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HomeMy WebLinkAbout0940 I i If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, ! Borro~ver shall pay~ the premiums required to maintain the insurance in effect until such time as the requirement for the i insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. ~ 8. Inspection. Lender or its agent may make reasonable entries upon and inspecti~ns of the Property. L.ender ~ shall gi~•e Borroaer notice at the time ~f or prior to an inspection specifying reasonable cause for the inspection. 9, Condemnation. The proceeds of any award or claim for damages, dicect or consequential, in connection with . any condemnation or other taking oP any part of the Property, or for conveyance in lieu af condemnation, are hereby assigned and shal) be paid to Lender. In the event of a total taking of the Property, the proceeds 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 partiai taking of the Property, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by ~ the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be ~ paid to Borrower. If the Property is aEandoned by Bonower, or if, after notice by Lender to Borrower that the condemnor offers to rrzake an award or settle a claim for damages, ~3orrower fails to respond to Lender within 30 days after the date the notice is given, Lender 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 this Security Instrument, whether or not then due. Uniess Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not exteid 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 Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in ; interest of Borrower shall not operate to release the liability of the original Bonower ot Borrower's successors in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to eatend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made ~ by the original Borcower or Bonower's successors in interest. Any forbearance by Lender in ezercising 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 Several Liability; Co-signers. The covenants and agreements of tfiis Security Instrument shali bind and benefit the succe.~.sors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but dces not execute the Note: (a) is casigning this Security Instrument only to morigage, granl and convey = that Bonower's interest in the Property under the terms af this Security Instrument; (b) is not personally obligated to pay the sums secured 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 Security Instrument or the Note without • that Borrower's conssnt. ! 12. Loan C6arges. If the loan secured by this Security Instsument is subject to a law which sets mazimum loan charges, and that law is finally interpreted so that the interest or other loan charges coliected or to be coilected 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 ~cvhich exceeded permitted limsts will be refunded to Bonower. L.ender may choose 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 wiil be treated as a partial prepayment without any prepayment charge under the Note. 13. Legislation Atiecting Lender's Rights. If enaciment or expiration of applicable laws has the efFect of ~ rendering any provision of the Note or this 8ecurity Instrument unenforceable according to iis terms, Lender, at its option, ~ may eequire immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this option, Lender sha31 take the steps specified in the ~econd paragraph of ~ paragraph 17. ~ 14. Notices. Any notice to Borrower provided for in this Secu!-ity 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 ~ first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice t provided for in this Security Instrument sha11 be deemed to have been given to Bonowes or Lender when given as provided ~ in this paragraph. ; 15. Governing I.aw; Severability. This Security Instrument shall be governed by federal law and the law of the j jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the ~ Note conflicts w'sth applicable law, such conflict shafl not affect other provisions of this Se~:urity Instrument or the Note w hich can be given eflect 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. l~. Transfer of the Property or a Beneficial Interest in Bonower. If all or any part of the Propeny 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 natural person) without Lender's ~rior written consent, Lender may, at its option, require immediate payment in full of ai1 sums ~ secured by this Security Instrument. However, this option shall not be exercised by Lender if eYercise is prohibited by a federallaH~ as of the date of this Security Instrument. [f Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shalt provide a period ` f 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 Borrower 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 Borrow~er. 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 earlier of: {a) 5 days (or such other period as applicable law ma~~ 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) pay~s Lender all sums which then would be due und~r this Security Instrument and the Note had no acceleration oc;curred; (b) cures any default of any other co~~enants or agreements; (c) pays all expenses incurred in enforcing this Security~ Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonabl}` require to assure that the iien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay~ the sums secured by this Security Instrument shalt continue unchanged. Upon reinstatement by Borrow~er, this Security Instrument and the obtigations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragra~hs l3 or 17_ ~~~K 491 PaGE 9~5 , ~ ~ .y~, ~.,;~:;~3 = - _ " 1