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HomeMy WebLinkAbout0977 . ~ If Lrnder requirod mortgage insurance as a condition of makiag the la~n securai by this Security lnstrume:?i, Borrower shal! pay the premiums roquirod to maintain the insurance in cliect until such timt ns the rcquiremrnt for the insuru~ce terminates in accordarrct with 8orrower's and Lrnder's written agramrnt or applicable law. S. Inapection. La~der or its agent may malct reasoaable cntries upen and inspections ot the Property. l.ender shall give Borro .•er notict at th~ time of or prior to in inspection spocifying reuonable cause for the inspection. 9. Cot~emasdon. The procoeds ~f any award or clmim for damages. direct or consoqu~ntial. in connection with sny condemnation or other tal•ing of any Qart of the Property, or far conveyana in lieu of condemnation. are hereby ~ssigned and shall be paid to Lendzr. In the event of a total taking of the Property. the proGeeds shall be appti~d to the sums secured by this Socurity Instrument. wbetQu or not then due, with any eacess paid to Borrower. In the event of a partial taking of the Property. unless &~rrowe~r and Luider othtrwist agrr-e in writing, tht sums securod by this Socurity Instrument shall be reduced by the amount of the pr~oceods multipGod by the fvllowting fracti~n: the t~ti1 t~mount of the sums socurod immediat~ly ~before the taking, dividod by (b) the fair market value of the Property immediateiy before the taking. Any balance shali be , p~id to Borrower. If the Propaty is abandoned by Borrower, or if. atter notice by Lender to Borrowcr that the condrmnor offers to ma1cC an award or settfe a claim for damages, Borrower faits to rapond to Lender within 30 days after the date the nutice is givra~. La~der is authorizod tQ ooUect and apply tke procoods, at its option, either to ratoration or repair of the Property or to the sums socurod by this Security Instrument, whether or not then due. Unless Lender ..nd Horrower otherwise agree in writing. aay applieation of proce~ds to principal shall not extend oc postpone the due date of the mo~thly payma~ts refernd to in p~ragraphs I and 2 or change the amount of such payments. ~ 10. Borrower Not Rsleaood; Forbe~rance By I.ender Not • Wai~er. Extcnsion of th~ time for payment or ' modification of amortir.stion of the sums socured by this Security Instrument grant~d by Lender to any succes.wr in interest of 8orrowa shall not operate to nlease the liability of the original Borrower or Sorroaer's successors in interest. La~der shsll not be required to commrnce ptooeedings against any suooessor in interest or refuse to extend timc for payment or otherwise modify amortizstion of the sums socurod by this Security Instrument by rcawn of any demand made by th~ original Bormwer or Bomowa's suvicessors ia interest. Any forbearance by Lender in eaercising any right or remedy I shall not be a waiver of or proclude the exercise of any right or remody. 11. Sacaaors and A~ts Bous~ Joist and Se~enl Liability; Co-sigoers. The oovenants and agreemrnts of this Security Instnunent shaU bind and benefit the successors and assigns of Lend'r and Borcower. subject to the provisions of paragraph 17. Borrower's covenaats and agroements shall be joint and several. Any Borrower who co-signs this Socurity Inswment but does not eacecute the Note: (a) is co-signing this Sacurity Instrumrnt only ta mortgage, grant and convey that Borrower's interest in the Property under the terms of this Securiry Instnunent; (b) is not personally obligatod to psy the sums secured by this Se,curity Instrument; and (c) agrees that Ltnder and any other Horrower may agr~e to extend, modify. forbear or malce any aa~ommodations with regard to the terms of this Secucity Instrument or the Note without that Borrower's consei~t. 12. I~oan Charga. If the loan secured by this Security Instrument is subjoct to a law which sets mauimum loan ` charges. and that law is finally interpretod so that the interest or other loan charges cotfected or to be collocted in connection with th~ loan exoeed the permittod limits. ttsen: (a) any such loan charge shall be roduced by :he amount nocetssary to r~ducx th~ charge to the permitted limit; and (b) any sums already collected from Borsower which cxceodod pemutted Gmits aill bo refunded to Borrower. i.ender may choose to make this refund by roducing the principal owed under the Note or by malcing a dirxt payment to F~rrower. If a refund rodur.