Loading...
HomeMy WebLinkAbout0981 ~ If l.ender required mortgage insurance as a condition oP making the loan secured by this Security Instrument, ~3orro~ver shall puy the premiums required to maintain the insurance in effect until such time as the requi~ement for the insura~ice terminates in accordance with Borrower's and Lender's written agreement or applicable Iaw. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give IIorrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Candemnetton, The proceeds of any award or claim for damages, direc;t 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 totai taking of the Property, the proceeds shall bc applied to the sums secured by this Security Instrument, whether or nat thsn due, with any excess paid to Borrower. In the event of a partial taking of ihe Yroperty, unless Borrower and Lender otherwise agree in writing, the sums sec:ured by this Security Insirument shall be reduced by the amount of the proceecls 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 before the taking. Any balance shall be paid to Borrower. ` If the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower that the condemnor oflers to . make an award or settle a claim for datna~es, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect anc! apply the proceeds, at its option, either to restoration or repair of the Property or to the sums sec:ured by this Security Instrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any appticatian of proceeds to principal shall not extend or postpone the due date of the monthty payments refeered to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By I.ender Not a Wafver. Extension of the time for payment or rnodification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shail 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 remecly. ~ ll. Successors and Assigns Bound; Joint and Several Liabflity; Co-signers. The covenants and agreements of this Security Instrument steal! bind and benefit the successors and assigns of Lender and Aorrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be jaint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a~ is casigning this Security Instrument only to 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 s the sums secured by this Security Instrument; and (c) agrees that I.ender and any other Borrower may agree ro 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 loan secured by this Security Instrument is subject to a law which s~ts maximum loan ~ charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in ~ connection witt~ 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 petmitted limit; and (b) any sums already callected frQm Borrower which exceeded 3 f 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 cefund reduces principal, the reduction will be treated as a ~ ` partial prepayment without any prepayment eharge under the Note. ` 13. Legislation At~'eetIng 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 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 remedie~ ' ' rmitted b ara ra h 19. If Lender exercises this o tion, Lender shall take the ste s s cified in the second ara ra h of ~ pe Y P 8 P P P Pe P B P # ~ paragraph 17. ~ 14. Notices. Any notice to Borrower provided for in this Security Instrument shal) be given bS~ d~livering it or by ! mailing it 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 noiice 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 Instrument shall be deemed to have been given to Barrower or Lender when given as provided ~ ( in this paragraph. . 15. Coverning Law; Severability. This Security Insirument shall be governed by federal law and the law of the jurisdiction in which the Property is located. In the event tl~at any provision or clause of this Security Instrumerzt or the ` Note conflicts with applicable law, such coraflict shall not affect other provisions of this Security Instrument or the Note which can be given e~'ect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Barrower's Copy. Borrower shall be given one conformed copy of the Nate and of this Security Instrument. ~ l7. Tr~nsfer of the Property or a BeneficIal Interest in Boreower. 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 Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. Nowever, this option shall not be exercised by Lender if exercise is prohibited by federal law as af the date of this Security ?~nstrument. If Lender exercises this option, Lender shali give Borrower notice of acceleration. The notice shail provide a period of not less than ~0 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 expiration of this period, Lender niay invo4ce 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 conta?ned in this Security tnstrument; or (b) entry of a judgment enforcing this S~curity Instrument. Those canditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security tnstrument, including, but not limited to, reasonable attorn~ys' fees; and (d) takes such action as L,ender may reasonably requite to assure that the lien of this Security I~nstrument, Lender's rights in the Properly and Borrower's obfigation to pay the sums secured by this Security Instrumei~t shall continue unchangecl. Upon reinstatement by Borrower, this Security lnstrument and the obligations secured hereby shall remain fuily effective as if no acceleration had occurred. However, this right to reinstate shall not apply in tlie case of acceleration under paragraphs 13 or 17. - ~ eK~522 PA6E097~