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HomeMy WebLinkAbout0917 • i I 11 Lender rc>qu~red mortgage insurance as a cond~lion of mak~ng the loan secured by th~s Secunty Instrument, Barower sha~i I pay tha premwms reqwred to ma~nta~n the msurance ~n effect unt~l such t~me as the reqwrement for the insurance term~nates !n accordance wilh Borcower's and Lender's wntten a~reement or appl~cable taw. d. In~p~ctlon. Lender or ~ts a9ent may make reaso~able entnes upon and ~nspechons ot the Property. Lender shal~ y~ve Borrower notice at the t~me of or prior to an ~ncpection spec~fying reasonabte cause lor the ~nspect~on. 9. Cond~mnstion. The proceeds of any award or cla~m for damages, direct or consequeni~ai, in connedion with any condemnat~on or other tak~ng of any part ot the Property, or for conveyance m 6eu ot condemnat~on, are hereby ass~gned and shau be pa~d to Lender In the event of a total tak~ng ol the Property, the proceeds shall be appf~ed to the sums secured by th~s Secur~ty Instrument. whether or not then due, with any excess pa~d io Borrowe?. In the event ot a part~al ;ak~ng of the Property, unless Barower and Lender otherwise agree in wnting, the sums secured by this Secunty Instrument shail be reduced by the amount ef the proceeds multiplied by the foltowing fraction (a) the total amount of the sums secured immed~ately betore the tak~ng, d~v~ded by (b) the fa~? market value of the Property ~mmed~ately betore the tak~ng Any balance shau be pa~d to 8orrower. If the Property ~s abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor otfers to make an award or settie a claim for damages. Borrower fails to respond to Lender w~th~n 30 days after the date the not~ce ~s g~ven. Lender ~s authonzed to collect and apply the proceeds, at its option, either to restoration or reFa~r of the Property or to the sums secured by this Security fnstrument, whether or not then due. Unless Lender and Borrower otherw~se agree in wr~ting a~y application of proceeds to pnncipaf shall not extend or postpone the due date of the monthly paymerts referred to in paragraphs 1 and 2 to change tne amount of such payments 10. Borrower Not Rel~ase~ Forb~arance By Lender Not a Waiver. Extension of the t~me for payment or mod+t~cat~on o! arnort~zaiion ot the sums secured by this Security Instrumert granted by Lender to any successor m interest of Borrower shall no? operate !o release the I~abiliry of the original Borrower or Barrower's s;,ccessors in interest Lender shall not be required ta commence proceedings against any successor in interest or refuseto extendtime for payment or otherwisemod~ty amort¢ation of the sums secured by th~s Security Instrument by reason of any demand made by the onginai Barower or Borrower's successors in ~nterest Any forbearance by Lender in exerc~ssng any nght or remedy shall nct be a wa~ver of or preclude the exerc~se ot any right a ~emedy 11. Successors and Assi~ns 8oun~ Jolnt and Several Llability; Co-slyn~rs. The covenants and agreements of tnis Secur~ty Instrument shall bind and benefit the successors and assigns of Lender and Barower: sub~ect to the provisions of paragraph 17. Borrower's covenants and agreements shail be joint and several Any Borrower who co-s~gns th~s Security Instrument but does not execute the Note: (a) is co-sigrnng this Security Instrument only to mortgage. grant and convey that Borrower's mterest m the Property under the terms of this Security Instrument: (b) is not personally obtigated to pay the sums secur~ by this Secunty Instrument; ar~d (c) agrees that Lender and any other Barower may agree to extend. modiy, forbear or make any accommodations wilh rec~ard to the terms o( this Security Instrument or the Note wrthout that Borrower's consent. 