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HomeMy WebLinkAbout0925 i • 3 U l.ender required mortgage insurance as a cond~tian of malung fhe loan secured by Ih~s Secunty Instt~me}It~prrowe~5?T~l1~' ~ pay the premiums required to mainlain the insurance in el(ect untit such time as Ihe requ~remenl tor thQ inswance term;nales ~n ~ accordance with Borrower.s and Lender's written agreement o? appl~cable law. 8. tntpection. lender or its agent may make ?easonable entnes upon and inspections ol the Prope~ty. Lender shall give 8orrower notice at the.time of or p~io~ to an inspeclion specifying reasonable cause (or the inspection. 9. Condemnstlon. The proceeds ot any award o~ ~laim (or damages, direct or consequential, in connection w;Ih any condemnation or other taking of any part ol the Property, ar for conveyance in !ieu of condemnation, are hereby assigned and shall ~ be paid to Lende?. ~ In the event of a total taking ol the Property, the proceeds shall be applied to fhe sums secured by this Security Instrument, ~ Y whether or not Ihen due: with any excess paid to Borrower. In the event of a partial taking of the P?operty, unless Bor~owe? and lender otherwise agree in writing. the sums secured by this Security Instrumenl shall be ?educed by the amount of the proceeds ~ muttiptied by the foltowing fract+on~ (a) the talal amount o! Ihe sums secured immediatery be(ore the takmg, d~vided by (b) the fair ~ market value ol the Property immediately betore the taking. Any balance shall be paid to Barower. If the Property is abandoned by Borrower, o~ if, after notice by Lender to Borrowe~ that the condemnor ofiers to make an award or settle a claim tor damages. Borrower fails to respond lo lender within 30 days aiter the date the notice is g~ven. Lender is ~ autha¢ed to callect and apply the proceeds. at its option, either ?o resloration or repair of the Property or to the sums secured by this Security Instrument, whelher or not lhen due # Untess l.ender and Borrower olherwise agree in writing. any appticatian of proceeds io prlncipal shall not extend oi posipo^e ihe rlue date ot the monthty payments reterred to in parag~aphs 1 and 2 to change the amount oi such payments 10. Borrower Not Reles~ed; Forbearance By Lender Not a Walver. Extension of the time (or payment or mod~ficat~on of amoitizatio~ of !he sums secured by ihis Security Instrument granled by Lender to any successor fn inlerest of Borrower shalt not operate to release the liabitity of ihe original Borrower or Berrower's successors in interest. Lender shall not be required to commence proceedings against any successor in interest or rBfuseto extendtimefor payment or'otherwisemodify amortization of the sums secured by this Security Instrument by reason of any demand made by ttie original Borrower or Borrower's successors m ~ interest. Any forbearance by Lender in exerc~sing any right or remedy shafl nat be a waiver of or prect~de theexerc+seot any nght a remedy. 11. Successors and Assigns Bound; Jolnt and Severat Lfabllity; Co-slgners. The covenants and agreemenis ot this Secunty Instrument shatl bind and benelit the successors and assigns ot Lender and Borrower, subject to the prov~sions ot paragraph 17. $orrower's covenants and agreemenis shall be joint and several. Any Borrower v~ho co-signs this Security ; 1nsUumenl but does not execute the Note: (a) is co-signing this Security tnstrument onty to mortgage grant and convey that Borrower's interest in the Property under the terms ot this Security Instrument: (b) is not personaly ob•.igated to pay the sums ~ sec~red by tt~is Security Instrument; and (c) agrees that Lender and any other dorro~ver may agree to extend. mod~ly. forbear or ~ make any accommodations w~th regard to the terms of this Secur~ty Instrument or the Note wrthout that Borroover's ccnseni _ ~ 12. Loan Charges. N the loan secured by this Secunty tnstrument is subject io a law which sets max~mum ioan cha~ges. i and that law is finafly mterpreted so that the interest or other toan charges coliected or to be collected in connection with the toan ~ exceed the perm~tted timits. then: Ia) any such loan charge shall ba reduced by the amount nec,essary to reduce the chargetathe ~ permilted limit and (b) any sums atready collected from Borrower which exceeded permilted limits wili be retunded to Borrower ~ ~ Lender may choose