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HomeMy WebLinkAbout0975 !f Lender required mortgage ins~rance as a condition of making the loan secureci bp this Sctiurity Instrument, Borrower shall p3y the premiums required to maintain the insurance in efi'ect 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 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. Condemnation. The proceeds of any award or c~aim for damages, direct or consequential, in conneti:tion w~ith any condemnation or other taking of any part of the Property, or for conveyance in I~eu of condemnation, are hereby assigned and shall be paid to l.ender. In the event of a total taking of the Property, the procee~s shall be applied to the sums secured by this Security Instrument, whether or not then due, with any exc~ss paid to Sorrower. In the event of a partial taking of the Yroperty, 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 immediatel}• before the taking, divided by (b) the fair market vatue of the Property immediately before the taking. An}• balance shall be paid to Bortower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor affers to make an awa-d or settle a claim 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 option, either ro restoration or repair of the Propert}~ or to the sums secured 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 I.ender Not s~'aiver. Extension of the time for pa}•ment or modification of amortization of the sums secured by this Secunty Instrument granted by Lender to an~~ successor in interest of Banower shall not operate to release the liability of the original 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 ~n exercising any right ar remedy shall not be a waiver of or preclude the exercise o('any right or remedy. 11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender 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 Se~:urit~• Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and conve~~ that Borrower's interest in the Property under the terms of this Security lnstrument; (h) is not personaUy obligated to pa~• the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, moa~ry, forbear or make any accommodations with regard to the terms of this Security Inurument or the Note without that Borrower's consent. 12. Loan Charges. If the loan secured by this Security Instrument is st~bject to a law~ which sets maximum loan charges, and that law is finaily interpreted so that the interest or other loan charges collected or to be coliected in connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced b}~ 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 reduc~ng the p;incipal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be ireated as a partial prepayment without any prepayment charge under the Note. 13. Legistation AfTeeting I,ender's Rights. If enactment or exp~ration of applicable laws has the efTect oF rendering any provision of the Note or this Security Instrument unenforceahle according to ih terms, I.ender, at itc optic~n, may require immediate payment in ful) of all sums secured by this Securit~ 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 i paragraph 17. ~ 14. Notices. An~~ notice ro Borrower provided for in this Security Instrument shall be gi~~en by deli~•ering it c~r by mailing it by first class mai~ unless applicable law requires use of another methc~d. The notice shall be directed to the ; Property Address or any other address Borrower designat~s b}~ notice to Lender. Any notice tc~ Lender shall be gi~en b~~ ~ fint class mail to Lender's address stated herein or any other address Lender designates by notice to Borrc~w~er. Any notire ~ provided for in this Security Instrument shall be deemed ta have been given to Borrow~er ~~r Lender µ•hen given as provided ~ in this paragraph. IS. Governing Law; 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 thai any provision or clause ~f this Security~ In~trument or the Note conflicts with applicable law, such conflict shall not aRect other provisions ai this Securit} Instrume~t or the Note which can be given effect without the conHicting provision. To this end the provisions of this Srcurity Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy~ of the tiote and ~f th~s Serunty Instrument. ~ 17. 7ransfer of the Property or a Beneficial Interest in Borror~er. If all or any part of the Pro~erty or any ~ interest in it is sold or transferred (or if a beneficial interest in Borrow•er is sold or transferred and Borrc~wer is not a natural ~ person) without Lender's prior written consent, Lender ma}~, at its option, reyuire immediate payment in full c~f all sums secured by this Security Instrument. Ho~~ever, this option shall not tx exercised~ b} txnder if exerci;e is prohibited by federal law as of the date of this Security Instrument. ~ [f Lender exercises this option, Lender shall give Borrower notice of ac.eleration. Th~ notice shall provide a peric~ t of not less than 30 days from the date the notice is delivered or mailed within which Bormw~er must pay all ,ums ~ecured by ~ this Security Instrument. If Borrower fails to pay these sums prior to the expiration of thi~ perioci, Lender may~ ~moke any ~ remedies permitted by this Security Instrument without f~arther notice or demand on Borrower. ~ 18. Borrower's Right to Reinstate. lf Borrower meets certain conditions, Borrower shall have Ihe right to ha~e ~ 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 pow~er of sale c~ntained in this ~ Securit Instr~men;; or (b) entr of a ud ment enforcin this Securit Instrument. Those conditions are that Horrower. Y Y J B B Y ~ (a) pays Lender al) sums which then would be due under this Securit}• 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 Lender may reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's ~ obligation to pay the sums secured by this Security Instrument sfiall continue unchanged. Upon reinstatement by s: ' Borrower, this Security Instrument and the obligations secu.?ed hereby shall remain fully effective as if noacceleration had ~ occurrtd. However, this nght to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. ~c'i~ 4s~ Pa~f 975 i ~ _ ~ ~ _ - - - - - - , - , - - - .