Loading...
HomeMy WebLinkAbout0936 If Lender required mortgagc insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay tht premiurres required to maintain the insurance in eftect until such time as the requirement for the insursnce terminates in accordance with Borrawer's and I.ender's written agrcement or applicable law. 8. Iospeetion. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at tht time of or prior to an inspection spocifying reasonable cause for the inspection. 9. Condsmnadoa. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation ur other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby acsigned and shall be paid to Lender. In the tvent of a total taking of th~ 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 Bortower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the procoods multiplied by the following fraction: (a) the total amount of the sums securcd immediatcly btfore the taking, divided by (b) the fair market value of the Propeny immediateiy before the taking. Any balance shall be paid to Borrower. If the Property is abandoned by Borrower. or if, aRer notice by I.ender to Borrower that the condemnor offers to make an award or settle a claim for damaga, Borrower fails to respond te L.ender within 30 days after the date the notice is givrn, Lender is authorizod to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Security lnstrument, whether or not then due. Unless Lender and Borrower otherwise agra in writing. any application of proceeds to principal shall not extend or postpone the due date of the monthly payments reterred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Releaaed; Forbeuance By Lender Not a Walrer. Eatension of the time for payment or modi6cation of amortization of th~ sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Bonower's successors in interest. I.ender 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 Borrov~er'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. Successors and Assigna Bound; Joint 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 agreemtnts shall be joint and several. Any Borrower who casigns this Security Instrument but does not exeeute 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 I.ender and any other Borrower may agree to ex;end, modify, forbear or make any accommodations with re~ard to the terms of this Security Instrument or the Note without that Bonower's consent. 12. Loan Charges. If the loan secured by this Security Instrument is subject t~ a taw which sets maximum loan charges. and that law is finally interpret~d so that the interest or other loan charges collected or to be collected in connection with the loan eaceed the permitted limits, then: (a) any such loan charge shali be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which eaceeded 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. Legislation Affecting Leader's Rights. If enactment or expiration of applicable laws has the efTect of rendering any provision of the Note or this Security Instrument 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 delivenng it or by mailing it by first class mail unless applicable law requires use of another method. The notice shal) be directed to the ~ Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be giv~n 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 Borrower ~r Lender when given as pro~~ided ~ in this paragraph. ~ a 15. Gorerning L,aw; Sererability. 7~his Security Instrument shall be governed by federai 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 conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note ~ 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. t 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. ' ~ 17. Transfer of t6e Property or a Beneficial ~nterest 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 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. ; I!' Lender exercises this option, Lender shall give Borrower notice of acceteration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrow•er must pay all sums secured by ihis Security Instrument. If Borrower fails to pay these sums prior to the eapiration of this period, Lender may invoke any remedies permitted by this Security Instrument without furthes notice or demand on Sorrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shafl have the right to have € ec~foreement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 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 acceieration ~ occurred; (b) curez any default of any other eovenants or agreements; (c) pays all expenses incurred in enforcing ihis ~ Stcurity Instrument, including, but not limited to, reasonable attorneys' fe~s; and (d) takes such action as l,ender may ~ reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's ~ obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by F Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if noacceleration had ~ Y occurrod. However, this right to reinstate shall not apply in the case of accekration under paragraphs 13 or 17. ~ ~ ~ BOOK Pacf ~ ~ ~ ~ _ _ ~ . ~ - ~