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HomeMy WebLinkAbout0957 If Ltnder required mortgage insurance as s condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in eRect until such time as the rrquiremrnt for the insurance terminates in accordance with Borrower's and Lendtr's writttn agrcement or applicable law. 8. Iespectioa. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnatioa. 'The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in li~u of condemnation, are hereby assigned and shall be paid to Lender. . ln 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 eacoss paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agra in writing, the sums secured by this Security Instrument shall be reduced by the amount of the procads multipliod by the following fraction: (a) the total amount of the sums secured immediatcly 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 Bonower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damagts, Borrower fails to respond to L.ender within 30 days after the date the notice is given. Lender is suthorizod to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums securod by this Sa:urity Instrument, whether or not then due. Unless Ltnder and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone ttx due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Nat Relqaed; Forbeuance By I.ender 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 otthe original Borrower or Bonower's successors in interest. Lender shall not be required to commence proceodings against any successor in interest or refuse to eztend time Eor payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Bonower or Bocrower's successors in interest. Any forbearance by I.ender in exercising any right or remedy shali not be a waiver oior prxiude the exercise of any right or remedy. 11. Soccessors and Assi~ Bound; Joint aad Several Giability; Co-signers. The covenants and agreemenis of this Security Instrument shall bind and benefit the successors and assigns of L.ender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not ezecute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrawer's interest in the Property under the ferms 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 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 toan 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 other loan charges collected or to be collected in connection with the loan eaceed the permitted timits, then: (a) any such loan charge shall be reduced by the amouni 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 Bonower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borcower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the ef~ect of 'i rend~ring 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 i permittod by paragraph 19. If Lender ezetcises this option, Lender shall take the steps specified in the second paragraph of j paragraph 17. e 14. Notices. Any notice to Borrower provided for ~n this Security Instrument shall be given by delivering it or by maiiing it by first class mail unless applicable law requires use af another method. The notice shall be directed to the ! Property Address or any other address Borrower designates by notice to I.ender. Any notice to L.ender shall be given by ~ 6rst class mail to L.ender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security [nstrument shall be deemed to have been given to Borrower ~r 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 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 affeci other provisions of this Security Instrument or the ~Iote 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 Ct~py. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of t6e Property or a Beneficial Interest in Borrower. If all or any part af the Properry or any interest in it is soid or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural ' person) without L.ender's pnor written consent, L,ender may, at its optian, 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. ~ If I.ender exercises this option, Lender shall give Borrower notice of acceleration. The n~tice shall provide a period ~ of not less than 30 days from the date the notice is delivered or mailed withiR which Borrower rrzust pay all sums secured by ~ this Securit Instrument. If Borrower fails to a these sums rior to the ex ~ration of this nod, Lender ma invoke an ~ Y P Y P P Y Y ~ remedies permitted by this Security Instrument without further notice or demand on Borrower. ~ 18. Borrower's Right to Reiastate. If Borrower meets certain conditions, Borrower shali have the right to have enforcement 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 ~ecurity 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 und~r 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 I,ender may reasonably require to assure that the lien of this Security Instrument, L.ender's rights in the Property and Borrow•er'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 effective as if naacceleration had occurred. Howevcr, this right t~ reinstate shall not apply in the case of acceleration under paragraphs I 3 or 17. r~{ n~ ?~1!1K P~GE i~7e)7 . ~ t ~ . ~ ^ ~ ~ . r.:, ~,~:=r ~