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HomeMy WebLinkAbout0931 . tf Lender required mortgage insuranee as a candition af making the loan secured by this Sccurity~ Instrument, Borro~~~er shali pay the premiums required to maintain the insurance in efFect until such time as ti~c requirement for ttie insurance terminates in accordance with Borrowet's and Lender's written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections oP the Yroperty. Lender shall give I3orro~~~er notice at the time oPor prior ta an inspection sperifying reasonable cause fi~r the inspection. 9, Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection 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. In the event of a total taking af the Property, the proceeds shall be applied to the sums secured by this Seeurity InstrUment, ~~•hether or not then due, with any excess paid to Dorrower. In the event of a partial taking of the Property, unless Borrower and Lender otherw~ise agree in writing, the sums secured by this Security Instrument shall be reduced by the amaunt of the proceeds multiplied by the Pollowing fraction: ~a) the total amount of the sums secured immediately before the taking, divided by (b) the Pair market value of the Properiy immediately befoce the taking. Any balance shall be paid to Iiorrower. If the Property is abandoned by Borrower, or if, aRer notice by Lender ta E~orrower tt~at the condemnor oflers to make an award or settle u claim for damages, Borrower fails to respond to Lender within 30 days af"ter the date the notice is given, Let~der is authorized to collect and apply the proceeds, at its option, either to restoration or repair of tt~e Property or ta the sums secured by this Security lnstrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or , postpone ihe due date of the monthly payments referred to in paragraphs 1 and 2 or change thc amount of such payments. 10. Borrower Not Released; Forbearance By Lender Not a~Yaiver. Extension of the time for payment or modification of amortization of the sums secuced by this SecuYity Instrument granted by Lender to any successor in interest of I3orrower shall not operate to release the liability of the original Borrowcr or [3orro~~~er'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 othenvise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borro~ver's successors in interest. Any forbearanre by Lende.r in cxercising any right or remedy shall not be a waiver of or preclude the exercise of a~iy right or remedy. I1. 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 I3orrower, subject to the provisions - of paragraph 17. Borrower's co~~enants 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 convep that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured ~y this Security Instrument; and (c) agrees that Lender 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 Borrowec's consent. ~ 12. Loan Charges. If the loan secured 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 collected or to be collected in connection ~vith the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to rec3uce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal o~ved 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 prepaymeni charge under the Note. 13. Legislation Affeeting Lender's Rights. If enactment or expiration of applicable laws has the effect of rendering any provision of the Note or this Security Instrument unenforceable arcording to its terms, Lender, at its option, may require immediate payment in full of all sum~ secured by this Security Instrument and may invoke any remedies permitted by paragraph l9. If Lender exercises this option, Lender shall take !he steps specified in the second paragraph of paragraph 17. 14. Notices. Any notice to i3orrower provided for in this Security lnstrument shall be given by delivering it or by mailing it by first class mail unless applicable law reyuires use of another method. The notice shall be directed to the Property Address or any other address Borrower desi~nates 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 natice to Borrower. Any n~tice . provided for in this Security Instrument shall be deerned to have been given to Borrower or Lender when given as provided in this paragraph. _ 1S. Governing Law; Severability. This Securit~~ 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 5ecurity Instrument or the Note conflicts with applicable law, such conflict shall not afiect other provisions of this Security Instrument or the Note which can be given effect without the cunflicting provision. To this end the provisions of this Security lnstrument and the Note are declared to be severable. 16. Barrowee'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 Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrow~er is not a natura) person) ~~ithout Lender's prior written consent, Lender may, at its optic,n, require immediate payment in full 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. s If Lender exercises this option, Lender shall give Borrower notice of acccleration. The notice shall provide a period ; of not less than 30 days from the date the notice is delivered or mailed ~~~ithin which ~3orrower must pay all sums secored by ~ this Security Instrument. lf 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 shal) have the right to have enforcement of rhis Security Instrument discontinued at any lime prior to the earlier of: (a) S days (or such other perioci as applicable la~~~ may spec~fy for reinstatement) before sale of'the Property pursuant to any power of sale contained ir this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays I.ender all sums which then would be due under this Security Instrument and the Note had no acceleration occiirred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable aftorneys' fees; and (d) takes such action as Lender may reasonably require t~ assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's z 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 occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. BOOK 51~ PAGE 930 - ~