~s principal. the recuction v?rill be treatod as a ~artial prepayment without aa~ prepayment charge under thr Neie- 13. I.egislatfoa Alfeetiag Lesder's Rights. If enacimeni or eaQiratior. of applicable l~ws has th~ effxt of rendering any provision of tha Note or this Security Instrument unentarceable according to its terms. I.ender, at its option. may roquin immediate pa~ment in full of all sums secured by this Security Instrument and may invokc any remaiies permittod by paragraph 19. If I.ender eaercises this option, I,ender shall take the steps sQecified in the second paragraph of ~ p~ragraph 17. 14. Nodccs. Any notice to Bonower provided tor in lhis Security Instrument shall be given by deliveriug it o~ by ~ mailing it by fit~i class mail unless applicable law roquirex use of anoth~r methc~'. The notice sh, ll be directed to the ; Property Address or any other address Bonower designates by notice to i.ender. Any notice to L,ender shall be given by ' first class mail to Lcnder's address stated herein or any other address Lender designates by notice to Borrower. Any notice provid~d for in this Security Instrument shall be dcemod to have been given to Borrower or Lender when given as provided in this paragraph. 1S. Go~erning I.a~r, Se~trabilitY. This Securi:y Instrument shall be gove~ned by federal law and the iaw 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 aR'ect other provisions of this 5ecurity Instrument or the Note ~ which can be ~ven effect without the conflicting provision. 'To this end the prorisions of this Security Instrument and the Note are declarod to be severable. 16. Horrower'a Copy Borrower shall be given one conformed copy of the Note and of this Security Insirument. 17, Transfu of the Property or a BeaeBcial Ieterest in Borcower. If all or ar~y part of the Property or any interest in it is sold or transferre~ (or if a bene6cial interest in Borrower is sotd or transferced and Borrower is not a natural person) without Lender`s prior written consent, Lender may, at its option, require immediate paymen: in full of all sums socured by this Security Instrument. However. ihis option shali not be exerr.ised by Lxnder if exerci~e is prohibited by fcdera! taw as of the d~te of this Security Instrument. If I.ender eaercises this optian, Lender shall give Borrowe~ notice of acceleration. The notice shail provide a period of not less than 30 days from the dat~ the notice is delivercd or ma;led within which 6crrower must pay a!1 sums secuFed by :his Secwity Instruma~t. If Borrow~r fails to pay these sums prior to the expiration of th~s period. I.en~er may invoke any remedits permitte~ by this Security Instrum_rst without further notice or demand on Bonower_ 18. Borrower's ~ig~t to Reiastate. If Bonower meets ctrtain conditions, Borcower shall have the ~ight ta have enforcement of this Security Instrumrnt discontinued at any time prior to the ear~ier of: (a) S days (or such other period as applicable law may spocify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Secvrity Instrument; or (b) entry of a judgment rnforcing this Security Instrument. 7'hex co»ditions are that Borrower. Za) pays I.ender alI suns which thrn would be due lnder this Security Instrumant and the Note had no acccleration occumd; (b) cures any default of any other covenar~ts or agreements; (c) pays al! expenses incurred in enforcing this Socurity Instrument, including, but not limited to, reasonable attorneys' fcxs; and (d) takes such actirn as Lender may rea.wnably roquira ta assurc that the lien oi this Socurity Instrument, Lender's rights in chc Property and Borrower's obligation to pay the sums securod by this Security Instrument shall cor.tinue u~changed. Upon reinstater:~ent by Borrower. this Security Instrument and the abtigations securod hereby sha11 remain fuUy etfective as if no acceleration had occurrtd. Howevet, this right to reinstate shall not apply in the case of axcieration und~r ~aragraphs i 3 or 17. eooK 511 PAGE 9~fi ~ - - . ' _ j . . . . .