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HomeMy WebLinkAbout0930 . • i o~~j~ . t~.. . _ • . ~ ,t~f~ lf Lender required morlgage insurance as a condition oP making Ihe loan se~:urcci by this Srcurity lnstrument. Borrower shall pay the premiums required to maintain the insurance in eflec:t untii such time a~ the requirement for the insurance tern~inates in accordance with Borrower's and I.ender's written agreeme~t or applicable law. 8, inspection. Lender or its agent may make reasonable entries upon and inspections of the Pro{~erty. Lender shall gi~~e 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, direct or consequential, in connec~ion with any rondemnation or other taking of any part of the Property, ar for conveyance in lieu of condemnation, are hereby assigned and shall be paid ta Lender. • In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reciuced by the amount of the proceeds multiplied by the following fraction: (a) Ihe 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 Property is abandoned by Borrower, or if, after notice by Lender to Dorrower that the condemnor ofl~ers to make an award or settle a claim for damages. Borrower Pails to respond to Lender within 30 days aRer the date the notice is given. L.ender 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 Security Instrument, whether or not then due. Unless Lender and Borrower 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 paragraphs 1 and 2 or change the amount af such payments. l0. Bonower Not Relea~sed; Forb~arsnce 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 Bonower shail not operate to release the liabitity 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 made by the original Bottower 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. Successors s?ad Assigaa Bound; Joint and Serers~l Uability; Co-signers. The covenants and agreements of this Security Instrument shall bind and bentfit the successots and assigns of I,ender 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 bnt dces not exeeute 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 obligated to pay the sums secured by this Security Instrument; and (c) agrees that I.ender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms oP this Security Instrument or the Note without that Borrower's consent. 12. Loan Charges. If the loan secured by this Security Instrument is subjeci 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 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 Borrower. if a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. I.egislation Affecting Lender's Rights. If enactment or expiration 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 Securily Instrument and may invoke any remedies ' permitted by paragraph 19. If Lendet exercises this option, Lender shall take the steps specified in the second paragraph of paragraphl7. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by ma~iling it by first elass 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 L.ender designates by notice to Borrawer. Any notice ` provided ~'or in this Security Instrument shall be deemed to have been given to Borrowcr or Lender when given as provided in this paragraph. 15. Govereing Law; Severability. This Srcurity Instrument shaU 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 afiect other provisions of this Security lnstrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. ~ 16. Borrorver's Copy. Borrower shall be given one conformed copy of the Nvte and of thi~ Sc~urity Instrument. 17. Transfer of t6e Property or s Beneficial Interest in Borrower. !f 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 E3orrower is not a natural ; person) without Lender's prior written consent, L,ender 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 t.ender if eaerciu: iti prohibited by ~ federal law as of the date of this Security Instrument. If I,ender exercises this option. Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the dase the nosiee is delivered or mailed within which Borrow•er must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the czpiration of this pericxi, Lender may invoke any remedies permitted by this Security [nstrument without further notice or demand on Borrower. 18. Borrower's Rlght to Reinstate. 1~ 13orrower meets certain canditions, Borrower shall have the right to ha~•c ~ entorcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or ~uch other period as applicabfe law may specify for reinstatement) before sale of the Property pursuant to any power of sale containcd in this ~ Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays I.ender 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 agreements; (c) pays all expenses incurred in enforeing this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably rcquire to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the abligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. BOOK ~~5 PAGE 9~ _ : ~ . _ - - _ _ . _ _ - - _