Loading...
HomeMy WebLinkAbout0919 !f Lender required m~rrgagc insurance as a condition of making the loan secured by this Security lnstrument, Borrower shall pay the premiums required to maintain the insur~nce in eflcct until such time as the requirrment for the insurance terminates in accordance with Borrowet's an~ Lender's written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entri:s upon and inspections of the Property. l.ender shall give Borrow~er notice at the ti~ne of or prior to an insprction specifying reasonable caux for the inspection. . 9. Condemnation. The proceeds ol' any award or claim for damages, direct or consequentia~, in conncti,tion with any condemnation or other t~king of any pan of th~ Prop~rty, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid !o Len3er. In the ever.: of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security lnstrdrnent, whether or not then due, w•ith any excess paid to Borrower. In the event oi a Fartial taking of the Propeny, unless Borrower and Lender othervvise agree in writing, the sums s.-~ured by this Secu~ity lnstrument shall be reduced by ~ the amount of the pro«t.~ds multi~+lied by the follo~ving fraction. (a) the toial am~unt oC the sums sccured immc~ciiately before the taking, divided by (b) tht tair ma~ket ~~alue of the Property~ immediattt~• before the taking. Any balar;ce shall be , paid to Borrower. ' If the Property is abandoned by Borrower, or if, after notice by Lender to Borwwer that the condemnor otFers to i make an award or settle a claim i'or damages, Borrower fa~is to respond to Lend~r within 30 days after the date the notice is g~ven, Ixnder is authorized to collect and apply the proceeds. at its option, either to restoration cr repair of the Pro~xny or to the sums secured by this Security Instrument, whether or nc~t then due. Uniess Lender and Borrower othecwix agree in writing, any application of proceeds to principal shai~ 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. Borroner Not Released; Forbearsnce By Lender Not s Wsiver, Extension of the time for payment or modification of amortization of the sums secured by this Security lnstrument granted by Lender to any successor in ieterest of Borrower shall not o~erate to release the liability of the origina! Borrow•er or Borrower's successors in interest. Lender shall not be required tu commence proceedings against any successor in interest or refuse to extend time for payr,ent or 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 in interest. Any forbearance by Lender in exercising any right or remedy shaU not be a waiver of or preclude the exercise of any right or remedy_ 11. Successors and Assigns Bound; Joi~t and Several Liability; Casigners. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns af Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower vvho casigns this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and com~ey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums se~;ured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 12. Loan 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 so that the interest or other loan charg~s collected or to be col(ected in connection with the loan ezceed 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 (h) any sums already collected from Borrow~er which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principaf oa~ed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction w•ill be treated as a partial prepayment v?ithout any prepayment charge under the Note. ~ 13. Legislation AfTecting Lender's Rights. If enactment or e~cpiration of ap~licable laws has the effect of rendering any provision of the Note or this Security Instrument unenforceable according to its icrms, Lender, at its option, f may require immediate payment in full of all sums secured Ey this Security Instrument and may invoke any remedies ' permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps sprcified in the second paragraph of ~ paragraph 17. ` 14. Notiees. Any notice to Borrow~er provided for in this Secunty :nstrument shall be given by delivering it or b}~ ~ mailing it by first class mail unless applicable law requires use of another methc~. The notice shall be d:rected to the Property Address or any other address Borrower designates b} notice to Lender. Any notice to Lender shaU be giver~ by first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrow~er. Any notice pro~~ided for in this Security Instrument shall be deemed to have been gi~~e~ to Borrower or Lender when given as provided in t~~is paragraph. 15. Governing Law; Severability. This Securit}~ Instrument shall be governed by federal law and the law of the jurisciiction in which the Property is located. In the event that an}• pro~~isio~ or clause of this Security Instrument or the Note conflicts with applica5le law, such confli~t shall not aflect other provisions of this Security Instrument or the Note which can be given etfect without the conflicting provision. To this end th~ provisions of this Security Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conforme~ copy of the Note and of this Security Instrument. l7. Transfer of the ProperYy or a Beneficial Interest in Borro~er. If all or ar.y part of the Property or any interest in it is sold ar transferred (or if a beneficial interest in Borrower is sold or transferred and Borrow•er is no: a naturai person) without I.ender's prior written consent, Lender may, at its oplion, require itnmedfate payment in full of all sums secured by this Security Instrument. However, this option shal! not be eaercised b~~ Lender if exercise is prohibited by federal ~aw as of the date of this Securitv Instrument. If Leader exercises this aption, Lender shall give Borrower notice of acceieration. 7he notice shail provide a Fe~io~ of not less tt~an 3Q days from the date the notice is delivered or mailed w~ithin which Fsorrower must pay all sums secured by ~ this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period. Lender may invoke any ~ remeciies permitted by this Security Inst~~ment without further notice or dcrr.~r.~ :,n B~rrou~:. 18. Borrower's Right to Rrinstatr_. If Bo: rower meets certain conditions. Borrower shall have the right to nave enforcement of this Security Instrument discontinued at any ~ime prior to the earlier of: (a) S days (or such other period as applicable law• may spec~fy for reinstatement) before sale of t~e Property pursuant to any power of sale contained in this ~ecurity Instrument; o: (b) entry of a judgment enforcing this Security Instrumenr. Those conditions are that Borrower: (a) pays Lender all s~ms which then would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any ~efault of any other covenar~ts or agreements; (c) pays all expenses ircurred in enfarcing this Security Instrument, in~luding, but not limited to, reasonable attorne~s' fees; and (d) takes such action as L,ender may reasonably require to assure that the lien of this Security Instrument, Lender's nghts in the Pr~perty and Borrower's obligation to pay the sums sPcured by this Security Instrument shal! continue unchanged. Upon reinstatement by Borrow~er, this Security I~strurnent and the obligations sr_-ured hereby shall rem~in t'ully eff'ective as if no acceler~tior~ had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. s~o~ 511 PA~~ ~ ~ _ _ . . - - - - . .s _ r. . - - - . . _ . ~ - ~