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HomeMy WebLinkAbout0929 ` ~ . , lf Lender required mortgage insurnnce as a condition of making the loan secured by this Srcurity lnstrument, Ba~rawer shall pay the premiums required to maintain the insurance in e~'ect until such time as thc requirement for the insurance terminAtes in accordance with Borrower's and Lender's written agreement or applicable law. 8, Inspectiaa. Lendcr or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9, Condemnation. The proceeds of any award or claim for damages, di~ect or consequential, in connection with any condemnation or other taking oP a~y part of the Propetty. or for conveyance in lieu of condemnation. are hcreby assigned and shalt be paid to Lende~. In the event of a total taking uf the Property. the proceeds shall be applied to the sums secured by this Security lnstrument. whether or not then due, with any excess paid to BorroH~er. In the event oP a partial taking of the_ Property, unless Borrovver and Lend'er otherwise agrce in writing, the sums secured by this Security Instrument shAll be reduced by the amount of the proca8s multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided 6y (b) the fair market value of the Property immediately bePore the taking. Any balance shall t~e paid to Borrower. !f the Property is abandoned by Borrower, o~ if, after notice by Lender tc~ Borrower that the condem~or oR'ers to make an award or settle a claim for damages, Borrower fails to respond to I,ender within 30 days aRer the date the notice is given, Lender is authorizod to collxt and apply thc proceeds. at its option, either to restoration or repair of the Property or to the sums secured by this Security Instrument~ whether or nol then due. Unless Lender and Borrower bttl'erwise agree in writing, any application of proceeds td principal shall not extend or postpone the due datc of the monthly payments referred to in parag~aphs i and 2 or change the amount of such payments. 10. Borrower Not Reteaaed; Forbenrance By Lender Not a V1's~irer. Extension of the time for payment or modification of amortization of the surris secured by this Security lnstrument granted by Lender to any successor in interest of Borrower shali not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall not be requirod to commence proceedings against any successor in interest or refuse to extend time for t payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the originai Bonower or Borrower'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. _ ` 11. Successora and Assigns Bouad; Jotnt and Several Liability; Co-signers. The covenants and agreements of . this Security Instrument shall bind and benefit the successors and assigns of Lender 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 execute the Note: (a) is casigning this Security Instrument only to mortgage. grant and convey ~ that Borrower's interest in the Property under the terms of this Security Instrumenl; (b) is not personally obligated to pay ~ the sums secured by this Security Instrumeni; and (c) agrees that I.ender and any other Borrower may agree to extertd, ~ 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 connection with the loan eaceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to th~ permitted limit; and (b) any sum§ already collected from Bonower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to~Borrower. IPa refund reduces principal, the reduction wiil be treated as a panial prepayment without any prepayment charge under the Nbte. 13. Legislatioa AtTeetiag I.ender's Rig6ts. If enactment or expiration of applicable laws has the eflect 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 spexified in the second paragraph of paragraph 17. 14. Notiees. Any notice to Borrower provided for in this Security [nstrument shall be given by delivering it or by mailing it by 6rst class mail unless applicable law requires use of another method. The nutice shall be directed to the Property Address or any other address Borrower designates by notice to I.ender. Any notice to Lender shall be given by first elass mail to I.ender's address stated herein or any other address L.ender designates by notice to Borrower_ Any n~tice provided for in this Security instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 1S. Go~erning Law; Severxbillty. 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 confliets with applicabie law, such conflict 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 [nstrument 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 Beaeflclal Interest in Borrower. If all or any part of the Nroperty or any interest in it is sold or transferred (or if a beneficial interat 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 tull of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prahibited by _ federal law as of the date of this Security Instrument. If I.ender exereises this option, I.ender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notiee is delivered or mailed within which Borrow~er must pay all sums sec:ureci by this Security Instrumtnt. Jf Borrower fails to pay these sums prior to the cxpiration of this period, Ixnder may invoke any remedies permitted by this Security [nstrument without further notice or demand on Borcower. 18. Borrower'a Rig6t to Reinatate. If Borrower meets certain conditions, Borrower shall havc the right tn havc enforcement of this Security Instrument discontinued at any time prior to the earlier ot: (a) S 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 ihis Security Instrument; or (b) entry ot a judgment enforcing this S~curity Instrument. Those conditions are that Borcower: (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 agraments; (c) pays all expenses incurrod in enforcing this Security Instrument, including, but not limited to. reasonable attorneys' fces; and (d) takes such action as Lender may reasonably require to assure that the lien of this Security Instrument, L.ender's rights in the Property and Borcower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obiigations secured hereby shall rtmain i'uUy eflective as if no acceleration had occurred. However. this right to reinstate shal) not apply in thecase of acceleration under paragraphs 13 or 17. aooK 54i PA~~ 929 ~.~.r _ _ . - • __...=Y..~:1.. ~r..w:..:. . 1