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HomeMy WebLinkAbout0987 ' ~ ' ~ If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, [iorrower shall pay the premiums required to maintain the insurance in eflect untii such time as th~ rec~uirement for the insurance terminates in accordance with Borrowet's and Lender's written agreement or applicable law. 8. Inspection. Lender or its agcnt may make reasonable entries upon and inspections of the Propcrty. Lende~ shall give Borrower notice at the time of or prior to an inspection speciPying reasonable causP for 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 of the Property, the proceeds shall l~e applied to the sums secured by this Security InstrUment, whether or not then due, with any excess paid to Borrow~r. In the event of a partial taking of the Property, unlESS Borrow•er and Lendcr otherwise agree in writing, the sums secured by this Security Instrument shaU be reduced by the amount of the proceeds multiFlied by the following fraction: (a) the total amount of the sums secured immediately beforc the taking, divided by (b) the fair market value of the Property immediatcly before the ta'king. Any balance shall be paid to Borrower. ~ If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respc~nd to Lender within 30 days after the date the notice is given, Lender is as~thorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property 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 extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forb~arance By I,ender Not a Waiver. Extension of the 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 origina) Borrower or Horrower'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 atherwise 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 forbearanc2 by Lender in exercising ar.y right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Successors and Assi~ns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this Security Instrument shal! bind and b..nefit the successors and assigns of Lender and Borrower, su~ject to the pruvisions of paragraph 17. Borrower's covenants 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 convey that Borrower's interest in the Praperty under the terms of this Security Instrument; (b) is not personalty obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or malce 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 sets maximum loan E charges, and that law is finally interprettd 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 chaege to the permitted limit; and (b) any sums already eollected from Borrower whieh exceeded permitted limits will be refunded to Borrower. Lerider may choose to make this refund by reducing the principa! owed 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 prepayment charge under the Note. 13. Legislation Af~ecting Lender's Rig,hts. If enactment or expiration of app]icable 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 remedies permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Notiees. Any notice to Horrower provided for in this Security Instrument shall be given by delivering it or by rnailinp, 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 notice to L~nder. 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 [nstrument shall be deemed to have been given to Borrawer or Lender when given as provided = ~ in this paragraph. ~ ~ 15. Governing Law; Severability. This Security Instrument shall be governed by federa! law and the law of the ~ jurisdietion in which the Property is lac>ated. In the event that any pro~~ision or clause of this Security Instrument or the ~ Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Insirument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Ser_urity Instrument and the ~Iote 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 Benefisiel Interest in Borrower. If aU 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 iransferred and Borrower is not a natural person) without I.ender'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 of the date of this ~ecurity Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not I~ss than 30 days from the date the notice is delivered or mailecl within which Borrower must pay afl 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 Retnstate. If Harrower meets certain conditions, Borrow~r 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 applicadle law- may spec~fy for reinstatement) before sale of the Property pursuant to any power of sale containeci in this Security lnstrument; or (b) eniry of a judgment enforcing this Securiry 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 acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all eapenses 2ncurred in enforcing this ~ Security Instrument. including, but not limited to, reasonable attorneys' fees; and (d) takes such aciion as Lender may reasonably require to assure that the lien of this Security Instrum~nt, I.ender's rights in the Praperty and Borrovs~er's obligation to pay thc sums secured by this Security Instrument shall continue uruhanged. Upon reinstatement by Borrower. this Security Instrument and the obligations secured hereby shal! remain fully effective as if no acceltration had occurred. However, this right to re~nstate shall not apply in the case of a~e~r~~2 2 ap~~~~ ~aQh~13 or 17 ~ -i„~.~.•~;,~-.;.=r._,.~..,,~~-~.,,~,y...,,,~. y..~r . . . . . _,.~-.,s. _ _ .x~...~_ . .