12. Loan Char~es. If the Ioan secured by this Secur~ty I nstrument is subject to a iaw wh~ch sets maximum ioan charges. and that Ia•N is f~nally interpreted so that the ~nlerest or other loan charges coilected or to be collected in conr.ection w~th the loan exceed the perm~tted lim~ts. then: (a) any such loan charge shait be reduced by ihe amount necessary to reduce thechargetothe perm~tled lim~t: and {b) any sums airea~y collected from 6orrower which exceeded permdted fimits w~ll be refunded to Borrower Lende! may choose to make this refund by reducingthe principal owed under the Noteor by mak~ng a d~rect payment to Borrower. If a refund reduces pr~nc~pal. the reductien will be treated as a partial prepayment without any prepaymer,t charge under the Note 13. Leglslation Affecting Lender's Righta. If enactment or exp~ration of app~icable laws has the eftect of renderingany provis~on of the Note or this Secun:y Instrument unenforceable according to ~ts te~ms. Len~er. at ~ts option, may require ~mmed+ate payment m fuil of ail sums secured by ihis Security Instrument and may irn-oke any remed~es permitteci by paragraph 19. If Lender exerc~ses this option. Lender shall ~ake the steps specii~ed in ?he second paragraph of paragraph 17 14. Notices. Any noi~ce to Borrower prov~ded for m ih;s Secur~ty InstrumeN shall be g!ven by def~venng it or by mail~ng it by first ciass ma~l untess app~~cable law requ~res use of arother method The notice shail be directedlo the Property Address a any other address Borrower des~gnates by not+ce to Lender Any net~ce to Lender shail be g~ven by first class ma~l to Len~er s addre~s ~ stated here~n or ary other address ~ender des~gnates by not~ce to Borrower Any nofice o:ovided for in this Secunty Instrumen! ~ shall be deemed ?o have been given to Borrower or Lender when given as provided in this paragraph 15. Governiny Law; Severabllity. This Security Instrument shatl be govemed try federal !aw and the law ot the : ~ ;urisd~ction in which the Property is located In the even? tnat any provisionor clauseofthis Security Instrument orthe Note canflicts ~ w~th appl~cable law. such con}I~ct shall not affect other prov~s~ons of th!s Secunty Instrument or the Note ~vhich can be given effect w~thout the canfl~cting prov~s~or To th~s end the prov~s~ons of th~s Secunty Instrument and the Note are declared to be severabie 16. Borrower's Copy. Borrower shall be given one contormed copy of the Note and of this Security Insirument ° 17. Trsnster of the Property or a Benefidal interest in Borower. li all or any part of the PrcpeRy or any interest m rt is soid or transferrad (or if a beneficial ~nierest m Borrower ~s sold or transferred and Borrower is not a natural person} w~thout Lender s pr~or wr~tten consent. Lender may. at rts opt~on. reqwre immed~ate payment fn ful! of ali s~ms secured by this Security lnstrument However. th~s opi~en shall not be exercfsed by Lende? if exerc~se os p~ohib~ted by tedera! law as ot the date o' this Secunty Instr~rnent ~ !f Lender exerc+ses this opiion. Lender ;hail g~ve Bo~rower notice of accelerat~on. The not~ce shall prov~de a period of no~ iess thar, 30 days from the date the no±ice is detivered or mailed w~?h~r. wn~ch Borr.ower must pay all sums secured by this Secunty Ir.strumeni If Borrower fails to pay these s~~ms pnor to the expiration of lh~s penod. Lender may mvoke any remedies perm~tted by th~s Secunty ;nstrument w~thout further notfce or demand on Borrower ~ 16. Borrow~r's Riyht to Relnstate. If Borrower meets certain cond~tion;. Borrower shait have the right to have eMcrcement ot this Securty Instrumeni d~scont~nued at a~y 6me pnor to the earl~er of: ( a) 5 days (or such olher penod as apo!~cab!e s law may spe4~fy for reinstatementy Defore sale of the Property pursuarn to any power o( sale contained in this Secunty Instrument, E or (b) entry o! a judgment enforcing this Security Instrument. Those cond~t~ons are that Borro~rer (a) pays Lender alt sums wh~ch u then would be due ur,der this Security Instrument and the Note had no acceleration cccurred: (b) cures any defau!t of any other ~ ~ covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, includ~ng. but not lim~ted to t reasonabie attorne~~'s fses: and (d) takes such action as lerder may reasonably require to assure that the !~en of this Secur~ty ~ !nstrument. Lender's rights in the Property and Borrower's obl~gat~on So pay the sums secured by this Secur~ty Instrument sha~l ~ ~ontmue unchanged Upon re~nstatement by Borrower. th~s Secunty Instrument and the cb{+gations secured hereby shail rerra~n ~ t~l,y effec!ive as rt no acceleration had ocrurred Nowever. th;s right to re~nstate sha~~ not appiy m the case of accelerat~on under paragraphs 13 or i 7 ~ ~ -,~f; ~ ' 1 : ~~,~x 467 p.~E 9i? ~ . ~ ~ : _ ~ . : . . ~ ~ .