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HomeMy WebLinkAbout0958 If Le~der required mortgage insurance as a condition of making the loan sccured by this Security Instrument. &~rrow•er shall pay the premiums re~uired to m3iniain the insurance in eif'ect until such time as the requirement for the insurance terminates in accordance with Burrawet's arid l.e:~der's writttn agretment or appticable law. 8. Inspection. Lender or its agent may make reasanable entria upon and inspections of the Property. Lender shal! give Borrower noticc at the time of or prior to an inspection specifying reasonablt cause for the insptction. 9. Condemnation. The proceeds of any award or claim for damaga, direct or consequential, in connect:on with . any condemnation or other taking of any part of the Property, or for conveyance in tieu of condemnation, are hereby assigncd and shaU be paid ;o Lendrr. In the tvent of a total taking of the Property, the procetds shall be applied to the s~ms secured by this Security :r.strdmtr~i, whrthtr or n~t then due, w~ith any exctss pai~ to Borrower. ln the event oC a partial taking of the Property, unless Borrower and L,endtr othenv~se agrre in tvnting, thr sums secured by thi~ Secunty Instcumrnt shall bc reduce:i b~ ~ the amount of the proceeds multiplied b~ 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 befare the taking. Any balance shall be paid to Sorrow~r. If the Propert~ is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to - make an award or xttle a claim for damages, Borrower fails to respond to I_ender within 30 days after the date the notice is - giver., Lender is authorized to collect and aFply the procetds, at its option, either to restoration or repair of the Property or to the sums secured by this Security lnstrument, whether or not then due_ Unless Lender and Eonower otherwiu agrce in writing, any application of proceeds to principal shall not extend nr postpone th~ due date of the monthly paymtnts referred to in paragraphs 1 and 2 or change the amount of such payments. ~ 10. Borrower Not Released; Forbeuance By Leader Not a Wai~er. Extension of the time for payment or modification of amortization of the sums secured by this Security Instr~sment granted by Lender to any successor in interest of Borrower shall not operate to retease the liabitity of the origina) Borrower or Barrowtr's successors in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any dema~d made - by the original Borrower or Borrower's successors in interest. Any forbearance by Lender ~n exercising any right or remedy shall not be a w~aiver of or preclude the exercise of any right or remedy. ~ I1. Successors and Assigns Bound; Joint and Severat Liability; Co-signers. The covenants and agrtements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions ' of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who casigns this Security Instrument but does not execute the Note: (a) is co-signing 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 personalty obligated to pay ' the sums secured by this Security Instrument; and (c) agrees that I,ender and any other Borrower may agree to extend, modify, forbear or make any accon~modations with regard to the terms of this Security Instrument or the Note withou! that Borrower's consent. 12. Loan Charges. If the ioan 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 charges collected or to be collected in connection with the loan exceed the pezmitted limits, then: (a) any such loan charge shail be reduced by the amount ~ necessary to red~ce the charge to the permitted limit; and (b) any sums already copected fr~m Borrower which exceeded ~ permitted limits will be refunded to Borrower. Lender may choose to make this refund by rc~ducing ~he principal owed under the Note ar by making a direct payment to Borrower. IF a refund reduces principal, the reduction wili be treatec! as a ~ partial prepayment witho~t any prepayment charge under the Note. 13. Legistation Affecting I.ender's Rights. If enactment or expiration of appticable laws has the eRect of ~ renderir~g 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 al! sums secured by this Security [nstrument and may invoke any remedies ~ permitted by paragraph 19. If Lender exercises this option, Len~er shall take the steps specified in the second paragraph of paragraph 17. 14. Notices. Any notice to Borrower provided fos in this Security Instrument ~hall be given by delivering it or by mailing it by ficst ctass mail unless applicable law requires use of anather method. The notice shal! be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by class mail to L.ender's address stated herein or any other address Lender designates hy notice to Borrower. 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. 15. Goveming ;,aw; Severability. This Securit} Instrument shall be guverned by federal law and the law of the jurisdiction 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 shall not afi'ect other provisions of this Security Instrument or the Note which can bz given effect without the conflicting provision. To this end the provisions of this Security ;nstrument and the Note are declared to be severable_ 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and otthis Security Instrument. ~ 17. Z'ransfPr of the Property or a Beaeficial Interest :n Borrower. If all or any part of the Property or any ~nterest in ii is sold or iransferred (or iia beneficia) interest in Borrower is sold or transferred and Borrower is not a natural 'h'' - person) without Lender's prior written consent, L.ender may, at its oprion, require immediate payment in full of all sums ~ secured by this Security Instrument. However, this option shall not be ezerrised by Lender if eaercise is prohibited by federal law as of the da:e of th~s Seturity Instrument. If L,ender eaercises this option, L.ender shal~ give Borrower notice ofacceleration. The notice shall provide a period ot not less than 30 days from the date the notice is deliyered or mailed within which Borrower must pay all sums secured by this Security Instrument. If I3orrower fails to pay thesc s~ms prior to the expiration of this pr.riod. Lender may ir.voke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borroxer's Rig6t to Reinstate. If Borrower meets certain condisions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time pr~or to the eariier of ~a) 5 days (or such other period a~ applicabie law~ may spec~fy for reinstatement) beforc sale of the Property pursuant to any power of sale cor,tained in t;~is Security Instrum~nt; or (b) entry of a judgment rnforcing this Security Instrument. Th~ conditions arc that Eiorrower: (a) pays I.ender ali sums which then weuld be due under this Security Instrumrnt and the Note had no acceleratio~ occurred; (b) cures any default of any other covenants or agretmtnts; (c) pays all expenses incurred in enforcing this Security Instrument, inciu~ing, but not limited to, reawnable attorneys' fces; and (d) takes such action as Lender may reasonabty rcquire to assure that :he licn of this Security Instrument, Lender's rights in thc Froperty and Sorrower's obligation ta pay the sums secured by this Security Instrumtnt shal! cantinue nnchanged. Upon reinsWtement by Borrower, this Security Instrumtnt and the ob:igations secured hereby shall remain fully eftective as if no acceleration had occurred. However, this right to ranstate shall not apply ~n the case of accekration under paragraphs l3 or 17 acaK 5~.1 ~acE 95? _ _ ~ _ F~ - ; +5