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HomeMy WebLinkAbout0966 ti t V - j 1 t° ja' . ~ . If L.ender required mortgage insurance as a condition of making the loan se~:ured by this Security lnstrument, Borrower shall pay she premiums required to maintain the insurance in eBect until such time as the requirement for the insurance terminates in accordance wi~h Bonower's and Lender's written agreement or applicable law. 8. Iaspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Bonower notice at the time of or priur to an inspection spocifying reasonable cause for the inspoction. 9. Condemnation. The proceeds of any award or claim for damages. dirxt or consequential. in connection with any condemnation or other taking of any part of the Property, or for conveyance in litu of condemnation, are hcreby assigned and shall be paid to L.ender. In the event of a total taking of the Property. the procoeds shall be applied to the sums secured by this Security Instrument, whether or not then duq with' any excess paid to Bonower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, the sums socured 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 securod immediately l+efore the taking, divided by (b) the fair market value o€ the Property immediatdy befon the taking. Any balance shall be paid to Borcower. If the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrowcr that the condemnor otfers to make an award or settle a claim for damages, P~rrower fails to tespond to Lendar within 30 days after the date the notice is given. i.ender is authorized to coliect and apply the proceods, at its option~ either to restoration or repair of the Property or to the sums secured by this Security Instrument, whcther or not then due. Unless Lender and Borrower otherwise agrx in writing, any application of procoods to principal shall not extend or postpone the due date of the monthly payments referrod to in paragraphs 1 and 2 or changt the amount of such payments. 10. Borrower Not Releaacd; Forbearanc~ By I.ender Not a Waiver. Extrnsion of the time for payment or modification of amortization of the sums socur~d by this Seeurity Instrument granted by Lender to any successor in interest of Borrower shall not operate to rei~ the liability of the original Borrower or Borcower's successors in interest. ~ Lender shall not be required to commence proceodings against any succ.essor in interest or refuse to extend time for paymrnt or otherwise modify amortization of tht sums secured by this Security Instrument by reason of sny demand mad~ by the original Borrower or Borrower's suo~ssors in interest. Any forbearance by Lender in exercising any right or remody shali not be a waiver of or preclude the eaercise of any right or remody. 11. S~ aed Assi~os Bound; Joiat aed Se~eral I3abilit~, Ca-sigpers. The covenants and agncments of this Security Instrument shall bind and bene6t the sucoessors and assigns of Lender and Borrower, subjoct to the provisions of paragraph 17. Borrower's cov'nants and agreements shaA bt joint and several. Any Borrower who oo-signs this Security Instrument but dces not execute the Nate: (a) is co-signing this Security Instrument only 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 Borrower may agree to extend, modify, forbear or make at~y accommodations with regazd to the terms of this Security Instrument or the Note without that Borrower's consent. 12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or oiher 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 Bonower which exc,eeded permitted limits wilt 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 prepayment without any prepayment charge under the Note. 13. Legislatian Affectiag Lender's 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, I.ender, at its option, i may require immediate paym..nt 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. . ~ i 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 applicabie law requires use of another method. The notice shall be directed to the Property Address or any other address Borrowec designates by notice to I.ender. Any notice to I.ender shall be given by ~ first class mail to Lender's address stated herein or any other address I.ender 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 E in this paragraph. ~ 1S. Goveming 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 E Note conflicts with applicable law, such conflict shall not affect other provisions of this Sec:urity Instrument or the Note Q which can be given effect without the conf3icting provision. To this end the provisions of this Security Instrument and the ~ Note are declared to be severable. i ~ 16. Borrower's Copy. ~orrower shall be given one conformed copy of the Note and of this Security Instrument. { ~ 17. Transfer ot t6e property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrovyer is sold or transferred and Borrower is not a natural person) without I.ender's prior written consent, Lender may, at its ~ption, require immediate payrr~ent in fuli af a:l sums ; ? secured by this Security Instrument. However, this option shal! not be ezercised by I.encier if ezercise is prohibited by e federal law as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shali 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 Borrower fails to pay these sums ~rior to the expiration of this period, Lender may invoke any z remedies permitted by this Security Instrum~ent without further notice or demand on Borrower. ~ 18. Borro~er's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the ~ight to have E enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) S days (or such other period as ~ applicable lav?• may specify tor 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 Bonower: ~ (a) pays L,ender all sums which then would be due under this Security Instrument and the Note had no acceleration i ~ occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this x Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Le~der may ~ reasonably require to assure that the lien of this Security Instrument, L.ender's rights in the Property and Borrower's ~ obligation to pa~~ the sums secured by this Security Instroment shall continue unchanged. Upon reinstatement by ~ Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had ~ occurred. Howe~~er, this right to reinstate shall not apply in the case of acceferation under paragraphs 13 or 17. 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