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HomeMy WebLinkAbout0943 If Lender required mortgage insuance as a condition ot making the loan srcured by this Security Instrument~ Bonower shall pay the premiuma requlred to maintain the u?aurana i~ eRect until such time as the requirement for the insurunce terminata in accordance arith Borrower'a and L.ender's writtrn agramcnt or spplicable law. 8. Iaspe~Hoa. Leoder or its agent msy make reasonable entria upon nnd inspections of the Property. I.ender shall give Bonower notia at the time of or prior to an inspection specitying reasonable cause for the inspection. 9. CondemnaHoa. The proceeds of any award or claim tor damages, dircet or consequential, in connection with any condemnation or other talcing of any part of the Property~ or for canveya~ce in lieu of condsmnation, are hereby • assignod and shall be paid to Lender. In the event of a total taking of the Propeny~ the procads shall be applied to the sums secured by this Security Instcument~ whether or not then due~ with any excess paid to Borrower. I~ the event of a partial taking of the Propeny. unless Bonower and L,endtr othe~vvi~e agra in writing~ the sums secured by this Security lnstrument shall be reduced by the amount bf the proceeds multipliod by the folluwing Praction: (a) the total amount of thc sums secured immcdiately before the taking~ divided by (b) the fair market value of the Property immediately before thc taking. Any balance shall be paid to Bonower. If the Property is abandoned by Borrower~ or if, afier notice by Lender to Borrower that the condemnor o~'ers to make an award or settle a claim for damages~ Hornower fails to respond to Lender within 30 days afler the date the notice is gitjen~ Lender is authorized to collect and apply the proceeds. at its option. either to restoration or repair of the Property or tiS the sums securod by this Security Instrument~ whether or not then due. LTnless Lender and Borrower otherwiae agra in writing~ any apptication of proceeds to principal shall not extend or postpone th~ due date of the monthly paymtnts referred to in paragraphs 1 and 2 or change the amount of such payments. ~ 10. 8on~ower Not RelaKd; Forbarnea By Lender Not a Wd~er. Extension of the time for payment or modification of amoriization of the sums secured by thia Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the IiabiGty of the original Borrower or Borrower's successors in interest. . Lender shall not be required to commena proceedings against any succe.ssor in interest or refuse to extend time for payment or otherwisa modify amortization of the sums secured by this Socurity Instrument by reason of any demand made by the original Borrowu or Bonoaer's successors in interest. Any forbearance by l.ender in exercising any right or remcdy shall not be a waiver of or preclude the exercise of any right or remody. 11. Snc~ca~on asd At~igie: Hotu~d; Jolat and Sera~al Liability; Co-signeru. The covenants and agrcements of this Security Instrument shall bind and bentfit the suoassora and assigns of I.ender and Borrower, subject to the provisions of paragraph 17. Bonower's covenants and agroementa shal) be joint and several. Any Borrower who casigns this Security Instrumrnt but does not execute the Note: (a) is co-signing this Securily 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 securod by this Socurity Instrument; and (c) agroes 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 Borrower's consent. 12. Loan Charges. 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 collected or to be collected in connectian with the loan eaccood the permitted limits, then: (a) any such loan charge shall be reduced by the amount n~ssary to redace the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principa! 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 without any prepayment charge under the Note. 13. I.egls4Noa ARecHng I.eader': RIg6b. If enactment or expiration of applicable laws has the eRect of rendering any provision of the Note or this Security Instrument unenforceable ac~ording to its terms~ Lender, at its option, msy require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies '!i parmitted by paragraph 19. If Lender exercises this option~ Lend~r shall take the steps specified in the second paragraph of paragraph 17. 14. Nadc~es. Any notice to Bonower provided for in this Socurity Instrument shall be given by detivering 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 6rst 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 ban given to Borrower or I.ender when given as provided in this paragraph. 1S. Go~erning Lew; SerersbWty. This Seeurity Instrument shall be governod 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 Nott conflicts with applicable law~ such canflict 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 dcclared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfec of the Property or a Beneflrlal Interert In Borrower. If all or any part of the Propeny or any interest in it is sold or transknod (or if a beneficial iotertst in 8orrower 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 Instrument. However~ this option shall not t~e exercised by Lender iP exercise is prohibited by federal lsw as of the date of this Security Instrument. . If I.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 delivertd 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. Lender may invoke any remedies permitted by this Socurity Instrument without further notice or demand on Borrower. 18. Botrower's Ri~ht to Rein:tate. If Borrower mats certain conditions, Borrower shall have the right to have enforcement of this Security Instrumrnt discontinuod at any time prior to the earlier of: (a) S days (or such other period as applicable law may spoeify for reinatstement) 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 Borrower: (a) pays Lender all sums which thrn would be due undtr this Security Instrument and the Note had no acxelerateon , oecurred; (b) cures any default of any other covenants or agraments; (c) pays all expenses incurred in rnforcing this Socurity Instrument, including~ but not limited to, ressonable attorneys' tas; and (d) takes such action as I.ender may reaaonably require to assure that the lien of this Security instrument, Lender's rights in the Property and Bonower's obGgation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Bonowtr, this Security Instrument and the obligations securod hereby shall remain fully effective as if no acceleration had occuned. However, this right to reinstate shall not apply in the case of acxeleration under paragraphs 13 or 17. ~~~~38 ~8~~0 ...~~~~a~:+.rR=F:--:'~~4i. . . X'i=ii~z!-"R~`.i~~ . . ' ' . . . . ~ .S. . . . . . ~ _ . . . . . . , . . . 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