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HomeMy WebLinkAbout0968 lf Lender requircd mortgage insurance as a condition oC making the loan securttii by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the insurance ttrminates in accordance with Borrower's and Lender's written agreement or applicable law. S. Iaspectlon. Lender or its agtnt may make reasonabl~ entries upon and inspectioas of the Propeny. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Copdemnation. T'he proceeds of any award or claim for damages, direct or consequential, in connection with any condtmnation or other taking of any pan ot the Property, or for conveyance in lieu of condemnation, arP 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 eacess paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shali 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 ot the Property immediately before the taking: Any balance shall be paid to Borrower. 4 ~ If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor ofTers 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 thc proceeds, at its option, either to restoration or repair of the Property or j ta the sums secured by this Security Instrument, whether or not then due. 1 Unless L.ender and Borrower otherwise agree in writing, any application of pr~xeeds to principal shall not extend or ? postpone the due date of the monthly payments referced to in paragraphs 1 and 2 or change the amount of such payments. ~ 10. Borrower Not Released; Forbearance By Lender Not a Wai~er. 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 , interest of Borrower shall not operate to release the liabitity of the original Borrower or Borrower's successors in interest. ; L.tnder shall not be required to commence proceedings 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 Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a v?aiver of ot preclude the eaercise of any right or remedy. 11. Successors and Assi~s Bound; Joint and Severa! Liability; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subjes:t to the provisions of paragraph l7. Bonower's covenants and agreements shall be jc~int and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (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 any accammodations with regard to the terms of this Security [nstrument or the Note without that Borrower's consent. 12. Loan Charges. If the loan secured by this Security Instrument is subject to a!aw which sets maximum loan charges, and that law is finally inteipreted so that the interest or other loan charges collected or to be coflected ii~ 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 Borrower w•hich exceeded 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 prepayment without any prepayment charge under the Note. 13. Ixgislation Affeeting Lender's Rights. If enactment or expiration of applicable law~s has the effe~:t of ~ rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, E may require immediate payme~t in full ot all sums secured by this Sec~rity Instrument and may invoke any remedies f permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of ~ paragraph 17. ~ 14. Notiees. Any notice to Borrow~er 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 n?ethod. The notice shall be directed to the ~ Property Address or any other address Borrower dzsignates by notice to Lender. Any notice to Lender shall 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 Borrou~er ~r Lender when given as provided in this paragraph. ~ 15. Governing Law; Severability. This Security Instrument shali 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 Note conHicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note ~ which can be given effect without the conHicting 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. I'ransfer of the Property or a Beneficiaf interest in Borro~er. If all or an}~ part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrou~er is sold or transferred and Borrower is not a natural k 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 optien shall not be exercised by I_ender if exercise is prohibited by ~ federal law as of the date of this Security Instrument. € _ If Le~der exercises this option, Lender shall give Borrower notice of acceleration. The notice shall ~rovide a period of not less than 30 days from the date the notice is delivered er mailed within which Borrower must pay all tums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may im~oke any ; remedies permitted by this Security Instrument without further riotice or demand on Borr~wer. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Bc~rrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of~ (a) 5 days (or su~h other period as ~ applicable law may specify for reinstatement} before sale of the Yroperty 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 assurt that the lien of this Security Instrument, Lender's rights in the Property and Borrower's ; obligation to pay the sums sccured by this Security Instrument shall continue unchanged. Upon reinstatement by ; Borrower, this Security Instrument and the obligations secured hereby shall rema~i fully effective as if noacceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. '5 ;s„';K ~~6 , , 1 ~~~~E `7 : ~ . _ - _ - - - - ~ rt : % ~ ..:Y;:: ~:a ~ ~ i`i- . ~ . ~ . . _ ~