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HomeMy WebLinkAbout0953 • 'r ! • i _ • v • . i i ~ ~ ! If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, ~ Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the , insurance tenninates in accordance with Borrowef's and Ltnder's written agreement or aaplicable law. i 8. Inspection. [.ender or its agent may make reasonable entries upon and inspections of the Property. Lender i ~hall give Borrower notice at the time oPor prior to an inspection specifying reasonable cause for the inspection. ~ 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in conneclion with , any 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. E 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 Borrower. In the event of a partial taking of the Property, ~ unless Borrower and Lender otherwise agree in writing, the sums secured by this Security lnstrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately ~ before the taking, divided by (b) the fair market value of the Property immediately bet'ore the taking. Any balance shall be paid t~ Borrq~,~er. ~ [f the Property is abandoned t,y Borrower, or if, after natice by Lender to Borrower that the condemnor offers to make an award or settle a c!aim for damages, Borrow~er fails to respond ta Lender within 30 days after the date the notiee is given, Lender Es authorized to collect and apply the proceeds, at its option, either to restoration or repair otthe 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 proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not ItQlessed; Forbearance By Ixnder 11{ot a Wai~er. Extension of the time for payment or - modificatian of amortization of the sums secured by this Security Instrument granted by L~nder to any successor in interest of Borrower shall not operate to release the tiability of the original Borrower or Borrower's successors in interest. Lender shall no! be required to commence proceedings against any successor in interest or refuse to e?ctend time for payment or otherwise modify amortization of the sums secured by this Security ]nsirument by reason of any demand made by the original Borrow~er 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 exer~ise of any right or remedy. 11. Successors and Assigns Bound; Joint and Several 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 of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Ins~rument; (t,) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard tc~ the terms of this Security Instrumenr or the Note without that Borrower's consent. 12. Loan Charges. If the loan secured by this Security Instrument as subject to a!aw which sets maximum 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 exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits evill be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed u~der the Note or by making a direct payment to Borrower. If a refund reduces princinal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. ~ _ 13. Legislation ABecting Lendsr's Rights. If enactment or expiration of applicable laws has the effect of rendering any provision of the Note or this Security Instrument ~nenforceable according to its terms, Lender, at its option, " may require immediate payment in tull of all sums secured by this Security Instrument and may invoke any remedies r permitted by paragraph 19. If Lender exercises this option, Lender shall 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 methcxi. The notice shall be directed to the Propeny Address or any other address Borrower designates by notice to Lender. Any notice to Lender 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 ~ provided for in this Security lnstrument shafl be deemed to have been given to Borrower or Lender when given as provided aq in this paragraph. # _ 15. Governing Law; Severahility. 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 of this Security Instrument or the Note conHicts with applicable law, such conflict shall nat affect other provisians of this Security Instrument or the IVote ~ which can be given eff'ect without the conflicting ~provision. To this end the provisions of this Security Instrument and the ~~ote are declared to be severable. t 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. i 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any < ~n erest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural a. person) without Lender's prior written consent, L.ender may, at its option, require immediate payment in full of all sums = secured by this Security Instrument. Nowever, this option shall not be eaercised by Lender if exercise is prohibited by s federal law as of the date of this Security Instrument. I If L.ender exercises this opti~n, Lender shall give Borrawer 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 eapiration of this period, L en der may invo ke any remedies permitted by this Security Instrument without further notice or demand on Borrower. ~ 18. Borrower's RIg6t to Reinstate. If Borrower meets ceriain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law• may spec~fy 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 Honower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occurrcd; (b) cures any default of any other covenants or agreements; (c) pays all eapenses incuned in enforcing this Security lnstrument, including, but not limitcd to, reasonable attorneys' fees; and (d) takes such action as I.ender may ~ reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrowtr's , ahligation ta pay the sums securod by this Security Instrument shaU continue unchangtd. Upon reinstatement by ~ Borrower, this Security Instrument and the obligations secured herzby shaU remain fully eflective as if na acceleration had ~ occurrod. However~ this right to reinstate shall not apply in the case of acceleration under paragraphs l 3 or 17. gooK 513 PAGE 94fi ~ , ~.e..~.~ . _ _____~..r..~_ - - - _ _ _ _ _