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HomeMy WebLinkAbout0988 ' i f tf Lender required matgage insurance as a condit+on of mak~ng Ihe Ioan secured by Ihis Secur~ty InsfruRi~t, Barower shali t pay the premiums required to mainta~n the insurance in elfecl unh~ such time as the requirement for the insuranl~Q"lerminates in : , accordance with Borrower's and Lender's wrillen agreement or applicable law 8, In'p~cllon. Lender or its agent may make reasonable e~tnes upon and inspections ot the Property Lender shail give Borrower notice at the lime ot or prior to an inspection specifying reasonable cause for Ihe inspeclion 9. Conekmnatlon. The proceeds oi any awa~d or ctaim tor damages, d~rect or consequential, in conneclion with any condemnation or other taking of any parl ot lhe Property, a tor conveyance i~ lieu oi condemnation, are hereby assigned and sha11 be paid to Lender. In the event of a total taking o1 the PropeRy. the proceeds shall be appl~ed to the sums secured by this Secunty Instrument, whether or not then due, with any e~ccess paid to 8arower. In the event ot a partial taking ot the Property, unless Borrower and lender otherw+se agree in writing, the sums se:;ured by this Security Insirumenl shall be reduced by the amount ot the proceeds multiplied by the fo?lowing Iraction: (a) the total amounl of the sums secured immedialey betore ihe laking. divided by (b) the lair marlc~t value ot !he Property immediately betore the taking. Any balance shall be paid to Borrower. If the Property is abandoned by Bo~rower, or if, ailer nolice by Lender to Borrower that lhe condemna ofiers to make an award or settle a claim for damages. Bo+~ower (ails to respond 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 repa+r ot the Properly or to the sums secured by this Security fnstrument, whether or noi then due. Unless te~der and Borro~ver otherwise agree in w~iling, any application of proceeds lo principal shall nol extend or postpone the due dale oi the monlhly paymenls reterred to in paragraphs 1 and 2 to change ihe amount of such payments 10. @orrower Not Released; Forbearance By Lende? Not a Wdver. Extension oi the Iime tor payment or modification of amortization ot the sums secured by this Security Instrument granted by Lender to any successor in inlerest ot Barrower shall not operate to release the liability of the o!iginal Borrower or Borrower's successors in interesl. Lender sha11 not be required to commence proceedings against any successor in interest or refuse to extend time (or payment or otherwfse mod~fy amortization of the sums secured by this Security Instrument by reason ot any demand made by the original Barower or 80: rower's successors in interest. Any torbearance by Lender in exercising any right or remedy sha11 not be a waiver of or preclude the exercise ol any right a remedy. _ 11. Succeseors and Asslgns Bound; Jolnt and Sereral Liablllty; Caslgners. The covenants an~tagreements of this Security lnstrument shall bind and benefit lhe successors and assigns of.Lender and Borrower, subject to the provisions oi - paragraph 17. Borrower's covenants and ag~eements shall be joint and several. Any Borrower who co-signs this Secunty r. Instrument but doss not execute the Note: (a) is co-signing Ihis Security Instrument ony to mortgage. grant and convey that ` Borrower's interest in the Property under the terms ot this Security Instrument: (b) is not personaly obligated to pay the sums secured by this Security Instrument: and (c) agrees that Lender and any other Borrower may agree to exter~d. modify, forbea? a ' make any accommodations with regard to ihe terms of this Security Instrument a the Note without ihat Borrower's consent ~ i2. Loan Charges. If the loan secured by this Security Instrumenl is subjed to a taw which sets maximum Ioa~ charges, k and that law +s finally interpreled so tha! Ihe interest or other loan charges collected or to be Catlected in connection with the loan e: . ~ exceed the permitted limits, then; (a) any such loan charge shall be reduced by the amount necessary to reduce ihe charge to the ; permilted limit: and (b) any sums already collected from Borrower which exceeded permitted limits wiU be refunded to Barower. Lender may choose to make lhis refund ~by reciucing the principal owed under the Noteor