Loading...
HomeMy WebLinkAbout0989 a . ~ ~ ~ If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, ~ Borrower shall pay the premiums icyuired ro maintain the insurance in efTect unti) such time as the requirement for ihe ~ insurance terminates in accordance with Borrower's and L.ender's written agreement ar applicable law. ~ 8. Inspection, Lender or its agent may ;~~a!:e ~easonable entries upon and inspections of the Property. l.ender shall give Borrower natice at the time of or prior to an inspection specifying reasonable cause for the inspection. ' ; 9. Condemnation. The proceeds of any ~ward or claim for damages, direct ar conseyuential, in connection with `s any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby ' z assigned and shall be paid to Lender. K' ln the event o+F a total taking o1' 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 Lender othenvise agree in writing, the sums secured by this Security Instrument shall be reduced by ~ the amount of the proceeds multiptied by the following Praction: (a) the total amount of the sums secured immediately ~ before the taking, divided by (b) thc fair markei value of the Property immediately before the taking. Any balance shall be ~ paid to Borrower. ~ ~ If the Property is abandoned by Borrower, or if, after notice by~~.ender to Bq(rpwer that ihe condemf~::: ^~'crs to make an award or settle a claim for damages, Borrower fails to respond to,Lend~er with4n 30,c}~ys aRer the date the notice is ~ , given, Lender is authorized to collect and apply the proceeds, at itsoEitioh; either to restoration or repair of the Yroperty 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 extcnd or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Dorrower Not Released; Forbearance By Lender Not a Waiver, Extension of thc time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower'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 otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made ~ by the original Borrower 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 exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Seveeal Liability; Co-signers. The covenanis and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and I3orrower, subject to ttie provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower a~ho co-signs this Security Instrument but dces not execute the Note: (a) is co-signing this Security Instrument only tc mortgage, grant and convey _ that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay = the sums secured by this Security Instru?nent; and (c) agrees that Lender and any other Borrower may agree to extend, ~ modify, forbear or make any accornmodations with regard to the terms of'this Security Instrument or the Note without ~ that Borrower'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 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 Bnrrower ~vh~ch exceeded ; permitted limits will be refunded to Borrower. 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 wil! be treated as a partial prepayment without any prepayment charge under the Note. 13. I.egislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the efTect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, _ may require immediate payment in i'ull of all sums se~ured by this Security Instrument and may invoke any remedies 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 a~~ather 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 class mail to Lender's address stated herein or any other address Lender designates by notice to I3orrower. Any notice provided for in this Security Instrument shali be deemed to have been given to IIorrower or Lender when given as provided in this paragraph. i 15. Governing Law; Severability. This Security Instrument shall be governed by (ederal law and the law of the # jurisdiction in which the Property is located. In the event that any pruvision or clause of this Security Instrument or tlie Note conflicts with applicable law, such conflict shall not aPf'ect other provisions of this Security Instrument or the Note which can be given effect 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. , ' 1~. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Yroperty or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred an~i Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in fu1) of all sums secured by this Security Instrument. However, this op!ion shall not be exercised by Lender if exercise is prohibited by - federal law as of the date of this Security instrument. ~ If Lender exercises this option, Lender shall give $orrower 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 wl~ich Borrower must pay all sums secured by this Security Instrument. If 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 shall have the right to have enfoecement 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 5ecurity Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then wouitl b~ due under this Security Insi~ ~ment and the Note had no acceleration ~ occurred; (b) cures any default of any other covenants or agreQments; (c) pays all expenses incurred in enforcing this ~ Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may retuonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's ; obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by ~ Borrower, this 5ecurity Instrument and the obligations secured hereby shall remain fully efi'ective as if no acceleration had ~ occurred. However, this right to reinstate shall not apply in the case of acceleration ur,der paragraphs 13 or 17. ~,~05?p f,;~E0~~3 ~ 1:,. ? i.