Loading...
HomeMy WebLinkAbout0932 , . , ~ ~ , ~ . , If Len~ier required mortgage insuranct as a condition of makiag the :oan secured by this Security Instrument, Borrower shafl pay the premiums requir~d to maintain the insurance in effe~ct until such time as the requirement for the insu~ance terminates in accordance with Bunower's and Lender's written agrtemeat or applicable law. S. In~pection. L.ender or its agent may make rea,cinable entries upon and inspections of the Property. Lender shall give Borrower notice at the time af or prior to an inspection specifying reasonab}e cause for ~he inspoetion. ~ 9. Coademnation. The proceeds of any award or claim for damages. dicect or constquential, in connection with any condemnation or other taking oE any part of the Properiy, or for conveyance in lieu of condemnation, are hereby assigntd and sh~ll be paid to Lender. In tl~e event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or nat then due, with any eacess paid to Borrower. In the event of a partia! taking of the Froperty, unles.c ~;ormwer and Lender otherwise agrce in writing, the sums seeurtd by this Socurity Instrument shall be reduced by the amount of the proceeds maltiplied by the folloR7ng fraction: (a) the total amount of the sums srcurcd immediately before the taking, dividzd by (b) the feir marlcet 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 the condemnor offers to make an award or settle a claim for damages, Bc,rrower ~'aifs ro respond to Lender within 30 days afier the date the natice is given, I,ender is suthoriztd to collxt and apply the procoe~s. at its option. either to restoration or repair of the Property or to the sums stcured by this Security Instrum~ent, wh~ther or not then due. Unless Lender and Borrower otherwise agra in writing, any application of procecds to principal shall not cxtend or postpone the due date of the monthly paym~nts referred to in paragaphs 1 and 2 or change the amount of such payments. 10. Borrower Not Rel~esse~l; Forbeanna By Lendtr Not a Waiver. Eatension of the time for payment or mQdi6cation of amort'ustion of the sums secured by ihis Security Instrument granted by Lender to any successor in interest ~f Bonower shall not operate to release tlse liat~ility of the original Borrower or 8orrower's successors in interest. Lender shall not be roquired to commence proceedings against any suc~cessor in interest or refuse to extend time for payment or otherwise modify amortization of the sums securod hy this Socurity Instrument by reason of any demand made by the original Bonower or Borrower's saccessors in interest. Any forbearanr,~ by I~nder in eaercising any right or remedy shall not be a waiver of Ar preclude the exercise of any right or remedy. il. Snccessors and Asaigns Baund; Jatnt and Se~eral Liabillty; Co-signers. The covenants and agrcements of this Security Instrument shall bind and benefit tha successors and assigns of I.ender and Borrower. subjeet to the provisions of paragraph 17. Bonower's covenants and agretments shsll be joint and several. Any Borrower who co-signs this Security Instruinent but does not execute the Note: (a) is co-signing this Secwity Instrument only to murtgage, grant and convey that Bo*row~r's interest in the Property under the terms of this Securiiy Instrument; (b) is not personally obligated to pay the sums sccured by this Security Instrument; and (c) agces that Lender and any other Bonower may agrce to eztend, modify, forbear or make any accommodations with regard to the terms of this Socurity Instrument or the Noie without that Borrower's consent. !2. Loan Charges. If the loan secured by this Securisy Instruc~ent is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the loan excced the pemutted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce tre charge to the permittod limit; and {b~ any sums already collxted from Borrower which excoeried permitted limits will be refundaci to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by makeng a direct paymrnt to Bonower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepaymrnt charge under the Note. 13. Le~islation AQeeting Leader's Rig~ts. Tf enactment or expiration of applicable laws has the effect of rendering any pmvision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may rec{uire immediate payment in full of a!1 sums secured by this Socurity Instrument and may invoke any remeciies permitted by paragraph 19. If Lender exercises this ~ption, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Notices. Any notice to Borrower provi~ed for in this Security Instrument shall be givsn by delivering it or by maiting it by first class mail unless applicable law rasuires ase of another method. The notice shall be directed to the Property Address or any uther address Bonower designates by notice to Lender. Any notice to L.ender shall be given by ~ firsi class mail to Lender's address stated herein or any other address Lender designates by notice to Bonower. Any notice , Frovided for in this Security Instrument shall be derm~i to have been given to Borrowcr or Lender when given as provided in this paragraph. ~ I5. Go~erning Law; Se~erabiUty. This Security Instrument shall be governed by federal law and the law of the ' jurisdiction in which the Property is locatod. In the event that any provision or clause of this Security Instrument or the ~ ` Note conflicts with applicable law, such con8ict shall not aSect other provisions of this Securiiy Instrument or tFe Note ' ~ which can be given e~ect withovt 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 shap be givEn one conformed copy of the Note and of this Security Instrument. F 17. Transfer of Lhe Property or a Beoeflcial Interest in Borrower. If ali or any part of the Property or any ~ interest in it is sold or transferred (or if a bene6cial interest in Bonower is sold or transferred and Borrower is not a natural ~ pers~n) without I.ender's prior written consent, Lender may. at its option, require immediate payment in ful! of all sums i 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 af this Security Instrument. ~ If Lender eaercises this option, I.ender shall give Borrower notice of acceleration. The notice shall provide a pe~iod t ; of not less than 30 days from the date the notice is delivered or mailcd within which Bonower must pay all sums secured by } this Security Instrument. It Bonower fails to pay these sums prior to the eapiration of this period, Len~er may invoke any ~ ; reme~ies permitted by this Socurity Instrument without further notice or demand on Borrower. i ; 18. Borrnwer's Rig6t to Reinstate. If Bonower meets certain conditions, Borrower shall have the right to have ~ ~ enforcement of this Security Instrumrnt discontinued at any time prior to the earlier of: (a) S days (or such other period as } ` applicable law may specify 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 accelerati~n ' occunod; (b) cures any default af any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, re~sonable atiarneys' fees; and (d) takes such action ~s L,ender may reasonably require to assure that the lien of this Secarity fnstrument, Lendtr's rights in the Property and Borrower's - ~bligation to pay the sums secured by th~s Security Instrument shall continue unchanged. Upon~ reinstatement by ~ Borrower, this Security Instrument and the obligations securod hereby shall remain f~lly efl'octive Es if no acceteration had ; occurred. Hov~~ever, this right to reinstate shall not apply in the case of accelerati~n under paragraphs 13 or 17. ~ ~ ~ ~ ~ aa~K 5~g - - . r . - . .d~. ~ _ _ k . . . , . - - - - - - _ _ _ _ ; ~ ~