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HomeMy WebLinkAbout0920 . ; j ~ - , . ; ~ I E If L.ender required mortgage insurance as a condition of making the loan secured by this Security Instrument. ; Borrower shall pay th~ premiums required to maintain the insurance in etfect until such time as the requirement for the ~ insurance terminates in accordance with Borrowef's and Lender's written agreement or applicable law. ± 8. Iaspectioa. I.ender or its agent may make reasonable entries upon and inspections of th~ Property. Lender ; shall give Borrower notice at the time of.or prior to an inspoction specifying reasonable cause for the inspection. ~ 9. Coademnatioa. The procetds oP any award or claim for damages, direct or consequential. in connection with ? any condemnatian or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby ~ assigned and shall be paid to Lender. ~ t I In the event of a total taking of the Property, the proceeds shall be applrcd to the sums securod by this Security ~ Instntment. whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender oiherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately be!'ore the talcing, divided by (b) the fair markct value of the Property immediately before the taking. Any balanc~ shall be paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to { make an awarci or settle a claim for damages, Borrower fails to respond to Lender within 30 days aRer the date the notice is given. Lender is authorized to collect and apply the procoeds. at its option. either to restoration or repair of the Property or s to the sums secured by this Security Instrument. whether or not then due. ~ Unless I.ender and Borrower otherwise agree in writing. any applicasion of proceeds to principal shall not extend or postpone the due date of the monthly paymcnts referred to in paragraphs 1 and Z or change ths amount of such payments. 10. Borrower Not Releaaed; Forbeuance By Lender Not a W'irer. Extension of the time for paym~nt or modification of amortization of the sums socured b~ this Security lnstrument granted by Lender to any successor in interest of Borrower shall not operate to release tire liability of the original Bonower or Borrower's successors in interest. Lender shall not be required to commence p~occedings 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 interest. Any forbesrance by I.ender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Successors and Assigas Bound; Joint and Se~eral Liability; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the succeesssors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borcower's covenants and agreements shall be joint and several. Any Bonower who casigns this Security Instrument but does not execute the Note: (aj is ca~igning 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 Ixnder and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the ternns of this Security Instrument or the Note without that Borrower's consent. 12. Loan Chsrges. If the toan secured by this Security Instrument is subject to a law v.~hich 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 eaceed the permi~ted 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 atready collected from Bonower which exceeded ~ permitted limits will be refunde~ to Bornower. Lender may choose to make this refund by reducing the principal owed I under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a 1 partial prepayment without any prepayment charge under the Note. ~ j 13. Legistatian Affecting I.eader's Rig6ts. If enactment or expiration of applicable laws has the eff'ect 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 exercises this option, Lender shall take the steps specified in the second paragraph ot ~ paragraph 17. 14. Notices. ~~ny notice to Borrower 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 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 ihis Security Instrument shall be deer!ted to have been given to Borrower or Lender when given as provided in this paragraph. f 15. Goveming Law; Severability. This Security Instrument shall be governed by federa! law and the law of the + jurisdiction in which the Property is loeated. In the event that any provision or clause of this Security Instrument or the I; Note conflicts with applicable law, such conflict shall not affect other provisions of ihis Security Instrument or the Note ! which can be given eflect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Bonower's Copy. Bonower 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 ~.1~ interest in it is sold or transfened (or if a beneficial interest in Borrawer is sold or transferred and Borrower is not a natural ;-:t~ 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 L.ender if eaercise is prohibited by ~ federal law as of the date of this Security Instrument. If I.ender exercises this option, L,ender shall give Borrower notice af acceleration. 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 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 Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstste. If Bonower mats certain canditions, Borrower shall have the right to have enforcement of this Sesurity Instrument discontinued at any time prior to the earlier of: (a) S days (or such other period as applicable law may spec~fy for reinstatement) 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) Rays 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 a!1 expenses incurred in enforcing this t Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may ~ reasonably roquire to assure that the lien of this Security Instrument, 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 t Borrower, this Security Instrument and the obligations secured hereby shall remain fully effxtive as if no acceleration had _ occurred. However, this right to r~instate shall not apply in the case of acceleration under paragraphs 13 or 17. K , j ~ goQ~ 501 PAGE 918 ~ . ` . ~ ~ __r . ¢ K , Z'K.$+Mli~ ~ hYMC%~~'~ ' . . 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