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HomeMy WebLinkAbout0927 • • . , . ~ If Lender required mortgage insurance as a condition of making thc loan secured by this Security Instrument~ Borrowcr shall pay the premiums required to maintain the insurance in cff'~t until such time as the requirement for the • insurance terminates in accordance with $orrower's and Lender's written agreement oe applicable law. 8. Iaspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or priar to an inspection spocifying reasonable cause for the inspection. 9. (',ondemnatiop. The procerds of any award or clsim for damages, direct or consequential, i~ 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 to Lender. In the event of a total taking of the ProperSy, the proceeds shall be applied ta the sums secured by this Security Instrument~ whether or not then due, with any excess paid to Borrower. In tho event of a partial taking of the Property, untess Borrower and Lender otherwise agree in writing, the sums secured by this Security lnstrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately 'before th~ 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 abandonod by Bottower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or set2le a claim for damagss~ Borrower fails to respond to I.ender within 30 days after the date the notice is given~ Lender is suthorizeci to eollxt and apply the proceeds, at its option. either to restoration or repair of the Propeny or to the sums secured by this Security Instrument, whether or not then due. Unless Lender and Bonower othetwise agree in writing, any apptication of proceeds to principal shall not eztend or postpone the due date of the monthly paymcnts referced to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrowe~ Not Released; Forbearance By Lender Not a Walver. Extension of the time for payment ar modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to releasethe liability of the original Bonower or Borrower's successors in interest. Lender shall not be required to commence proceedings against any successor in interest or reFuse to eztend time for payment or otherwise modify amortization of the sums secured by this Security Insirument by reason of any demand made by the originat Borcoweror Berrower'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 remady. 11. Saccessors nnd Asslgns Bound; Joiat and SeverSil Liabiljty; Casignets. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrawer. subject to the provisions of paragraph 17. Borrower's covenants and agreements shsli be joint and several. Any Borrower who casigns this Security Instrument but does not execute the Note: (a) is casigning this Security Instrument only to mortgage, grant anci 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 Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any acwmmodations with regard to the terms of this Security Instrument or the Note without i that Borrower's consent. ~ 12. I.asn Charges. If the loan secured by this Security Instrument is subject to a law which sets mazimum loan r charges~ and that law is finally interpreted so that the interest or other loan charges colleeted or to be collected in ` connection with the loan eaceed 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 witl be refunded to Borrower. L,ender may choose to make this refund by redacing 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 parteal prepayment without any prepayment charge under the Note. _ 13. Legislstion Af[eMing Lender's Rights. If enactment or expiration of applicable laws has the effect of ~ rendering any provision of the Note or this Security Instrument unenforceabte according to its terms, Lender, at its option, may require :mmediate payment in full of all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this opiion, Lender shall take the steps specified in the second paragraph of ~aragraph 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 shatl be directed to the . ~ Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first ctass mail to Lender's address stated herein or any other address I,ender designates by notice to Borrower. Any notice provided for in this Security Instcument sha11 be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 1S. Governing Law; Severability. This Security Instrument shall 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 o! this Security Instrument or the Note conflicts with applicabte 1aw, such conflict shall not aftect other provisions of this Security Instrument or the Note which can be given effeet 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. 17. T~ansfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficiat interest in Borrower is sold or iransferred and Borrower is not a natural person) without I.ender's prior written consent. Lender 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 Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender 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 the notice is delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Sccurity Instrument without further notice or demand on fiorrower. 18. Borrower's RIg6t to Reiastate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law may specify 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 conditions are that Borrower: (a) pays Lendtr 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 enforcing this Security Instrument, including, but not limited to~ reasonable attorneys' fees; and (d) takes such action as I,ender may reasonably require to a~s.cure that the Iien of this Security Instrument~ Lender's rights in the Properiy and Aorrower's obligation to pay the sums secured by this Security Instre~ment shall continue unchanged. Upon reinstatement by Borrower. this Security Instrument and the obligations secured hereby shall remain fully eRective 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 549 PACE ~7~ _.w -w