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HomeMy WebLinkAbout0991 If Lender requircd mongage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in efTect until snch time as the requirement for the insurance terminates in accordance with Bonower's and Lender's written agreement or applicable law. 8. Inspeclion. 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 specitying reasonable cause tor the inspection. 9. Coademnation. The proceeds of any award or claim for damages, direct or consequential, in connection 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,ender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unless Bonower and Lender otherwise agree in writing, the sums secured by this Security Instrument shail be rzduced by ~ the amount of the prxeeds multiplied by the following fraction: (a) the total amount of the sums secured immediately ~ before the tal:ing, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be 4 paid to Bonower. : If the Property is aband~ned by Borrowrr, or if, after notice by Lender to Borrower that the condemnor offers to ` make an award or settle a claim for damages, Bonower fails to respond to Lender within 30 da}~s after the date the notice is given, Lender is authorized to col[ect and apply the proceecis, at its 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 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: Rorrower 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 Borcower shall 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 othen+~ise modify amortization of the sums secured by this Security Instrument by reasof~ of any demand made by the origina! B.~rcower 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 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. Bonower'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 conve}• 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 Secu*ity lnstrument; and (c) agrees that Lender and any other Borrower may agree to extend, ~ modify, forbear or make any accommodat~ons with regard to the terms of this Security Instrument or the Note without that Borrower's conscnt. ll. Loan C6arges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan ~ eharges, and that law is finally interpreted so that the interest or other loan charges cellected or to be collected in ~ connecticn with the loan exceed the permitted limits, then: (a) any such loan charge shaU be reciuced by the amount necessary• to reduce the charge to the permitted limit; and (b) any sums already collected from Borrow~er which exceeded permitted limits will be refunded to Borrower. Lender may chcxise to make this refund by reducing the principal ow~ed ; under the Note or by making a direct pay~ment to Borrow~er. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Nc~te. 13. Legislation Affeeting Lender's Rights. If enactrrent or expiration of applicabie law•s has the efTect of j rendering any provision of the Note or this Securit}- Instrument unenforceable accor~3ing to its terms, Lender, at its option, E may require immediate payment in full of all sums secured by this Secunt}• Instrument and may invoke any remedies ~ permitted by paragraph 19. If Lender exercises this option, Lender shail take the steps specified in the second paragraph of , paragraph 17. € 14. Notices. Any notice to Borrower pro~~ided for in this Security lnstrument shal) be given by delivering it ~r b~~ ~ mailing it by first class mail unless applicable law requires 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 shall be given b~• first class mail to Lender's address stated herein or any other address Lender designates bE~ notire to Borrower. An}~ notice provided for in this Security Instrument shali be deemed to have been given to Borrower or I.ender when given as provided in this paragraph. . 15. Governing Law; Severability. This Securit}~ Instrumrnt shall be Re~verned by federal law and the law t~f the jurisdiction in which the Property is located. In the event that an}~ pro~~ision or clause of this Security Instrument or the ~ote conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provisi~n. To this end the provis~ons of this Security Instrument and the tiote are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the N~te and of this Security Instrument. 17. Transfer of the Property or a Beneficial Interest in Borrower. If ali or an}~ part of the Properry ~r any interest in it is sold or transferred (or if a beneficial interest in Borrou~er is sold or transferred and Borrcrwer is not a natural person) without Lender's prior written consent, Lender ma}•, at its option, require immediate pa}•ment in full of a~l sums secured by this Security tnstrument. However, this option shall nor be exercised by Lender if exercise is prohibited b}~ ~ federal law as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleratian. The notice shall pro~~ide a{~eriod of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay alf sumti sec~red by this Securiry Instrument. If Borrower fails to pay these sums prior to the expiraiion of this period, Lender may imoke any remedies permiited by this Security Instrument without further notice or demand on Borroa~er. 18. Borrower's Right to Reinstate. If I3orrower meets certain conditions, Borrower shall ha~~e 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 ~wer of sale contained in this - Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security 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 actio~ 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 shall continue unchanged. Upon reinstatement by Borrower, this Secunty Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of accel~ration under paragraphs 13 or 17. aooK47~ ~acE ~1 - - ~ .