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HomeMy WebLinkAbout0956 lf Lender rcquired mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shait pay the premiums required to maintain the insurance in etfect until such time as the requirement for the insurance terminates in accordana with Bornower's and I.ender's written agreement or applicable law. 8. Inspectioa. Lender or its agent may make ~easonabk entries upon and inspections of the Property. I.~nder shall give 8orrower notice at the time of or prior to en inspection specifying reasonsble cause for the inspoction. 9. Condta~nation. The proceeds of any awrard or cWm for damages, direct or constquential. in connxtion with any condemnation or other taking of any pan oi' tbe Property~ or for conveyance in lieu of condemnation, ue 6ercby assigned and shall be paid to l.ender. In the event of a total tsking of the Propeny. the proaeds shall be appliod to the sums secured by this Sa~urity Instrument, wheth~r or not thrn due. aith any raccess paid to Borrower. In the event of a pirtisl taking of the Property, unless Borrower and I.ender otherwise agree in writing, the sums secured by this Security Instrument shall be roducxd 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 befoce the taking. Any balu~ce shall be paid to Borrower. If the Property is abandonod by Borrower. or if. aRer notia by L.ender to Borrower that the condemnor offers to make an award or xttle a claim for damaga, Borrower fails to rapond to Lender within 30 days after the date t~e notice is j given. Lender is authorizai to collect and apply the proceeds, at its option. either to ratoration or repaie of the Property or to the sums secured by this Security Instrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing. any aPplication of proceeds to principal shall not eatend or postpone the due date of the monthlypayments.referrod to in paragraQhs 1 and 2 or change the amount of such payments. 10. Borrower Not Reteased; Forbeannce B~ Leader Not • Wai~er. Extrnsion of the time for payment or modification of amortization of the sums s~cured by this Security Instrument granted by Lender to any successor in ~ interest of Borrower shall not operaie to reltase the liability of the original Borrower or Borrower's successors in interest. ~ Lender shall not be required to commence proceedings against any succes.wr in interest or retuse to extend time tor payment or otherwise modify amortization of the sums secured by this Security Instrument by resson ot'any demand made by the originr~l Borrower or Borrower's successors in interest. Any forbearance by Lender in eaercising any right or remody shall not be a waiver of or preclude the eaercise of any right or remedy. ' il. Succesaors aad Assigas Bound; Joiat and Se~enl LiabiUty; Casigners. The covenants and agreements of this Security Instrument shall bind and bene6t the sucoessors and assigns of Lender and Borrower. subject to the provisions ~ of paragr~Qh 17. Borrower's oovenants and agroements shall be joint and several. Any Borrower who co-signs this Security Instrument but daes not execute the Note: (a) is cc~-signing this Security Instrument only to mortgagq grant and convey ' that Borrower's inierest in the Property under the tern~s of this Security Instrument; (b) is not personally obligated to pay ~ the sums xcured by th~s Security Instrument; and (c) agrees that Lender and any other 8orrower may agree to extend, : modify, forbear or make any accommodstions with rcgard to the tcrms of this Security Instrument vr the Note without ~ that Borrower'sconsent. ~ 12. Loan C6arges. If the loan socured by this Security Insttument is subject to a law ahich sets maaimum loan charges, and that law is finall~ interpreted so that the interest or other loan charges collxtod or to be collectcd in connection with the loan eaceed the permitted limits, thrn: (a) any such loan charge shall be redueed by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Bonower which exceeded permitted limits will be refunded to Borcower. 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 trcated as a partial prepayment without any prepayment charge und~r the Note. 13. Legislation Affeeting Leader'a Rights. If enactment or expiration of applicable laws has the efFect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms. Lender, at its option, ' may rcquire immediato payment in full of all sums secured by this Security Instrument and may invoke any remedies ' ~ permitted by paragraph 19. If Lender eaercises this opiion, Lender shall take the steps specified in the xcond paragraph of ~ paragrapEt 17. ~ 14, Notices. Any notice to Borrower provided for in this Security Instrument shall b~ given by delivering it or by r mailing it by first class mail unless applicable law requires use of another method. The notice shaU be directed to the ~ ~ Property Addras or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by ~ first class mail to L,ender's address stated herein or any other address L,ender designates by notice to Borrower. Any notice provided for in this Security Instrumrnt shall be deemed to have been given to Borrower or Lender when given as provided ~ in this paragraph. ~ 15. Gorerning I.aw; Se~erability. This Security Instrument shall be governed by federal law and the Iaw of the ~ jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instcument or the Note con8icts with applicable law, such conflict sha11 not affset other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end tht provisions of this Security Instrumtnt and the Note are declared to be severable. 16. Borrower'a Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. ~ 17. 'fransfer of t6e Property or a Benef~cial Intereat in Borrower. If sll or any part of the Property or any interest in it is sold or transferred (or if a beneficia! interest in Borrowtr is sold or transferred and Borrower is r~ot 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 ezercised by Lender if exercix is prohibited by 5 federai law as of the date of this Security Instrument. If Lender exercises this option. L.ender shall give Borrower notice of acc.eleration. The notice shall provide a period £ of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay al{ sums secured by this Security Instrument. If Borrower faifs to pay these sums prior to the expiration of this period, Lender may invoke any F remedies permitted by this Security instrument without further notice or demand on Borrower. F ~ 18. Borrower's Right to Reinstate.- IF Borrower meets certain co~ditions, Borrower shail have the right to have ~ enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as ~ appiicable law may specify for reinstat~ment) before sale of the Property pursuant to any power of sale contained in this Security Instroment; or (b) entry of a judgmtnt 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 accderation I ~ occurred; (b) cures any default of any other cov~nants or agreements; (c) pays al{ eapenses incurred in enforcing this ~ Security Instrume~t, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may ~ reasonably require to assure that the lieo of this Security Instrument, L.ender's rights in the Property and Borrower's ~ obligation to pay the sums secured by this Security [nstrument shalt continue unchanged. Upon reinstatement by ~ [3orrower, this Security Instrumcnt and the obligations secured hereby shall remain fully effective as if no acceleration had f occurred. However, this right to reinstate shall not apply in th~ case of acceleration under paragraphs 13 or17. ~ iiR ~n ~ BCOK Jc7 P~~E c~ ~ ' ~y - - ' - ~ ;-¢Y ~ ~ ~