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HomeMy WebLinkAbout0981 If Lender requireci mortgage insurance as a condition of making the loan ~ured by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the insurance terminates in accordance w~ith Borrowe~'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. l.ender shall give Borrower notice at the time of or prior to a~ inspection spe~:ifying reasana~le cause for the inspection. 9, Condemnation. The proceeds ot any award or claim for damages, direct or consequential, in connection a~~th any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paia to Lender. [n the event of a total taking of the Property, the proceeds shall be~pplie¢ to th~ sums s~Ured by this Security lnstrUment, whether or not then due, with any excess paid to Borrower. ln~the event of a partial taking of the Property, unless Borrower a~?d Lender otherw~ise agree in writing, the sums secured by this Security lnstrument shall be reduced by~ the amount of' the proceeds multiplied by the follow•ing 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 tne taking. Any balance shall be paid to Borrow~er. If the Property is abandoned by Borrower, or if, after notice by Lender ta 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 gi~•en, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Yropert}• 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 Fayments 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 tirne for payment or modification of amortization of the sums secured by this Security lnstrument granted by Lender to any successor in interest oi' Borrawer 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 an}~ suc:,essor in interest or refuse to extend time for payment or otherwise mcxiify amortization of the sums secured by this Security Instrument b1• reason of any demand made by the original Borrower or Borrow~er's successors in interest. Any forbearance b~~ Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of 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 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 [nstrument; (b) is not personalty obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrow~er may agree to extend. modify, forbear or mai:e an} accommociations with regard to the terms of this Security Instrument or the Nate without that Borrower's consent. 12. Loan Charges. If the loan secured by this 5ecurit}• 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 ~e collected in connection w~ith the loan exceed the permitted limits, then: (a} any such loan charge shalt be reduced by the amount necessar~~ to reduce the charge to the permitted limit; and (b) any sums alread}• collected from Borrower which exceeded permitted limits will be refunded to Borro~~~er. 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 prepay~ment without any prepayment charge under the Note. 13. Legislation Affeeting Lender's Rights. !f enactment or expiration of~ applicable law~s has the ePf'ect of ; rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, ~ ma}~ reyuire immediate pa}~ment in full of all sums secured by this Securit~~ Instrument and may imoke any remedies r permitted by paragraph 19. [f Lender exercises this option, Lender shall take the steps specified in the second paragraph of ~aragraph 17. 14. \otices. An}~ notice to Borro~~er provided for in this Security Instrument shall be gi~-en b}~ delivering it or by ~ mailing it by first class maii unless applicabte law requires use of another methoci. The notice shall be directed to the Propert~~ Address or any other address Borror~~er designates by notice to Lender. An~~ notice to Lender shall be gi~~en by first class mail to Lender's address stated herein or an~~ other address Lender designates b~~ notice to Borrower. An}~ notice ~ pro~~ided for in this Security Instrument shail be deemed to ha~~e been gi~•en to B~rrawrr or Lender when given as provided in this paragraph. 15. Governing Law; Severability. This Securit}~ Instrument shall be g~~verned b}~ federal law and the faw of the jurisdiction in w~hich the Property is 1a:ated. In the event that any pru~~ision or clause of this Security Instrument or the tiote conflicts with applicable law~, such conflict shail not afTect other nrovisior,s of this Secority Instrument or the Note ~ ~chich can be gi~~en effect without the conflicting provisior~. To this end the provisions of this Security Instrument and the tiote a: e declared to be severable. 16. Borrower's Cop}~. Borrow~er shall be given one conformed copp of the Note and of this Security Instrument. 17. Transfer of the Property or a Beneficia! Interest in Borrower. If all or any part of the Property or an}' interest in it is sold or transferred (or if a beneficial interest irt Borrow~er is sald or transferred and Borrower is not a natural ~rson) without Lender's prior written consent, Lender ma~-, at its option, require immediate payment in full of all sums '~secured by this Security Instrument. However, this aption shalt not t~e exerci~ed b}~ Lender if exercise is prohibited by ~ ~iederal law~ as of the date of this Security Instrument. ; If Lende~ exercises this option, Lender sha11 give Borrower notice of acceleratic?n. The notiee sha!! provide a period ~ ~ of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by - ~ this Security Instrument. If Borrower fails to pay these sums prior to the expiration 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 Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have ~ ~ enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) S days (or such other period as applicanle law~ ma}~ spec~fy for reinstatement) before sale of the Property pursuant to any power of sale contained in this ~ ~ Securit}' Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower. (a) pay~s Lender al! sums which then would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any default of any other co~~enants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable aftorneys' fees; and (d) takes such action as Lender may reasonably reguire t~ 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 shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remair. fully efiective as if no acceleration had occurred. Hou~e~er, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. E4~QK ~ ~ , - _ • ~ - ~w~ ~ . - . - ~