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HomeMy WebLinkAbout0933 , , • ~ t - ~ , ~ , . If Lender required mortgage insurance as a condition of making the loan securod by this Socurity Instrument, Borrower shall pay the premiums requirod to maintain the insurance in eBoct until such time as the roquirement for the insurance terminates in accordance with Borrower's and Lender's written agrxment or applicable law. 8. Insptction. Lender or its agent may make reasonable eatries upon and inspections of th~ Property. Lender shall give Bonower notice at the time of or prior to an inspection sp~cifying re~sonablo cause for the inspxtion. 9. Coademnadon. The proceods of any award or claim for damages, d'uect or consa~uential. in connection with any condemnation or other talring of any part of the Pmperty, or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Ltnder. In the event of a total taking of the Property. the proceeds shall be appliod to the sums secured by this Security Instrument, whether or not then due, with any eacess paid to Horcower. In tho event of a partial ~aking of the Property. unless Borrower and Lender otherwise agrce in writing~ the sums securod by this Security Instrument shall be roduced by the amount of the proceeds multiplied by the following fractidn: (a) the total amount of the sums secured immodiately before the taking, dividod by (b) che fair market value of the Praperty immediately before the taking. Any balance shall be paid to Bonower. If the Property is abandoned by Honower, or if. after notice by Lender to Borrower that the condemnor o8'ers to make an award or settle a claim for damages. Borrower fails to rapond to Lender within 30 days atter the date the notice is given, Lender is suthorized to collect and apply the praceedt, at its option. either to restoration or repair of the Property or to the sums socured by this Security Instrument. whether or not thrn due. Unlrss I.ender and Bormwer otherwise sgroe in writiag, any appGcation of procxeds to principal shall not extend or postpone the due dste of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Relased; Forbeuance Hy I.eader Not a Wdter. Extension of the time for paymrnt or modification of amortization of the sums secured by this Socuriry Instrument granted by Lender to any successor in interest of Borrower shall nat operatc to release the liability of the original Borrower or Bonower'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 Lhe sums secured by this Security Instrument by reason of any demand made by the original Borrower 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 ex~rcise of any right or remedy. 11. Snccessors and AssIgos Bonnd; JOint and Se~enl IJability; ~o-si~ners. The covenants and agreements of this Securiry Instrument shal! bind and bene8t the successors and assigns of I.ender and Banower, subjcct to the provisions of paragraph 17. Borrower's covenants and ageements shall be joint a~d 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 that Borrower's interest in the Property tu~der the tcrms of this Security Inswment; (b) is not personally obligated to pay the sums secured by this Socurity Instrument; and (c) agras 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 th3t Borrower's consent. 12. Loan Charges. If the loan secured by this Sxurity Instrument is subject to a law which sets maximum loan charges, and that law is finaily interpretod so that the interest or other loan charges collected or to be collected in connxtion with the loan excced the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permittod limit; and (b) any sums already collected from Borrower which eaceeded permitted limits will be refunded to Bonower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct paymeni to Borrower. If a refund roduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. Legislation Affeeting Lender's Rights. If tnactment or expiration of 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 full of all sums secured by this Security Instrument and may invoke any remedies 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 Borrower provided for in this Security Instrument shall be given by delivering it or by 4 mailing it by 6rst class mail unless applicable law requires use of another method. The notice shall be directed to the t Property Add2ess or any other address Bonower designates by notice to Lendtr. Any notice to Lender shall be given by ' first class mail to Lender's address stated herein or any other address I.ender designates by notice to Borrower_ Any notice ~ E provided 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~eming Law; Se~erability. This Security Instrument shall be governed by federal law and the law of the ~ ~ jurisdiction in which the Property is located. In the event that any provesion 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 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 sha11 be given one conforme~ 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 Botrower is sold or transferred and Borrower is not a natural 3 ~ person) without Lender's prior written consent, I.ender may, at its opiion, require immediate payment in full of all sums ; ~ secured by this Security Instrument. However, this option shal! not be eaercised by Lender if exercise is prohibited by ~ ~ federal law as of the date of this Security Instrument. ~ ~ If Lender exercises this option, I,ender shall give Borrower notice of acceleration. The notice s:~all provide a period ; of 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 Barrower fails to pay these sums prior to the expiration of this period, Lender may invoke any ~ remedies permitteci by this Security Instrument without further notice or demand on Borrower. ~ ~ 18. Borrower's Right to Reinstate. lf Borrower metts certain conditions, Borrower shall have the right to have ~ - enforcement uf this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as : ~ applicable 1aw may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this ~ ~ Sec~rity Instrument; or (b) entry of a judgnent enforcing this Security Instrument. Those conditions are that Borrower: ~ (a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration ~ occurred; (b) cures any default of any other covenants or agreements; (c) pays aU ezpenses incuned in enforci~g this . ~ Security Instrument, including, but not limited to, reasonable attorneys' fces; and (d) takes such action as L,ender may ~ reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the sums securod by this Security Instrument shall continue unchanged. Upon reinstatement by i ~ Borrower, this Security Instrument and the obliga~ions eocured hereby shall remain fully effective as if no ac;celeration had ~ occurred. However, this right to reinstate shall not apply in thccase of acceleration under paragraphs 13 or 17. - ~ ~ , Boo~497 P~~.f ~ ~ u.~ _ _ . - _ _ . - . . ~ - - _ ~ _ - . x:~.~. ~w~ ~ ~ . _