Loading...
HomeMy WebLinkAbout0956 ~ If Lender required mortgage insurance as a condition af making the loan secured by this Security Instrument~ Borrower shail pay the premiums required ta maint~in the insurance in etfect until such time as the requirement for the insurance termi~ates in accordance with Bonowrer's and I.tnder's written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shal! give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Coademnatl4n. The proceeds of any award or claim for damages, direct or consequential. in connection with any condemnation or other takinR of any aart 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 Properiy, the proceeds shall be applied to the sums secured by this Security Instrument, whether or nat ihen duc, with any excess paid to Bonower. In the cvent of a partial 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 multiplied by the following 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 shalt be . paid to Borrower. If the Property is abandoned by Bonower. or if~ aRer notice by I.ender to Borrower that the condemnor otfers to make an award or settle a claim for damages~ Borrower fails to respond to Lender within 30 days after the date the notice is given, I.ender is suthorized to collect and apply the 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. Unless Len~er~nd Bor}'qwi4F_otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due.date of t~~ jnqo~ly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower No Released; Forbearance By Lender Not a Walver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Bonower shall not operate to release the liability of the original Bonower or Bonower's successors in interest. Lender shall not be required to commence proceedings against any successor in interest or rePuse to extend time for t:~.; .;v:~t or otherwise modify amortization of the sums secured by this Security Inctn,ment by reason of any ~~::*.4~c~ made by the original Borrower or Borcower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. l~. Successors and Assigns Bound; Joint and Several I.iabtlity; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of I.ender 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 Instrument but does not eaecute 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 Instniment; (b) is not personally obligated to pay 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 Instrument or the Note without that Bonower's consent. 12. Losa Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan = charges, and that Iaw is finally interpreted so that the interest or other loan charges cotlected 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 will be refunded to Bonower. I,ender may choose to make this refund by reducing the principal owed under the I~tote or by making a direct payment to Bonower. If a refund reduces principal, the reduction will be treated as a - partial prepayment without any prepayment charge under the Note. - 13. Le~slANon Affecting Leader's Rig6ts. If enactment or expiration of applicable laws has the effect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, _ 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 shall take the steps specified in the second paragraph of paragraph 17. - 14. Notices. Any notice to Borrower provided for in this Security Instrument shaU 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 L.ender shall be given by first class mail to I,ender s address stated herein or any other address Lender designates by notice to Borrower. Any notice provide~ for in this Security Instrument shatl be deemed to have been given to Borrower or Lender when given as provided in this paragraph. _ 15. Goveming Law; Severability. This Security Instrument shal) be governed by federal law and the taw 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 applicat~!P l~w, such conflict shall not aRect 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. Bonower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. = 17. Transfer of the Property or a Beneficial Interest in 8orrower. 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 transferred and Borrower ss not a natural ~ ~erson) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums ~ secured by this Security tnstrument. However~ this option shall nat be exercised by Lender if exercise is prohibited by :~a federal law as of the date of this Security Instrument. , If Lender exercises this option, L.ender shall give Bonower notice of acceleration. ?he notice shall provide a period of not tess than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by ~ this Security Instrument. If Bonower 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 Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have - enforcement of this Security Instrument discontinued 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 Bonower: _ (a) pays I.ender all sums which then would be due under this 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) talces such action as Lender may reasonably require to assure that the lien of this Security tnstrument. I,ender's rights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and ihe obligations secured hereby shall remain fupy eff'ective as if no acceleration had - occurred. Howev~,r, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. Y QK0534 P~GE0954 ~ r° _ - - - -