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HomeMy WebLinkAbout0993 ~Any amuunu Ji.hurxd hy I_rnJer «nder this par.!graph 7.halt htrunk: a~lditiun~l ~eM uf B~~rro«•cr ~e~•ur~d hy thi. Srruril~ in~t~iknt. Unl~~~.~ &~rru~~er arxi l.cn~kr ~gr~~c tu ~Kher tenn, uf pdyment, thex;.amount+ shaJl tx~r int~rest in~m thr datc uf dishuru:nxnt at the Not~ rate and ~hall tx: payable, with inter~st, up~m n~xire frum Lend~r ~o Bortc~~er reyucsting p:~yment. lf Lender r~yuired murtgage insurance as a condiliun of m:~king thc luan ucurrd by this Security In,trument. Burn?wcr shall p:iy ttx premiums reyuir~d tu n~intain the insurance in effert untif such time as the reyuirenknt ti~r ihe in~uranrr tennin:ites in arcuni:tnre ~~iti~ Burrowc~'s and Le~xier's written agreemcm or applicable law. 8. Inspection. Lender or its agent may m:~ke rca~on:~ble entries upon arui inspectiuns of the Property. l.~ndc~ shall give f3orroN~r n~Kice at the tinie of or prior to an inspc:ction ~pecifying reasonable cause for the inspection. 9. Condemnatian. The pnxeeds of ~ny award or claim for dam~ges, dir~~t or con.tieyuenti:~l, in runrxxtion with any curxlemnati~x~ ur uther tai:ing of any part of the Propeny, or for conveyance in lieu of condemnation, ar~ hereby assigned and shall be: paid to Lender. In the event of a total taking of the Property, the pr«:eeds shall be a~plied to the sums ,e~ured by this Securiry Instrument, ~~•hether ur not thcn duc, with any exress p:iid ro Borrower. In the cvent of a partial taking of thc Pruperty, unless Borrowcr and L.endcr ~xherwi~ agree in writing, the sume secured by this Security lnstrumc:nt shall be reduceci by ttx: amcwnt of the p~Yxeeds multiplied by the following fractiun: (a) the total amount of the sums serured immedi~tely befure the t:~king, di~~ided by (b) the fair market value af the Property immediately b~;fore the taking. Any balance shall bz p:iid tu Borrower. If the Propeny is ~barxioned by Borrow:r, or if, after notice by l.ender to Borrower that the condemnur offers to make an aNard or setlle a claim for damages, Borrower fails to respond to l.ender within 30 day~ :he c!ate the ne~tice is give~. Lencler is authorized to collect and apply thr proceeds, at its option, cither to restoration c~r rep~ir of the Property or ta the sums u~ured h~• this Securiry Instrument, whether or not then due. Unless !~~uicr and Borrower othenvise agrce in writing, any application uf prcxeeds to pnnciaai shall not extend or postpone the due date of the monthly paymcnts referred to in paragraphs I and 2 or rhange the ~mount of such payments. 10. Borrow~er Not Released; Forbearance By Lender Not a Wai~•er. Ext~nsion of the time for payment or mociification of :imortization of the sums secrreci by this Security Instrument gr3nted by Lencier to any successor in interest of Borrower shall not ~~pe;rate to rel.ase the liability of the original Borrower o~ Borrower's sucressors in interest. L.ender shall not be reyuired ro commence pnxeeeiings against any successor in interest or refuse to~extCnd ti,m~ fi~r payment or oth~:rwise mcxlify :~mortization of the sums ~ecured h_y this Security Instrument by re33oir~~~i~ dg~~~i~ ~y tt~ original Burrower or Borrower's succc;~.wn in inter~:u. Any forbearance hy Lcrxler in exercising any right or rey~dy,~heU _nQt be a waiver of or preclude the exercise of any right or remeciy. 11. Successors and Assigns Bound; juint and Several Liability; Co-signers. The coven:~nts and agreements of this Security tn~trument shall bird anel benefit the successors and assigns of Lerxier and Borrower, sub}ect ro the provisions af paragraph 17. Borrower's r~~venants and agreemen'ts shall b~:. joint ancl several. Any Borrower who co-sigm this Secu~ity Instrument but dces not execute the Nute: (a) is co-signing this Security Instrument only to mortgage. gra~t and convey that Borrower's interest in the Property under the tern~s uf this Securiry Instrument; (b) is not personally obligated ro Ray the sums secured by this Sccurity Instrument: and (r) ~ agrees that Lender ~nd any other Borrower may agree to extend, mcxiif~~, forbear or make :~ny accommodations with regard to the ~ tcrms of this Securiry Instrument or the Note without thet Borrower's consent. 