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HomeMy WebLinkAbout0941 . . • ~ i lf Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, ~ Borrower shall pay the premiums required to maintain the insu~ance in eftect until such time as the requirement for the ! insurance ~erminates in accordance with Borcowe~'s and Lender's written agreement or appticabte law. } 8, lnspection. Lender or its agent may make reasonable entries npon and inspections of the Aroperty. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnation. The praceeds oP any award or claim for damages, direct o~ consequential, in connection with any condemnation or other taking of any pa~t of the Propetty, or for conveyance in lieu of condemnatior~, are hereby ; assigned and shall be paid to Lender. 8 ln the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security - Instrvment, whether or not then due. with any excess paid to Borrower. In the event of a partial taking of the Property, ~ unless Borrow~r and l.ender othemise agree in writing, tht sums secured by this Security Instrument shall be reduced by the amaunt of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediatety ~ 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 1he Property is abandoned by Borrower, or if~ aRer notice by Lender to Borrower that the condemnor oR'ers to ` make an award or seitle a claim for damages, Borrower fails to respond to Lender wilhin 30 days after the date the notice is ~ given. Lender i5 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 lnstrument, whether or not then due. ~ Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principa! shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. ~ 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or ~ modification of amortization of the sum§ secured by this Security Instrument granted by L.ender to any successor in interest of Borrower shall not operate to release the liability 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 amortixation of the sums secured by this Security Instrument by reason of any demand made ~ by the original Borrower or Borrower's successors in interest. Any forbearance by L.ender in exercising any right or remedy shal! not b~. a waiver of or preclude the exercise of any right or remedy. I1, Successors and Assigns Bound; Joint and Several Liabtlity; Co-signers. The covenants and agreements of ~ this Securiry Instrument shal) bind and benefit the successors and assigns of Lender and Horrow~r, 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 but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey : ihat 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 Lender and any other Borrower may agree to extend, ~ modify, forbear or make any accommodations with regard to the terms of this Securety 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 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 cotlected from Barrower 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 retund reduces principal, the reduction will be treated as a partial prepaym~nt without any prepayment charge under the Note. 13. Legistation Affecttng Lender's Rigt~ts, If enactment or expiration of applicable laws has the eflect ot rendering any provision of the Note or this Security Instrument unenforceabte according to its terms, Lender, at its option, may require immediate payment in full oF all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this aption, Lender shall take the steps specified in the second paragraph of paragrapt~ 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 shafl tse directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Ixnder shal! be given by first class mai( 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 gi~~en to Borrower or Lender when given as provided - in this paragraph. f 15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the j jurisdiction in which the Property is located. In the event that any pravision or clause of this Security Instrument or the ' a Note conflicts with applicable law, such conflict shail not affect other provisions of this Security Instrument or the Note ~ which can be given effect without the conflicting provision. 'I'o this end the pravisions of this Security Instrument and the ~ I Note are declared to be severable. ~ ! 16. Borrower's Copy. Borrower shall be given one conformed copy of the Nate and of this Security Instrument. ; 17. Transfer of the Property or a Beneftcial Interest in Borrower. If all or any part of the Property or any - { interest in it is sold or transferred (or if a beneficiai interest in Borrower is sold or transferred and Borrower is not a natural ~ person) without L,ender's prior written consent. Lender may, at its opiion, require immediate payment in fuN of all sums ' ~ secured by this Security Instrument. However, this option shall not be ezercised by I.ender if exercise is prohibited by ~ federa! law as of the date of this Security Instrument. ; If Lender exercises this option. L.ender shall give Borrower notice of acceleration. The natice shali pravide a period i ~ of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by i ~ this Security Instrument. If Borrower faits to pay these sums prior to the eapiration of this period, Lender may invoke any ~ F remedies permitted by this Security Instrument without further notice or demand on Borrower. ~ 1$. Borrower's Right to Reinstate. If Borrower mcets certain conditions, Borrower shall have the right to have enforcement of this S~curity [nstrument disconfinued at any time prior to the earlier of (a} S days (or such other period as applicable laa• may spec~fy 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 Security Instrument. 'Those canditions are that Borrower: (a) pays Lender aU sums which then would be due under this Security Insirument and the Note had no acceler~tion occurred; (b) cura any default ot any other covenants or agreements; (c) pays al) ezpenses incuned in enforcing this Security Instrument. including, but not limited to. reasonable attorneys' fas; and (d) takcs such action as L.ender may reasonably require t~ assure that the lien of this Sscurity Instrument. Lender's rights in the Property and Borrower's obligation to pay the sums xcured by this Security Instrument shall continue unchangod. Upon reinstatement by Borrower, this Sccurity Instrument and the obligations secured hertby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate sha!! noi apply in the case of acceleration under paragraphs 13 or 17 ~ooK548 PA~ 94i _