to make th~s retund by reduc~ng the principal owed under the Noteor by making a direct payment to BorroKer !f ~ a retund reduces pnncipat, the reduchon w~li be treated as a pa?tial prepayment without any prepayment charge under the Note ~ ; i3. Leglslatlon Altecting lende~s Rights. It enactment or exp~ration of appl~cable laws has the effect of render~ng any ~ provision ot the Note or this Secunty Instrument unenforceab~e accord~rg to ~ts ierms Lender. at its ophon. may rc~quire immediate payment ~n full of all sums secured by this Secunty Instrument and may invoke any remed~es perm~tted by paragraph 19 If Lender ; exercises th~s opfion. Lender sha11 take the steps specrfied in the second paragraph of paragraph 17. ' 14. Notices. Any notice to Borrower provided for in th~s Secunty lnstrument shall be given by detivenng it or by ma~?ing ~t ' by I~rst class ma~! unless applicable law requires use ot ano?her method The notice shall be d~rected to the Property Address or any ~ olher address Borrower des~gnates by notice to Lender Any no'.~ce to Lender shall be given by first class mail to Lender~s address ~ stated herein or any other address Lender des~gnates by netice to Borrower Any notice provided tor ~n ihis Secunty Instrument shaii be deemed to have been given to Borrorrer or ~ender when g~ven as provided in th~s paragraph 15. Governing Law; Severability. 'fh~s Sec~nty instrurner.t shalt be governed by federal law and rhe +aw of the jurisdict~on in which the Property ~s located In the event ihat any prov~sion or clause of this Secur~ty Inslrument or the Nole contl~cts tiv+th apphcabie law. such conft~ct shatl not af(ect other prov~sions ot th~s Secw~ty lnst~ument or ihe Note tivh~ch can begr~en eflect ~vithuut the conR~chng prov~sion ~o this end the prov~s,ons of th~s Securdy Instrument and the Note are declared to be severable 16. Borrowers Copy. Borrower shatl be given one confcrmed copy of the Note and of this Secunty Instrument 17. Transfer of the Property or a Beneficlal Interest in Borower. It a?! or any part of the Property or any interest in 4~s ~ sold or transferred (br ~t a benef~c~al Interest m Borro~.ver +s sold or transferred and Borro~~-er ~s not a natural personl w~thout I_ender s ~ prior written conser.t. Lender may. at rts option. requ+re irnmediate payme~t ~n tull of all sums secured by this Security Instrument ' s Ho~:~ever. th~s option shall not be exerased by Lender exerc~se is proh~b~ted by federal iaw as ot the date of th~s Secur~ty ~ ~ Instrument ` tf Lender exercises this opt~on Lende~ shals g~ve Barrower notice of acce~eration The nohce shall prov~de a ne~~od of no! ~ less than 30 days from the date the not~ce ~s det+vered or mailed w~thin •~1h~ch Borro:ler mus? pay all sums secured by th~s Secur~ty ; Instrument If 8orrovrer tads to pay these sum,s pnor to the expirat~on ot th~s penod. Lender may mvoke any remed~es permltted hy ~ th~s Secuiily lnstrument tivithoui fur]her notice or demand on Borro.ver ~ 18. Borrower's Right to ReUatate. I? Borrower meets certain conditions. Borro.ver sha!! have !he r~~ht to have enlorcement of this Secunty Instrument d~scontinued at any tirre prior tothe earlie! ol. ( a? 5 days for such other period as app~icabie law may specify for re~nsta!ement) before sale of the Property purs~ant to any power at sale contained in this Secunty Ir,strurnent •or (b? ernry of a judgment enforcing th~s Secunty Instr~ment Those condtions a~e that Borrower (a) pays ~er~der a~! sums k+rhich _ then woutd be due under th~s Secur~ty Instrume~i and the Note had no acce~er~tion occurred. tb) cu;es any default of any other covenants or agrnements: Ic? pays a~t er.penses mc«rred ~n enforcing this Secuniy lnstrument. indudiny but nol hm~ted to. reasonab?e attorney's fees: and (d) iakes such aciion as Lendsr m3y reaso~ably require to assure that the I~en of this Security fnstrumenL Lender's r~ghls in the Property and Borrower's ob!igation to pay the sums secured by this Securdy Instrument sha~, cont~nue unchanged Upon reins~atement by Borro~rrer, th~s Secunty Instrumern and the obligations sec~red hereby sha11 rema~n !wfy effect~ve as it no ac~elerat~on had occu?red Ho~Never. th~s nght to reir,state s~ait not apply in the case of acce!eration under pa~agranhs 13 or 17 ~ ~ ~~~x548 ~A~E 925 Pre+~cvs ed~±,on d Jul g~ may be used 0892M~ Rev Sep 8~ (1602) PC . . .