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HomeMy WebLinkAbout0983 . . ? If Lender required mongage insurance as a condition oC making the loan securcd by this Security Instrumc~t, Borrower shall pay the premiums required to maintain the insurance in efFect until such time as the requirement for the insurance terminates in accordance with Borrov?~et's and Lender's written agrcement or spplicable law. 8. Inspection, Lendec or its agent may make ressonable entries upon and inspections of the Property. I.ender shall give Sorrower notice at the time of or prior to an inspection spocifying reasonable cause for the inspection. 9. CondemnAtton. The proceeds of any award or ctaim for damagcs, direct or consequential. in connection with any condemnation or other taking of any part of the ~roperty. 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. tht proceeds shall be applicd to the sums secured by this Security lnstritment, whether or not then due. with any excess paia to Borrower. In the event of a partial taking of the Property. unless Borrower and Lender otherwiu agrec in writing, the sums secured by this Security Instrument shaU be reduceci by the amount of the proceeds multiplied by the following fraction: (a) the totai amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Propeny immediately before the taking. Any balance shall be paid to Borrower. If the Aroperty is abandoned by Borrower, or if. aRer notice by Lender to Borrower that the condemnor oft'ers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair oPthe Property or to the sums secured by this Security Instrument, whether or not then due. Unfess Lender and Borrower otherwix agrce in writing, any application of proceeds to principal shall not extend or postpone the due date oPthe monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By I,eeder 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 Bc~rrower shatl not operate to release the liability of ihe origin~l Borrower or Borrower's srccessors in interest. Lender sttall 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 Barrower 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 Serernl Liability; Co-slgners. The covenants and agteements of this Security Instrument shall 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 joint and several. Any Borrower who co-signs this Security Instrument but dces not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrawer`s interest in the Property under the terms of this Security lnstrument; (b) is not personally obligated to pay the sums secured by this Security Inatrument; and (c) agrees that I.ender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument ~r 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 maxir~~~. charges, and that law is finally interpreted so that the interest or other toa~ charges colleeted or to be collected in connection with the loan excced the permitted limits, then: (a) any such loan charge shatl be reduced by the amount = necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may cho~se to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. IFa refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. Legistation Atiecting I,ender's Rights. If enactrrtent or expiration of applicable laws has the ePfect of re~~Pnng any pr~?vision of the Note or this Security Instrument unentorceable 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, L,ender 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 ficst class mai! 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 I.ender. Any notice to I.ender shall be given by ; first class mail to I.ender's address stated herein or any other address Lender designates by notice to Borrower. Any notice ' provided for in this Security Instrument shalf be deemed to have been given to Borrower or Lender when given as provided in this paragraph. I5. Governing T.aw; Seversbility. This Security Instirument shall be governed by federal !aw and the law of the jurisdietion in which the Property is located. In she event that any provision or clause of this Security Instrument or th~ Note conflicts with applicable law. such conflict shall not affect other provisions of this Stcurity Instrument or the Note which can be given effect without the canflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. I I6. Borrower's Copy. Borrower shall be given one conPormed copy of the Note and of tnis Security instrument. ~ : 17. 7'ransfer of the Property or a Beneficial Interest in BorroMer. If all or any part of the Propeny or any ; ` interest in it is sold ot transferred (or if a bentficial interest in Borrower is sold or transferred and Borrower is nat a natural person) without Lender's prior written consent, Lender may. at its option, requirc immediate payment in full of al) sums secured by this Security Instrument. Nowever, this option shall nor be exercised by I.ender if exercise is prohibited by federal taw as of the date of this Security Instrument. If Lender exercises this option, Lende: s!!all give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivercd or mailed within which Borrower must pay att sums secured by this Security Instrument. If Borrowtr fails to pay these sums prior to the eapiration of this period, I.ender may invoke any remedies permitted by this Securi:y instrument without fu~ther not:ce or dsmand on Borrower. 18. Borrower'a Rlgbt to Reidstate. If Borrower mcets certain con+ditions, Borrower shall have the right to have enforcement of this Sccurity Instrument discontinued ~t 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 sate contained in this Security Instrument; or (b) tntry of a judgment enforcing this Socurity Instrument. Those conditions are that Horrower: • (a) pays Lender aU sums which then would be due under this Security Instrument and the Note hsd no ar,celeration occurred; (b) cures any default of any other covenants or ageemrnts; (c) pays all expenses incunod in enforcing this Security Instrumtnt, including~ but not limit~d to, reasonable attorneys' fas; and (d) takes such aetion as Lender may reasonably require to assure that the lien of this Secvrity Instrumcnt~ Lender's rights in the Property and Borrower's obligation to pay the sums securod by this Security Instrummt shall continue unchangod. Upon reinstatement by Borrower~ this Security Instrument and the obligations ucurod hereby shal! remain fully effective as if no aaceleration had ' occuned. However, this right to reinstate shal! n 8~pg~ in the P of scceleration under parsgraphs l3 or 17 ~ KD 23 a~0977 ~