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HomeMy WebLinkAbout0949 . ~ ~ . ~ ~ , . ! , ; ; If L,endtr required mortgage insurance as a condition of making the loan secured by this Security lnstrument, ' Borrcwer shall Qay the premiums icquired to maintain the insurance in effect untit such time as the requirement for thc insurance terminates in accordance with Sorrower's and Lender's written agreement or app{icable law. ~ i 8. Inspectlon. Lender or its agent may make reasonable entrics upon and inspections of the Property. Lender shall give Burrower notice at the time of or prior to an inspection specifying reasonable cause for the inspec:tion. 9. Condemnation. The procecds of any award or claim for damages, direct or consequential, in connection with ~ any condemnation or othec taking of any part of the Property, or for convey~ance in lieu oP condemnation, are hereby assigned and shall be paid to I,ender. In the event of a total taking of the Ptoperty, the proceeds shalt be applied to the sums secured by this Security Instrument, whether or not then due, a~ith any excess paid to Borrower. In the event of a partiai taking of the Property, nnless Borrow~r and Lender otherwise agrce in writing, the sums secured 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 secured immediately , before the taking, divided by (b) the fair marktt value of the Property immediately bef~re the taking. Any balance shall be ; pai~ to Borrowcr. It' the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the candemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender w~ithin 30 days after the date the notice is givtn, Lender is suthorized to collect and app{y the proceeds, at its option, either to restoration or repair 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 extend or postpone the due date of the monthly payments refened to in paragraphs 1 and 2 or change the amount of such payments. ~ 10. Borror?er Not iteieased; Forbeuance By I.ender Not a Waiver. Extension of the time for payment or a modification of amortization of the sums secured by this Security Insirument granted by Lender to any successor in { interest of Borcower shall not operate to release the liability oC the ociginal Borrower or Sorsower's successors in ~nterest. ' Lender 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 waiver of or Qreclude the eaeercise of any right or remedy. 11. Suecessors and Assi~s Bound; Joint and Severat Giabitity; Co-sigsters. 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. Borrowtr's covenants and agreements shall be joint and several. Any Borrower who co-signs this Serurity Instrument but do~ not executt the Note: (a) is casigning this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security instrument; ib) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that l.ender and any other Borrower may agree to extend. j modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without j that Bonower'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 tfie interest o~ other loan charges colleCted or to be collected in ~ connection with the loan exceed the permitted (imits, then: (a) any such loan charg~ sfiall be reduced by the amount ° necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which 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 w ill be treated as a paRial prepayment without any prepayment charge under the Note. 13. Legislation Affeeting Lender's Rights. if enactment or expiration of appiicable laws has the effect of ~ rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at itt op;ion. ; 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 ezercises this option, Lender sha11 take the steps specified in the second paragraph of f paragraph 17. ~ 14. Notices. Any notice to Borrower provided for in this Security Instrument shal{ be given b}• delivering it ar by mailing it by first dass mail unless applicable law requires use of ar~other method. The r~otice shall be directed to the Property Address or any other address Borrow~er designates by not~ce to Lender. Any notice ro Lender shall be gi~~en b}~ first class mail to Lender's address stated herein or any other address Lender designates b}~ noticc to Borrower. Any notire provided for in this Security Instrument shall be deemed to have been given ro Borrower ~~r Ixnder when given as provided in this paragraph. 15. Governing Law; Sev2rability. Th~s Securit}• Instrument shall be governed by federal law~ and the {aw of ihe jurisdiction in which the Property is located. In the event that any provision or clause of this Security lnstrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Securit}~ Instrument or the Note which can be given eftect 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. Borrowet shall be given one conformed copy of the I~Iote and of this Security lnstrument. 17. Transfer of the Property o~ a Beneficial 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 Borrow~er is sold or transferred and f3orrower iti not a natural person) witfiout I.ender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security Iastrument. However, this option shal{ not be exercised by i.ender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower not~ce of acceleration. The notice shall provide a penod of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pa~~ all tiums secured by ihis Security Instrument. jf Borrower fails to pay these sums prior to the expiration of this period, I.ender may invoke an}~ remedies permitted by this Security Instrument without fur~her notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Sorrower meets cectain conditions, Borrawer shali have the nght to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other perioci as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this } Stcurity Instrument; or (b) entry of a j~dgmeni enforcing this 5ecurity Instrument. Those conditions are that Aorrower: ; (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 reguire to assure that the lien of this Security Instrument, L.ender's rights in the Property and IIorrower's obligation to pay the sums secured by this Security Instrument shali continue unchanged. Upon reinstatement by Bo~rowes, this Security Instrument and the obligations secured hereby shali remain fully etTective as if naacceleration had occurrod. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. ``~4fi3 Pa~E ~45 ~K - - - ~ i~ ~ -