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HomeMy WebLinkAbout0928 . • • r. ~i~ t~::: :~5~ If Lender required mortgage insurance as a condition of making the ioan secured by ihis Security Instrument, Borrower shall pay the premiums required to maintain the insurance in etfect until such time as the requi~ement f~s~ the insurance terminates in accordance with 6or~ower's and L~nder's written agre~ment or ~ppli~2ble law. 8. Inapectfon. Lender or its ag~nt may make reasonable entries upon and inspections of the Property. Lender shall give Bo?~ower noti:e at the time of or priar to an inspection specify~ng teasonable causa for the inspectinn. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to ~ender. _ In the event of a total 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 tak~ng of the Propsrty, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amourt of the proceeds multipiied by the follo~ving iraction: (a) the total amount of the sums secured immediately before ihe taking, divided by (b) the fair market value o# the Property immediately before the taking. Any ~ , balance shall be paid to Borro~nrer. I1 the Pro~aerty ;s abandoned by Borrower, or if, after r~otice by Lender to Borrower that the condemnor offers to make an award or settte a claim for damages, Borrower taifs lo respond to L~nder witl~in 30 days after the date the notice is given, Lender is authorized to collect and 2pply 4he p!oceeds, 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 Barrower otharwise agree in writ+ng, any application of proceeds to pr:ncipal 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. Bnrrower Not Released; Fo~ea~ance 8y ~ender Not a Waiver. Extension of the time for payment or modification of arr,ortization oi the sums secured by this Security Instrument granted by lender to any successor in interesi of Borrower shal! not oper~te 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 ar 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 ir~ interest. Any forbearance by Lender in exercising any right or remedy shafl not be a waiver af or pr~ctude the exercise of any right or remedy. 11. Successora and Assigns Bound; Joint and Seve~al Liabllity; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and ass+gns of Lender and Borrower, subject to the orovisions of paragraph 17. Borrov~+er's covenants and agreements shall be jcin: and several. Any Borrower who co-signs this Security Instrument but does noi execute fhe Note: (a) is co-signing this Security lnstrument on~y to mortgage, grant and convey that Borrov~~er's interest in the Property underthe terms of this Security Instrum~nt; (b) is not personally obligated to pay the sums secured by this Security Instrument: and (c) agrees that Lender a~id any other Borrower may agrse to extend, modify, forbear or make any accommodations with regard to the terms of thi; Security Instrument or the Note without that Borrower's consent. 12. Loan Charges. !f the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and ihat law ~s finally intrrprete~+ so that the interest or other loan charges collected or to be collected in connection with the loan exceed the permitied limits, thEn: (a) any sucn loan charge shall be reduced oy the amount necessary to reduce the charga to the permitted limit; and (b) any sums already coltected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principat owed under the Note or by making a~ direct payment to Borrower. If a refund reduces principal, th~ reduction will be treated as a partial prPpayment without any prepayment charge und~r the Note. 13. Legislation Afiecting Lender's Rights. If enactment or expiration of applicable lavis has the effect of rendering any provision of the Note or this Security tnstrument unenforceable according to its terms. Lender, at its option, may require immediate payment in full of all sums secured by this Security lnstrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this option, Lender shail take the steps specified in the second paragraph of paragraph 17. ~ 14. Notices. Any notice to Borrower provided for in this Security Instrument shali be given by delivering it or by ~ mailing it by first class mai! unless applicable law requires use of another method. The notice shali be directed to the ' Property Rddress or any other address Borrower.designates 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 des~gnates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or L.ender wher, i ~ given'as provided in this paragraph. ~ 15. ~overning Law; Severability. This Security Instrument shall be governed by fede~al law and the law of the ~ j urisdiction 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 shali not affect other provisior~s of this Security Instr~ment or the Note which can be given effect without the conflicting prevision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Borrow~~'s Copy. Borrower shall be given one confiormed copy of the Note and of this Security Instrument. 17. Transter o4 the Property or a Beneficial Interest in Boirower. If all or any part of the Property or any interest in it is sold or transferred (or if a benei~cial interest in Borrower is sold or transferred and Sorrower is not a natural person) without L~nder's prior written conseni, Lender mey, at iis option, require immediate payment in fuli of all sums secured ksy this Security Instrument. However, this option shalf not be exercised by Lender if exercis~ is prohibited by federal law as ot the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notfce of acceleration. The notic~ shall provide a period 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 fo the expiration of this period, Lender may ~nvoke any remedies permitted by this Security Instrument without further notice er demand on Borrower. 18. Borrowdr's Right to Re[nstate. If Borrower meets certain conditions, Borrower shaft have the right to have ~ ~ enforcement of this Security tnstrument discontinued at any time prior to the earlier of: (a) 5 days (or such other s p period as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale ~ contained in this Security tnstrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions ` are that Borrower: (a} pays lender aii sums which then would be due under this Security tnsirument and the Note had no acceleration occurred; (b) c~res ary default of any other covenants br agreemEnts; (c) pays all expenses inc~arred in enforcing this Security InsYrurrrent, including, but not limited to, reasonabls attorrteys' fees; and (d) takes such ~ action as Lend~r may reasoiiably requlre to assure ti~at the lien of this Security Instru~nent, LenCer's rights in the Property anci Bbrrower's obligation t~ pay the sums secured by this Securlty Instrument shatl continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the oblig~tions secured hereby shall remain fully effective as if no accsleration had occurred. HAwever, this right to reinstate ~hail not apply in the case of acceleration under paragraphs 13 or 17. BOOK ~ ~7~•V ' 3 . ~::4. . ..r- . . - - - - _ _ _ _ . ,