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HomeMy WebLinkAbout0935 i i t If Lende~ required mortgage insurance as a condition of making thc loan secured by this Security Instrument, Borruwer shal! pay the premiums required to maintain the insurancc in etfect until such time as thc requireme~t for thc insurar.ce terminates in accordance with Borrower's and I.ender's written agreement or applicable law. i 8. Inspection, Lender or its agent may make reas~nabte entries upon and inspections of the Property. L.ender shall give Borrower notice at the time ofor prior to an inspection specifying reasonable cause for the ins~oction. ; 9, CondemnAtion. 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~ a~e hereby . assigned and shall be paid to l.ender. In the event of a total taking of the Propeny. the prce~eds shall be applied to the sums secured by this Security ~ Instrument. whethier or nnt then due. with any excess paid to Borrower. In the ~vent of a partia! taking of the Property. ~ unless Borrower and Lender otherwisc agree in writing, the sums sxured by this Sccurity Instrument shall be roduced 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 otthe Property immediately before the taking. Any balance shall be ~ paid to Borrower. r lf the Property is abandoned by Bonower. or if, aRer notico by Lender to $ottower that the condemnor ofters to ~ make an award or settle a claim for damages~ Aorcower fails to respond to Lender within 30 days aft¢r the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Securiry Instrument, whether or not then dua Unless Lender and Borrowsr otherwise agrce in writing~ any application of procecds to principal shall not extend or postpone the due date of the monthly p$yments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Retesised; Forbeartnce Hy I,ender Not a Walrer. Eatension ot the time for payment or _ modif~cation of amoriization of the sums sscured by this Security Instrument granted by I,ender to any successor in interest of 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 reasoa of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shal! not be a waiver of or preclude the exercise of any right or remedy. ~ - 11. Successors and Asslgns Bouad; Joint and Sever~tl Liability; Casigaers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of L.ender and Borrower. subject to the provisions oFparagraph 17. Bonower'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 Instrument; (b) is not personally obligatod to pay the sums secured by this Security Instrument; and (c) agrees that I.ender and any other Borcower may agree to exte~d. modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. IZ. Loan Charges, if the toan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that !aw is finally interpreted so that the interest or other loan charges collected or to be coltected 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 ehatge to the permitted limit; and (b) any sums already col~ected from Borrower which exceaded permitted limits will be refunded to Bonower. Lender may choose to make this retund by reducing the principat owed _ under the Note or by making a direct payment to Bonower. If a r~fund reduces principal, the reduciion will be treated az a partial prepayment without any prepayment charge under the Note. I3. Legislatlon AfTecting Ixnder's Itjg6ts. 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, I.ender. 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. I.ender shall take the steps speci6ed in the second paragraph oi paragraph 17. 14. Notlces. 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 oP another method. The notice shall be directed to the ~ Property Address or any other address Borrower designates by notic~ to Lender. Any notice to L.ender shall be given by ~ first elass mail to Lender's address stated herein or any other address I.ender 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 providcd in this paragraph. 15. Governing L.aw; Severabiiity. This Security Instrument shall be governed by federal taw 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 af~'ect other provisions ot this Security Instrument or the Note which can be given effect without the confticting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Borrower's Copy. Bonower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of tbe Property or a Beneflcial Interest In Borrower, 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 is not a natural person) without Lender's prior written consent, Lender may, at its optior~, require immediate payment in full of all sums secared by this Security Instrument. Nowever, this option shall not be exercised by Lender if exercise is prohibited by 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 defivered or mailed within which Borrower must pay ail sums secured by this Security [nstrument. If Borrower fails to pay these sums prior to the expiration of this ~eriod, lxnder may invoke any _ remedies permitted by this Security Instrument without further notice or demand on Borrower. l8. Borrower's Right to Reinst~te. if Borrower mcets certain conditions, Borrower shall have the right to have ~ enforcement ot this Security Instrument discontinued at any time prior to the earlier of: (a) S days (or such other period as ' applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sate contained in this Security Instrument; or (b) entry ota judgment enforcing this Security lnstrument. Those conditions are that Borrower: (a) pays Lender al) sums which then would be due under this Security Instrumtnt 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) takes such action as L.ender may reasonably require to assure that the lien of this Security rnstrument, Lender's rights in the Property and Borrow~r'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 shal) remain fully effective as if no acce)eration had occnrred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. BooK 5~~ PAGE 93~ , . a. :.Y ="='~Z _ . . , v _ Y _ _ .