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HomeMy WebLinkAbout0942 If' Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the insuranc~ in effect until such time as the requirement for the insurance terminates in accordance with Borrower's and Lender's written agretment or applicabte law. 8. Inspection. Lender or its age:~t may make reasonable entries upon and inspections of the Property. Lender k shall give Borrower notice at the time of or prior to an inspection specifying reasonabte cause for the inspection. ~ 9. Condemnation. The proceeds of any award or claim for damages. direct or consequential, ire connertion with ~ any condemnation or other taking of any ~part of the Property. or for conveyance in lieu of condemnation, ase hereby ~ assigned and shall be paid to Lender. In the event oE a total taking of the Property, the proceeds shall be applied to the sums secured by this Security lnstrument, whether or not then due, with any excess paid to Bonower. In the event of a pahial taking of the Property, unless Borrower and Lender otherv?~ise agree in writing, the sums secured by this Security Instrument shai! be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market vafue of the Propzrty immediately before the taking. Any balance shall be paid to Borrower. If the Propeny is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor otiers to make an award 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 proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. Unless Lender and Borrower otherwise agrce in writing, any application of proceeds to pri~cipal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By Leader Not a Waiver. Eatension of the time for pa3rment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the uriginal Bonower or Bonower's successors in interest. Lender shall not be required to commence proceec~ings against any successssor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instr.~ment by reason of any demand made by the original Borcower or Borrower's su~cessors in interest. Any forbearance by I.ender in ezercising any right or remedy shall not be a waiver of or prec(ude the eaercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefii the successsors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who casigns this Security [nstrument but does not execute the Note: (a) is ca-signing this Security Instrument only to mortgage, grant and ~onvey that Borrower's interes: in the Property under the terms of this Security Instrument; (b) is not personally ebligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations w~ith regard to the terms af ihis Security Instrument or the Note without that Borrower's consent. 12. Loan Charges. If the loan secured by this Security Instrument is subject to a!aw which sets maximum loan charges, and that law is finally interpreted so that the interest or oiher loan charges collected or to be collected in connection with the loan exceed the permitted limits, then: (a) any such loan charge shail 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 t3onower. Le:~der may choose to make this refund by reducing the principal owed under the Note or by makir~g a direct payment to Bonrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. Le~slation Affeeting Lender's Rig6ts. [f enactment or expiration of applicable laws has the effect of rendering any provision of the Note or this Security Instn~ment unenforceabla according to its terms, Lender, at its option, ~ may require immediate payment ir. fuU of all sums secured by this Security Instrument and may invoke any remedies ~ ~ permitted by paragraph 19. If Lender exercises this option, l.ender shail take the steps specified in the second paragraph of ~ ~ paragraph 17. ~ ` 14. Notices. An~~ notice to Borrower provided for in this Security Instrument shall be given by delivering it or by ~ mailing it by first c(ass mail unless applicable law requires use of another method. The notice shall be directed to the ~ ~ - ~ Property ~4ddress 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 herein or any other ?ddress Lender designates by notice to Borrower. Any notice ~ provided for in this Security Instrument shall be deemed to have been given ta Borrower or Lender when given as provided in this paragraph. F 15. Goveming Law; Severability. This Security Instrument shall be governed by federal la~v 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 conflicts with appiicable law, such conflict shal! not affect oiher provisions of this Security Instrument or the Note which can be given effect without the co*~8icting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borru~ver shall be given one conforrned copy of the Note and of this Securiiy Insirument. 17. Transfer af the Property or a Beneficial ~nterest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural ~ person) wethout Lender's prior writien consent, L.ender 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 Lender exercises this option, Lender shall give Borrower noiice of acceleration. The notice shall provide a period f ~ 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 ppriod, Lender may invoke any ~ ~ remedies permitted by this Security Instrument witho~t further notice or demand on Borrower. ~ 18. Borrower's Right to Reinstate. If Borrower meets certain condicions, Borrower shall have the right to have E ~ enforcement of this Security Instrument discontinued at any time prior to the eariier oi: (a) 5 days (or such other period as ~ ~ applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in ihis ? ~ Security Instrument; or (bj entry• of a judgn~ent enforcing this Security Instrument. 7'hose conditions are that Borrower: ~ ~a) pays Lender all sums which then w~uld be due under this Security Instrument and the Note had no acceieration occurred; (b) cures any default of any other covenants or agreements; (c) pays all ezpenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may ~ reasonably require to assure that ¢he lien of this Security [nstrument, Lender's rights in the Property and Borrower's ~ ebfigation 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 efi'ective as if no acceleration had ; occurred. However, this right to reinstate shall not appiy in the case of acceleration under paragraphs 13 or 17. ~ ~ BOQK 50~ PaGE g~~ ~ ~ . . .-..:'~ICTi~f~-v ay1C'~~4s _ . _ R~+s • ~ . . _ _ . _ _ . ~ ~ _ ~ - • - _ ~ - ~