Loading...
HomeMy WebLinkAbout0958 If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, : Bonower shaU pay the premiums roquired to maintain the insurance in etfect until such time as the requirement for the ~ insurance terminates in accordance with Bonower's and Lender's written agretment or applicable law. 8. Inspectioa. 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 inspoction spe~:ifying reasonable cause for the ins}xction. ~ 9. Coademaatioa. The proceeds oC any award or claim for damages, dirtct 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 Lender. ~ In the event of a total taking of the Property, the proceeds shall be applied to the sums secureci by this Security ~ Instrument, whether or not then due, with any excess paid to Bonower. In the event of a panial taking of the Property, ~ unless Borrower and Lender otherwise agree in writing, th~ sums secured by this Security lnstrumtnt shall be reduced by ~ tht amount of the procetds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, dividal by (b) the fair market value of the Property immediately before the taking. Any balance shall be ~ paid to Borrower. . ~ lf the Property is abandoned by Bonower, or if, after notice by Lend~r to Borrower that the condc: :nor ofi'ers to make an award or settlt a claim for damages, Borrower fails to respond to Lender within 30 days aRer the date the notice is ~ given. I.ender is suthoriud to collect and apply the proceeds, at its option, either to restoration or r:aair of the Property or ~ to the sums secured by this Sect?rity Instrument, whether or not then due. ~ Unle~ :..ender and Bonower othervvise agrce in writing, any application of proceeds to principal shall not extend or ~ postpvne the due date of the monthly paymtnts referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbeuance By Lender Not a Waiver. Extension of the timr for payment or ~ modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shali not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall not be roquired to commence proceedings against any successor in interest or refuse to extend time for ~ payment or otherwise modify amortization ot'the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borcower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the extrcise of any right or remedy. , 11. Successocs and Assl~s Bound; Joint aad Se~eral Liabiljty; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of L.ender and Borrower, subject to the provisions of paragraph 17. Bc~nower's covenants and agreements shall be joint and several. Any Borrower who casigns this Security Instrumrnt but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrowtr's interest in the rroperty 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 I.ender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrur?-,ent or the Note without that Borrower's consent. 12. Loan Cbarges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that law is finally enterpreted so that the interest or other loan charges collected or to be collected in conne.,tion with the loan eaceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which ezceeded 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 under the Note. 13. Le~slation Afiecting Lender's Rights. If enactment or expiration of applicable law~s has the ef~ect of ; rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may require immediate payment in f~ill of all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If Lender eaercises this option, Lender shall take the steps specified in the second paragraph of ? paragraph 17. 14. Nodees. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by ~ mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed ~o the ~ Property Address or any other address Borrower designates by notice to Lender. Any notice to I,ender shall be given by ~ first class mail to L.ender's address stated herein or any other address I.ender designates by notice to Borrower. Any notice & provided for in this Security Instrument shall be deemed to have been given to Borrower ~r Lender when given as provided € in this paragraph. ~ 1S. Governing Law; Sererability. 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 Security Instrument or the Note conflicts with applicable law, such confli~t shall not affect other provisions of this Security Instrument or the Note ~ which can be given effect without the conflicting provision. To 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 tl~e Note and of this Security Instrument. 17. Transfer of t6e Property or a Beneficial Interest in Borrower. If all or any part of the Property or any ~ interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borro~•er is not a natural ~ person) without I.ender's prior written consent, Lender may, at its option, requ~re immediate payment in full of all sums secured by this Security Instrument. However, this option shalt nor be eaercised by Lender if exercise is prohibited by ~ 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 provide a period of not less than 30 days ftom thf date the notice is delivered or mailed within which Borrower must pay ail sums secured by ~ this Security Instrument. If Borrower fails to pay these sums prior to the expiration oP this period, Lender may invoke any ~ remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrorver's Right to Reinstate. If Bonower meets certain conditions, Borrower stiall have the right to have ` enforcement of this Security Instrument discontinued aY any time prior to the earlier of: (a) S days (or such other period as ~ applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Sexurity Instrument; or (b) entry of a judgment enforcing ihis Security Instrument. Those conditions are that Borrower. ~ (a) pays Len~er all sums which then would be due under this Security Instrument and the Note had no acceleration ~ occurred; (b) cures any default of any oth~r 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 Ler.der may ~ reasonably require to assure that the lien of this Sccurity Instrument, Lender's rights in the Property and B~rrower's ~ ob(igation to pay ihe sums secured by this Security Inswment shall continue unchanged. Upon reinstatement by ~ Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if naacceleration had ~ occurred. However, this right to reinstate shall not ap~ly in the case of acceleration under paragraphs 13 or 17. (~i{ ~ ~ 477 ~~~E _ ~ - . _ _ - _ _ P r -~~;;s:~.-~ ~ ~F_~ ~ ~ s ~