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HomeMy WebLinkAbout0935 . ~ ~ 1P I.ender required mortgage insuranoe as a condition of makiag tbe loan securod by this Socurity Instrument~ ; Borrower shall pay the premiums roquirod to maintain the insurancc in e~'oct until such time as the ra~uirement for the ~ insurance tenninata in accordance with Hocrower'~ and Lender': wcitten agramtnt or applieabk law. 8. IaspectloA. Lender or its agent msy m~lce reasanabk entriea upon and inspection.e of the Property. I.ender shali ~ive Bonower notice at the time of or prior to aa inspoction spocJying reasonabk cause for the inspoction. Coademaation. The procads of any awud or claim for damages. dire~t or consequcntial, in oonnxtion with any condemnation or ather taking ot any part of tbe Properiy. o~ for c;onveyana ia lieu of condemnation~ are hercby ~ assigned and shall be paid to Le~der. In the event of a total taking of the Property, the Procceeds shall be ap{~liod to the aums securod by thia Sa,urity 3 lnstrument. whether or not then .due. with any exoas paid to Bonower. In the eveat of a partial taking of the Property. ; unless Borrower and Lender otherwise agra in writing, the sums socurod by this Socurity Insttument shall be roducod by + the amount of the proceeds multepliod by the following fractioa: (a) the Wtat amount of the sums secured immodiately beCore thc t~king, divided by (b) the fair muket value of the Property immed'sately btfon the taking. Any balana sha11 be paid to Borrower. ~ If the Property is abandoned by Borrawer, or if, atter notia b~r Leader co Borrower that the condemnor o~'ers to make an award or settfe a claim for damsges. ~iorcower fails to respond to La~der within 30 daya atter the date thc notice is ~ given~ Lender is authocizod tu colloct and apply the procads, at its optian, eithsr to ratoration or repair of the Property or ~ to the sums secured by this Security Instrumrnt. whethFr or not thai due. ~ Unless Lender and Bonower otherwise sgnoe in writiag. any application of procads to principal shail not extend or ~ pcutpone the due date of the monthly paymen?s referred to in pangmphs 1 and 2 or change the sunount of such payments. 10. Borrower Not Relessed; Forbeanu~ce By I.eade.r Not a Wai~er. Extension of the time for paymeat or modification of amonization of the suroa secured by thia Socurity Instrument grantod by Lender to any successor in interest of Horrower shall not operate to release the liability of the original Borrower or Bonower's suocessots in interest. Lender shall not be required to commence proceedings against any successor in int~rest or refuse to extend time for payment or otherwise modity amortization of the sums s~curod by this Sxurity Instrument by reawn of any demand made ~ by the original Borrower or Borrowu's successors in interest. Any forbearance by I.ender in exercising any right or remody shall not be a waiver of or preclude the exercise oFany right or nmody. 11. Successors aad Assigns Bound; Joint and Sereral Liabillty; Co-~Igoen. The covenants and agraments of this Security Instrument shall bind and benwt ihe sucr.esssors and assigns of I.endu ~nd Bonower~ subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and sevetal. Any Borrowct who co-signs this Socurity Instrument but does not execute the Note: (a) is co-signing this Sxurity Instrument only to mortgage. grant and convey that Borrower's interest in the Property under the terms of tbis Socurity Instrumrnt; (b) is not personally obligatod to pay the sums secured by this Security Instrument; and (c) agras that Lender and any other Bonower may agree to extend. modiCy, forbear or make any accommodations wit6 ragard to the temns of this Sccurity Instrument or the Note without that Borrower's consent. 12. I.aan Cfiarges. If the loan stcurod by this Socurity Instrument is subjoct to a law which sets maximum loan ~ charges. and that law is finally interpr~ted so that the interest or other laan charges collectod or to be collectod in { connection with the loan exceed the permitted liaits, then: (a) any such loan charge shall be reduced by the amount ~ necessary tu reduce the charge to the peRttiltod Gmit; and (b) any sums already collected from Borrower which excaded ; permitted limits will be r~funded to Uorcower. Lender may ehoose to make this refund by reducing the principal owod under the Note or by making a direct payment to Borrowu. If a refund reduces principal. the reduction will be treatod as a partial prepayment without any prepayment charge under the Nota 13. Legislation Affectiag Lender's Rig6ts. If enactment or cxpiration of applicable laws has the eBect of rendering any provision of the Note or this Socurity Instrument unenforceable according to its terms, Lender, at its option, ; may require immed'eate payment in full of all sums s+ecured by this Socurity Instrument and may invoke any remedies ~ Qermitted by paragraph 19. If Lender exercises this option, Lender shall talce the steps spocified in the sccond paragraph of , paragraph 17. 14. NoNces. Any notice to Borrower providod for iu this Security Instrument shaU be given by delive~ing it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be diroctod to the ~ Property Addrws or any ot}xr address Bonower designates by notice to Lender. Any notice to Leader shaU be given by first class mail to Lender's address statod herein or any other address Lender dosignates by n~tice to Bonower. Any notice provided for in this Saurity Instrument shall be damcd to have oan given to Bonower or Lender whe,i givcn as providod in this paragraph. 15. Gorerniag Lar+, Sererabiltty. This Socurity Instrumcnt shall be governod by federal law and the law ~f the ~ jurisdiction in which the Property is located. In the event that any provision or clause of this Sxurity Instrument or the Note conflierz with s~~;::~ :ble'~:v, sueh conflict shall not aB'xi other provisions of this Sxurity Instrument or the Note _ which can be given effect without the conRicting provision. To th'ss end the provisions of this Security Instrument and the Note are declared to be severable. . 16. Borrower's Copy. Bonower shalt be given one conformed copy of the Note and of this Sxurity Instrument. l7. Trauafer of the Property or a Beaeficla! ~nterat iu ~orrower. If all or any part of the Property or any interest in it is sold or transferred (or :f a bene~cial interat in Bonower is sold or transferred and Borros~vtr is not a natural person) without Ltrader's prior wr~tten consrnt~ Lender raay. ai its option~ require immediate payment in full of all sums socured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is pro6ibited by federal law as of the ds~te of this Security Instrument. If I.ender exercisa this option, Lcnder shaU g~ve Borrower 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 which Borrower mu'st pay all sums ucured by this Security Instrument. lf Boreower tails to pay these ~ums prior to the expiration of this period, I.ender may invoke any remedia permitted by this Socurity Instrument without further notice or demsnd on Borrower. 18. BonoMer's Rigbt to Reinstatt. If Borrower mests cenain conditions, Borrowu shall have the right W F.ave enfercement of this Security Instrument discontinued at any time prior to the earlier of: (a) S days (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale containod in this Security )nstrument; or (b) entry of a judgment entorcing thia Security Inatrumrnt. Those conditiont ue tlut Borrower: (a) pays Lender aU sums which then would be due under this Security lnstrument and the Note had no acteleration occurred; (b) cures any defeult of any other covenants or agreemrnts; (c) pays all expenses incurred in en;orcing this Security Instrument~ including. but not limitod w~ resaonable sttorneys' foes; snd (d) talces such action as Lrnd=r may reasonably require to assure that the lirn of this Socurity Instrumrnt, Lrndu's rights in the Property and Horrower'a obligation to pay ths sums socured by this Socurity Instrumrnt shall continue unchangcd. Upon ranststement by Borrower~ this Security Instrument and the obligations sacured hueby shall remain fully ~ective as if no acceleration had occurred. However, this right to rcinstate shall not apply in the cau of aoccltration under ot : P~09~4 , - . . . .~__._.}.T..~.