by making a direcl payment to Borrower. lf a retund reduces principal, the reduction.will be treated as a part+al prepayment without any prepayment charge under the IVote r 13. Leglslatton Afteding Lenders Rl~hts. It enactment er expiration of app?icable laws has the slfect of ?endermg any ~ _ provision ot ihe Note or this Security Instrument unentorceabte according to iis te?ms. lender, a! its oplion, may reQuire immed~ate _ payment in futl of atl sums secured by this Secur~ty lnstrumeni and may invoke any remed+es permitted by paragraph 19. If Lender ~ exercises this option. Lender shatl take the steps specif~ed in the second paragraph af parag?aph 17. - f4. NotlCes. Arry notice to Barower provided forin this Security Instrument shall be given by del~vermg it or by mailing ~t s by firsl class mail unless appticable law requires use ot anolher method The notice shall be directed tothe Property Address a any x. other address Borrowe~ designates by noiice to lender. Any notice to lender shalt be given by tirst class mail to Lender's address _ stated herein or any other address Lender designates by nolice to Borro~rer. Arry nol~ce provided for in this Security Instrum~;nt ; shall be deemAd to have been given to Borrower or Lender when given as provided in this paragraph 15. Governing Law; Severabllity. This Securiry tnstrument shalt be governed by federa! law and the law of the = jurisdiction in which the Property is located. ln the event that any provisionor clause ot this Security Instrument or the Note conflicts w~th applicable law. such conflict shalt not atfec! other p?ovisions o! this Security Instrument or the Note wh~ch can be gi~ien effect - w+thout the con(licting provision. To this end ihe provisions of this Security Instrument and the Note are declared to be severabte. 16. Berrowers Copy. Borrower shall be given one contormed copy o( the Note and of th~s Secunty Instrument. 17. Transter of the Prope~ty or a Benefldal lnterest En Borower. If all or any part of the Prooerty or any mterest in it is - sold or transterred (or if a beneticial interest in Borrower is sold or trans(erred and Borrower is not a naturat personi w~thout Lender's F prior written consent. Lender may. at its opGon. reqwre immed~ate payment m(u!I o( all surns secured by this Security tn'sirument However, this option shall not be exercised by Lender it exercise is prohibited by federal law as of the date o! th~s Secunty - Instrument It Lender exercises thls option. Lender sha+l give Borrower notice ot acce~eration The notice shall provide a period ot not Iess than 30 days irom the date Ihe notice is delivered or mailed within which Borrower must pay all sums secured by this Security ~ ~ ~ Instrument If Borrower taits to pay these sums prior to the expiration of this penod. Lender may invoke any remedies petm~tted by ~ Ihis Securily Instrument without tuAher nolice or demand on Borrower. 18. Borrowei's Rlyht to Helnstate. It Qorrower meets eertain conditions. 8orrower shalt have ths right to have j~ en(orcement of this Security Instrument discontinued at any time prior tothe eartier oi: (a) 5 days (o~ such other period as applicable ~ : 1aw may specily tor reinsiatement) betore sale o( the Property pursuant to any power of sate contained in thfs Secunty Instrumenl, ~ ~ or (b) entry pf a judgment entorcing this Secur~ty Instrument Those condrtions are thai Barower: (a) pays Lender a?I sums wh~ch ~ ` then would be due under lhis Security Instrument and the Note had no acceleration occurred; (b) cures any default of any other ~ covenants or agreements: (c) pays all expenses ~nCUrred in sniorcing this Security Instrument, includ+ng. but not !~mited to. ~ reasortable attorney's fees; and {d) takes such action as Lender may reasonab?y require to assure that the lien of this Security ~ tnstrument. lender's rights in the Property and Borrower's obiigation to pay the sums secured by this SeGUrity Instrument shall ~ continue unchanged Upon r~instatement by Borrower. this Seeurity InslrumeM and the obligaiions secured hereby shal{ remain ~ lutry etfect~ve as ~i no accelera!ion had occurred However. this nght to reinstate shall not apply in the case o! acceleration under paragraphs 13 or 17 ~S ~ BooK 544 PA~~ ~ 987 ~ ~ ~ v~~,s soe~ a~~~ e, rt,s~, oe ~xe oesz~ sso e+ r~, vc - _ - '