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HomeMy WebLinkAbout0968 If Lender required mortgage insuranct as a condition of making the loan securcd by this Security lnstrument, ~ Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement fur the ; insurance terminates ~n accorc~ance with Borrower's and Lender's written agreement or applicable law. ' 8, Iespection. Lender ar its agent may make reasonable 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, Condemnation. The proceeds of any award or claim for damagcs, direct or conseq~ential, in connection with ~ any condemnation or other taking of any part of the Prop~rty, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. ~ In the event of s total taking of the Property, the procceds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrowcr. In the ev~nt of a partial taking of the Property, unlas Borrower and Lender otherwise agret in writing, the sums secured by this Security Instrument shall t+e reduced by ; the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately beforc the takeng, divided by (b) the fair market value oF the ProYierty immediately before the taking. Any,bala~ce shail be ~ paid to Bonower. ~ If the Property is abandoned by Borrower, or if, after notice by L,ender to Borrow~er that the condemnor offers to make an award or settle a claim for damages. Borrower fails to respond to I.ender within 30 days after the date the notice is given, Lender is suthorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to tt~e sums secured by this Security Instrument, whether or not then due. Unless Lender and Bonower otherwise agree in writing, any applicatian of proceeds to principa! 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. Borrower Not Released; Forbeuance By Lendec Not a Wairer. Extension of the time for payment or modi6cation of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall rtot operate to release the liability of the ariginal Borrower or Borrower'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 Instrument by reason of any demand made by the original Borrower or Bonower'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 Assi~u Bound; Joint and Sereral Li~bility; Casigners. 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 l7. 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 oniy to mortgage, grant and convey that Bonower's interest in the Propeny under the terms of this Socurity Instrument; (b) is not personally obligated to pay th~ sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbtar or make any acc~mmodations with regard to the terms of this Security Instrument or the Note without that Bonower's consent. 12. Loan Charges. If the loan secured by this Secunty Instrument is subject to a law which sets maximum loan charges, and that law is finalty interpreted so that the interest or other loan charges collected or to oe collected in connection with the loan exceed 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 exceeded permitte+d 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. Legislation Affectiag Ixaaet's Rights. If enactment or expira[ian of applicable law~s has the etfect 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 full of a11 sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this option, Lender sha(1 take the steps specified in the second paragraph o( paragraph 17. 14. Notices. 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 to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first dass mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shail be deemed to have been gi~~en to Aorroa•er nr Lender when given as pro~~ided in this paragraph. 15. Governing Law; Seversbility. This Security Instrur~ent shall be governed by federa; law and the law of the jurisdiction-in which the Property is located. In the event that any provision or elause ofthis Security Instrument or the Note confticts with applicable law, such conflict shall not aft''ect other provisions oP this Security instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Secunty Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security lnstrument. 17. Transfer of the 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 8orrower is sold or transterred and Borrower is not a natural person) without Lender's prior written cor.sent, L,ender may, at its option, require immediate payment in ful) of a!I sums secured by this Security Instrument. However, this opiion shal! not be eaercised b~~ Lender if exercise is prohi5ited by federal law as otthe 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 lesg than 30 days from the date the notice is delivered or mailed within which Borrower must pay a!i sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender ma}• invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right !o Reinstate. If Borrower meets certain conditions, ~orrower shall have the right to have 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 far reinstatement) before sale of the Property pursuant to any power of safe contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Inst: ument_ Those c~nditions are that Borrower: (a) pays L.ender all sums which then would be due under this Security Instrument and the Note had no acceleration oecurred; (b) eures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Stcurity Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as l,ender 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 Security Instrament and the obligations secured hereby shafl remain fully effective as if naacceleration had oecurred. Fiowever, this right to reinstate sha11 not apply in the case of acceleration under paragraphs 13 or 17_ ( ~~f ~0 ~ ~ i~'GF ~ ~ ~ _ r ~ : 4 ti:. .,xM'"t ~ ..Y~ 5-^'.' _ ' "4 ~ " '~„'~`b' N.i=:r ~i--•YY` ~ b,?Vj"ify3 _ -