Loading...
HomeMy WebLinkAbout0954 If Lender required mortgage insurance as a cundition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in eftect untit such time as the requirement for the ~ insurance terminates in accordance with Borrowet's and L.ender's written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender ; shal! give Borrower notice at the time of or prior to an inspection sprcifying reasonable cause for the inspection. j 9. Condemnation. The proceeds ot any award or claim for damages, direct or consequential, in connectio~ with ~ any condemnation or other taking of any part of the P~openy, or for conveyance in lieu of condemnation, a~e hereby ~ assigned and shall be paid to Lender. _ In the event of a tota! taking of the Property, the proceeds shall be applied to the sums secured by this Security InstrUment, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender othervvise agree in writing, the sums secured by this Security [nstrument shall 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 value of the Property immediately before the taking. Any balance shall be , paid to Borrower. If ihe Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor otTers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 d~ys after ihe 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 ur to the sums secured by this Security Instrument, whether or not then due. Unless Lender and Borrower otherwise agree in v~riting, any application of proceeds to principal shall not eactend or postp~ne the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borro~ver Not Released; Forbear~tce By Lender Not a Waiver. Eztension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any succtssor in interest of $orrower shal! not operate to release the liability of the origina~ Borrower or Borrower's successors in interest. Lender shatl not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amonization of the sums secured by this Security lnstrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. - 11. Successors and Assigtts Bound; Joint and Severai Lisbility; Ca-signers. The covenants and agreements of this Security Instrument shall bind ar?d benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph l7. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does 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 Security Instrument; (b) is not personaUy obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, maiify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Bonower's consent. 12. Loan Charges. lf the loan secured by this Security Instrumenf is subject to a law which sets maximum ioan charges, and that law is finaliy interpreted so that the interest or other loan charges cotlected or to be coilrcted in connection 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 wi!! 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 retund reduces principal, the reduction will be treated as a partral prepayment without any prepayment charge under the Note. 13. Le~slation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of rendering any provision of the Note or this 5ecurity Instrument unenforceable according to its terms, Lender, at its option, may require immediate payment in fu11 of all sums secured by this Securit~° Instrument and may invoke any remedies permitted by paragraph 19. If' Lender e~ercises this option, Lender shall take the steps specified in the second paragraph of paragraph l7. 14. Notices. Any notice to Borrow•er provided for in this Security Instrument shalt be given by delivering it or by mailing it by first class mait uniess applicabte law requires use of another method. The 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 first class mai) to Lender's address stated herein or any other address Lender designates by notice to t~orrower. 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. IS. Governing Law; Severability. This Security lnstrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. In the event that any pro~•ision or clause of this Security Instrument or the Note conflicts with applicable law, such conflict shall not afTect other provisions of this Security Instrument or the Note which can be given efi'ect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shali be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of ~he Property or a Beneficisl Interest 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) without Lender's prior written consent, I.ender may, at its option, require immediate payment in ful{ of all sums secured by this Security Instrument. H~wever, this option shall not be exercised by Lender ifi exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises this option, Lender 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 ail sums secured by this Security Instrument. 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 notic~ or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued ai any time prior to the earlier of: (a) 5 days (or such other period as appticaole law~ may spec~fy for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing ihis Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligatian 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 fu11y efi'ective as if no acceleration had occurred. Nowever, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. U~OK 505 ~:~r~ £ r _ _ . . ~ _ . . . - _ - -