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HomeMy WebLinkAbout0971 If Lender required mortgagc insurancc sa a condition of making the loan secured by thls Security Instrument, Borrower shall pay the premiums requirod to cnaintain the insuranve in effcet uatil such time as the requiremcnt for the insurance terminates in accordance with Horrower's and I.ender's written agram~,,: or applicable law. 8. Inapectlon. Lender or ita agent may make reaaonable rntries upon and inspections of the Property. Lender shaU give Borrower notice at the time of or prior to an inspection specifying reasonabk cause for the inspoction. 9. Condemaation. The procads of any award or cIaim for damages~ direct or consequentiil, iri connxtion with any condemnation or other taking of any part of the Property, or for conveyance in lieu of candemnation, are hereby assig,~ed and shall be paid to Lender. In the event oC a total taking of tha Property, the procxeds shall be applied to the sums secwed by thia Security Instrument~ whether or nQt then due~ with any excess paid to Borrower. In the event of a partial taking of the Property~ unless Bonoaer snd Lender otherwise agoe in writing. the aums socurod by this Security Instrument shall be roducod by the amouni of the proceeds multiplied by the following fraction: (a) the totsl amount of the auma socured immediately botore the taking, divided by (b) the fair market valuc of the Property immodiately beforc thc taking. Any balana shall bc paid to Borcower. If the Property is abandoned by Bonower. or J. after notia by Lender to Borrower that the cortdemnor o~'crs to ~ make an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days aRer the date the notice is given. Lender is authorized to collect and apply the prooeeds, at its option, either to restoration or repair of the Property or to the sums secured by this Sccurity Instrument, whether or not then due. Unless Lender and Bonower otherwise agra in ~writing, any application of procoeds to principal shall not extend or postpone the due date of the monthly paymeats referred to in p~ragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Releseed; Forbe~unu~oe By I~ender Not a Wai~er. Eatension of the time for payment or modi6cation of amortization of the sums securod by this Socurity Instrument granted by Lender to any su~ces.sor in interest of Borrower shall not operate to releast the liabiGty of the originat Bonower or Horrower's successors in interest. Lender shall not be roq~ired to commence procoedings against any suocessor in interest or refuse to cxtend 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 Bonower's successors in interest. Any forbearance by I.ender in exercising any right or remaly shall not be a waiver of or preclude the exercise of any right or remedy. 11. Sncc~essors and Aeatps Bound; Joint and Se~eral I~abiUty; Co-sigaers. The covenants and agrocments of this Security Instrument shall bind and bene8t the succe:ssa. ~ and assigns of Lender and Borrower, subject to the provisions of paragraph 17.. Borrower's cavenants and agreea?ents shall be joint and several. Any Honower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Socurity 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 the sums secured by this Socurity Instrument; and (c) agroes thet I.ender and any other Bonower may agra to extend, modify~ forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's conseni. 12. I.o~n G'hs~rges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collecte~ or to be collected in connection with the loan excoed the permittod limiis~ then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to. the permittod limit; and (b) any sums already colloctal from Borrower which excxedai permitted limits will be nfundod to Bonower. 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 refund reduces principal, the raduction will be treated as a , partial prep~yment without any prepayment charge under the Note. 13: Leg[slaNon Affecting Lendec's Righb. If enactm~nt or expiration of applicable laws has the etFect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender~ at its option, may roquire immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies f permitted by paragraph 19. If I.ender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Notices. Any notice to Bonower providod 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 shali be directed to the Property Address or any other address Bonower 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 Len~~s designates by notice to Borcower. Any notice provided for in this 5ecurity Instniment shall be deemed to have bcen given to Borrower or Lender when given as provided in this paragraph. - 1S. Gorerning I.aw; Se~erability. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is focated. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Bonor?er's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. - 17. Transfer of t6e Property or a Bene6cial Iaterest in Borrower. 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 transfened and Bonower is not a natural person) without Lender's prior written consent~ Lender may, at its opiion, require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrumeni. If Lender exercises this option, I,ender shall give Borrower notice of acceleration. The notice shall providt a period of not less than 30 days from the date the notice is delivered or mailed within which Borcower must pay all sums secured by this Security Instrument. If Bonower fails to pay these sutns prior to the eapiration of this period, Lender may invoke any remedies permitted by thSs Security Instrument without further notice or demand on Borrower. 18. Borrower's Rlgtit to Retnsbte. If Borrower mcets ctrtain conditions, Borrower shall have the right to have cnforcement ot this Security Instrument discontinusd 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 contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Honower: (a) pays Lender all sums which then would be due under this Security Instrumtnt and the Note had no acceleration occurred; (b) cures any default of any other covenants or agroements; (c) p~ys alt expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fces; and (d) takes such action as L.ender may reasonably require to assure that the lien of this Security tnstrument, Lender's rights in the Prop~rty and Borrower's obligation to pay the sums secured by this Security Instrument shall oontinue unchangod. Upon reinstatement by Borrower, this Security tnstrument and the obligations socured hereby shall remain fully effective as if no acceleration had axurrod. However, this right to reinstate shall not apply in the case of accelcration under paragraphs 13 or 17. . ~053 i PAGEO970 , _ _ . _ . . . _ . 4 ~ - ~ - ~ ~ ~ ! -