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HomeMy WebLinkAbout0948 . . 'r . If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shaii pay the premiums required to maintairt !h~ ~~~urance in effect until such time as the requir~ment for the insurance terminates in accordance with Borrowet's and Lender's written agreement or applicable law. 8, Inspectioa. Lender or its agent may make reasonable entries upon and inspections of the Property. I.ender shall give Borrower notice at the time of or prior to an inspection specifying reasonable caux for the inspection. 9. Condemaation. The proceeds of any award or claim for damages, direct or consequential, in co:~nection with any condemnation or other taking of any pan of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Pruperty, 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 e~~ent of a partial taking of the Property. unless Borrower and Lender otherwise agree in w~riting, the sums secured by this Security Instrument shall be reduced by the amount af 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 before the taking. Any balance shall be paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the eondemnor offers to make an aw~ard or scttle a ~laim 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 the proceeds, at its aption, either to restoration or repair of the Property or to the sams ser.ured 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 payrnents referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; ForbearAnce By Ixnder Not a Waiver. 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 liability of the original Borrower or Borrower's successors in interest. LbiiYLi .~xtur~ '--a^- be required to commence proceedings against any successar 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 preclude the eaercise of any right or remedy. 1l. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this Stcurity Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions nf paragraph 17. Borrower's covenants and agreements shal) be joint 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 lnstrument; (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 extend, modify, Forbear or make any accommodations with regard 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 1aw which sets maximum loan charges, and that law is finally interpreted so that the interest or other 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 timit: and (b) any sums already collected from Borrower which ezceeded 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 panial prepayment without an}r prepayment charge under the Note. ~ 13. Legislatian Affecting Lender's Rights. If enactment or expiration of applicable laws has the efi'ect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, L.ender, 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 delivering it or by ~ ~ mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the ~ ° Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by s 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 Borrower or Lender when given as provided ~ in this paragraph. ~ 15. Governing I.aw; Severability. This Security Instrument shall be governed by federal law and the law of the ~ j~risdiction in which the Property is ~~~~tai. In the event that any provision or clause of this Security Instrument or the ~ Note conflicts with applicable law, such conflict shall not aff'ect 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. I6. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. ~ 17. Transfer of the Property or a Beneficistl Interest in Borrower. If al! or any part of the Property or any ~nir~~~ ~n it is sold or transferred (or if a beneficial inter~st in Borrower is sold or transferred and Borrower is not a natural ~rson) without I.ender'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 L,encier if ezercise is prohibited by ~ federal law as of the date of this Security Instrument. ~ lf Lender exercises this option, Lender shall give Borrower notice of acceleration. 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 all sums secured by ~ this Security Instrument. If Borrower fails to pay these sums prior to the expiration oi this period, L.ender may invoke any ~ remedies permitted by this Security Instrument without further notice or demand on Bonower. ~ 18. Borrower's Right to Reinstate. If Borrower mcets certain conditions, Borrower shall have the right to have f enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) S days (or such other period as ~ ~pplicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contain~d 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 w~hich then would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agraments; (c) pays all ezpenses incurred in enforcing this Security I~strument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably require to assure that the lien of this Security Instrument, I,ender's nghts in the PropeRy and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower. this Security Instrument and the obligations secured hereby shall remain fully effcctive as if no acceleration had occurred. However, this right to reenstate shall not apply in the case of acceleration under paragraphs 13 or 17. gQQX ~~5 PAGE ~ _ . _ _ U. . . . ~ ~