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HomeMy WebLinkAbout0922 Ar~~ amounta disbursed by Lender under this paragraph 7 ahall become additional debt of Borrower secured by this Security Instivment. Unless Borrower and Lender agree to oiher terme of pay~ent, theae amounts shall bear interest from the date of disbursement et the Note rate and ahall be payable, with interest, upon notice from Lender to Borrower requeating payment. If Lender required mortgage insurance as a condition of mal:ing the loan secured by thie Security Inatrun~ent, Bonower shall pay the premiums required to maintein the insurance in effect until such time as the requirement for the insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entriea upon and inapectiona of the Property . Lender shall give Borrower notice at the time of or prior to an inapection specifying reasonable cauae for the inspection. 9. Condemnation. The proceeds of any award or claim for dnmages, ditect or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condmenation, are hereby assigned and ahall be paid to Lender. In the event of a totnl taking of the Property, the proceeda shall be applied to the sums secured by this Security Instrument, whether or not then due, with any ezcess paid to Borrower.In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. the suma secured by this Security Instrument shaU be reduced by the amount of the proceeds mnltiplied by the following fraction: (a) the tatal 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 condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authoriaed to collect and apply the proceeds, at ita 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 epplication of proceeds to principal shall not e:tend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the aarount of such payments. 10. Borrower Not Released; Forbearaace by Lender Not a Waiver. Eztension of the time for payment or modification of amortization of the suma secured by this Security Instrument granted by Lender to any successor in interest of Borrower ahall not operate to release the liability of the original Borrower or Borrower's successora in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to e:tend 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 intereat. Any forbearance by Lender in e:ercising any right or remedy shali not be a waiver of or preclude the ezercise of gny right or remedy. 11. Successors and Assigns Bound; Joiat and Several Liability; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Bomower, 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 Instriment 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 Lender and any other Borrower may agree to eatend, modify, forbear or make any accommodations with regard to the teims 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 law which sets mazirnum 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 limi~g, then: (a) any such loan charge shall 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 will be treated as a partial prepayment without any prepayment charge under the I`'ote. ~ 13. Legislation Affecting Lender's Rights. If enactment or eapiration of applicable laws has the effect 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 Inst,~vment and may invoke any remedies permitted by paragraph 19. ff Lender eaercises this option, Lender shall take the steps apec~ed 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 fust class mail unless applicable law requries 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 shail be given ' by 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 Law; Severability. This Security Instrument shall be gov4rned by feder~l law and the law of the jurisdiction in which the Property is located. In the event that any provision ar clause of this Security Instrument or r the Note conflicts with applicahle law, such conflict shall not affect other provisions of this Security Instsument or the r 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. S 16. 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 Beneficial Intereat 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 transfened and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require imm~diate payment in full of all sums secured by this Security Instrument. However, thia option shall not be eaercised by Lender if ezercise is prohibited by federal law as of the date of this Security Instrument. If Lender eaercises this option, Lender shall give Borrower notice of acceleration. The notice ahall pmvide a i ~ period of not less than 30 days from the date the notice is delivered or mailed within which Borrower muat pay all sums ~ ~ secured by this Security Instrument. If Borrower faila to pay these suma prior ta the ezpiration of this period, Lender ~ may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. ~ 18. Borrower's Right to Reinatate. If Borrower meets certain conditions, Borrower shall have the right to ~ have enforcement of tnis 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 ` cantained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those condiUana € ~ Br~~~i~( ~UO PaGE J,~c~ s , ~ r i --w-~ 4 -i~a~-xv~. N'_:,~ 'E`v- .,~i a ~3 - :y;~s,,~, :ac,: 1 _ ` ~~~~a~a~;. ~