Loading...
HomeMy WebLinkAbout0917 , , ~ . ~ ~ . • . . 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 eftect until such time as the requirement for the insurance terminates in accordance with IIorrawer's and Lender's written agreement or applicable law. 8. Inspection, Lender or its agent may make reasonable entries upon and inspections of the Property. Lender . shall give Sorro~ver notice at the time of or prior to an inspection specifying ce~sonable cause for the inspection. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in Gonnection with . any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are l~ereby , assigned and shall be paid to Lender. In the ev~nt of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lende~ otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds r.nultiptied by the following fraction: (a) the total am~unt of the sums secured immediately before the taking, divided by (b) the fair market vatue of the Property immediately before the taking. Any balance shall be ~ paid to Borrower. If the ProQerty is abandoned by Borro~~er, or if, aRer 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 aRer the date the notice is given, Lender is authorized to collect and apply tl~e proceeds, at its option, either to restorati~n or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. Unless Lender and Borrower othenvise agcee in writing, any application of proceeds to prirecipal shall not extend or postpone the due date of the monthly payments referred to in paragra~hs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extensian of the time for payment or rr?odification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Br~rro~ver shall not operate to release the liability of the ~riginal Borrower or Borrower's successors in interest. Lender shall not be required to commence Qroceedings 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 originul Borrower or Borrowe:'s success~rs in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preciude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Several Liabittty; Co-signers. The covenants and agreements of this Security Instrument shal! 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 jdint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co•signing this Sect~rity Instrument only to mortgage, grant and convey ; that Borrawer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay ! the sums secured by this Sec~urity Instrument; and (c) agre~es 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 Borrower's consent. . ~ 12. Loan Charges. If the Ican 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 cha~ges collected or to be collected in ~ connection with the ioan exceed the permitted limits, tt?en: (a) any such loan charge shall be reduced by the amount ~ necessary to reduce the charge to the permitted timit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to I3orrower. 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 wili be treated as a ' partial prepayment without any prepayment charge under the Note. ° 13. Legislation Affecting Lender's R3ghts. If enactment or expiration of applicable laws has the eftect of ~ rendering any provision of the Alote or this Security Instrument unenforceable according to its terms, Lender, at its option, ; ~ may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies permitted by. paragraph 19. If Lender exercises this aption, Lender shall take the steps specified in the second paragraph of ~ paragraph 17. " 14. Notices. Any notice to Borrower provided for in this Security Instrume~it 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 designates by notice to Lender. Any notice to Lender shall be given by first cl~ss mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 15. Governing Law; Severability. This Security Instrament 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 c!ause 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 efTect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of the Property or a Beneftcial ~nterest in Borrower. If all or auy 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 Borrower is not a natural person) without Lender's prior written consent, I.ender may, at its option, require immediatc 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 ot'the daee of this Security Instrument. - If Lender exercises this option, Lender shall give Boreower notice of acceleration. The notice shall provide a pcriod of not less than 30 days from the date the notice is delivered or mailed within which F3orrower must pay all sums secured by ttiis Security Instrument. If Borrower fails to pay these sums prioc 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 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 specify 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) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceteration _ occurred; (b) cures any defavlt of any other covenants or agreements; (c) pays al) expenses incurred in enforcing this Seaurity Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably require to assure that the tien ot' this Security Instrument, Lender's rights in the Property and Borrower's < obligation to pay the sums secured by this Security tnstrument shall continue unchanged. Upon reinstatement by ~F Borrc,wer, this Security Instrument and the obligations secured hereby shall remain fully effective as if no ac..eieration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. BOOK PACE t7~~ BOOK ~OO ~ACE~~~1, g~oK ~l~i~ PA(;f i~~i.~