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HomeMy WebLinkAbout0966 If Lrnder required mortgage insurance as a condition of making the toan secured by this Security Instrument. Horrower shatl pay the pre~suums required to neintain the insuran~ in rQ'xs antil such time ~ ths r~uirs*~ent fnr the insurancr terminates in accordance with Borrowu's and Lender's written agretment or applicable law. ' .J' fl~i A~n~wr~v I .evlrr ~~OCI1016 1.C11UC( UI li~ 7l~Clll t111iy uwLC l~y??iwvaa, a.uiiN..i u~uu w,u ::wwa.:'w^:a : _Y' . j. shall give Bocrowu notice at the time of or prior to an inspection apocifying reaionable cause for the inspection. 9• Coodemaatloa. The procaeds of any award or claim for damages, direct or consoqurntial. in connection with any condemnstion or other taking of any part of the Property. or for c:onveyance in lieu of condemnation. are hereby assigned and ahall be paid to Lender. In the event of a total taking of the Pmperty. the procceds shall be appliod to thc sums secared by this Security Instrumrnt, whether or aot then due, with any excess paid to Borrower. In ths event of a partial taking of the Property, unless Borrower and Lenda otherwise agroe in writing. the suma secured by this Security Instrument shall b~ roducod by the amount of the proceeds mult;pGed by the foiiowing fraction: (a) the total amount of the sums secured immediately ~b~'ore ihe taking. diridod by (b) the fair market vslue of the Property immediately before tht taking. Any balance shall be paid to Borrower. If thc Property ia abandoned by Borrower, or if. after notice by I.cnder to 8orrower that the condemnor oQ'ers to make an award or settle a claim for damages, Bocrower fails to respond to Lender within 30 days after the date the notice is given, Leader is authocizod to oolloct and apply the Qmceods. at its opiion, eitha to restoration or repair of the Property or to the sums securod by this Socurity Inswmen~ whether or not then due. Unless Lender and Borrower otherwise agree in aritiag. any appGcation of pcnceods to principal shall not eatend 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 Rekased; Forbearaoce By I.eader Not a Wd~er. Eatrnsion of the time for paymrnt or modification of amorti7ation of the sums securod by this Socurity Inswmeat granted by Lrnder to any suocessor in interest of Horrower shall not operate to release the liability of'the original Borrow~r or Borrower's successors in interest. Lrnder shall not be requircd to commencx proceedings against any successor in interest or refuse to extrnd time for payment or oth~rw+ise madify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrowu or Bormwer's successors in intenst. Any forbearanct by Lendtr in eacrcising any right or remedy shall not be a waiver of or proclude the eacercise of any riglit or remody. 11. Spooasors and A~ips Bonnd; Jotnt aad Se~eral I3abil~ty; Co-si~ners. The covenants and agreements of this Security instrument shall bind and benefit the suc~essors and assigns of Lender and Borraaer, subject to the provisions of paragraph 17. Horrower's oovrnants and agrerments shall be joint and several. Any Borrower aho co-signs this Socurity Instrumeat but daes not execute the Note: (a) is oo-signiag this Security Instrument only to mortgage. grsnt and convey that Borrower's interest in the Property under the tenns of this Socurity Instrumeni; (b) is not pcrsonally obligated to ~y the sums secured by this Security Instrument; and (c) agras that Lender and any other Borrower may agrce to extend, ' modify, forbear or make any accommodapons with regard to the terms of this Security Instrument or the Nate without that Bonower's consent. j 12. I.oan (~srges, If the loan secured by this Socurity Instrument is subject to a taw which sets maximum loan ~ chargES, and that law is finally interpreted so that the interest or ~iher Ioan charges collxta! or to be collectul in ~ connoction with the loan ea~cad the permittod limits, then: (a) any such toan charg~ shall be roduced by the amount noce.gsary to reduce the charge to the pecmitted limit; and (b) any sums already collectod from Borrower which eaceeded permitted Gmits will be refunded to Borrower. Lrnder may choose to make this refund by roducing the principal owcd under the Note or by malcing a direct payment to Borrow~r. If a refund roduc~s principat~ the reduction will be treatod as a partial prepayment without any prepayment charge under the Note. ~ 13. I,egislation ABectfag I,eader's Rights, If enactment or expiration of applicable laws has the effect of rrndering any provision of the Note or this Socurity Instrumrnt unenforceable according to its terms, Lender, at its option, may roquire immediate payment in full of all sums sxured by this Security Instrument and may invoke any remedies permittod by paragraph 19. If Lender exercises this option, i,ender shall take the steps specified in the second paragraph of paragraph 17. 14. Notices. Any noiice io Borcower 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 5rst class mail to Lrnder's address statcd herein or any other address Lender designates by notice to Bonower. Any notice provided for in this Security Instrument shall be docmed to have boen given to Borrower or I,ender when given as provided in this paragraph. 1S. Go~trnIng Lsw; Sevenbillty. This Security Insttument shall be governed by federal iaw and the law of the jurisdiction in which the Pmperty is located. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable law. such conRict 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 the Note and of this Security Instrument. 17. Transfer of the Property or a Bcne6cial Intereat in Burrower. If all or any part of the Property or any interest in it is sold or Lransferred (or if a bentficial inierest in Bonower is sold or transferrad and Borrower is not a natural person) without Lendu's prior written cansent, L.ender may, at its option, r~yuire immediate payment in iull o!'all sums secured by this Sxurity Instrumrnt. However, this option shall not be exercised by Lender if exercise is prohibited by faieral !aw as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borcower notice of acceleration. The notice shal! provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Sxurity Instrument. If Borrower fails to pay these sums prior to the expiration of this period, L.ender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower'a RIght to Reinatate. If Borrower mects certain conditions, Borrower shall have thc right to have enforcement of this S~curity Instrument discontinued at 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 containaf in this Security Instrument; or (b) rntry of a judgment enforcing this Socurity Instrument. Those conditions are that Borrower: (a) pays Lender aI! sums which then woutd be due under this Security Instrument and the Note had ao acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays a11 expenses incuned in enforcing this Socurity Instrument, including. but not limited to. reasonable attorneys' fas; and (d) takes such action as Lender may reasonably roquire to assure that the lien of this Security Instrument, I.ender's rights in the Property and Borrower's obligation to pay the sums socured by this Security Instrument shall continue unchangod. Upon reinstatement ~y Borrower. this Seeurity Instrument and the obligations secured hereby shall remain fully effeciive as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. ''K4~4 ~~UE yf2 d~3K - _ _