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HomeMy WebLinkAbout0943 If Lender required mortg~gc insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requircment for the insurance terminates in accordance with Borrower's and Lendei s written agreement or applicable law. 8. Iaspectioa. Lender or its agent may make reasonable entries upon and inspections of the Property. L.ender shaU give Borcower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Coademnatioe. The procetds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assignod and shall be paid to L.ender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whtther or not then due, with any excess paid to Borrower. In the event of a partial taking of the P:operty, unless Borrower and L.ender 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 Property immediately before the taking. Any balance shall be paid to Borrower. 1f the Property is abandonod by Borrowet, or if, after notice by Lender to Borrower that the condemnor of~'ers 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 given. Lender is authorized to collect and apply the procceds, 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 Ixnder 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; Forbeuance 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 any successor in interast of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. I,ender shall not be required to commence proccedings 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 Bonower'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. Sacces.ROrs and Assi~s Bound; Joiat 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 agrcements shail be joint and several. Any Borcower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument oniy 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 Bonower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 12. Loaa Cttnrges. If the loan secured by this Security Instrumen~ is subject to a law which sets maximum loan chazges, 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 suc6 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 ezceeded 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 prepuyment without any prepayment charge under the Note. 13. Legislation Affeeting Leader's Rights. If enactment or eapiration of appiicable laws has the effect of ! rendering any provision of the Note or this Security [nstrument 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 Lender 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 shail be directed to the PrQperty Address or any other address Borrower designates by notice to L.ender. Any notice to Lender shal) 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 provision or clause of this Security Instrument or the ~ I~ote conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note j which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of the Property or s Beneficial Interest in Borrower. If ap or any part of the Propeny 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 Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period ~ of not (ess than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by , k this Security Instrument. If Borrower fails to pay these sums prior to the expiration of ihis period, [_ender may invokc any ~ remedi~, permitted by this Secnrity Instrument without further notice or demand on Borrower. ~ 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the rigiit to have ~ enforcement of this Security 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 ~ Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower. ~ (a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all 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 obfigation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceieration had occurred. Nowever, this right to reinstate shall not apply in the case of acccleration under paragraphs 13 or 17. ~ aooK 4rJ~J ~acE 9~2 ~ . _ . . - - - - _ . . ~1~ - ~ _ ~ ~ ~