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HomeMy WebLinkAbout0995 , • i i . If Lender required mortgage insurance as a condition of making the loan secured by this Security lnstrument~ Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for thc insurance terminates in accordance with Borrower's and I.ender's written agroement or applicable law. 8. Iaspecdoa. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Bonower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condeauu~Hoa. The proceeds of any award or claim for damagas~ diract or consoquential~ 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 co 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 Bonower. 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 shaU be reduced by the amount of the procoeds multiplied by the following fraction: (a) the total amount of the sums secured immediately ~befon the taking~ dividod by (b) the fair market value of the Property immediately beforc the taking. Any balance shalt be paid to Borrower. If the Property is abandoned by Borrower~ or if. atter notice by Lender to Bonower that the condemnor oRers to ~ make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days aRer 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 Sxurity Instrument~ whether or not then due. ~ Unless Lender and Borrower otherwise agr~e in writing, any application of proceeds to principal shall not extend or ( postpone the due date of the monthly payments refened to in paragraphs 1 and 2 or change the amount of such payments. 10. Horrower Not Released; Forbearance By Leader Not a Wairer. Eatension of the time for payment or modiRcation of amortization of the sums socured by this Security lnstrument granted by Lender to any successor in interest of Honower shall not operate to release the liability of the original Borrower or Borrawer's successors in int~rest. , Lender shall not be roquirod to commenct 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 Borrower or Bonower's successors in interest. Any forbearance by I.ender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Successors and AssI~tta Bouad; Joint aad Several Liabllity; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of I.ender and Borrower, subject to the provisions of paragraph 17. Bonower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not eaecute the Nott: (a} is co-signing this Security Instrument only to mortgage. grant and convey that Bonower'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 Instrumrnt; 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 this Security Instrument or the Note without that Bonower's consent. 12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maaimum loan charges. and that law is finally interpretod so that the interest or other loan charges colleeted or to be coltected in connection with the loan ~aceod the permitted limits. then: (a) any such loan charge shall be reduced by the amount nectssary to roduce the charge to the permitted limit; and (b) any sums already collected from Borrower which eacceded permitted limits wili be refunded to Borrower._ Lender may choose to make this refund by reduci*~g the principal ow~d under the Notear by making a direct payment to Bonower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. . ' 13. Legistadon AtTeettng I.eoder's Rlg6ts. If enactment or expiration of applicable laws has the eftect of I~ rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender. at its option, may roquire immediate payment in full of ali sums secured by this Security Instrument and may invoke any remedies pormittod by paragraph 19. If Lender exercises this option, L.ender shall take the steps specified in the second paragraph of parag,raph 17. 14. Notices. Any notice to Bonower 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 Bonower designates by notice to I.ender. Any notice to Lender shalt be given by first class mail to I.ender's address stated herein or any other address L.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 provided in this paragraph. 15. Gorerning Law; SeverabIllty. This Security Instrument shall be governed by federal law and the law of the ~ jurisdiction in which the Praperty 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 affect other provisions of this Security Insttument or the Note which can be given eReet without the conflicting 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. C~¢'~ 17. Transier of t6e Property or s Beaeficial Interest ~n Borrawer. If all or any part of the Property or any Zinterest in it is sold or transfened (or if a beneficial interest in Bonower is sold or transferred and Borrower is not a natural person) without L.ender's prior written consent, Lender may~ at its option, require immxdiate payment in full of all sums socured by this Security Instrument. However, this option shall not be exercised by Lender if' exercise is prohibited by foderal law as of the date of this Security instrument. If L.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 date tht notice is deliverod or mailai within which Borrower must pay all sums secured by this Security Instrument. If Bocrower fails to pay these sums ~rior to the expiration of this period, Lender may invoke any remedies permittod by this Security Instrument without further notice or demand on Borrower. 18. Horrower'a Right to Rdnsdtte. If Bonower mcets artain conditions. Bonower shall have the right to have enforcement of this Socurity Instrument discontinuod at any time prior to the earlier aE (a) S days (or such other period as applicable law may spocify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument or (b) entry of a judgment enforcing this S~curity Instrument. 'Those conditions are that Borrower: (a) pays Lender all sums which thrn would bt due under this Security Instroment and the Note had no aeceleration occurred; (b) cures any dd'ault of any other covenants or agraments; (c) pays all espenses incurred in enforcing this Secwity Instrument, including, but nat limitod to, reasonable attorneys' fas; and (d) taices such action as Ler~der may reasonably roquire to assure that the lien af this Security Instrument~ Lender's rights in the Property and Borrower's obligation to pay tho sums securod by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Sscurity Instrument and the obligations secured hereby shall remain fully effoctive as if no acceleration had occurred. Howcver~ this right W rcinstate shall not apply in the case of acceleration under paragraphs 13 or 17. BOOK PACf 994