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HomeMy WebLinkAbout0916 a . J ' ~ ~ , If Lender required mortgage insurance as a condition of making the loan secured by this Secuiity Inserument, Berrow~er shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the ~ insurance terminates in accordance w•ith Borrower's and L.ender's written agreement or applicable law. : 8. Inspection. Lender or its agent may make ressonabte entries upon and inspections of the Property. L.ender : shall gi~~e Borruwer notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, 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 t~e 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 ezcess paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Ixnder otherv~ise agree in writing, the sums secured by this Secu~ty Instrument shall be reduced by ~ the amount of the proceecis 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 batance shall be paid to Bonower. If the Property is abandoned by Borrower, or if, atter notice by Lender to Borrower that the condemnor offers 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, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Propert~ or ~ to the sums secured by this Security Instrument. whether or not then due. ~ Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or ~ postpone the due date of the monthly paymrnts referred to in paragraphs 1 and 2 or change the amount of such payments. # 10. Borrower Not Releaaed; Forbearance By Lender Not a Wai~er. Extension of the time for payment or modification of amortization of the sums s~cured by this Security Instrument granted by Lender to any succe.ssor in ` interest of Bonower shall not operate to release the liability of the original Borrower or Bonower's successors in interest. ; Lender shali not be required to commence proceedings against any successor in interest or refuse to eatend time for a payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made = by the original Bonower or Borrower's successors in interest. Any forbearance by Lender in exercising 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-si~ers. The covenants and agrcements ot ~ ; this Security Instrument shall bind and benefit the successors and assigns of Lender and Bonower, subject to the provisions ~ of paragraph 17. Bonower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security { Instrument but does not eaecute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey i 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 this Security Instrument; and (c) agrces that I.ender and any other Bonower may agree to eatend, a~ modify, forbear or make any accommodations with regard to the terms of this Security lnstrument or the Note without ~ that Borrower's consent. 12. Loan Chsrges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan ~ I charges, and that law 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 Bonower which eaceeded 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 Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. ~ 13. Ixgislarion Affecting Lender's Rights. If enactment or expiration of applicable iaws 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 all sums secured by this Security Instrument and may invoke any remedies ' permitted by paragraph 19. If Lender ezercises this option, Lender shall take the steps specified in the secand 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 requires use of another method. The notice shall be directed to the ~ ' Property Address or any other address Borrower designates by notice to I.ender. Any notice to I,ender shall be given by ~ - first class mail to Lender's address stated herein or any oti?er address L.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 when given as provided ~ ~ in this paragraph. ~ I5. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the " ;urisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Idote conflicts with applicable law, such conflict shall noi 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 ~ s 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. 17. Transfer of the Property or a Beneficial Interest in Sorrower. If all or any part of the Property or any ~ ~ interest in it is sold or transferred (or if a beneficial interest in Bon~wer is sold or transferred and Bonower is not a natural e person) without Lender'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 exercises this option, Lender shall give Borrower notice of acceleration. The notice shal{ provide a period ~ of not less than 30 days from the date the notice is delivered or mailed within which Borrow~er must pay all sums secured by ~ this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, I,ender 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 ~ enforcemer.t of this Security Instrument discontinued at any time prior to the earlier of: (a) S days (or such other period as ~ applicable law ma~° specify for reinstaternent) 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 under this Security Instrument and the Note had no acceleration s occurred; (b) cures any default of any ~her covenants ar agreements; (c) pays all expenses incurred in enfarcing this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably require to assure that the lien of this Security Instrument, L.ender's rights in the Property and Borrower's obligation to pay the sums secured ily this Security Instrument shall continue unctianged. Lipon reinstatement by ~ Borrower, this Security Instrument and the obligations secured hereby shai! remain fully effective as if no acceleration had ¢ occurred. Hawever, this righsto reinstate shall not apply in the case of acceleration under paragranhs 13 or 17. ~~R~4~ 924 ~~~K 48~1 ~ ~ _ ~ ~ s~ ~.r~ _ s~~~~s ~ .