Loading...
HomeMy WebLinkAbout0971 # If La~der roquired mortgage insurancx aa a condition of making the loan securod by this Security Instrument, ; Borrower shall pay the pmniums roquirod to maintain tht insurance in eQ'ect until such time as the requirement for th~ ; insuru~ce terminates in accordance with BorroMer's and I.ender's written agreement or applicable law. 4 Isspetdo~. Lender or ita agrnt may make reasonabk rntries upon and inspections of the Property. Lender shall give Bonowcr notice at tbe time of or prior to an insipection specifying reasonabie cause for the inspoction. j 9. Cosdemnattoa. The prooeeds of any award or claim for damages, direct or consequential. in connution with ~ any condemnation or other taking of any psrt of the Property. or for conveyance in lieu of condemnation. are hereby assignod and shall be paid to Lender. ' In the evtnt of a total taking of the Property, the proceods shall be applied to the sums socured by this Security ~ Instnunent. whether or not then due, with any eacxss paid to Borrower. In the event of a part~al taking of the Property. ~ unless Borrower and Lendu otherwise agree in writing, the sums securod by this Security lnstrument shall be reducod by the amount of the proc~oda multiplied by the following fraction: (a) the total amount of the sums secured immediately ~ ~befon the taking, dividod by (b) the fair market value of the Pmperty iramediately before the taking. Any balance shall be paid to Borrower. ~ If the Propaty is abindoned by Borrower, or if~ afttr notice by Lender to Borrower that th~ condemnor offers to ~ mako a~ award or settle a claim for damages, Borrower fails to nspond to I.ender within 30 days atter the date the notice is given~ Lender is authorized to coUect and apply the procuds. at its option, either to restoration or repair of the Property or to the sums sccurod by this Security Instrument, whether or not thrn due. Unless I.ender and Borrower otherwise agroe in writing. any application of proceeds to principal shal! not eatend or postpone the due date of the montlily paymeats referrod to in paragraphs 1 and 2 or change the amount of such payments. 10. Borcower Not Releared; Forbearsoce By Leader Not a Wsher. Extension of the time foe payment or modiScation of aa4ortizarion of the sums aecwod by this Socurity Instrument grantod by L.ender to any succes.wr in inierat of Borrower shaU not ~perate to nlease tht liability of the original Borrower or Borrower's successors in interest. Lender shall not be requirod to commence proceedings against any successor in intetest or refuse to extend tinic for payment or otherwise modify amorti~tion of the sums secureci by this Security Instrument by resson of any demand made by the ariginal Borrower or Barrower's suocGSSOrs in interest. Any forbearance by Lender in exercising any right or rcmody shall not be a waiver of or proclude the exGrcise of any right or remedy. 11. Soaes~ors a~ Assi~s ~ou~ Joint aAd Se~ual I.isbiliq , Co-signers. The covenants and agrcements of this Securiry Inswment shal! bind and benefit the successors and assigns of I.ender and Borrower. subjoct to the provisions of ~aph 17. Borrower's covenants and agroements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not exxute the Note: (a) is co-signing this Security Instrumrnt only to mortgage, grant and convey that Borrower's intenst in the Pmperty under the terms of this Sccurity Instrument; (b) is not personally obligatod to pay the sums sxured by this Security Instrument; and (c) agras that Lender and any othtr Borrower may agree to extend, modify~ forbear or make any accommodations with regard to the terms of this Security Instrument or the Notc without that Borrower's oonsei?t. 12. 1.oas G~arges. If the loan secured by this Security Instrument is subjoct to a law which sets maximum loan charges, and that law is finally interpretod so that the interest or other loan charges collected or so be collected in , connxtion with the loan eaceed the permittod limits, thrn: (a) any such loan charge shall be reducod by the amount necassary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded . pernutted liauts will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owod under the Note or by malcing 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. I~egistatton Alieeting Leader's Rlghts. If enactment or expiration of applicable laws has the effect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, L.ender, at its option, ` may require immediate paymrnt in full of all sums socured by this Security Instrument and may invoke any remedies ; permitted by paragraph 19. If Lender eacercises this option. Lender shall take the steps specified in the second paragraph of E paragraph 17. 14. Nodea. Any notice to Borrower provided for in this Socurity Instrument shall be given by delivering it or by ; mailing it by first class mail unless applicable law roquires use of another method. Th~ 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 8rst class mail to Lender's address stated herein or any other address I.encier designates by notice to Borcower. 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. 1S. Go~erning I.aw; Se~ecability. This Security Instrument shall be governed by federal law and the taw of the jurisdiction in which the Pmperty is located. In the event that any provision or clause of this Security Instrument or the Note confliets with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without tht conflicting provision. To this end the provisions of this Security Instrument and the ~Note are declar~d to be severable. ~ ~ 16. Borrowet's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. ~ 17. Transfer of t6e Property or a BeaeBcial Iaterest in Borcower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneScial interest in Borrower is sold or transferred and Borrower is not a natural ~ person) without Lcnder's prior written consent, Lender may, at its option, roquire immediate payment in fufl of all sums ~ seeuted by this Sxurity Instrumrnt. However, this option shall not be eaercised by Lender if ezercise is prohibited by foderal law as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrowtr notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailod within which Borrower must pay ail sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the eapiration of this period, I.ender may invoke any remedies permitted by this Security Iastnsment without further notice or demand on Borrower. 18. Borrowu's Rig6t to Retnstate. If Borrower mats certain conditions, Borcower shall have the right to have enforcement of this Socurity Instrument discontinutd at any time prior to the carlier of: (a) 5 days (or such other period as ~ applicable !aw may spocify for reinstatement) before sale o1'the Property pursuant to any power of sale contained in this ~ Security Instrument; or (b) entry of a judgmrnt enforcing this Security Instrument. Those conditions are that Borrower: i (a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occuneQ; (b) cures any default of any othtr covenants or agreements; (c) pays all exgenses incurred in enforcing this Security Instrument, including, but not limited to. reasonable attorneys' fees; and (d) takes such action as Lender may reasottably require to assur~ that the lien of this Socurity Instrument, Lender's rights in the Property and Borrower's obGgation to pay the sums se~wed by Lhis Socurity Instrument shall continue unchanged. Upon reinstatement by 8ortower, this Socurity Instrument and the obligations socured hereby shall remain fully etfective as if no acceleration had occurresi. How~ver, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. goo~ 501 PAGE sss ~ . . . . t~~ _ -ti- = t _ - - - _ _ - - ~ -