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HomeMy WebLinkAbout0970 If Lender reyuired mortgage insurance as a condition of n~aking the laan sc~.ured by this ScYUnty Instrument, Burrow~er shall pay the ~remiums reyuired to maintain the insurance in effect until such time as the requirement for the imurance terminatc~ in accordance with Borrower's and Lender's w•ritten agreeme~~t or applicaole law. 8. Inspectian. Ler.der or its agent may make reasonable entries upon and ~nspections ~~f the Property. Lrnder shal! give 9orrower notiLe at the time of or prior to an insp~tion spa:ifying reasonable cause for the inspection. 4, Condemnstion. The proceeds of any award or claim for damag~s, direct or conseguent:al, in connection w~~th any condemnation or other taking of any part of the Property, or f~r conve}~ance in lieu of condemnation, ar~ hereby assigned and shall be paid to Lender. In the event c~f a rotal taking of the Property, the pra:eeds shall be applied to the sums secured by this Security Instrument, whether or nut then due, with any excess paid to Borrower. In the event c~f a partial taking ~f the Property, unless Borrower and Lender oiherwise agr~ in w~r;ting, the sums secured by this Secunty Instrument shal! be r~educed by ihe amount of the proceeds multiplied by the foliowing fraccion: (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 batance shall be paid to Borrower. If the Property is abandoned by Sc~rrower, or if, after notice by Lender to Borrower that the condemnor oflers 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, Txnder is authorized to collect and apply the pr~xeeds, at its uption, either to restoration or repa:r of the Property 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 Froc~is to principal shali not extend or postp~ne the due date of the monthly payments referred ta in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By Lender ~lot a Waiver. Extension of the time for ~payment or ` rnodification of amortizaiion of the sums secured by this Secvrity 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 su:,cessors in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend tim~ foc payment or oiherwise modify amortizati~~i of the sums secured by this Security Instrument by reason of any demand made by the origir.al Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shail not be a waiver oi ~r preclude the eaercise of any right or remedy. 11, Successors and Assigns Bound; 3oint and Sereral Liability; Ca•signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Bonower's covenants and agreements shall be joint and several. Any Borrower who ca-signs this Security Instrument but dc~s not exeti;~ite the Note: (a) is co-signing this ~ecurity Instrument oniy to mortgage, grant and convey tnat Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay tt~e sums secured by this Security Instrument; and (c) agrees that I.ender and any other Borrower may agree to extend, mod',fy, forbear or make any ac;.ommodations with regard to the terms of this Security Instrument or the Note without that Borrowei s consent. l2. Loan Charges. If the loan secured by this Security Insirument is subject to a law which sets maximum loan _ charges, and ihat (aw is finally interpreted so that the interest or other loan charges collected or to be coilected in connection with the loan exceed the permitted limits, then: (a) any such lean 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 will be refunded to Borrower. I.ender r?ay choose to make this refund by reducing the principaf owed under the Note or by making a direct payment to Bonower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. Legislation Affectiag Lender'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 Instrumer-.t and may invoke any remedies ` permitted by paragraph 19. If Lend~r exercises this optior~, I.ender shall take the steps specified in the serond paragraph of ; paragraph 17. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by ; mailing it by first ciass mail unless applicable law requires use of another method. The netice shall be directed to the ` Property Address or any other address Borrower designates by notice to Lender. Any notice to L,ender shall be given by first class mail to Lender's address stated herein or any otlier addeess Lender designates by notice to Borrower. F?ny notice ; provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided ` in tt?is paragraph. ~ 15. Gc?verning Law; Severabitity. 7'his Security Instrument shall be governed by federal law and the law of tne ~ ~ j~risdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the ~ Note cc,nflicts with applicable 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 Secu*ity lnstrument and the ~ '~iote are declared to be severable. F 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. ~ 17. Transfer of tbe Property or a Beneficial Interest in Borrower. If all or any part of the Property or any ~ interest in it is sold or !ransferred (or if a benefirial interest in Borrower is sold or transferred and Barrower is not a natural ~ Fersan) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums ` secured by this Secvrity Instrumeni. However, this option sh~ll not be exercised by Lender if exercise ic prohibited by ~ federal law as of the date of thss Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shail provide a period of r.ot 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 3orrower fails to pay these sums prior to the expiration of this period, Lender may invoke any ~ reme~ies permitted by this Srcurity Instrument without further nutice or demand on Bc~rrower. 18. Borrower's Rig6t to Reinstate. If Borrower meets certain conditions, Borrower shall have the righ: to have ~ enforcement of this Security Instrument discontinued at any time prior to the earlier af: (a) 5 days (or such other period as ~ applicable !aw may specify for reinstatement) t~efore sale of the Property pursuant to any power of sale contained in this ~ Secur~ty Instrument; or (b) entry of a judgment enforcing this Security Instrum~nt. Those conditions are that Borrower: ~ (a) pays Lender all sums which then wo~ld be due under this Secunty Instrument and the Note had no acceleration occurred; (bj cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this ~ Security Instroment, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as I.ender may ~ reasonably require tr~ assure that the lien of this Secarity ~nstrument, Ixnder's rights in the Property and rrower s ~ obligation to pa~~ the sums secured by this Security Instrument shall coniinue unchang~d. Upon reinstatement by ~ Borrower, this Security Instrument and the obligatio~s secured hereby shal! remain iully effective as itno acceleration had occurred. However, this right to reinstate shall not apply in the case of acce{eration under paragra~±hs 13 or 1 T. ~ go; K 50~ Pa~E 97Q _ _ ~ - _ ~ s~ : r ~ ~