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HomeMy WebLinkAbout0988 • r ~ I?ny amounts disbursed by Lender unde~ this paragraph 7 shall became additianal debt of Horrower secui~ed by this Secu~iry : Iry~lrur~eni. Unless Bonower and l.ender agree to cxhe~ tcm~s of payme~t, lhese amounts shatl bear interest from the date oFdisbu~enxnt at thc Nac ~tc and shall be payable. with interest. upon naice from Lender to 8orrower requcsting payment. ` If L.ender rcquired mottgage insurance as a condition of making the loan secured by this Secu~ity Instrun~ent, Borrower sh~ll pny the premiums required ta maintain the insurance in ef~'ect until such time as the requirement for the insurance terminates in arcordanc~e with Borrowe~'s at~ l.cndcr's written agrecrt~rt or applicablc law. ~ 8. lnspeMbn. I.cnder o~ its agent may make reasonable entries upon and inspectioas of the Propeny. l.encier shall givc Bc~rrower natice at the time of or pfior to an inspection specifying ~easonabte causc for the inspection. 9. Condemnatlon. Tt~e proceeds of any award ot~ claim fw damages, direct or con~equential, in connectiui with any conckmnation or aher t~king of any pan of the, Propeny. or for conveyance in lieu of condemnation. are hereby assigned and xhaH be paid to L.ender. In the event of a twal taking of the Propeny. the proceeds shatl be applieci to the sums serured by this Security lnstrument, whether or not then due. with any exress paid to Borrower. !n the event of a partial taking af the Properly. unless Borrower and ~ L.ender Mherwise agree in writiqg, the sums secured by this Securiry Instrumenl shall be reduc~d by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sumx secured immediately before the taking, divided by (b) the fair market vatue of the Propeny immediately before the taking. Any balance shall be paid to Borrower. If the P~openy is abandoned by Borrower, or if, after noticc by L.ender to Borrower ihat thc condemnor offcrs to make an award or settle a claim for damages, Borrower faits to respond to l.ende~ within 30 days after 1he date the natice is given, Lender is authorized to collect and apply the proceeds, at its option. either to r~staration or repair of the Propeny or to the sums secu~ed by this Security Instrument, whether or not then due. Unless l.ender aad Borrower dhervvise agree in writing. any application of proceeds to principal shall nW extend or postpone the due date of the monthly payments referred to in paragrnphs 1 and 2 or change the amount ot such payments. 10. Borrowe~ Not Releas~ed; Forbes~rance By I.ende~ Not a Wai~er. Extension of the time for payment or modification of amortization of the sums secur~d. 4Y. tj~is Security Instrument granted by L.ende~ to any successor in interest of Borrower shall not , operat~ to'~etea~e the liability~fithe original Borrower or Borrower's successors in interest. L.ender shall not be required to commence prc~e~diA~,~~~~j~jr~~~~ interest or refuse to extend time for payment or otl~nvise modify amortization of the sums secured by this Sa~d1~~ of any demand made by the original Borrower or Bomower's successors in inte~est. A~y forbeararxe 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 Bound; Jolnt and Several Liabllity; Co-signers. 'fhe covenants and ag~eements of this Security - , Instrument shall bind arrd benefit the successors and assigns of Lender and Sorrower, 'sut~jec~ to tl~e_provlsions b~'paragraph 17. Borrower's covenants and agi~inents shall be joint and several: Any Borrower whc~ casigns this Security' Instrument but does not exer'~te the Note: (a) is casigning this Security Instrument only to mortgage, grant and convey that Borrower's interes~ in the Property under the terms of this Securiry Instrument; (b) is nat personally obligated to pay the sums secured by this SecU~ity Instrument; and (c) agrees that Lender and any other Borrawer may agree.to extend. modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower'~ consent. 12. Lo~in Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that law is finally iMetpreted so that the interest or other loan charges collerted or to be collected in connection with thc loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce 1he charge to the permitted limit; and (b) a~y sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. I.cnder 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 reduction will be treated as a partial prepayment wiihout any prepatyment charge under the Note. 13. LegislA~ion ARecting Lender's Rights. lf enactment or expiration of a~plicable laws has the ef~fect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, l.ender, at its option, may require immediate payment in full of all sums secured by this Security Instrument and.may imoke any remedies permitted by paragraph 19. If Lender exercises this option, L.ender shall take the steps specified in the second paragraph:of par~graph 17.' ~ ~ ~ 14. Notices. An notice to Borrower rovided for in this Securit lnstrument shall be rven b deliverin it or b mailin it ; Y P Y 8~ Y 8~ Y S~ by first class mail unless applicable law requires use of another method. The notice shall be directed to the Propeny Address or any i~ other address Bbrrower designates by notice to Lender. Any notice to Lender shatl~b~ given?by first class~mail;to L.ender'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 Lxnder when given as provided in this paragraph. 15. Governing Law; Severability. This Security Inswment 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 Nate conflicts with applicable law. s~ch conflict shall not affect other provisions of this Security lnstrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security lnstrument and the Note are declared to be severable. ~ 16. Borrower's Copy. Borrower shall be given one cooformed copy of the Note and of this Securiry Instrument. ~ 17. Traaffer of the Property or a Beneficisl Interest in Borrower. If ali o~ a~y pan of the Property or any interest in it , is sold or tranferred (or if a beneficial interest in Borrower is sold or transfcrrec! and Borrower is not a natural person) without l,ender's ' prior written consent,_ Lender may, at its option, require immediate payment in full of all sums serured by this Security Instrumem. However, this option shall not be exercised by Lender if exercise is prohibited byfederal law as of the date of this Security [nstrument. [f l.ender exercises this option, [,ender shall give Borrower notice of acceleration. The notice shall provide a period of not f~ less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Security [nstrument. If Borrower fails to pay these sums prior to the expiration of this period, l.ender may invoke any remedies permittcd by this Security lnstrument without further notice or demand on Borrawer. 1 IS. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Securiry In~strument discontinued at any time prior to the earlier of: (a) S days (or such other period as applicable law may tipecify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry 3' of a judgmeM enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender a!I sums which then would be due under tfiis Serurity Instrument and the 1Vde had no acceleration occurred; (b) cures any default of any other covenants or reements; (c) ys all ex nses incurred in enforcin this Securit instrument, includin but not limited to. reasonable attorne ~ a8 Pa Pe 8 Y B. y: ' ' fees; and (d) takes such action as Lender may reasonably require to assure that the lien of this Security Instroment, I.ender's rights { in the Property and Batrower's obligation to pay the sums secured by this Securiry Instrument shall continue unchanged. Upon Y~ reinstatement by Borrower. this Security [nstrument and the obligations secured hereby shall remain fully effective as if no acceleration ~ had occurred. However, this rigM to reinstate shall not apply i~i the case of acceleration under paragraphs 13 or_ 17. F . 4 ` ~ t ~ v _ . y . q . _ - - 3~ - ~y;. ~