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HomeMy WebLinkAbout0926 , • . If Lender required mortgage insurance as a condition of making the loan stcured by this Security Instrument, Borrower shal! pay the premiums required to maintain the insurance in eR'ect until such time as ihe requi~ement for the insurance terminates in accordance with Borrower's and I.ender's written agreement or applicable law. 8. Inspection. I.endcr or its agent may make reasonable pntries upon and inspections of the Property. Lender shall give Borrower notice at the time ofor prior to an inspection specifying reasonable cause for the inspection. 9. Condemnation. The prceeeds 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 I.ender. In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Security Instrument, whethtr or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unlas Borrawer and i,tnder 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 shall be paid to Borrower. If the Propeny is abandoned by Borrower, or if, aRer notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails fo respond to I.ender within 30 days aRer the date the notice is givt~, Lender 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. Untess Lender and Bonower otherwise agree in writing, any application of proceeds to principal shall nat extend or postpone the due date of the monthly payments reterred to in paragraphs i and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By Lertder Not a Waiver. Extension of !he time tor payment or modiftcation of amortization of the sums secureti by this Security Instrument granted by Lender to any successor in interest af Borrower shall not operate to release the liability of the original Borrower 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 madc by the original Borrower or Bci7ower's successors in interest. Any forbearance by Lender in exercising any right or remedy shal! not b~ a waiver of or preclude the exercise oPany right or remedy. ll. Successars s~nd Assigns Bound; Joint and Several Liabillty; Casigners. The covenants and agreements of _ this Security Instrument shall bind and benefit the successors and assigns oP Lender and Dorrower, 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 dces not execute the Note: (a) is casigning this Security Instrurr~ent oRly to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrumenl; (b) is not personaily obligated to pay _ the sums secured by this Security lnstrument; and (c) agrees that L,ender and any ather Borrower may agree to extend, modiPy, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. = 1Z. Losn Cha~ges. Itthe ioan secured by this Security Instrument is subject to a law which seis maximum loan charges, and that !aw is finally interpreted so that the interest or other loan charges collected or to be collected in connection w~th 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 Note or by making a direct payment to Borrow•er. Ifa refund reduces principal, the reduclion will be treated as a partia! prepayment withoui any prepayment charge under !he Note. ~ 13, Legisiation Affecting Lender's Rights. [f enactment or eapiration 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 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 directeci to the ~ Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shatt 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 x, provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided Y in this paragraph. 15. Governing I.aw; Severability. This Security lnstrument shal) 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 afi'ect other provisions of this Security Instrument or the Note ~ which can be given effect without the eonflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. ~ 16. Borrower's Copy. Borrower shall be given one conformcd copy of thc Note and of this Security (nstrument. 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any 4 interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or trans(erred and Borrower is not a natural ~ person) without I.ender's prior written consent, I.ender may, at its option, reyuire immediate payment in fuU of all sums secured by this Security Instrument. However, this option shall not be exercised by l.ender if exercise is prohibited by `t federal law as of the date of this Security Instrument. If Lender exercises this option, L.ender shall give Borrower notice of acceleration. The notice shall provide a period ' of not less than 30 days from the date the notice is de(ivered or mailed within which Borrower must pay all sums secured by this Security Instrument. [f Borrower faits to pay these sums prior to the expiration otthis period, I,ender may invoke any remedies permitted by this Securiry Instrument without further notice or demand on Borrower. r: 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have ~s enforcement of this Security (nstrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as r applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this ~ Socurity Instrument; or (b) entry ota judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then wou)d be due under this Security lnstrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) ~ays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably require to assure that the lien of this Security Instrument, Lender's rights in the ProEserty and 8orrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borcower. this Security Instrameot and ihe obGgations secured hereby shall remain fully eflective as if no acceleration had " oecurred. However, ihis right to reinstate shall not apply in the case of acceteration under paragraphs 13 or 17. r~; ~ _ « ~ ~~oK 544 PA~f 925