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HomeMy WebLinkAbout0960 ~ If Lender required mortgage insurance as a condition of makiag the loan secured by this Security Instrume~t, Borrower shafl pay the premiums requirod to maintain the insurance in etfect until such time as the rcquirement for the insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. 8. Inspectfon. Lender or its agent may make reasonable entries upon and inspoctions of the Property. Lender shall give Borcower notice at the time of or pri~r to an inspoction spa:ifying reasonable cause for the inspection. 9, Condemnatioa. The procoeds 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 conveyance in lieu, of condemnation, are hereby assigned and shall be paid to Len~er. In the event of a total taking of the Property. the procceds shall be applied to the sums secured by this Security Instrument, whether or not then due. w+ith any eacess paid to Borrower. In the event of a partial taking of the Property, unless Bonower and Lender otherwise agrce in writing, the sums securcd by this Se:,urity Instrument shall be reduced by the amount of the proceeds multiplied by the fallowing fraction: (a) the total amount of the snms 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 abandoned by Bonower. or if, after notice by Lender to Bonower that the condemnor oRers to make an award or settle a claim for damages, Borrower fails to respond to I.ender within 30 days after the date the notice is given. Lender is authorized to collcrt and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums srcured by this Security Instrument, whether or not then due. Unless I.ender and Borrower otherw+ise agrce in writing, any application of proceeds to principal shall not eztend or posipone the due date of tht monthly paymentg referred to in paragraphs 1 and 2 or change the amount of such payments. ~ 10. Bocrowec Not Released; Forbearance By I.ender Not a Waj~er. Extension of the time for payment or ` modification of amortization of the sums secured by this Security Instrument granted by L,ender 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 roquired to commence proceodings against any successor in interest or reCuse to eztend time for peyment or otherwise modify amortization of the sums secured by this Security Instrument by reason ot any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by L.tnder in eaercising any right or remedy shall not be a waiver of or proclude the eaercise of any right or remody. 11. Succesaors and Assigns Bound; Joint and Seoecxl Liability; Co-si~ers. The covenants and agreements of this Security In~irument shall bind and lxnefit th~ successors and assigns of I.ender and Bonower, subject to the provisions of paragraph 17. Borrower's covenants and agraments 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 mortgagc, 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 I.ender and any other Borrower may agree to extend, modify. fotbear or make any accommodations with regard to the terms of !his Security Instrument or the Note without that Borrower's consent. 12. I.oan Cbarges. If the loan socured by this Security Instrument is subject to a law 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 excecd 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. Legislation Affecting I.ender's Rights. If enactment or expiration of applicable laws has the effect of rendtring 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 exercises this option, I,ender shall take the steps specified in the second paragraPh af i paragraph 17. ` 14. Notices. Any nntice to Bonower provided for in this Security Instr~ment 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 L.ender sha11 be given by ~ ficst class mail to I,ender's address stated herein or any other address Lender designates by notice to Borrower. Anp notice ~ providod for in this Security Instrument shall be deemed to have been given to Bonower or Lender when given as provided ~ in this paragraph. ~ 15. Go~erning Law; Severabitity. This Security Instrument shall be governed by federal law and the law of the jurisdiction :n which ~he Property is located. In the event that any provision or clause of 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 eftect without the confticting prov~sion. 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 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 Borrower is not a natural ~ 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 L.ender ezercises this option, L.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 Bonower must pay all sums secured by ~ this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any ~ remedies permitted by this Security Inswment without further notice or demand on Borrower. ~ 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower sfiall 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 spocify for reinstatement) beFore sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgmeni enforcing this Security Instrument. Those conditions are that Borrower: (a) pays I.ender all sums which then would be due under this Security Instrument and the Note had no acceleration ~ oceurr~d; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this ~ Socurity Instrument, including, but not limited to, reasonablt attorneys' fees; and (d) takes such action as Lender may ~ reasonably roquire to assure that the lien of this Security Instrument, I,ender'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 occuned. However, this right to reinstate shaU not apply in the case of acceleration under paragraphs 13 or 17. so~496 ~~~.E 960 ~ _ . - ~ .~~.~:n~ ~~.~-t ~ ~ '