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HomeMy WebLinkAbout0983 . • ~ . . ~ If Lender roquirod mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums roquirod to maintain the insurance in effect until such time as tht requiremrnt for the insurance terminates in axordan« with Horrower's and Lrnder's written agrament or appGcable law. 8. Iaepectloa. Lcnder ~r its agent may malce reasonable ~ntrits upon and inspxtions of the Property. Lcnder shall give Borrower notice at the time of or prior to an inspoction spocifying reasonable cause for the inspoction. ~ 9• Coodemnatioa. The proceeds 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 Lender. . In the event of a total taking of tht Property, the proceeds shall be applied to the sums securod by this Security Instrument~ whether or not thtn due, with any eac,ess paid to Borrower. In the event of a partial taking of the Property. uniess Borrower and Lender otherwix agret in writing, the sums socured by this Security Instrument shall be reducod by the amount of the proctods multiptiod by the following fraction: (a) the total amount of the sums secured immodiately ~befon the taking, dividod by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Bornower. If the Property is abandoned by Borrower. or if. atter notice by Lender to Borrower that the condemnor offers to make an award or setde a claim for dunages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorizod to coAect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums securod by this Security Instrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing. any application of proceeds to principal shall not eatend or postpone the due date of the monthly payments refetrod to in paragraphs 1 and 2 or change the amount of such payments. ' 10. Borrower Not Rdeased; Fo~earanoe By I~eader Not a Wai~er. Extension of the time for payment or modi5cation of amortizatioa of the swns seewed by this Security Instrument granted by I.ender to any successor in intenst of Borrower sh~tl not operate to release t~e Iiability of the original Borrower or Borrower's successors in interest. Lender shall not be coquirod to eommence pmc:eedings against any successor in interest or refuse to eatend time for paymcnt or othtrwise modify amortization of the sums socurod by this Security Instrument by reason of any demand made by the original Borrower or Horrower's suocessors in interest. Any forbearance by Lender in exercising any right or remedy shsll aot be a waiver of or praclude the exercise of any right or remedy. ~ 11. Sncceeson and Assi~nns Bouud; Jutnt and Se~era! Liabil~ty; Co.signen, 'I`he covenants and agreements of this Security Instnunent shall bind and brne5t the suocessors and assigns of Lender and Borrower, subject to the provisions of pacagraph 17. Bornower's oovenants and agreemtats 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 intenst in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums securod by this Security Instrument; and (c) agras that Lender and any other Borrower may agree to extend. modify, forbear or malce any acxommodations with regard to the terms of this Seeurity Instrument or the Note without that Borrower's conset?t. .12. Loan (~argea. If the loan securai by this Socurity Instrument is subject to a law which sets maximum loan charges, and that law is finally interpretod 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 no~ssary to reduce the charge to the permitted limit; and (b) any sums already collected from Bonower which excceded 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 paymrnt to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prtpayment charge under the Not~. { 13. I.egislation ABecting I,ender+s Rights. 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 payment in full of all sums secured by this Security Instrument and may invoke any remedies permittoal by paragraph l9. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Nodces. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by 6rst class mail unless applicable law requires use of another method. The notice shall be directed to the ' Proptrty Address or any other address Borrower designates by notice to I.ender. Any notice to I.ender shall be given by ; first class mail to Lender's address stated hrrein or any other address L,ender designates by notice to Bonower. Any notice E providod for in this Security Instrument shall be deemed to have been given to Borrower or Lender when g~ven as provided ~ in this paragraph. 1S. Go~erning Law; Seoenbility. 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 provision or clause of this Security Instrument or the ' Note conRicts with applicabie 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 declarcd to be severable. ~ 16. Borrowtr': Copy. Bonower shall be given one conformed copy of the Note and of this Security Instrument. ` 17. Transfer ot t6e Property or a Beneficial Interest in Borrower. If all or any part of the Propeny or any ~ interest in it is sold or transftrred (or if a beneficial intcrest in Borrower is sold or transferred and Borrower is not a nawral ~ person) without Lender's prior written conxnt, Lender may, at its option, require immediat~ payment in full of all sums ~ secured by this Socurity Instrumtnt. However, this option shall not be eaercised by I.ender if exercise is prohibited by ~ federal law as ot'the date of this Security Instrument. - : If L.ender exercises this option, I.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 Borrower must pay all sums secured by ' this Security Instrumtnt. If Borrower fails to pay these sums prior to the expiration ef this period, I,ender may invoke any ~ remedies permittod by this Security Instrument without further notice or demand on Borrower. ~ ~ 18. Borrower'a RIg6t to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have ~ enforcem~nt 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 Insirument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which thtn would be due under this Security Instrument and the Note had no acceleration ~ occurred; (b) cures any default of any other covenants or agreemtnts; (c) pays a11 expenses incurred in enforcing this ~ Security Instrument, including, but not limitod to. reasonable attorneys' fees; and (d) takes such action as Lender may ~ re~sonably roquire to assure that the lien of this Security Instrument, L.ender's rights in tne Property and Borrower's ~ ~ obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by ~ Bonower, this Security Instrument and the abligations secured hereby shall remain fully eBective as if no acceleration had ~ occuned. However. this right to rtinstat~ shall not a ply in the case of acceleration under paragraphs l3 or 17. ~ BOOK 501 PACE 9~~ ~~R ~ $ooK 460 PAGE 418 ~ ~ ~ - . ~ _ _ - _ _ - - _