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HomeMy WebLinkAbout0927 t In the evant of a total taking of the Property, the proceeds shail be applied to the sums secured by this Secur~ty Instrument, whelher or not then due, with any excess paid to Borrower. In the event of a partial iaking o~ t e Property, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be ~b~u~~Fide~nount' the proceeds multiplied by the following traction: (a) the total amount of the sums secured immediately before t e~Ing, divl y(b) the fair ma~ket value of ihe Property immed~ately before the taking. Any balance shall be paid to Borrower. If the Property is abandoned by Borrower, or iI, after notice by Lender to Borrower that the condemnor offers to make an awa~d or settle a claim tor damages, Borrower tails to respond to Lender within 30 days aher the date the notice is given, Lender is ~ authorized to collect and apply the proceeds, at its option, either to restoration or ~epair of the Property or to the sums secured by this Security Instrument, whether or not then due. Unless Lender and Borrower otherwise agree in w~iting, any application of proceeds to principal shall 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. 1 O. Borrower Not Relessed: Fo~bearance By Lender Not a Waiver. Extension of tFre 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 Borrower or Borrower's successors in interest. Lender shall not be required to commence 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 any demand made by the original Borrower or Borrower's successors in ~nterest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise oi any right or remedy. 11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrov~er's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not execute 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 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 consent. 12. Loan Cbarges. I( the loan secured by this Security Instrument is subject to a taw which sets maximum loan 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 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 makinQ a direct payment to Borrower. If a refund reduces principal, tF~e reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. Legislation Affecting Lender's Rights. If enactment or expiration oi applicable laws 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 t~ll of all sums secured by this Security Instrument and may invoke any remedies permittad by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17.. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicabte law requires use of another method. The notice shal! 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 provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 7 5. Governing Law; Severability. 7his Secur+ty 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 oi this Security Instrument or the Note conflicts 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 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 Intereat in Borrower. If all or any part of the Property or any ~nterest 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 prior written consent, Lender may, at its option, require immediate payment m full of all sums secured by this Security Instrument. ; However, this option shall not be exercised by Lender if exerc~se is prohibite~ by federal law as of the date of this Security Instrument. ~ ~ li Lender exercises this option, Lender shall give Borrower notice of acceleration. The not~ce shall provide a period of not less ! ~ than 30 days irom the date the notice ~s delivered or mailed within wh~ch Borrower must pay all sums secured by th~s Security ~ E Instrument. If Borrower tails to pay these sums prior to the expiration of this period, lender may invoke any remedies permitted by th~s 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 enforcement ~ of this Security Instrument discontinued at any time prior to the earlier of: (a} 5 days (or such other per~od as applicable law may ~ specify for reinstatement) before sale of the Property pursuant to any power of sale contained ~n 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 de~e under this Security Instrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrumeni, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as lender may reasonably require to assure th~t the lien of this Security Instrumsnt, 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 Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply ~n the case of acceleration under paragraphs 13 or 17. NON-UNIFORM COVENANTS. Borrower and Lencler further covenant and agree as follows: ~ 19. Acceleration; Remedies. Lender shall givs notice to Borrower prior to acceleration following Borrower's breach of ~ any covenant or agreement in this Security Instrument (but not prior to acceleration under paragraphs 13 and 17 unless applicabie law provides otherwise). The noiice shall specify: (a) the default; (b? the action required to cure the default; (c) a date, ~ not less thsn 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to ~ cure the default on or betore tha date specified in the ~otice may ~esult in acceleration of the aums secured by this Secu~ity " Instrument, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to " reinstate after acceleration ar~d the right to assert in the foreclosure proceeding the non-existence of a default or any other ~ defense of Borrower to acceleration and foreclosure. If the default ia not cured on or before the date specified in the notice, ~ Lender at its option may require immediate payment in full of all sums secured by thia Security Instrument without further ~ demand and may foteclose this Security Instrument by judicial proceeding. Lender shall be entitled to collect all expenses ~ incurred in punuing the reme~ies provided in this parsgraph 19, including, but not limited to, reasonable attorneys' fees and µ costs of titla evidenca. ~ 20. Lender in Possession. Upon acceleration under paragraph 19 or abandonment oI the Property. Lender ~by ~udicially ~ appointed receiver) shall be entitled to enter upon, take possession of and manage the Property and to collect the rents of the ~ Property including those past due. Any rents collected by Lender or the receiver shall be appfied first to payment of the costs of ~ management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on rece~ver's bonds and ~ reasonable attorneys' fees, and then to the sums secured by this Security Instrument. ~ ~ ~ s~~ ~ 1#~E ~ ~ ~ y~~ 4~~ . . , . . s-~~~. ~~F ~3-~-~ ."a-~~.~ _ - ~