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HomeMy WebLinkAbout0992 ? ~ , lf Lender required mortgage insucance as a condition of making the loan secured by this Security lnstrument, Borrower shall pay thc premiums required to maintain thc insurance in effect until such time as the requirement for the insurance tecminates in accordance with Borrower's and Lender's written agrecment or applicable law. 8. Inspectlon. I.ender or its agent may make reasonable entries upon and inspections of thc Property. Lender shall give Borsower notice at the time ofor prior to an inspection spocifying reasonable cause for the inspection. 9. Condemnstion. The proceeds of any award or claim for damages~ direct or consequential, in connection with any condemnation or other taking of any part of the Property~ or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to L.ender. In the evcnt of a total taking of the Property, the proceecis shall be applied to the sums secured by this Security - Instrument, whether or nat then due. with any excess paid to Bonower. In the event of a partial taking of the Propeny, unless Bonower And Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the prceeeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (ti) the fair market value of the Property immediately before the taking. Any balance shall be paid to Bonower. If the Property is abandoned by Borrower, or if. after notice by L.ender to Borrower that the condemnor offers to make an award or settle a claim for damages~ Borrower fails to responci to Lender within 30 days after the date the notice is given, Lender is authorized 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 thtn due. Unl~ss Lender and Borrower otherwise agrce in writing, any application of proceeds to principal shall not eztend or postpone the due date of the monthly paymtnts refened to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By I.ender Not a Waiver. 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 Borrower shall not operate to release the liability of the original Bonower or Borrower's successors in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Bonower or Bonower's successors in interest. Any forbearance by I,ender in eaercising any right or remedy shall not be a waiver of or preclude the eaercise of any right or remedy. 11. Successors and Assigas Bound; Joint and Severa! I.Iabiiity; Co-slgners. The covenants and agreements of - this Security Instrument shall bind and benefit the successors and assigns of Lender and Bonower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who casigns this Security Instrument but does not execute 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 Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that I.ender and any other Borrower may agree to extend, modify, forbear or make any accommod~tions with regard to the terms of this Security Instrument or the Note without that Bonower's consent. 12. Loaa C6arges. If the loan secured by this Security Instrument is subject to a law which sets maaimum laan charges, and that law is finally interpreted so that the interest or other loan charges collected 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 Borrower. Lender may choose to make this refund by reducing the principal owed ~ under the fVote or by making a direct payment to Borcower. If a ref~nd reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 1 ' 13. Legisiation ABecting Lender's Rights. If enactment or expiration of applicable laws has the effect of f ~ rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, I 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 eaercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Notiees. Any notice to Borrower provided 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 shall be directed to the Property Address or any other address Bonower designates by notice to L,ender. Any notice to Lender shall be given by ~ first 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 been given to Borrower or Lender when given as provided in this paragraph. 15. Governing Larr; Sererability. This Security Instrument shall be governed by federai law and the !aw 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 con8ict 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 oPthis Security Instrument and the ~ Note are declared to be severable. ~ 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. ~ 17. Transfer of t6e Property or a Beneficial Interest in Borrowet. If aU 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 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 be exercised by Lender if exercise is prohibited by ~ ~ federal law as of the date of this Security Instrument. If I.ender exercises this option, Lender shaU give Borrower notice of acceleration. The notice sha11 provide a period of not less 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 Bottower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security lnstrument without further notice or demand on Borrower. 18. Borrower's Right to Retnstate. 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 j 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 [nstrument. Those conditions are that Borrower: i (a) pays Lender 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 agreemtnts; (c) pays all expenses incurred in enforcing~this ~ Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as I.ender may reasonably require to assure that the lien of this Security fnstrument, Lender's rights in the Property and Borrower's ; obligation to pay the sums secured by this Security [nstrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had - occurred. However, this right to reinstate shal) not apply in the case of acceleration under paragraphs 13 or 17. ~ - BOOK 540 PAGE 990 _ _ " j -,.'_.".'"}'?~!.~~'y~'"_ . .