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HomeMy WebLinkAbout0943 If Lender required mortgage insurance as a condition of making the loan secured by this Security lnstrument, Borrower shall pay the premiums required to maintain the insurance in elTect until such time as the requirement for the insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifjring reasonable cause for the inspcctian. 9. Condemnation. The procreds 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 Prope~ty, ihe 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 partiai taking of the Property. unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds mulliplied by the fo)lowing 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 Bonower, or if. aRer notice by Lender to Borrower that the condemnor offers to make an award or settle a ctaim for damages, Borrower faits to respond to Lender within 30 days afler the date !he notice is given, Lender is authorized to collect and apply ihe 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. Uniess Lend~r 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 Reteased; Forbearance By I,ender Not a Wsiver. Extension of the time for payment or modification oP amoriization 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 c~mmence 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 o!'or preclude the exercise of any right or remedy. 11. Successors and Assigns Baund; Jotnt and Several Liability; Co-signers. The covenants and agreements 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 j Instrument but dces not execute the Note: (a} is co-signing this Security Instrument only to mortgage, grant and convey ; that Borrower's interest in the Property under the terms of this Security Instrumenr (b) is not personally obligated to pay t the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, ~ modify, forbear or make any accommodations with regard to the terms of this Security lnstrument or the Note without ~ that Borrower's consent. ~ 12. Loan Charges. If the loan sec~red by this Security Instrument is subject to a law which sets maximum loan ~ charges, and that law is finally interpreted so ihat 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 Borrower which exceeded ~ permitted limits wiU be refunded to I3orrower. Lender may choose to make this refund by reducing the principal ow~ed ~ under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reductioa will be treated as a partiai prepayment without any prepaymeni charge under the Note_ !3. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the eff'ect of rendering any pravision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, ''s 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 shati take the steps specified in the second paragraph of paragraph 17. t 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 another 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 Borrower. Any notice ; provided for in this Security instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the I Note conflicts with applicable law, such conflict shall not afi'ect other provisions of this Security Instrument ar the Note ~ which can be given efTect without the conflicting provision. To this end the provisions of this Security tnstrument and the ~ Note are declared to be severable. lb. Borrower's Copy. Borrower shall be given one conformed capy of the Note and of this Security Instrument. 17. Transfee of the Property or a Beneficial kiterest in Borrower. If all or any part of the Property or any ~ E interest in it is sold or transferred (or if a beneficia! 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 Instroment. However, this option shal! not be exercised by Lender if exercise is prohibited by ~ I federa{ law as of the date of this Security Instrument. , f If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a peric~d ~ i of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by ; this Security instrument. lf $orrower faits to pay these sums prior to the expiration of this perioci, Lendcr may invoke any ' remedie,~s permitted by this Security Instrument without further notice or demand on Borrower. l8, Borrower's,Right to Reinstate. If Borrower meets certain conditions, Barrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the eariier of: (a) S days (or such other pcriod as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are thai Borrower: (a) pays Lender all sums which then would be due under ihis 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 Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as I.ender may reasonably 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 shait continue unchanged. Upon reinstatement by _ Borrower, this Security Instrument and the obligations secured hereby shall remain Pully effective as if no acceleration had " oceurred. However, this right to reinstate shal) not apply in the case c~f acceleration under paragraphs 13 or 17. ~ EK0530 P~GEOg42 _ . ~ ~ - - - _ --~,~,..._~k:..__. , . .