Loading...
HomeMy WebLinkAbout0983 t If Lender required mortgage insurance as a condition of making the loan secured by this Security lnstrument, ~ E3orrower shall pay the premiums required to mxintain the insurance in eftect until such time as the requirement for the insurance terminates in accordance with Borrowet's and Lendcr's writtcn agreement or applicable law. 8. inspectioa. I,ender or its agent may make reasonabfe entries upon and inspections of the Property. Lender shall give Borrower notice a! the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnatton. The proceeds of any award or claim for damages, di~ect or consequential, in connection with any condem~ation or other taking ot any part of the Property, or for conveyance in lieu ot condemnation, are hereby assigned and shall be paid to L~nder. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security lnstrdment, whether or not then due, with any excess paid to Borrower. In ihe event of a partial taking of the Proper~y, unlcss Borrower and Lender otherwise ag~ee in writing, the sums secured by this Security lnstrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the tatal amount ot the sums secured immediately bePore the taking, divided by (b) the fair market vatue of the Property immediately before the taking. Any ba)ance shall be paid to Borrower. If the Property ~s abandoned by Borrower, or if, aRer notice by Lender to Borrower that the condemnar oflers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days afte~ the date the notice is given, Lender is authorized to col~ect and apply the proceeds, at its optian, either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. Unless Lender and Borrawer otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in parag~aphs 1 and 2 or change the amount of such paymenis. I0. Borrower Not Reteased; Forbearance By Lender 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 tiability of the original Borrower or Borrower's successors in interest. Lender shall not be required to commence proceedirtgs against any successor in interest or refuse to extend time for payment or otherwise modify amortization of'the sums secured by this Security InstruR~ent by reason of any demand made by the original $orrower 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. • ll. Suecessors and Assigns Bound; Joint and Several Liabitity; Co•signers. The covenants and agreeme~ts of this Security Instrument shali bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions otparagraph 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 co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrumcnt; (b) is not personally obligated to pay ' the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of lhis 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 toan ` charges, and that law is 6nally 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 iimit; and (b) any sums already collected irom Borrower which exceeded ~ permitted limits wili 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. If a refund reduces principal, the reduction will be treated as a ~ partial prepayment withaut any prepayment charge under the Note. 13. Legislation Afiecting L.ender's Rights. If enactment or ezpiration of appticable laws has the etfect of r~ 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 ihis Security Instrument and may invoke any remedies a permitted by paragraph ~9. 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 directed to the ~ Property Address or any other address Borrower designates by notice to Lender. Any notice to I.ender 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 ha~~e been given to Borrower or Lender when given as provided i in this paragraph. ~ I5. Governing Law; Severability. This Security Instrument shali be governed by federal 1aw 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 confliet shal! not affect other provisions of this Security instrument or the Note which can be given eft'ect without the conflieting 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 conformed copy of the Note and of this Security Instrument. /,~~/17. Transfer of the Property or a Beneficial Interest in Borrower, If all or any part of the Property or any ~ int'erest tn it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural ' person) u~ithout Lender's prior written consent, Lxnder 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 Seeurity Instrument. r If Lender exercises this option, I.ender shall give Borrower notice of acceteration. The notice shal) 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 Securiry Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any , remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. 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) S days (or such other period as applicable law~ may spec~fy for reinstatement) btfore sale of the Property pursuant to any power of sale contained in this Security Instrument; ar (b) cntry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender a!! sums which then weuld be due under ihis Security Instrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all eapenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable aitorneys' fees; and (d) takes such action as I.ender may ~ reasonably require to assure that the lien of this Security Instrument, I.ender's rights in the Properly and Borrower's ~ obligation to pay the sums secured by this Security Instrument shall continu~ unchanged. Upon reinstatement by ~ Borrower, this Security lnstrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to roinstate shall not apply in the case of acceleration under paragraphs 13 or 17 goo~ ~4~ PacE ~$2 . _ _ . _ _ ~ ~