Loading...
HomeMy WebLinkAbout0959 . ~ ~ ~ If Lender reqvired martgage insurance as a condition of making the loan secured by this Security lnstrume~t, F Sorrower shai~ ,~a~~ the premiums required to maintain the insurance in eRect until such time as the requirement for the ~ insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. ~ S. Inspectio~. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender f shalt give Borrow•er notice at the time of or prio~ to an inspection specifying reasonable cause for the inspection. ~ 9. Condemnation. The procerds of any award or claim i'or damages, direct or consequential, in connection with an~• condemnation or other taking of any part of the Property. or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. ; In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security ; lnstrument, whether or not then due, with any excess paid to Borr~wer. ln the event of a partial taking of the Property. i unlc~s Borrower and Lender otherw•ise agree in w~riting, the sums secured by this Security Instrument shall be reduced by ; the amount of the proceeds multiplied by the fo9lowing fraction: (a) the total amount of the sums secured immediately i before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrow~er. lf the Propert~~ is abandoned by Borrower, or if, after notice by l.ender to Borrower that the condemnor ofiers to ~ make an award or settle a ciaim for damages. Borrower fails to respond to l.ender within 30 days after the dat~ the notice is given. Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or ~ to the sums secured by this Security Instrument, whether or not then due. _ Unless Lender and Borrower otherwise agree in writing, any application of procecYis to principal shall not extend or Ex~stpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of such payments. _ llf. Borrower Not Released; Forbearance By I.ender Not a Waiver: Extension of th~ time for payment or modification of amonization of the sums secured by this Security Instrument granted by Lender to any successor in interest ~f Borrower shall not operate to release the liability of the original Borcower or Bonower'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 demand made by the original Borrower or Borrower's successors in interest. Any forbearance by I.ender in ezercising any right or remedy shalt not be a waiver of or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Several Liability; Casigners. The covenants and agrcements of this Security Instrument shall bind and benefit ihe 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 B~rrower who casign§ this Security [nstrument but does not execute the Note: (a) is co-signing this Security lnstrument only to mortgage. grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally oblegated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, mod~fy, forbear or make an}~ accommodations with regard to the terms of this Security Instrument or the Note without that Borcower's consent. ~ 12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum foan ~ charges, and that law is finally interpreted so that the inlerest or other loan charges collected or to be collected in ~ connection with the loan eaceed the permitted limits, then: {a) any such loan charge shal! be reduced by the amount - necessary to reduce the charge to the permitted fimit; and (b) any sums already collected from Borrower which execeded _ permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a i partial prepayment without any prepayment charge under the Note. 3 l~. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of i rendering any pro~~ision of the Note or this Security Instrument unenforceable according to its terms, Lender, at iis option, , may require immediate payment in f~ll of all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this option, l.~nder shall take the steps specified in the second par2graph ot ~ ; paragraph 17. ~ ~ 14. ;\otices. Any notice to Borrower pravided for in this Security Instrument shall be given by delivering it or by 1 mailing it hy first class mail unless applicable law• requires use ~f another method. The notice shall be directed to the ; Property Address or any other address Borrower designates by notice to Lender. Any notice to L.ender shall be given by ~ first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice ~ pro~°ided for in this Security Instrument shall be deemed to have been given to 8orrower 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 ~ }urisdiction in which the Property is located. In the event that any provision or clause of this Security Ir,strument or the ~ Note conflicts with applicable lav?, such conflict shall not aflect other provisions of this Security Instrument or the Note ~ which can be given eflect without the conflicsing provision. To this end the provisions of this Security Instrument and the Note are declared to be s~~•erable. ~ 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security lnstrument. P 17. Transfer of the Property or a Beneficiai Interest in Borrower. If all or any part af the Property or any c interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a nawral ~ person) without Lender's prior written consent, Lender may, at its option, require immediate payment in fup of all sums ~ 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 of this Security Instrument. ~ tf I,ender 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 n~tice 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. L,ender may invoke any s remedies permitted by this Security Instrument without further notice or demand on Borrower. ` ; 18. Borrower's Right to Reinstate. If Borrower meeis certain conditions, Borrower shalt have the right to have ; cnfc~rccment of this ~ecurity Instrument dix:ontinued at any time prior to the earlier of: (a) 5 days (or such other period as a~~licable law may s}xcify 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) pa~~s Lender all sums which then would be due under this Security Instrument and the Note had no accrleration f ~ occurred; (b) cures any default of any other covenants or agrcements; (c) pays all expenses incurred in enforcing this ~ Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may ~ reasonabiy require to assure that the fien of this Security Instrument, Lender's nghts in the Properiy and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by " Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had ~ ~xcurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. ~ ~ ~ ~p ~ BOGK 51~ PAGE 9JC7 ~ ~ ~ - - ~ ~.~u.~~fi . ~ _ -