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HomeMy WebLinkAbout0953 If Lender required mortgage insurance as a condition of making the loan securcd by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in efTect until such time as the roqtiirement for the insurance terminates in accordance with Bonower's and I.ender's written ag~eement or applicabie law. 8. Iaspection. I,ender or its agent may make reasonable entries upon and inspections of the Propeny. Lender shall ~ive Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspoction. 9. Condemnation. Thc proceeds of any award or claim for damages. direct or consequential, in connection with any cordemnation 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 tal:ing of the Praperty. the procetds shatl be appliod to the sums secured by this Security Instrument, whether or not then due, with any exc.ess paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise ageee in writing. the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amouht of the sums secured immediately before the taking, divided by the fair market value of the Property immediately before the taking. Any balanc~ shafl be paid to Borrower. If the Property is abandoned by Bonower, or if. afttr notice by I,ender to Borrower that the condemnor oPFers to make an award or settle a claim for damages. Borrower fails to respond to L.ender within 30 days aft~r the date the notice is given, I.ender is suthorized to colloct and apply the proceods, at its option, either to restoration or repair of the Property or to the sums secured by this Security Instrument. whethrr or not then due. Unless Lender and Borrower otherwix agree in writing. any application of proceeds to principal shall not eztend or postpone the due date of the monthly payments refenod to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbeannce By I.ender Not s Walver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument grantod by I.ender !o any succ~ssor in interest of Bonower shall not operate to retease 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 or otherwise modify amortitation of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Bonower's successors in interest. Any forbearance by Lender in eaercising any right or remedy shall not be a waiver of or prectude the exemisc of any right or remedy. 11. Successors aad Assiges Bound; Joiat aad Se~eral Liability; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions '~a oiparagraph 17. Borcower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security f _ Instrument but dces not execute the Note: (a) is casigning 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 personally 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 accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 12. Loae Charges. If the loan secured by this Security Instrument is subject to a law which sets mazimum 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 ezceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the perrnitted limit; and (b) any sums already coliected from Borrower which eaceeded permitted limits will be refunded to I3onower. LendEr may choose to make this refund by reducing the principa! owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a ~ partial prepayment without any prepayment charge under the Note. 13. Legislation Atiectiag Lender's Rights. If enactment or eapiration of applicable laws has the etfect of rendering 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 all sums secured by this Secvrity Instrument and may invoke any remedies j permitted by paragraph 19. If Lender eaercises this option, Lender shali take the steps specified in the second paragraph of ~ paragraph 17. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to I.ender. Any notice to Lender shall be given by 6rst class mail to L,ender's address stated herein or any other address L,ender designates by 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. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause ~f this Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the cor.flicting p~ovision. To this end the provisions of this Security Instrument and the Note are declared to be severable. ~ 16. Bonower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. ; 17. Transfer of the Property or a Beneficial ~nterest in Barrower. If all or any part of the Property or any R r interest in it is sold or transfened (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural ~ ~ person) without Lender's prior written consent, Lender may, at its aption, require immediate payment in fuli of all sums ~ ~ secured by this Security Instrument. Nowever, this option shall not be exercised by Lender if exercise is prohibited by ~ ~ federal law as of the date ~f this Security Instrument. ~ ~ If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice 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 to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. ~ 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have - enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) S days (or such other period as ~ applicable iaw may specify for reinstatement) before saie of the Property pursuant to any power of sale containe.al 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 wouid be due under this Security Instrument and the Note had no acceleration ~ occurred; (b) cures any default oi any other covenants or agreements; (c) pays all expenses incurred in enforcing this ~ ~ Security Instrument, including, but not limited tu, reasonable attorneys' fees; and (d) takes such action as Lender may ~ reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's ~ obligation to pay the sums secured hy this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Sec;urity Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had ~ occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. ~ ~ BOOK 51~ PAGE ~52 g ~ ~~~~-M .~~u - _ _ ~ ~v ~ ~ ~ - ~ ~