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HomeMy WebLinkAbout0950 • . . . ~ !f Lendc~ reyuired mortgage insurance as a condition of making the loan secured by this Cecuriry In- scrumenc, Rorrower shatl pay the premiums required to maincain the insurance in effect until suct~ time as a requirernent for ehe insurance cerminate$ in accord3nce wich Horrower's and Ixnder's vvritcen agreement or applicable law. 8, lnspection. l.cncler or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior co an iaspection specifying reasonable cause for the inspeccion. 9. Condemnation. The proceeds of any award or claim for damages, direct c~r consequencial, in connection with an~~ cundemnacion or other [aking of any part oE the Propercy, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid t~~ Lender. In the evcnc oi a cota! taking of ~he Property, che proceeds shall be applied co the sums secured by this Security Instrumen~, whether or not then due, wich any excess paid u~ &~rruwer. ln the e~ enc uf a partial caking of the Prupcrty, unless Borrower and Lender otherwise agree in writing, the sums secured by chis Secvrity Inscrument shall be rec~uced by the amounc of the proceeds mulciplied by the following Eractiorr: (a) che tutal amount of the sums secuied immediacely before caking, divided by /b} the fair market vatue of the Property immediately before the taking. Any balance shall be paid to Borrower. , If the Prnperty is aband~iied by Borrower, or if, after nocice by Ixnder co Borrower that the condemnor offers co make an award or settle a claim For damages, Borrower fails to respond to I.ender within 30 days after the date the notice is given, l.ender is authorized co colfect and apply the proceeds, ac its option, either to resroracion or repair uf che Property or cu the sums secured by this Security Instrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any applicacron of prexeeds to principa! shal) not extend or pascpc~ne che due dace of the monthly payments referred ro in paragraphs 1 and 2 or change che amuunc of such paymencs. 10. Borrower Not Released; Forbearance $y Lender N~t a Waiver. Extensi~n of c{ie time for payment or mc~dification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operace ce release che liability of the original Borrower or Borrower's successors in interesc. Lender shall not be required co com~nence proceed:'ngs againsc any successor in interesc or refuse toextend cime for paymenc or otherwise modify amorcixarion of che s~ms secured by this Security Inscrument by re~son of any demand made by che origi~al Borrower ' ~pr Borrower's sutcessurs in iriterest. Any furbearance by Lender in exercising any righc or remedy shal! not be a waiver of or i preclude che exercise of any right or remedy. j i l. Successors and Assigns Bound; Joinc and SPVeral Liability; Co-signers. The covenants and agreements of chis i Security Instrument shalt bind and benefit the successors and assigns of Lender and Dorrower, subject to the provisions of ~ paragraph 17. Borrower's covenancs and agreemencs shal! be joinr and several. Any Borrower who co-signs this Security Inscrumenc but does not ~xecute che Note: (a) is co-signing chis S~ecurity lnstrumenc only to morcgage, grant and convey thac i Borrower's interesc in the Property under the cerms of chis Securicy Inscrumenr, (b) is noc personally obligaced to pay the ~ sums secured by this Security Instrurrsent; and (c) agrees chat Lender and any other Borrower may agree t~ extend, madify, forbear or make any accomme~dations with regard to the cerms of chis Security Instrumenr or the Nore without that Borrawer's consenr. 12. Loan Charges. lf 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 ur other loan charges collected or to be collected in connectio~ with che loan exteed the permit[ed limits, then: (a) any such loan charge shall be reduced by che amuunt necessary to reduce the charge to the permitted limit; and (b) any sums already coltected from $orrower which exceeded permitted limits wil) be refunded to Borrawer. Lender may chcfose tv make this refund by reducing the principal ~wed under che Nute or by making a direcc payment to Borrower. If a refund reduces principal, the reduction will be created as a partial prepayment withouc any prepayment charge under the Note. 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable [aws has the effect of rendering any provision of the Note or this Security Instrument unenforceabte according ta its terms, Lender, ac its option, may reqaire immediace paymenc i~~ full of all sums secarecl by this Security Instrumenr and may invoke ai~y remedies permitted by paragraph 19. If Lender exercises this option, Lender shall cake the steps speci[ied in the second paragraph of paragraph 17. 14. lilotices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing jc by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any n4tice co Lender shall be given by first class mail to Lender's address stated herein oe any other address Lender designates by notice to Borrower. Any notice provided for in chis Security Instrument shall be deemed ro have been given co Borrower or Le~der when given as provided in this paragraph. 15. Goveraing Law; Severability. "I'his Security Instrument shall be goveri~ed by federal law and the law of the jurisdiction in which the Property is located. In theevent that any provision or clause of this Securiry Instrumenc or che 1Vote conflicts with applicable law, such conflict shall not affect other provisions of this Security Inscrumenc or rhe Note wh+ch can be given effecc without the confliccing pravisi~n. To this end the provisions of this Securiry lnstrument and che Note are declared co 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 Beneficial I~terest in Borrower. tf all or any parc of the Property or any ~ inrerest in ic is sold or cransferred (or if a beneficial interest in Borrowcr is sold or transferre.d and Borrower is not a nacural , person) without I.ender's prior written consent, Lender may, at its option, require immediace payment in full of all sums secuced by this Security Ic~strs~ment. However, this option shall not be exercised by Lender if exercise is profiibited by federal . !aw as of the dace of this Security Inscrumenc. If Lender exercises this option, Lender shall give Borrower nocice of acceleration. The notice shall provide a periud of noc less than 30days from the dace the notice is delivere~ or maited within which Borrower must pay a~ sums secured by this Security Inscrument. if Borrower faiis to pay these sums prior co rhe expiracion of ehis pericxl, Lender may invoke any remedies permitted by chis Security Instr~ment withour further n~rice or demand on $orrower. 18. Borrower's Right to Reinstate. If Borrower meets cercain conditions, Borrower shall have che righc co have enforcement of this Security Inscrument discontinued at any cime prior to the earli~r of: (a) 5 days (or such other period as applicable (aw may specify for reinstatement) before sale of the Property pursuant to any power of sate contained in tl~is Sr- curity lnscrument; or (b) entry of a judgmenc enforcing this Security Instrument. Those conditions are that 8orrower: (a) pays Lender atl sums which chen would be due under this Security Instrument and the Note had no acceleration otcurred; (b) cures any default of any orher convenanrs ~r agreements; (c) pays all expenses incurred in enforcing chis Security lnstrumenc, - including, buc noc limiced co, reasonable atcorneys' fees; and (d) takes such action as I.ender may reasonably require cu as- sure chat che lien of chis Security Inscrument, Lender's rights in the Propercy and Borrower's obligation co pay the sums ~ secured by this Security Instrumenc shatl continue unchanged. Upon reinstatement by Barrower, chis Security Instrumenc and the obtigations secured hereby shatl remain fully effecrive as if no arc~leration had occurred. However, this right co reinstate shall not apply in che rase of acceleration under paragraphs 13 or 17. =,a B00% PASE ~ytU '