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HomeMy WebLinkAbout0988 If I.ender required mortgage insurance as a condition of making the loan s~cured by this Security Instrument, Bonower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for th~ insurance terminates in accordance with 8onower's and L.ender's written agreement or applicable law. S. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. L.ender shall give Bonower notice at the time of or prior to an inspection specifying reasonable caux for the inspoction. 9. Condem~adon. The proceods of any award or claim for damages, dirxt or consoquential, in connxtion with any condemnatian or ot~er taking of any part of the Properiy. or for conveyance in iieu of condemnation, are hereby assigned and shall be paid to I.ender. In the evrnt of a total taking of the Property. the procoeds shall be applied to the sums secured by this Security Instrument. whether or not then due, arith any eacess paid to Borrower. In the cvent of a partial taking of the Property, unless Bonower and Lender otherwise agee in writing. the sums s~cured by this Security Instrument shall be reduced by the atnount of the procceds multiplied by the following fraction: (a) the total amount of the sums secured immodiately before the taking, dividod by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrowtr. If the Property is abandoned by Borrow~t, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is g~ven, I.ender is authorized to colloct and apply tht proceeds, at its option. either to restoraticm or repair of the Property or to the sums socured by this Security Instrument. whether or not thcn due. Unless L.ender and Horrower othervvise a~n~e in writing. any application of proceeds to principal shali not extend or postpone the due date of the monthly payments refenod to in paragraphs I and 2 or change the amount of such payments. 10. Borrower Not Itelased; ForbearmEe By Leader Plot a Wd~er. Extension of the time tor paymcnt or modi6cation of amortization of the sums secund by this Security Instrument granted by Lender to any succe~sor in interest of Borrower shaU not operate to release the liability of the original Borrower or Borrower's successors in interest. Lendtr shall nat be requitod to commence proceodings against any succ~sor in interest or reiuse to extend time for payment or othtrwise modify amortization of the sums securod by this Security Instrument by reason of any demand made by the original Bonower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the eacercise of any right or remedy. 11. Snca~ors and Assigns Bound; doint aed Se~eral I3abfUty; Co-sigeers. The covenants and agreements of tLis Security Instrument shall bind and beneSt the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Bonowtr's covenants and agreements shall be joint and several. Any Borrower who co-signs this Sxurity Instrument but does not execute the Nott: (a) is oo-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Socurity Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Bonower may agree to eatend, modify, forbear or make any accommc~dations with regard to the terms of this Security Instrument or the Note without that Bonower's consent. 12. I.oan Cbuges. If the loan secured by this Security Instrument is subjoct to a taw which sets maximum loan charges. and that law is flnally interpreted so that the interest or other loan charges collected or~ to be collected in connection with the loan exceed the permitted limits, then: (a) any such loan charge shail be reduced by the amount . necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which ezcceded j permitted limits will be refunded to Borrower. Lender may choose to mak~ this refund by reducing the principal owed , under the Note or by making a direct paymeni to Borrower. If a refund reduces principal. the reduction will be treated as a ~ ~i partisl prepayment without any prepayment charge under the Note. !3. I.egistation Af~etting I.eader's Righb. If rnactment or eapiration of applicable laws has the efi'ect of ' rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may require immodiate paymYnt in full of all sums secured by this Security Instrument and may invoke any remedies permittod by paragraph 19. If Lender eatrcises this optioa, Lender shall tnke the steps specified in the aecond paragraph of paragraph 17. - 14. Noticea. Any notice to Borrower provided for in this Security Instrument shall be given by defivering it or by mailing it by first class mait unless applicable law requires use of another method. The notice shall be directed to the I Property Address or any other address Borrower designates by notice to I.ender. Any notice to I.ender shall be given by ~ first class mail to Lender's address statod herein or any other address Lender designates by notice to Borrower. Any notice ~ provided for in this Socurity Instrument shall be deemed to have bcen given to Borrower or I.ender when given as provided 'j in this paragraph. ~ 1S. Go~enting Lw; ~e~erability. This Security Instrument shail 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 of this Security Instrument or the ~ Note conflicts with applicable law, sueh conflict shall not affect other provisions of this Security Instrument or the Note ~ ahic6 can be givrn effect without the conflicting provision. To this ensi the provisions of this Security Instrument and the Note are declarod to be severable. f 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 1~. Transfer of thz Property or a BeaeBcial Interest in Borrower. If all or any part of the Property or any ~ interest in it is sold or transferred (or if a bene6cial interest in Borrower is sold or transferred and Borrower is not a natural ~ person) without Lender's prior written consent, Lender may, at its option, require ;mmediate payment in full of all sums ~ secured by this Security Instrument. However, this option shall not be exercised by I.ender if exercise is prohibited by ~ federal law as of the date of this Security Instrument. 1f Lendtr exercises this opiion~ I.ender shall give Bonower notice of acc~leration. 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 Bonower fails to pay these sums prior to the expiration of this period. Lender may invoke any remedies permitted by this Security Instrument wiihout further notice or demand on Borrower. 18. Borrower's Right to Reinstatt. If Borrower meets certain conditions, Borrower shall have the right to have enforc.~ment of this Sscurity Instrument discontinuod at any time prior to the earIier of: (a) 5 days (or such other period as applicable !aw may specify for reinstatement) before sale of the Property pursuant to any powcr of sale contained in this ~ Socarity Instrument; or (b) entry of a judgment en~orcing this Securiry Instrument. Those conditions are that Borrower: ~ (a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration ~ occurred; (b) cures any defsult of any other covenants or agrecments; (c) pays all eapenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fces; and (d) takes such action as Lender may ~ ressonably roquire to assure tbat the lien of this Socurity Instrument, Lender's rights in the Propcrty and Borrower's ' obGg,ttion to pay the sums secured by this Socurity Instrument shall continue unchanged. Upon reinstatement by ~ Borrower, this Security Instrumrnt and the obligations sxured hereby shall remain fuliy cffective as if no acceleration had ~ occuned. However. this right to reinstate sh~ll not apply in tt~e case of acceleration under paragraphs ! 3 or 17. ~ BOOK 512 PACE 98~ ~ ~ _ ~.,f-.-- - _ _ _ . _ _ - ~ ~ ~~b ~ ~ ~ ~ ~ . ~ ~ - _ - - . _ _ _ . - ~ ~ ~