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HomeMy WebLinkAbout0984 . ~ , ' ~ ~ IF Lender requircd mortgage insurance as a condition of making the loan secured by this Security Instrument, Bcsrr~wer shaft pay the premiums requircd to maintain the insurance in elfect until such time as the rcquirement for the insurance terminates~in accordance with Borrower's and Lender's written agreemeat o~ applicable law. 8. Inspection. Lend~r or its agent may make reasonable entria upon and inspections of the Property. Lcoder shall give Borrower notiee at the time of or prior to un inspection specifying rr.asonable cause for tht inspection. 9. Condemnation. The proceecis of any award ar claim for damages, direct or conscquential, in connection with any condemnation or other taking of any.part of the Property, or for conv.eyance in lieu of c~ndemnation. are hereby assigned and'shall be paid to Lender. In the event of a total taking of the Property. the proceeds sha11 be applied to the sums securcd by this Security Instrument, whether or not then dut, with any eacess paid to Horrowtr. In the event of a partial 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 multiplitd 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 Borcower. If the Property is abandoned by Borrower, or if. aRer notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages~ Bonower fails to respond te i,~~.~c: within 30 days after the date the naiice is given, Lender is authori2ed 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. ' iJnless Lender and Borrower otherwise agret in writing, any application of proceeds to principal shali 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. Borro.+er i~iot Ite~e~; Horbearance H~y Lender Not a Wairer. Extension of the time for payment or modification ot amortization of the sums secured by this Socurity Instrument granted by Lender to any successor in interest of Borrower shall not operate to release tht liability of the original Borrower or Borrower's successors in interest. Lender shall not be required to commtnce proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of anydemand made by the original Borrower or Borrower's successors in interest. Any forbearance by I,ender in exercising any right or remedy shail not be a waiver of or preclude the exercist of any right or remedy. I ll. Successors su~d Assigns Bound; Joint aAd Se~eral Liability; Co-aigners. The covenants and agreements of this Security Instrumtnt shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covena~ts and agrcements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is cwsigning 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 secured by :his Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or ~nake any accommodatians with Tegard to the terms of this Security Instrument or the Note without that Borrower's conscnt. 12. Loan Charges. If the loan seeured by this Security Instrument is subject to a law which s:ts maximum loan charges, and that !aw is finally interpreted 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 wiU be refundetl 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 be treated as a partia! prepayment without any prepayment charge under the Note. 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the ef~ect of rendering any provision of the Note or this Security Instrument unenforceable according to i[s terms. Lender, at its option, may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remed'ses permitted by paragraph 19. If Lender eaercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Notices. Any notice to Bonower providai for in this Security Instrument shall be given by deli.•ering 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 designata by n.otice to Lender. Any notice to Lender shall be given by f first class mail to Lender's address stated herein or any othtr address I.ender designates by notice to Borrower. Any notice ~ provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender w•hen given as provided in this paragraph. i 15. Governing Law; Severability. This Security Instrument shall be governed by fedrrat law and the ]av+~ of the ~ jurisdiction in which the Property is located. In the event that any provision or clause of th~s Security Instrument or the ~ Note conflicts with applicable law, such conflict~shall not afTect other provisions of t;~is Sc~c~rity I~~strument or the Note ~ which can be given effect without the conflicting provision. To this end the provisions of ~his 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. € ~ u 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any pan of the Propeny or any ? interest in it is sold or transferred (or if a beneficial interest in Borrower is uild e~r transfcrrr~l and 13orrower is not a natural ° ~ l~ person) without Lender's prior written consent, Lender may, at its option, rcyuirc immediutc pa~~ment in full of all sums ~ ~ sccured by this Security Instrument. However, this option shall not be exercisrd by Lender if exercise is prohibited by ~ federal law as of the date of this Security Instrument. a If Lender exercises this option, Lender shall give Borrower notice of accelrration. 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 p:;y~ all sums secured by this Sccuritp Instrum~nt. lf Horrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on E3orrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditi<ms, E3orrower shall have the righi to have enforcement of this Security Instrument discontinued at any time prior ~o Ihe carlier of: (a) 5 days (or such other period as applicable law may specify for reinstatement) before sale of the Property rursuant 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: z (a) pays Lender all sums which then would be due under this Security Instrument ar,d the Note had no accelera~ion oc~urred; (b) cures any default ot any other covenants or agreements; (c) pays al' ezpenses incurred in enforcing this ~ Security lnstrument, including, but not limited to, reasonable atiorneys' fees; and (d) takes suth action as Lender may ~ reasonably reqe:irc to assure that the lien of this Security lnstrument, I,ender's rights in the Property and Borrower's obligation to pay the sums sccured by this Security Instrument shall continus unchanged. Upon reinstatement by Borrower, this Security Insirumznt and the obligations secured hereby shall remain fally effective as it r.e acceleration had ~ occurred. However, this right to reinstate shall not apply in the case of accekration under paragraphs 13 or ] 7. ~ ~ . ~ ~ ~ anoK 491 ~AGE 979 ~ ~ . wx~ ~ , ~ . ~t~-_ _ ~ rr ~ -