12. Loan Char~es. If the loan secured by this Security Instrument is subject to a law which ~ts maximum loan charges, and that law is finally interpreted so that the interest or other k?an charges collecteei or to be collected in connection with the loan exceecl the permitted limits, then: (a) any such loan charge shall be reduced by Ihe :~mount neces~ary to reduce the charge to the permitted ~imit: and (b) any sums already collected from Borrow•er which exceeded permitted limits witl be refunded to Borrower. Lerxier may rh~x~se to m:~ke this refund by reducing the prin:ipal ow~ed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partia! prepayment without any prepayment charge under the Note. 13. Legislation Affecting Lender's Rit;hts. If enactment or expiration of applicable laws has the effect of renciering any provision ~~f the Ncite or this Security In~trument unenforceable according to iis terms, L.ender, at its option, may reyuire immediate pa}~ment in full of all sums secured by this Security Instrument and may imoke any remedies permitted 'b; paragraph 19. If Lender exercises this option. Lender tihall take the steps specified in the second paragraph of paragraph 17. 14. Notices. Any notice to Borrower pro~~ided for in this Security Instrument shall be given by delivering it or by mailing it h~ first class mail unless applicable law requires use of another ~Ptt?exi. The notice shail tx Jirected to the Property Address or 3ny ~~ther ~ddress Borruwer designates by notice to Lender. Any notice to Lerxier shall be given by tirst class mail to Lender's address j ~tatcd herein or any uther address Lender designates by notire to Borrower. Any notice provided for in this Sccurity In~trument shall i n~ dcemed to have been given to Borrower or L.ender H~hen given as provided in this paragraph. ~ I5. Go~•erning Law; Severabilit~~. This Sc:curity Instrwnent shal! be governed b}~ federal law and the law of the juriuiiction in whirh the Property is I~kated. In the event that :~ny prt~vision or clause of this Scrurity Instrumem or the Neue conflicts with :~pplicable i:{~~, sunc ~~mtlict shall ncx affect other provisi~~ns of this Se:curity Instrumertt or the Note which can be given effect without the conflicting ~ pruvision. To this end the provision~ of this Security Instrument and the Note are declared to be severable. 16. BorroN~er's Cop~•. Borrower shall tse given one conformed copy of the Note and of this Security Instroment. 17. Transfer of the Property or a Beneficial lnterest in BorroNer. If all or any part uf the Property or any interest in it s~~W or tr;~nferred (or if a beneticial interest in Borrawer is sold or transferred and Borrow•er is not a natural pcrson) w~ithout L.ender's prior written consent, Lender may, at its option, reyuire immediate payment in full of all sums secured by thi~ Security Instrument. Nowe~~er, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date af this Securiry Instrument. If l.ender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a pericxi of not I.~s than 30 days from the date the notice is delivered or mailed within which Borrow~er must p~y al) sums secured by this Security Instrument. 11 Borrok~er fails to pay these wms prior to the expiration of this period. Lender may imoke any rcmedies permitted hv thiti Securitv Instrument without further notice or demand ~n Borruwer. 18. Borrower's Right to Reinstate. [f Borrower meets certain conditions, B~~rrower sha11 have the right t:~ have enforcement ~~f.this Serurity Instrument discontinued at any time prior ro the earlier o(: (a) 5 days (or such other pericxi as applicable law may ~~:cify for reinstatement) before sale of the Praperty pur~uant to any power of wle contained in this Securiry Inswment; or (b) entry ~~f a judgment enforcing this Security Instrument. Those conditions are that Barrower. (a) pays Lender all sums which then would tx: due under this Security [nstrument and the Note had no acceleration occurred: (b) cures any default of any other covenants or agreements; (c) pays all expenk,s incurred in enforcing this Security [nstrument. including, but nat limited to, reasonable attorneys' tces; ar?d (d) takes such action as l.ender may reasonably require to assure that the lien of this Security Instrument, l.ender's rights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Up~n rcinstatement by &~rrower, this Security Instrument and the obligation~ secured hereby shall remain fully effective as if no acceleration had occurred. H~iwever, this right to reinstate shall ncn apply in the ca~e of acceleration under paragraphs 13 or 17. - ~~R~~S P~~~ 3~z 'c1~K . . _ , _T e_.. _ . .