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HomeMy WebLinkAbout0992 , . , i ; If Lender requirtd mongage insurance as s conditian of making the loan secured by this Security Instrument, f Borrower sha(1 pay the premiums requieed to maintain the insurance in effect until such time as the requirement for the ~ insurance terminates in acco~dance with Borrowcr's and Lender's written agreement ar applicable law. } 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender ~ shall gi~•t Borrower notice at the time of or prior to an inspection specifying reasonabl~ cau~ far the inspection. ~ 9, Coaden?nation. The proceeds of any award or claim for damages, direct or conscquential, in connection with ~ any condemnation or other taking of any part of the Property, or for conveyanct in lieu of condemnation, are hereby assigned and shall be paid to Lender. : In the ~vent of a total taking of the Property, the proceeds shal! be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Bonower. In the event of a partial taking uf the Property, unless Borrower and Lender otherwise agree in writing, the sums secnred by this Security Instrument shall be reduced by the amount of the proc~eds muttipliod by the following fraction: (a) the total amount of the sums securrd imme~Jiately bofore the taking, divided by (b) the fair rtiarket value of the Property immediately before the taking. Any balance shaU be paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor otTers to make an award or settle a claim for damages, Bonower fails to respond to Lender within 30 days after the date the notice is given, Ltnder is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by tkis Security Instrament, whether or not then due. ~ Unless Lender and Borrower oth~rwise agree in writing, any application of proceeds to principal shali not extend or postpone the due date of the monthly payments refened to in paragraphs 1 and 2 or change the amount of such payments. ~ 10. Borrower Not Releast,~d; Fotbeanpce By Lender Not x Waiver. Extension of the tirne for payment or modification of amortization of the sums socured by this Security Instrument granted by Lender to an~~ ~uccessor in interest c~f Borrower shall not operate to releast the liability of the original Bonower or Borrower's successors in interest. Lender shall not be required to commence proceedings against any succ~sor in interest or refuse to extend time for payment or otherw~ise modify amortization of the sums secured by this Security [nstrument by reason of any demand made by the orig:nal Borrower or Bonower's successors in interest. Any forbearance by Lender in exercising any right or remedy shali not be a waiver of or preclude the.exercise of any right or remedy. 12. Successors ~tad Asetgns Bound; Joint and Serer~l Liability; Co-signers. The covenants and agreements of this Security Instrument sha11 bind and benefit the succ~sors and assigns of L.ender and Bonower, subject to the provisions of paragraph I7. Borrower's covenants and agreements shall be joint and several. Any Borrower who casigns this Se~urity Instrument but does not eaecute 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 Instrument; (b) is not personally obligated to pay the sums securcd by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Secunty Instrument or the Note without that Borrower's consent. 12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that law is final(y intecpreted so that the interest or other loan charges collected or to be 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 permitted 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 Bonower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. Legistadon Afrecting Lender's Rights. If enactment or eapiration of applicable laws has the effect of rendering an~~ provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may require immediate payment in ful) of a11 sums secured by this Security Instrument and may invuke any remedies permitted by paragraph 19. If I.ender exercises this option, Lender shall take the steps specified in the second paragraph of ~ paragraph 17. 14. Notices. Any notice to Borrocver provided for in this Security Instrvment sha!! 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 direc:ted to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shaU be given by ~ first elass mail to L.ender's address stated herein or any other address Lender designates by notice to Borrower. Any n~tice + provided for in this Security Instrument shall be deemed to have been given to Borruwer or Lender when given as provided in this paragraph. I5. Goveraing Law; Sererability. 'This Security Instrument shall be governed by federal law and the law oi the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note eonflicts with applicah~lt law, such conflict shall not affect other provisions of this Security Instrument or the I~1ote whech can be given effect without the con8icting provision. To this end the provisions of this Security [nstrument 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. l7. Transfer of t6e Property or ~ Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transfened (or if a beneficial interest in Borrower is sold or transferred and Bonower ic not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in fuil of all sums ~ secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federallaw as of the date of this Security Instrument. If Lender exercises this option. I.ender shall give Borrower notice of acceleration. The notice shall 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 Security Instrument. If Rorrower fails to pay these sums prior to the eapiration of this period, Lender may im~oke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Rig6t to Reinstate. If Borrower meets ceriain conditions, Borrower shal! 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 for reinstatement) before sale of the Property pursuant to any 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 I~strument and the Note had no acceleration occurred; (b) eures any default of any other covenants or agr~ements; (c) pays all expenses incurred in enforcing this j Socurity Insttnment, including, but not ;imited to, reasonabte attorneys' fees; and (d) takes such action as Lender may i reasonably require to ass~rt 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 Insirument shall continue unchanged. Upon reinstatement by ' $orrower, this Security Instrument and the obligations secured hereby shall remain fuity efftctive as ~f no acce;eration had j occurred. However, this right to reinstate shatt not apply in the case of acceleration under paragraphs 13 or 17. j 600K `te~U PAGE e~0~ _ _ . . . . _