30 days after the date the notice is given. Lender is suthorized to collect and apply the proceeas, at its option, either to restoration or repair of the Property or to the sums securcd by this Security Instrument, whether or not then due. Unless L.ender and Bonower otherwise agret in writing. any application of proceeds to principal shall not extend or postpone the due date ~f the monthly paymenis referred to in paragraphs 1 and 2 or change the amount of'such payments. 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for Fayment or modi6cation of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate ta release the liability of the original Borrower or Borrower's successors in interest. L.ender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or othctwise modify amortiiation of the sums secured by this Security Instrument by reason of any demand made by the original Aorrower 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. Successors and Assigns Bound; Joint snd Several Liability; Casigners. The rovenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of I.ender and Borrower, subject to the provisions ~ of paragraph 17. Bonower's covenants and agreements shal! be joint and several. An} BorroKer who co-signs this Security Instrument but dces not execute the Note: (a) is casigning this Security Instrument only to mortgage, grant and com•ey that Bonower's interest in the Property under the terms of this Security lnstrument; (b) is not ~ rsonally obligated to pay the sums secured by thes Security Instrument; and (c) agrees that L,ender and any othcr Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Bonower's consent. i2. Loan Charges. If the loan secured by :his 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 bz cellected in ~ connection with the loan excee+d the permitted limits, then: (a) any such loan charge shatl be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums alread~ co:lected from Borrower which eaceeded f permitte~ limits wili be refunded to Bonower. Lender may choose to make this refun~ by reducing the principal owed ~ under the Note or by making a direct payment to Bonower. If a re:'und reduces principal, the reduction will be treated as a I partial prepayment without any prepayment charge under the Notr. ~ 13. Le~slation AtiECtiag L.ender's Rig6ts. If enactment or expiration of applicable iaws has the effect of ~ rendering ~ny provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may require immediate paymPnt in full of aU sums secured by this Security Ir.s~rument and may invoke any remedies A permitted by paragraph 19. if Lender exercises this option, Lender shall take the steps specified in :he second paragraph of ~ paragraph 17. ~ 14. Notices. Any notice to B:ircower provided for in this Security Instrument shall be giv~n by de;ivering it or by o maili?~g it by first class maii ~nless applicable law rrquires use of another method. The notice shall be directed to the Property Address or any other address ~3orrower designates by notice to I.ender. Any notice to Lender shall be given by first class mail to Lender's address stated herein ~r any other address Lender designates by notice to Borrower. An}~ no;~ce provided for in this Security Instnsment shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. ~ 15. Governing Law; Severabitity. 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 provis~on or clause of this Sec~rity Instrument or the R Note conflicts with applicat~le law, such conflici ~hail not atfect other provisions of this Security' Instrument or the Nnte ~ which can be given effeci without the conHicting provision. To this end the provisions of this Security tistrument and the Note ar~ ~~clared to be severable. ~ 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Irstrument. ~ 17. Transfer of the Property or a BeneSt~a1 Interest in Borrower. If a!I or an~• part of the ; roperty or any interesi in it is soid or transferred (or if a beneficial interest in Borrower is sold or transferr~d and Borrower is not a nata~ at ~ person) w~ithout Lender's prior written consent, Lender may, at its option, require immediate payment in fuii oF a!I sums secured ~y this Security Instrument. However, this opticn shall nor be exercised by Lender if exerc:se is prohibited by ~ f~deral law as af the date of this Security Instrument. ~ If Lender exercises this opticn, Lender shal! give Borrov?=er notice of a~celeration. The notice shall provide a~eric~ ~ nf not less than 30 days fro~n the date the aotice is delivered or mailed wi.hin which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of'thic period, Lender map imoke any ~ remedies permitte~+ by this Security Instrument without further r.otice or demand on Borrower. ~ 18. Borrower's Right to Reinstate. If BorrowPr meets certain conditions, Borrower shall ha~~e the right to hav~ ~ ~ enforcement of this Security Instrument discontin~~ed at any time prior to the earlier of: (a~ 5 day~s (or such other pericxl as applicable law may specify for reinstatement) before saie of the Property pursuant to any power of sale contained in this ; Security Instrurr:ent; or (b) entry of a judgment enforcing this Secunty Instrurrent. Those conditions are that Eorrow~er: ~ (a) pays I,ender al) sums which then would be due under this Security Instrument and the Note had no accelerati~n ~ occurred; (b) cures any default of any other covenants or agreements; (c) pays al! ezpenses incurred in entorcing this ~ Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonabiy require to a~sure that the lien of this Sec:urity Instrument, Lender's rights in the Property and Bo: rower's obligation to pay the sums secured by this Secunty Instrument shall continue unchanged. Upon reinstatement by ` Borrower, this Security Instrument and the ~bligations secured hereby shall remain fully effective as if no acceleratior. had occurred. However, this right to reinstate ~hall not apply in the case of acceleration under paragraphs 13 or 17. `'~447 P~~E a~~~