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HomeMy WebLinkAbout0914 If Lrnder required mortgage insurance as a conduion of making tlu loan sec:ured by~ this Secunty Instrument, Borrow•cr shail pay the premiums required to maintain the insurance in etFect until such time as the requirement for the insurance terminates in accordance with Borrower's and Lender's written agreement or applicablc law. 8. Iaspeetioa. [.ender or its agent may make ra~sonable entries upon and inspections of the Property. Lender shail give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Coademnation. Tht proceecis of any award or claim for damages, direct or consequential, in conncction with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to I.endcr. ln the event of a total taking oi the Propeny, the proceeds shall be applied to the sums secured by this Security Instrument, whether or noi then due, with any excess paid to Borrower. In the event of a partial taking of the Property, : unless Borrower and Lender otherwise agree in writing, the sums secured by this Security lnstrument shall be reduced by i the amount of the proceeds multiplied by the following fraction: (a) the total 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 ~3 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 L.ender within 30 days after the date the natice is ~ given, Lender is authorized to collect and apply the proceeds, at its option, either to r~storation or repair of the Property or ~ to the sums secured by this Security Instrument, whether or not then due. Unless Lender and Bonower otherwise agree in writing, any application of proceeds to principal shal! 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 Releaged; Forbearance By Leader Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by lxnder to any successor in interest of Borrower shalt not operate to release the liability of the original Borrower or Bonower'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 lnstrument by reason of any demand made _ by the original Borcower 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 exercise of any right or remedy. 11. Successors arid Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this Se~urity 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 Security Instrument but dces not execute the Note: (a) is co-signing this Security Instrument 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 extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note u~ithout that Bonower's consent. 12. Lor~n 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 with the loan eaceed the permitted limits, then: (a) any such loan charge shall be redu~ed by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected ('rom 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 undec the Note. 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the efi'ect of rendering any provision of the Note or this Security Instrument unenforceabie according to its terms, Lender, at its option, may require immediate payment in full of all sums secured by this Security [r.strument and may invoke any remedies ~ permitted by paragraph 19. If Lender exercises this op:ion, Lender shall take the steps specified in the second paragraph of ~ ~ paragraph 17. ~ ; 14. Notiees. Any notice to Borrow~er provided for in this Security Ins?rument shall be given by delivering it or by ~ mailing it by.first class mail unless applicable law reqwres use ~f 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 shall be given by . E first class mail to Lender's address stated t~erein or any other address Lender designates by notice to Borrower. Any notice ~ provided for in this Security Instrument shall be deemed to have been gi~~en to Borro~~er ar Lender when given as pro~•idcd ~ in this paragraph. ~ 15. 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 that any provision or clause of this Securi~y Instrumei:t or the Note conflicts u~ith applicable law, such eonflict shall not affec;t other provisions of this Security Instr~ment or the tiote which can be given effect without the conflicting provision. Ta this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the I~T:~te and of this Sec:urit}• Instrument. . 17. Transfer of the Property or a Beneficiel Interest in Borrower. If all or any part of the Property or any ~ interest in it is sold or transferred (or if a bene6cial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in fuli o( al! sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited hy~ federal law as of the date of this Security Instrument. - If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall pro~~ide a pericid ~ of not iess than 30 days from the date the notice is delivered or mailed within which Horrower must pay all ,umti tiecured by ` this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may im~oke any ¢ remedies permitted by this Secunty Instrument v.~ithout funher notice or demand on Borrower. ~ 18. Borrower's Rig6t to Reinst~te. If Borrower meets certain conditions, &>rrower shail have the right to have ~ enforcement of tl-.is Security Instrument disconlinued at any time prior to the earlier of: (a) 5 days (or such ather period as , ~ applicable law may specify for reinstatement) before sale of the Pro~rty pursuant to any power of sale contained in thit ~ Security Instrument; or (b} entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: ? ~ (a) pays l,ender all sums which then would be due under this Security Instrument and the Note had no acceleratie~n ~ occurred; ~b) cures any default of any other covrnants or agreements; (c) pays all expenses incurred in enforcing this ~ Seeurity Instrument, including, but not ]imited to, reasonable attorneys' fees; and (d) takes such acti~~n as Lender may ~ rtasonably require to assurc that the lien of this Secunty Instrument, l.ender's nghts in the Property and &~rrower's ~ obligation to pay the sums secured by this Secunty Instrument shall connnue unchanged. Upon ranstatement by ~ Borrower, this Secunty Instrument and the obligauons se~ured hereby shall rema~n fully effective as if no acceleraUon had ~ occurred. Howe~•er, th~s nght to reinstate st,all not apply m the case of accekration under paragraphs I 3 or 17. ~ .,;:?~472 ~~f,E ~1~3 ~ ~ ry, : ~ ~ ~