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HomeMy WebLinkAbout0966 If Lender reyuired mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in etTect until such time as the requirement for the insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. 8, ie~spectioe. i.ender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Coedemnation. The proceeds of any award or ~laim for damages, direct or consequential, in connection with any condemnation or other taking oP 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 the Property, the proceeds shalt be applied to the sums secured by this Security lnstrument, whethor or not then due, with any excess paid to Borrower. In the event of a partia! taking of the Property, unless Borrower and Lender otherwise 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 immediate!y before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that ti~e condemnor offers to make an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after 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 Propecty or to the sums secured 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 extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change tne amount of such payments. 10. Borrower Not Released; Forbearance By I.ender Not a Wai~er. Extension of the time for payment or modification of amortization of the sums s~cured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower'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 the 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 eaercising any right or remedy siiall not be a waiver of or preclude the e~ercise of any right or remedy. Il. Successors and Assigas Bound; Joint and Severa! Liability; C.o•si~nners. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns af Lender and Borcower, subiect to the provisions of paragraph 17. Bonower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but dces not execute the Note: (a) is casigning this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Securitv Instrument; (b) is not personally obligate~i to pay th~ sums secu~ed by this Security Instrument; and (c) sgrees that Lender and any other Borrower may agree to extend, mudify, forbear or make any accommodations with regard to the terms of this Se~.urity Instrument or the Note without that Borrower's consent. 12. Loan C6arges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charg~s collected or to be collected in connectian with the loan exceed the permitted 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 already collected from Borrower which exceeded permitted limits v?~ill be refunded to I3orrower_ Lendec may choose to make this refund by r~ducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction wili be treated as a partial prepayment without any prepayment charge under the Note. 13. Legislation Affecting I.ender's Rig6ts. 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, Lender, at its option, ~ may require immediate payment in full of all sums secured by this Security Inslrument and may invoke any remedies f permitied by paragraph 19. 1f Ler~der exercises this option, Lend~r shall take the steps specified in the second paragraph of ~ paragraph 17. r 14. Notices. Any notice ta Borrower provided for in this Security Instrument shalt 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 des6gnates 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 Borrow~er. Any notice ~ provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when gi~•en as provided ~ in this paragraph. % 15. Governing Lavr; Severahility. This Securit}• 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 conflicts with applicable law, such conflict shall not affect other provisians of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security tnstrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be~iven one conformed copy of the Note and of this Security Instrument. 17. Transfer of the Property ~r a Beneficial ~nterest in Borrowes. If ail or any part of the Property or any interest in it 'ss sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural peisori) without Lender's prior written consent, Lender may, at its option, require immediate payment in fuU of all surrss 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 si~all 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 with;n which Borrower must pay all sums secured by ~ this Security Instrumeni. 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 o~ Borrower. 18. Borrorser's Right to Reinstate. If Borrower meets certain conditions, Borro:ver shail have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law may specify for reinstatement) bef~re sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgment enfotcing this Security Instrument. These conditions are that Borrower: (aj pays Lender ali sums which ihen would be due under this Security Instrument an3 the Note had no acceferation occurred; (b) cures any default of any other covenants or agreements; {c) pays ali expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) taices such action as Lender may reasonably require to assure that the lien of this Security Tnstrument, Lender's nghts in the Property and Borrower's obligation to pay the sums secured by this Security Instrament shall continue unchanged. Upon reinstatement by Borrower, this Securitv Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. How•ever, this right to reinstate shall not applyin the case of acce!eration under paragraphs i 3 or 17. - BOOK 5~~ PAGE ` _ ,,.w. _ _ _ _ . - ~ - -r-