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HomeMy WebLinkAbout0914 . If Lender requirod mortgage insurance as a condition of making the loan securod by this Security Instrument, Bonower shall pay the premiums roquired to maintain the insurana in etFect until such time as the requirement for the insurance terminates in acco~dance with Aorrower's and Lend~r's written agrcernent or applicable law. 8. Iaspertioa. Lender or its agent may make reasonable entries upon and inspections of the Praperty. Lender shall give Borrower notioe at the time of or prior to an inspectiQn specifying reasonabl~ cause ior the inspection. 9. CondemnaNoa. The proceods of any award or claim for damages. dire~ct or consequential, in connection with any candemnation or othor taking o4' any part of the Property, or for conveyance in lieu of condemnation, are hereby assignod and shall be paid to Lender. In the event of a total iaking of the Property, the procads shall be applied to the sums secured by this Security Instrument~ whether or not then due, with any excess paid to Borrower. In the event of a pactial taking of the Prop~rty, unless Borrower and Lender otherwise agree in writing~ the sums secured by this Security Instrument shall be reducod by the amount of the proceeds multiptied by the following fraction: (a) the total amount of the sums secured immediately ~befort the taking, divided by (b) the fais msrket value of thc Property immediately before the taking. Any balance shai! be paid to Borrower. If the Property is abando~ed by Borrower. or if. atter notice by I.ender to Bonower that the condemnor offers to make an award or settle a claim for damages, Bonower fails to respond to Lender within 30 days aRer the date thc notice is gi~en, Lender is authorized to collect and apply the proceods, at its option, either to restoration or repair of the Propeny or to the sums secured by this Socurity Ic?strument, whether or not then due. Unltss Lender and Borroatr otherwise agra in writing, any appiication of psoceeds to principal shali not extend or postpone the due date of tht monthly paymtnts referred to in psragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbears~ce By Lender Not a Wdver. Eatension of the time for payment or modification ot amortization of the sums socured by this Socurity Instrument granted by I.ender to any successor in interest of Bonower shall not operate to nlesse tht liabiGty of the original Bonower or Borrowor's successors in interest. Lendet shall not be requirod to commence proceedings against any successor in inter~t or refuse to extend time t'or ps~ymtnt or othenvise modify amortiistion of the sums securod by this Socurity Instrument by reason of aay dernand made by the original Borrower at Borrower's su~ces.sors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclnde the eaercise of any right or rcmedy. 11: Succesaort and Asdgsss Bound; Joiet ~nd Se~eral Liabflity; Co-si~ers. The covenants and agreements of this Security Instrument shall bind and bene6t the successors and assigns of Lender and Barrower. subject to the provisions of paragraph 17. Bonower's covenants and agreomeats shaU be joint and several. Any Borrow~r who co-signs this Security Instrument but does not ta~ocute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Barrower's interest.in the Property under tht terms of this Security Instrument; (b) is not personally obligated to pay ' the sums securod by this Socurity Insttument; and (c) agces that I.ender and any other Borrower may agree to extend, ` modify. forbear or make any accommodations writh regard to the terms of this Security Instrument or the Note without t that Bonower's conscnt. - 12. I.oan C'h~rges. If the loan securod by this Security Instrument is subject to a law which sets msximum loan charges, and that law is finally interpretai so that the interest or other loan charges collected or to be collected in connxtion with the loan eaceed thr permitted limits, then: (a) any such loan charge shall be roduced by the amount 'E necessary to reduce the chargt to the permitted limit; and (b) any sums already coliected from Borrower which exceeded permitted limits will be refunded to Bonower. Lender may choose to make this refund by reducing the principa{ owed undet the Note or by making a diroct 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. I.egislation AtteeNng I.~nder's Rig6ts. If enactment or eapiration of applicable laws has the effect of rendering any provision of the Note or this Security Instnsment unenforceable according to its terms, Lender, at its option, may require immediate payment in full of al! sums securod by this Security Instcument and may invoke any remedies ~ permitted by paragraph 19. If Lender ~aercises this option, Lender shall take the steps specified in the second paragraph of ~ paragraph 17. 14, Notices. Any notice to Bonower provided for in this Security Instrument shall be given by delivering it or by ~ mailing it by first class mail unless applicable law reqaires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to L.ender_ Any notice to L.ender shall be given by first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Insirument shall be deemed to have been given to Borrower or I.ender when given as provided ~ in this paragraph. 1S. Gorerning Law; Sevetability. 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 hote conAicts with applicable law, such conflict 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 dxlared to be severabte. ~ 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 BeneBcial Interest in Borrower. If all or any part of' the Property or any ~ interest in it is sold or transferred (or iia txneficial interest in Borrower is sold or transferred and Borrower is not a natural ~ person) without Lender's prior writtcn 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 ezercised by I,ender if exercise is prohibited by E federal law as of the date of this Security Instrument. If I,ender exercises this option, I.ender shall give Botrower notice of acceleration. The notice shall provi3e a period _ of not less than 30 days from the date the notice is delivered or mailed within which Bonower must pay all sums secured by ' this Security I~strument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remodies permitted by this Security Instrument without fvrther notice or demand on Borrower. 18. Borrower's Rigtit to Reiastate. If Borrower meets certain conditions, Borrower sh~ll have the right to have ' enforcement of this Sxurity Instrument discontinued at any time prior ta the earlier of: (a) 5 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 Security Instrument; or (b) entry of a judgmeni enforcing this Security Instrument. Those conditions are that Bor~ower: (a) pays Ltndtr a!! sums which then wouid be due under this Security Instrument and the Note had no acceleration occuned; (b) cures any default of any oth~r covenants or agrcements; (c) pays all ezpenses incurred in enforcing this Security 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 Bonower, this Security Instrument and the obligations secured h~reby shall remain fully effective as if no acceleration had occurrod. However, this right to reinstata shall not apply in the case of acceleration under para rap s 13 or 17. B OK PdGE 17U0 e.. Y- - - - , - ` - - _ -