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HomeMy WebLinkAbout0987 any :~muunt~ di~bur.rd by Lcnd~r ~.~dcr thi. p~ragrrph 7~hull bc~un?e :~JJitiun~l Jrbt ~?t' Burru~~r .«urrJ hy ihi, S~cu~i~y In,trunx nt. Unletti &~rruwer arxi LenJer ~gree tu ~Nher term~ uf payiTx:nt, thcse: anxwnt. sh;~ll txar inte~~~~ from ttx: ~:~te ul Ji.burxnhnt ~t the N~xe rate and sh~ll be payable, with intere.t, up~m n~ftice from L.cnder to &irruwer reyu~,ting p~yment. !f L,enJer reyuired n~ongage insuranre as a condition uf making the I~~n ~ecured by this ~c:cur ~1 l~y[»eat•i ~i~ruw~r ,hall p:?y the premiums reyuired to maintain tt~ insurnrx-e in effnt until such timc: as tlx: reyuirenx:nt fi~r thc: ~rk~ t~rmir~i~~ acrurJark•e ~ ith &~rrower's and Lender's written agreen~nt or applicable (aw. 8. Inspec/ion. L.ender or its agent may make reawnable entries up~~n and in~pectiuns of the Prupeny. Len~c~ ~hall givc &~rruwer n~xi~e at it~ic ti~~~ uf ar pri.~r tu an in~pectiun ~~ZCi(ying rra+unaoir cauar iur ~ne in~Rec~iun. 9. Condemnation. 'The pnxeeds of any award or claim for dan~g~s, direct or conx~yuential, in connc,~tion with any corxkmnatiun ur other taking of:~ny part uf the Propeny, or for conveyance in lieu aicundemnation, are hereby assigned and sh~ll be paid to Lrn~ier. In the event of a rotal taking of the Propcrty, the proceeds shall be applied ro the sums serured by thi+ Security tnstrument, whether or not then due, with any excess paid t~~ Borrower. In the event of a partial taking M~ the Property. unless Borruwer ~nd ' Le:rxler ~xherwise agree in writing, the wms secur~~i by this Serurity Instrument shall be reduced by the am~wnt uf tt~ pr~eed~ multiplieci by the fallowing frxtian: (a) the total amount of the sums se~ured immediately before the taking, dividcd by (b) the i'air market v~lue of the Property immediately before the t~king. Any balance shal) be paiJ to &~rrower. : If the Property is abandoned by Borrower, ar if, after notire by Lender (o Borrower that the condcmnor offer. tu m:~ke an award ur settle a claim for damages,_Borrower fails to respcmd to Lender within 30 days after the date the nutire is givcn, Lender ~ i, authorized to collect and apply the proceeds, at its option, either to re,toratiun ur repair of the Property or to the ~um. u~•~~r~ ~i h~ thic 4ec~uritv Inetn~m~nt whethPr nr n~t th~~n ~iuP Untess Lender and Borrower otherwise agree in writing, any application of prtxeeds to principal shall not extend ~~r postponc the due date of the monthly payments referred to in paragraphs I and 2 or change the :~mount of such payments. 10. Borrower Not Released; Forbearance By Lender Not a V4'aiver. Extension of the time for p~yment or maiilication uf amortization of the sums secured by this Security lnslrument granted by Lender to any successor in intere~t of Borrower shall not uperate to release the liabiliry of the original Borrower or Borrower's successors in interest: L.ender shall not be required to commence , proceedings against any successor in interest or refuse to extend time fiir payment or otherwise mcxlify amonization of the sums securcd . by this Security Instrumesu by rea.wn of any demand made by the original &~rrower or Borrower's succe~wrs in interest. Any forbe~rarxe 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 Se~~eral Liability; Co-signers. The covenants and agrecments of this Security lntitrument shall bind and benefit the successors and assigns of l.ender and Borrower, subject tothe provisions of paragraph 17. Borcower's rovenants and agreemen[s shall be joint and seve~al. Any Borrower who co-signs this Sccurity Instrument but dces not execute the ' Note: (a) is co-si nin this Securit Instrument onl to mort a e, rant and come that Borrower's intere.t in the Pro rt under R R Y Y g" S 8 Y Pe Y thc terms of this Security Instrument; (b) is not personalfy obligated to pay the sums secured by this Security lnstrument; and Ic) ~grees that L.ender and any other Borrower may agree to extend, mociify, forbear ~~r make any accommcxiations with reg:~rd to the terms of thi~ Security Instrument or the Note without that Sorrower's consent. 12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which ~ets maximum luan charges, and th~t law is finally interpreted so that the interest or other loan charges collected or to be collected in ronnection with the loan exreed the permitted limits, then: (a) any such loan charge shaJl be reduced by the amount necessary to reduce the charge ro the perniitted limi~; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender ma~ ~hoose 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. l.egislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of rencfering any provision uf the Note or this Securiry Instrument unenforceable according to its terms, Lender, at its option, may reyuire immediate payment in full of all sums secured by this Security Instrument and may imoke any remedies permitted by paragraph !9. If Lender exercisex this option, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Nutices. Any notice to Borrower provided for in this Security Instrument .hall be given by delivering it or.by mailing it by tirst class mail unless applicable law requires use of another method. The notice shall be directed ro the Property Address or any cnher address Borrower designates by notice to Lender. Any notice to Lender shall be gi~~en by first class mail to Lender's addre~s ,tated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Serurity Intitrument shall tk deemed to have been given to Borrower or Lender when given as provided in this paragraph. 15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the rroperty is iocateci. in the event that any provision or clause of this Security Instrument or the NcKe contlicts with applicable law, such conflict shall not affect other provisions of this Securiry Instrument or the Note which can be given effect with~wt the cunflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be uverable. 16. Borrower's Copy. Borrower shall be given one confarmed copy of the Note and of this Security Instrument. 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any intere`t in it i, sold or tranferred (or if a beneficial interest in Borrower is sold or transferred and B~irrower is not a natural per:um) without Lender's ~riur written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security Inswment. H~~wever, this option shall not be exercised by l.ender if exercise is prohibited by federal law as of the date of this Security lnstrument. If Lender exercises this option, Lender shall give Borrawer notice of acceleration. The notice shall provide a pericxl of not Ietis than 30 days from the date the notice is delivered or mailed within which Borrower must pay all s~ms secured by ihis Security lnstrument. If Borrower fails to pay these sums prior to the expiration of :his period, l.ender may invoke any remedies permitted hy 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 uf this Security Instrument discontinued at any time prior to the earlier of: (a) 5 d~ys (or such other period es applicable law may ;pecify for reinstatement) before sale of the Property pursuant to any power of ktle contained in this Securiry Inatrument; or (b) entry e~f a judgment enforcing this Security Instrument. Those conditions are that Borrower: {a) pays Lender all sums which then wcwld he 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 enforci~g this Security Instrument. including, but nat limited to, rea.wnable attorney.' ; fees; and (d) takes such action as Lender may reasc~nably 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 Securiry Inswment and the obligations secured hereby shall remain fully effective as if no acreleration - had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. 4 { i j ~ Bfl~K 4~~ P~Cf ~ R r ~ 'r f i " ~ . . . . . . . . . .