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HomeMy WebLinkAbout0936 1C Lender reyuired mortgage insurance as a condition of making the loan secured by this Security Instrument, Borruµ~er thall pay the premiums required to maintain the insurance in effect until such time as the requirement for the insurance ,erminates in accordance with Borrow~er's and Lender's written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall gi~ e Borrow•er notire at the time of or prior to an inspection speciPying reasonable caus~ for the inspection. 9, Condemnation. The pra:eeds of any award or claim for damages, direct or consequential, in connec:tion w•ith an~~ condemnation or other taking of anp part of the Property, or for conve~~ance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the e~•ent of a total taking of the Propert~•, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. ln the e~~ent of a partial taking of the Property, unless Borrower and Lender otherwise agree 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, di~~ided by (b) the fair market value of the Property immeciiately 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 its option, either to restoration or repair oCthe Property or to the sums se~: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 payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By Lender 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 originai Borrower or Borrower's successors in interest. 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 preclude the eaercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Several Liability; Casigners. The covenants and agreements of this Security Instrument sha11 bind and benefit the successors and assigns of Lender and Borrow~r, subject to the pro~~isions of paragraph 17. Borrower's covenants and agreements shall 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 Borrow~er'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 extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note H~ithout that Borrower'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 the interest or other loan charges collected or to be collected in connection wiih 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 limit; and (b) any sums alread}~ coilected from Borrower whicn exceeded permitted limits K~ill be refunded to Borr~wer. Lender may choose to make this refund by reducing the principal ow•ed under the Note er by making a direct payment to Borrower. If a refund reduces principal, the reduction w~il) be treated as a ' partial prepaS~ment w~ithout any prepayment charge under the Note. ± 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable law•s has the effect of rendering any provisiQn of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, I E ma}~ require immediate pay~ment in full of alt sums secured by this Security [nstrument and ma}~ in~~oke an}• remedies ~ permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of ~ paragraph 17. 14. tiotices. Any notice to Borro~ver provided ~or in this Security Instrument s~afl be given by deli~~ering it ar b}~ € mailing it by first class mail unless applicable law requires use of another method. The notice shalf be directed to the ~ Propert}~ Address or any other address Borrow•er designates by notice to Lender. An~~ notice to Lender shall be given b} ~ fir,t class mail to Lender's address stated herein or any other address Lender designates b}~ notice to Borrower. An}~ notice ~ pro~ided for in this Security Instrument shall E~e deemed to ha~~e been gi~•en to Borrow~er or Lender w~hen gi~en as provided ~ in this paragraph. ~ 15. Governing Law; Severability. This Securit}~ [nstrument 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 ciause of this Security Instrument or the ~ Note conHicts with applicable law, such conflict shall not affect o!her provisions of this Security Instrument or the Note ~ w~hich can be gi~~en effect without the conflicting provis~on. To this end the provisions of this Security Instrument and the ~ Note are declared to be severable. ~ 16. BorroKer's Copy. Borrow~er shall be gi~~en one conformed copy of the Note and of this Securit}~ Instrument. ~ 17. Transfer ~f the Property or a Beneficial Interest in Borrorser. If all or any part o~ the Pro~ert}~ or an} interest ~n it is sold or transferred (or if a beneficial interest in Borrow~er is sold or transferred and Borrow~er is not a natural person) w~ithout Lender's prior written ronsent, Lender may, at its option, require immediate pay~ment in full of all sunzs ~ secured by this Securit}~ Instrument. However, this option shall not be exercised b~~ Lender if exercise is prohibit?d h~~ ~ federal law as of the date of this Securitv Instrurnent. ~ If Lender exercises this option, Lender shali gi~~e Borrower notice of acceleration. The notice shal! pr~~~ ide a perioc.l a of not less than 30 days from the date the notice is delivered or mailed within which Borrc~w~er musi pay all sums tecured b} this Security Instrument. If Borrow~er fails tn pay these sums prior to the expiration of this pericxi. Lender ma~ im ake an} g remedies permitted b}• this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right ta Reinstate. If Borrower meets certain conditions, Borrow•er shall have the right to ha~e ~ enforcement of this Securit}~ Instrument discontinued at any time prior to the earlier of: (a) 5 da}~s (or such other period as ~ applicable law~ ma}• specify for reinstatement) before sale of the Property~ pursuant to an} ~wer of sale contained in this ~ Security Instrument; or (b) entr}~ of a judgment enforcing this Securit}• Instrument. Those conditions are that Borrower: ~ (a) pa~~s Lender all sums w~hich then would be due under this Security Instrument and the Note had no acceleration ~ occurred; (b) cures ar~}~ default of an}~ nther covenants or agreements; (c) pay~s all expensc~s incurred in enforcing this ~ Security (nstrument, including, but not limited to, reasonable attorne}~s' fees; and (d) takes such action as l.ender may~ ~ reasonably reyuire to assure that the lien of this Secusity lnstrument, Lender's nghts in the Property arid Borrower's ~ obligation to pa}• the sums secured b}• this Security Instrument shall continue unchanged. L'pon reinstatement by~ ~ Borrower, this Securit}~ {nstrument and the obiigations s~c:ured hereby shall remain fully effecti~=e as if no acceleranon had ~ occurred. How~ei er, this right to reinstate shall not appl}• in the case of acceleration under paragraphs 13 or 17. ~ ~ ~~;~~4~9 ~~~~.F 9~6 ~~;F ~ _ ~w - - ; ~ - _ ~ - I .