Loading...
HomeMy WebLinkAbout0966 If l.ender rey4ired mc:rtgage insurance as a condition of making the loan secured by this Security (nstrument, B.~rru~~rr ~hall pay the premiums required to maintain the insurance in efTee:t until such time as the requirement for the ~s~.uranrr terminates in acrurdance with Borrower's and Lender's written agreement or applicable law. 8. Inspect+on, l.e~ider or its agent may make reasonable entries upon and inspections of the Property. Lender ~hall girr Burrow er notice at the time of or prior to an inspeetion specifying reasonable cause for the inspection. 9. Condemnation. The proceeds ot~any award or claim For damages, direct or consequential, in connection with am• c~ndemnation c~r other taking of any part of the Property, or for conve~•ance in lieu of condemnation, are hereby ~~..~o„P~i :~nd chall be oaid to Lender. ~ In the e~ent of a total taking of the Property, the proceeds shall lx applied to the sums secured by this Security In~trument. +vhether or nat then due, with any excess paid to ~3orrower. In the event of a partial taking of the Property, unhss $orrow~er and Lender otherwise agree in writing, the sums secured bp this Security Instrument shall be reduced by th~ amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately befi~r~ the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be ~ paid to Borrc~w~er. !f the Yropert}~ is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to ~ make an aw~ard or seuie a claim for damages. Borrower fails to respond to Lender within 30 days after the date the notice is given, I_rnder is authorized to collecl and apply the proceeds, at its option, either to restoration or repair of the Property or to the si~ms ucured b~• this Se~:urity Instrument, whether or not then due. Untess Lender and Borrower otherwise agree in writing, any application o1' proceecis to principal shall not extend or - ~ ~x~ct~x~ne the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. lU. Borrower :Vot Released; Forbearance By Lender Not a V~'aiver. Extension of the time for payment ar - mcxlification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in ~~~~_r~~.r s~l' Rnrr~~wer ~ha11 n~t ~nerate to release the liability of the original Borr~wer or Borrower's successors in interest. Lendcr shail not be required to commence proceedings against any successor in interest or refuse to extend time for ~ payment or otherw•ise modify amortization of the sums secured by this Security Instrument by reason of any demand made ~ b~• the original Borrow•er or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy ~ ~hall not tx: a w~aiver of or preclude the exercise of any right or remedy. l l. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of t hiti Security [nstrument shatl bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions 01' paragraph l 7. Borrower's covenants and agreements shall be joint and several. Any Bonower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only io mortgage, grant and convey ~ that I3orrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the ~ums secured b~• this 5ecurity Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, ~ modtfy, fortkar or make any accommodations with regard to ihe terms of this Security Instrument or the Note without _ that Borroa~er's consent. ~ 12. I.oan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that law is finally interpreted sc? that the interest or ot ;er loan charges collected or to be collected in ~ connection w•ith the loan exceed the permitted limits, then: (a) any such loan charge shali be reduced by the amount ~ necc~sar~ to reduce the charge to the permitted iimit; and (b) any sums already collected trom ~orrower which exceeded ~ ~rmitted limits u~il1 be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed ~ under the Note or by~ making a direct payment to Borrower. If a refund reduces principal, the reduction wiil be treated as a ~ partial prepa~~ment v~~ithout an~• prepayment charge under the Note. 13. Legislation Af~eeting L.ender's Rights. If enactment or expiration of appticable taws has the efiect of rendering any pro~~ision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, ~ ma~~ require immediate payment in fuli of al! sums secured by this Security Instrument and may invoke any remedies ~rmitted b}~ paragraph 19. If Lender exere~ses this option, Lender shall take the steps specified in the second paragraph of paragrapfi 17. 14, tiotices. An}~ notice to Borrower provided for in this Security Instrument shalt be given by delivering it or by mailing it by first class mail unless applicabte iaw requires use of another method. The nctice shall be directed to the Pro}krt~~ Addresti or an}~ other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mai! to Lender's address stated herein or an}~ other address Lender designates by notice to Borrower. Any notice pro~ ided for in this 5ecurit~~ Instrument shall be deemed to have been given to Borrower or Lender w•hen given as provided in this paragraph. 15. Governing Law; Severability. This Security Instrument shall be governed by federal la~~ and the !aw of the jurisdiction in w~hich the Property is ick:ated. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable law, such conflict sha11 nof affect other provisions of this Security Instrument or the Note hich can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the tiote are declared to be se~~erable. 16, Borrow~er's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17, Transfer of the Property or a Beneficial Interest irt 8orrower. If all or any part of the Propert~• or any intere;t in it is sold or transferred (or ita beneficial interest in Borrower is sold or transferred and Borrower is not a natural ~xrtion) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums tiecured h~ this ~curity 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 shali give Borrower notice of acceleration. The notice shall provide a period ~if ncit (r~s than 30 days from the date ihe notice is delivered or mailed within which Borrower must pay all sums secured by thi. Secunt~~ Instrument. If Borrower 3'ails to pay these sums prior to the expiration of this period, Lender may invoke any remcdies J~ermitted by this Security Instrument without further notice or demand on Borrower. 18. Borro~~er's Right to Reinstate. If Borrower meets certain conditions. Borrower shall have the right to have cnf~~rc~ment of this Security~ Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as aP{~iir:~bte taw~ may~ specify far reinstatement) before sale of the Property pursuant to any power of sale contained in this Serurit}~ Instrument; ~r (b) entr}• of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pa}s I_ender all 5ums which then woutd be due under this Security Instrument and the Note had no acceleration cxcurred; (b) cures an}• default of any other covenants or agreements; (c) pays all eapenses incurred in enforcing this Securit}~ Instrument, inclnding, but nc~t limited to, reasonabie attorneys' fees; and (d) takes such action as Lender may rra~onabig reyuire t~ assure that the lien of this Secarity Instrament, Lender's rights in the Property and Borrower's obligatic~n ro pa} the sums seeured by this Securi?y Instrument shall continue unchanged. Upon reinstatement by Borrnu~er, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had ~~ccurred. Howe~~er, this right ro reinstate shal) not apply in the case of accele at~on under paragraphs f 3 or t 7. 5ooK504 ?~,,~E 966 ~ ~ ~ . ~ _ _ _ .