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HomeMy WebLinkAbout0990 • i 1 ~ ~ i ~ 1 If Lender rtquired mortgage insurance as a condition of making the loan sccured by this Sccurity Instrument, ~ Borrower shall pay the premiums roquirod to maintain the insurance in effect until such time as the requirement for the i insurance terminates in accordance with Borrower's and Lendtr's written agreement or applicable law. ~ 8. IuspectIoa. L,ender or its agtnt may make reasonable entries upon and inspections of the Propertv. Lender shaii give Fiorrower not~ce at the t~mC of or Qrior to an inspoction specifying reasonable cause for the inspection. 9. C011dldl![SHOtI. The procads of any award or claim for damages. direct or consequential, in connection with any condemnation or other taking of any part uf the Property, or for conveyance in lieu of condemnation, are hereby assignai snd shall be paid to Lender. In the event ot a total taking of the Prop~rty. the proceeds shall be applied to the sums secured by this Security Instrument, whether or noi then due, with any excess Qaid to Borrower. In the event of a partial taking of the Property. unless Bonower and Lender otherwise agree in writing. the sums securod by this Security Instrument shall be reduced by the amount of the praceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately ~before the taking. divided by (b) the fair market valu~ of the Property immediately before the taking. Any balance shall be paid to Borrowrr. If th~ Property is abandonod by Bonower. or if. atter notice by Lender to Horrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given. Lender is $uthorizod to collcct and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Securety Instrum~nt. whether or not then due. Unless I.ender and Borrower otherwisa agree in writing, any application.of Proceeds to principal 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; Forbeanace By Lender Not a Wajver. Extension of the time for paymrnt or modification of amortization of the sums soeured by this Socurity Instrument granted by Lendtr to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall not be required to commtnce proceedings against any succtssor 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 otiginal Borcower or Borrower's successors in interest. Any forbearance by L.ender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. I1. Succea,wrs pnd Assigna Bonnd; Joint aad Severat Liability; Co-si~ers. The covenants and agrcements of this Security Instrument shall bind and benefit the succ.essors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agccements shall be joint and several. Any Borrower who co-signs this Security Instrument but dces not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security lnstrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees thaE Lender and any other Borrower may agree to extend, modify, farbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 12, Loan C6arges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that law is 6nally interpreted so that the_ in~erest or other loan charges collected or to be collected in connection with the loan exceed the permitted limits, then: (a) any such loan charge shali be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permit[ed limits will be refunded to Bonower. Lender may choose to make this refund by reducing the principa) owed under the Notc 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 Affeeting Lender's Rig6ts. If enactment or expiration of applicable laws has the eFfect 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 a!1 sums secured by this Securit~~ Instsument and may invoke any remedies ~ permitted by paragraph 19. If Lender exercises this option, L.ender shall take t ke steps specified in the second paragraph of ! paragraph 17. ~ 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by 1 mailing it by first elass mail untess applicabie 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 class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any not'sce ~ provided for in this Security Instrument shall be deemed to have been given to Borrower o: Lender wher? given as provided ~ 4 in this paragraph. 15. Goveraing Law; Sererabiiity. 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 cfause os this Security Instrument or the Note conflicts with applicable law, such con8ict shall not aRect other provisions of this Security lnstrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument anci the Note are deciared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Tcansler of the Property or a Beneflcial 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 Borrower is not a natura{ ~ person) without I.ender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by ~ federal law as of the date of this Security Instrument. If Lender ezercises this option, Lender sha11 give Borrower notice of acceleratian. The notice shaU provide a period ~ of not less than 30 days from the date the notice is delivered or mailed within which Aorrower must pay alt sums secured by e this Security Instrument. If Bonower fails to pay these sums prior to the expiration of this period, LenJer may invoke any ~ remedies permitted by 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 of this Security Instrument discontinued at any time prior to the earfier of: (a) 5 days (or such other period as ~ applicable 6aw may specify for reinstatement) before sale of the Property pursuant to a~y power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any default of any oiher covenants or agreements; (c) pays all ~xpenses incurred in enforcing this Security Instn?ment, 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 Barrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shalt remain fully eftective as if no acteleration had occurred. However, ihis right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. BOOK~~4 P~~E ~?~s - ri,~ - . . _ ~ . ._.".~.r~w... --i~rs M , Y . _ - . ~ ~ ___J... .