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HomeMy WebLinkAbout0981 If Lender required mortgage insurance sa a«bndition of making the loan sa:ured by this Security lnatrument. Horrower shall pay the premiums required to maintain the insurancx in eRxt until auch time as the roquiremrnt for the insurancx teraiinates in aa~ordance with Borrower's and Lender's written agreement or applicabk law. S. Iaspectioa. La~der or its agent may make reasonable e~atries upon 4nd inspoctions of the Ptoperty. Lender shall give Borrower notioe at the time of or prior to an inspection sp0cifying reasonable cause for the inspection. 9. Cosdemeatio~. 'ILe prooeeds of any swud or claim for damages~ direct or consequential. in connection with any oondemnation or othet 4king of any part of the Praperiy. or for oonveyance in lieu of condemnatitrn. are hercby assignod and shall be paid to Lender. In tbe eva~t of a total taking of the Property. the proceeds shall be apQGod to thc sums socured by this Socurity Inatnunent. whetber or not tha~ due. with any excxas paid to Borrower. In the evrnt of a partial taking of the Property. unlesa Borro~er and I.a~der otherwiae agra 'sn writing, the sums secured by this Security Instrument shall be reduoed by tbe amount of the proceeds multiplied by the following frsction: (a) the tota! amount of the sums sccured immediately ~befon the taicing. divided by (b) the fair marlcet value of the Property immediately beforc the taking. Any balanoe shall be Qaid to Borrower. If the Pmperty is sbandonod by Horrower. or if. after notice by I.ender to Bonower that the candemnor offers to make an aw~ud or settk a claim for damages. Borrower fails to respond so Lrnder within 30 days after the date the notice is given, Lrnder is authorizod to collect and apply the procxeds, at its option. either to restoration or repair oC the Property or io the sums socur~d by this Secwity Instrumtnt, whether or not then due. Unless I.ender and Borrower otheryiae agree in writing, any appli~ation of procoeds to principal shall not extend or postpone the due date of the monthly psymmts refened to in paragraphs t and 2 or change the amount of such payments. 10. Borwwer Not Rel~ed; Forbe~raooe By I.ender Not a Wdser. Fa~trnsion of the time for paymrnt or madification of amortiution d the suma sxwbd by this Security Inswment grantod by Lender to any succes.c~or in interest of Bonower ahall not opaate to release the liability of tbe original Borroaer or Borrowa's successors in interest. Lender shall not be roquired W commeaoe prooeedings against any sucoessor in interest or rduse to extend time for ~ payment or otherwise modify amoitization of the sums securod by this Socurity Instrument by rcason of any demand made by the original Borrower or Borrower's st~ovessots in interest. My forbearance by Lrnder in eaercising any right or remedy shall not be a waiver of or preclude the ea~ercise of any right or remedy. 11. Svooasors asd Astigiet Hoa~d; Joiat a~d Se~eral ILbillty; Co-sipers. The covenants and agreements af this Socurity Instrumeat ahall bind and bEne6t the suocatsor3 and atsigns of Leader and Borrower. subjoct to the provisions of paragnph 17. Bonower's oovenants and agreementa shall be joint and several. Any Borrower who co-signs this Security Instrument but daes not exocute the Note: (a) is co-signing this Security Instrumeat only to mortgage, grant and comey that ~orrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Socuity Iastrument; and (c) agras that Lender and any other Borrower may agra te extend, modify, forbear or make any accommodations with regard to the terms of this Socurity Instrument or the Note without that Horrowtr's consent. 12. Loae G~ar~s. If the loan socurod 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 callected or to be collxted in connection with the loan excad the perrnittod limits, then: (a) any such loan charge shall be roduced by the amount nocessary to roduce the charge to the permittod limit; and (b) any sums already collxtod from Borrower which excoeded permitted limits will be refunded to Borrower. Lenda may choose to make this refund by reducing tht principal owod under the Note ar by making a direct paymrnt to Borrower. If a rtfund reduces principal, the rcduction will be treated as a . partial prepaymeat without any prep~yment charge under the Note. - 13. I.egisladoe All'eeting I.~ia's Rlg6ts. If enactmrnt or expiration of applicable laws has the effo~t of rendering any provision of the Note or this Socurity Instrumrnt unenfarceable according to its terms, Lendcr, at its option, ; may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies ~ permittal by paragraph 19. If Lender extrcises this option, Lender shall take the steps specifiod in the sa:ond paragraph of ~ paragraph 17. ! 14. Notlaa. 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 aRplicable law roquires use af another method. The notice shall be directed to the ~ Property Address or any other address Bonower designates by notice to Lender. Any notice to Lender shafl be given by ~ first cless mail to Lrnder's address stated herein or any other address Lender designates by notice to Borrower. Any notice ' provided for in this Security Instrummt shall be deemed to have bcen given to Borrower or Lender whrn given as providai in this paragraph. 1S. Go~erntag Lw; Se~enbility. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Proporty is located. In the evrnt that any provision or clause of 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 canflicting provision. To this end the provisions of this Security Instrument and the Note are doclared to be severable. ~ 16. Horrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. E 27. Transfer of t6e Property or' Be~eBcia! I~terest in Borrnwer. If all or any part of the Property or any ~ inttrest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Bonower is not a natura! ~ person) without I,ender's prior written cansent, Ltnder may, at its option, require immediate payment in full of all sums secured hy this Socurity Instrument. However. this option shall noo be ezercised by Lender if exercise is prohibited by foderal law as of the date of this Security Instrument. ; If Lender exercises this option. Lender shall give Borrower notice of acceleration. The notice shall provide a period ~ of not less tharz 30 days from the date the notict is dtliverod or mailed within which Borrower must pay all sums secured by ' this Secwity Instrumtnt. If Bonower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrumrnt without furtha notice or demand on Borrower. ~ 18. Borrower's Right to Reinttate. If Borrower mcets certain conditions, 8onower shall have the right to have ~ enforcxment of this Stcurity Instrument discontinuod at any time prior to the earlier of: (a) S days (or such othsr period as ' applicable law may specify for reinstatetnent j before sale of the Property pursuant to any power of sale contained in this ~ Soeurity Instrumrnt; or (6) cntry of a judgment enforcing this Socurity instrumrnt. Those conditions are that Borrower: ~ (a) pays Lender all sums which then would be due undet this Security Instrumerrt and the Note had no acceleration oocurred; (b) cures any default of any othu covenants or agretments; (c) pays all expenses incuned in enforcing this ~ Security Instnunent, including, but not Gmited to. reasonable attorneys' fas; and (d) takes such action as Lender may reasanahly require to assure that the lien of this Security Instrument, Lender's rights in the Praperty and Bonower's ~ obligation to pay the sums socured by this Socurity Instrument shall continut unchangod. Upon reinstaterr,ent by ~ Borrower. this Socurity Instrumrnt and the obligations securcd hereby shall remain fully e~'xtive as if no acceleration had oocurred. However. this right W rtinstate shall not apply in tbe case of acceleration under paragraphs 13 or 17. - BOOK 51~G PACE 9~ . - - _ ~ ~ . _ _ ~ ~ • r_. . _ . . - . 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