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HomeMy WebLinkAbout0996 y ..r . ~.~Any artioums disbursed by l,endcc undc~ this parngreph 7 shall becomc additional d~bt af ~orrowc~ socurcd py this Security ~ Instnijnent. Unlcss Borrowe~ and Lende~ agrcc tu dher tcmu of peyment. ~hesc amounts.hali b'tar inierest trom the datc uf dixbursement at the Notc ralc and shail bc payable, with interest, upon noticc from Lende~ to Borrower rcquesting payment. '.~!f L.cnder required mortgag~ insurance as a candition of making the loan sccured by this Security lnslrument, Born~wer shull paY the premiums requircd b maintain t!?e insurance in effect until such lime as thc ~quiremeM for the insurance tertninatcs in acc~xda~ with Borrowe~'s and Lendc~'s w~ittcn ag~ccmcnt or applicabic law. 8. Inspectiw~. l.ende~ o~ its agent may makc rcasonable entrics upon and inspectians of the Propeny. l,ender sha11 givc Barrower nwicc at the time of or p~idr to an inspection specifying reasonablc c~use for thc inspection. 9. Condemtwtbn. The proc~eeds of any award or ciaim for damages, direct or consequentisl, in connection with any cc~demnation _ o~ dher taking of any pan of thc Property. or for convcyancc in lieu of condemnation. are hereby assigned anci sha!I be paid to Lende~. ' !n thc evcnt of a total taking of the Propeny. thc proceods shall bc appfied ta thc sums secured by this Security Instn,~ment, whether or not then due. with any cxcess paid ta Borrower. !n thc cvent of a parlial taking of the Property. unless Borrow~r,and [.erder othenvise ag~+ec in writing. thc sums secured by this Securiry lnstrument shall be reduced by the amount of thc proceeds multiplied by the following frnction: (a) thc taal amaunt of the sums secured immediately beforc thc taking. clivided by (b) the fair market va{uc of the Property immediately before the taking. Any balance shall be paid to Borrower. If the Propeny is abandoned by Borrower. or if. after notice by I.cnder to Borrowcr that the condcmnor offc~s to make an award or settle a claim for damages. Borrower fails to ~espond to l.ender within 3t1 days after the date the notice is given, i.ender is authorized to collecf and apply the proceeds. at its option. either to restoratiott or rep~ir of the P~operty or ro the sums secured by this Secu~iry I~strumcnt. whether or not then duc. ~ Unless Lender and Borrower aherwise agree in writing, any application of proceeds to principal shall nw extend or pa~;pone the due date of the monthly payments referred to in parngraphs 1 and 2 or rhange the amount of such payments. 10. Borrower Not Released; Forbearance By Lender Not a Waive~. Extension of the time for payment or modi~cation of amortization of the sums secured by this Security lnstrument granted by Lender to any successor in interest of Borrower shall not opernte to nelease the liability of the original Borrower or Borrower's successors in in~erest. Lender shall not be ~quirod to cammence proccedings against any successor in interest or refi~se to extend time for payment or othentirise modify amortization of the sums s~eccured by this Securiry insiniment by reason of any demand made by the origina! Somower or Bomower's succecsors in interest. Any forbearance by Lender in exercising a~y right or remedy shall not be a waiver of o~~ preclude the exercise of any right or remeciy. 11. Succe.ssors and Assigns 8ound; Joint and Severa! I.iability; Co-signers. The covenants and agreements of this Securiry Instrument shall bind and benefit the successors and assigns of Lender and Borrower. subject to tF~c provisions of pai~agraph 17. Borrower's coven~nts and agreeittents shall be joint and several. Any Borrower who~co-signs this Security lnstrumeht but daes not execure the Note: (a) is casigning this Security [nstrument only to mortgage. grant and convey that Sonower's interest in the Property under , the terms of thts Se~rity [nstn~ment; (b) is not personally obligated to pay the sums secured by this 5ecurity Instrument; and (c) ' agrees that LendCr and•_3~y other Borrower may agt~ee to extend, modity, forbear or make any accommodations with regard to the terms uf this Security IBsirument or the Nae without that Borrower's consent. It. Lostn C6arges: lt`the loan secured by this Security Instrument is subject to a law which sets max~~~~u~ loan charges, and ` that law is finall'y interpl+etsd sp that the interest or other loan charges collected or to be collected in connection with the loan exreed - the pern~itted limits. tfiea;`(a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the pertnitted limit; and (b)~iy sum~ a'~ready collected from Borrower which exceeded permitted limits will be refunded to Borrower. l.cnder may choose to make this refimd~by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal. the rediiction will be treated as a partial prepayment without any prepayment charge under the Not~. 13. - Legtst~tion ARecting I.ender's Rjghts. If enactment or expiration of applicable laws has the ~effect of rendering any provis~on of the Note or this Security instn?ment unenforceable according to its terms, Lender, ai its option, may require immediate payment in ful! of all sums secured by this Securiry Instrument and may invoke any remedies peimitted by_ paragraph t9:<.if:i.ender exercises this option,- L.ender shall take the steps specified in the second paragraph ot' paragraph~ 17. 14. Notices. Any notice to Borrower provided for in this Security.(nsw~ttent shall be given by delivering it or by~mailing it by first class mail unless applicable law requires use of anather method. The notice shall be directed to the'Property Address or any other address Bor"tower designates by-notice to Lender. Any notice to Lender. shall .b~ given by first class mail to [.ender's address stated het~eirror any,other address I.ende~Uesignates by notice to Borrower. Any natice providec~ for in ihis Security Jnstn~ment shall ~ be deemed to have been given to Borrowe~ ar I.ender 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 Note conflicts with applicable ~ law, such conflict shall not af~'ect other provisions of this Security Instniment 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. i 16. Borrnwer's Copy. Borrower shaU_be given one conformed copy of the Note and of this Security Instrument. ~ 17. Transfer of the Property or a Beneti~ial Intecest in.Borrawer. If al! or any pan ~f the Property or any interest in it is sotd or tranferre~ (or if a beneficial interest in Borroweris sold or transferred and Borrower is not a natural person) without Lender's prior written consent, l.ender may, at its option, require immediate payment in full of all sums securad by.this Securiiy Instrument. E Huwever; this option shall not be exercised by Lender if exercise is prohibited by federal !aw as of the date of thi~ Security Instrument. If l.ender exercises this option. Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is cklivered or mailed within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, l.ender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. , 18. Borrower's Right to ReinsGate. If Borrower meets certain conditions, Borcower shall have the right to have enforcement ~ of this Security Instrument discontinued at any time prior to the eartier of: (a) 5 days (or such other period as applicable law may specify for reinstatement) before sal~ ~f the Property parsuant ro any power of sate contained in this Securiry tnstrumenr, or (b) entry of a judgment enfarcing this Security Instrument. Tho~ corxlitions are that Borrower: (a) pays l.ender alt sums which then would be due uoder this Security Instrument and the Note F~ac~ no acceleration accurred; (b) cures any default of any other covenants or , agreernents; (c) pays all expenses incurred in enforcidg this Security Instrument. including. but not limited to. reasonable attorneys' Fees; and (d) takes such artion as Lender may reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's otiligation to pay the sums secured by tl~is Security tnstrument" "shalf continue unchanged. Upon reinstatemt~ by Borrowtr. Ihis Security Instrument and the obli;gations secured hereby shall remain fully effeetive as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. . _ . - _ ~ ~ . ~053 ~ ~o ss~ : ~t:;r= Y ~ _ . _ . _ . s SL . . ~ .