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HomeMy WebLinkAbout0924 If Lender required mortgage insurance as a condition of making the loan secured by this Socurity instrument, Borrower shall pay the premiums required to maintain the insurance in tffect until such time as the requirement for the insurance terminates in accordance with Borrowcr's and Leader's writien sgrrement or appli~;ablt law. 8. lospeetion. Lender or its agent may make re~sonable entries upon and inspections of the Property. Lender shall give 8orrower notice at ttae time of or prior to an inspxtion specifying reasonable cause for the inspection. 9. Condemnatloo. The proceeds of any award or claim for damages. diroct or consoquentiat. in connxtion with any condemnation or other taking of any part of the 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 Borrower. In the event of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing, the sums securod by this Security Instrumrnt shatl be reducod by the ac?iount of the procoods multiplied by the following fraction: (a) the total amount of the sums serurod immcdiately before the taking. dividod by (b) the fair market value of the Property immediately batore the taking. Any balance shall tx paid to Bonower. If the Property is abandoned by Bonower. or if, aRer notice by I.ender to Borrower that the condemnor oBers 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 authorizod to collect and apply the proceeds, at its option, either to restoration or repair of ihe Property ot to the sums socured by this Socurity lnstrument, whether or aot ther~ doe. Unkss I.ender and Borrower oiherwise sgree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments refernd to in paragraphs 1 and 2 or changc the amount of such payments. 10. Borrow+er Not Releaee~ Forb~aranc~e Br Lander Not a Wd~er. Extension of the timc for payment or modification of amortiTation of the sums socured by this Security Instrumtnt granted by Lender to any snccessor in interest of Bonower shall not operate to release ihe liability of the original Borrower or Barrower's successors in interest. Ler~der shal! not be required to commence proccedings against any successor in intcrest or refuse to extend time for }~ayment or othervvise modify amortization of the sums socured by this Sxurity Instrumrnt by reason of any demanci made by the original ~onower or Borrower's successors in interest. My forbearance by Lender in eaercising any right or remedy shal! not be a waiver of or preclude tho exercise of any right or rem~dy. II• Suceesaors and Assigos Ba~d; 3oint and Se~eral Ltability; Co-sigaer~. 'The covcnants and agrcements of this Socurity Instrument shall bind and benefit the successors snd assigns of L,ender and Borcower~ subjoct to the provisions of paragraph 17. Borrower's covenants and agrxments sball be joint and several. Any Borrower who co-signs this Socurity . Instrument but does not execute the Note: (a) is oo-signing this ~ecurity Instrument only to mortgage, grant and convey that Bonower's interest in the Property under the terms of this Socutity Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agroes that I.ender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the ttrms of this 5ecurity Instrument or the Note without that Bonower's consent. 12. Loae C6arges. If the laan sxured by this Security Instrument is subject to a law which sets maaimum loan charges, and that law is finally interpretod so that the interest or other loan charges collected or to be collectod in connection with the loan exceed the permitted timits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitttd limit; and ~b) any sums already coUected from Borrower which excaded permitted limits will be refunded to Borrower. I,ender may choose to make this refund by roducing the principal owed under the Note or ~y making a direct payment to Borrower. If a refund reduces principal, the reduction wiU be treatod 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 etfect of rendering any pravision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may rec{uire.immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies peymitted by paragraph 19. If Lender exercises this optian, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Notices. Any notice to Bonower provided for in this Security Instrument shall be given by delivering it or by mailing it by first ctass mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Banower designates by notice to I.ender. Any notice to Lender s~all be given by first class mail to I,ender'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 Bonower or Lender when given as provided in this paragraph. 15. Go~erning I.Aw; Se~erability. This Security Instrumerat shall be governed by federal law and the law of the jurisdiction in which the Property is located. In the ever~t that any provision or clause of this Security Instrument or the Note conflicts with applicabl~ law, such conHict shall not affect other provisions of this Security Instrument or the Note which can be given eflect 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 shalt be gi~en one conformed copy of the Note and of this Security Instrumeni. 17. Transfer ot the Property or a Beneficisl Interest u? Borrower. If ali or any part of the Prop~rty or any interest in it is sold or transfened (or if a bene6cial interest in Bonower is sold or transf=ned and Borrower is not a naturai person) without L.ender's prior written consent. Lender may~ at its option, require immediate payment in fu(I of all sums srcured by this Security Instrument. However, this option shall not be eaercised by L.ender it ezercise is prohibited by federat law as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The n~tice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. If Borcower fails to pay these sums prior to the ezpiration of this period, Lender may invoke any remedies permitted by this Security Instrumrnt without further notice or demand on Bonower. 18. Borrower's Rig6t to Reidstate. If Bt,rrower m~ts certain conditions, Borrower shall have the right to have enforcement of this Security Instrument disconiinued at any time prior to the earlier of: (a) 5~ays (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant to arty 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 Yxnder all sums which then would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any default of any ot~?er covenants or agreements; (c) pays all eapenses incurred in enforcing this Security Instrument, inciuding, but not iimited 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 ansi Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations xcured hereby shall remain fully eff~tive as if na acceleration had occurred. However, this right to reinstate shall not apply in the case of acceteration under paragraphs 13 or 17. 8~~459 ~~E 9~~ ~ ~~~~~.~..~~~~~„~~z~`~~~ s~~~