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HomeMy WebLinkAbout0979 ti; . ~ . , ,1 ~ ~ ' ~ If Lender requirod mortgage Insuraua aa s oondition of making the lo~n aecurod by thls Socurity Instrument, Borrower shaU pay the praniuma requirod to m~intaia the insurana in effoct unttl auch time aa the requirement for the insurance terminates in aocordana with Bomower's and Lender'a written agrament or applicsble law. 8. Inspectton. I.ender or ita agent may make re~sonable entries upon and inspections of tbe Property. I.ender shall give Borrower noticx at the time of or prior to au~ inapoction apecifying re~sonable c~ux for the inapoction. 9. Coadeoaaadoa The prooeecla of aay aaard or claim for damagea, direct or conaoquential~ in connoction with any condemru?tion or other taking of any part of the Property, or for conveyancx in Ueu af oondemnation. are hareby assigned and shall be paid to Lender. In the event of a totpl taking of the Property~ the prooeeda ahaU b~ applied to the sums secured by this Socwity Instrume~t, whether or not thtn due~ with any eaccass paid to Borrower. In the eveat of a partial taking of the Property~ unless Borrower and I.ender ntherwise agra in writing, the swna sxured by thia Security Inatrument shall be roduad ~y the amount of the p~ocoods multiplied by the foQowing fracrion: (a) the total amount of the aums sccwed immodiately before the taking. dividod bY (b) the fair market value of t~ie Property immediately before the taking. Any balance shail be paid to Borrower. If the Property is absndoned by Borrower, or if, atter noticx by Lender to Borrower that the condemnor offera to malce an award or settle a claim for damagea, Borrower fails to respcmd to Lender within 30 days aRer the date the notice is given, Lender is authoriud to collect aad apply the proveeda, at ita option, either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not thrn due. Unless Lender and Borrowcr otherwise sgree in writing. any application of proceeda to principal shall not extend or postpone the due date of the monthly paymeats referred W in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Nat Rdaeed; Forbearanoe By Leader Not a Waha. Eata~sion of the time fof~payment or modi8cation of amortizaNon of the aums socwed by thia Security Instrument granted by Lendor to any suocessor in interest of Borrower shall not operate to release the liability of t6e original Bornower or Borrower's successors in interest. I.ender shall not be required to commenoe proooodings against any suocessor in interest or refuse to extend time for payment or otherwise modify amortization of tha suma secured by this Secwiry Instrument by reason of any demand made by the original Borrowar or Horrower's suocessora in intercst. Any forbearance by Lender in exercising any right or remedy shaU aot be a waiver of or preclude the exerciae of any~ right or reanedy. il. Succeaeon end A~sig~ Houe~ Jqint aad Sft~tl Lisbility; Co-sigeers. The vovenants and ageements of this Socurity Instnunent shall bind and bene6t the suooessors and assigns of I~ender and Borrower, subject to the provisions of paragraph 17. Bomower's oovenants and agrameats aliall be joint and severai. Any Bomower who oo-signs this Socurity Instrument but does not exccute the Note: (a) is oo-signing this Security Iastrument anly 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 Secnrity Instrument; and (c) agras that L.ender and any other Borrower m~y agce to eatend, modify, forbear or make any accommodations with regatd to the tetms of this Security Instrument or the Note without that Borrower's consent. 12. Loan Gbugea. If the loan sxured by this Socurity Instrument is subject to a law which sets maacimum toan charges, and that law is Hnally interpreted so that the interest or other loan eharges collected or to be collected in connection with the loan excad the permitted limits, then: (a) any such loan charge shall be roducod by the amount necessary to reducx the charge to the pem~itted limit; and (b) any sums alreaily collected from Borrower which eacaded permitted limits will be refundod to Borrower. Lender raay choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund roduces principal, the reduction wi11 be treated as a i partial prepayment without any prtpayment charge undtr the Note. ~ 13. Legfsladon ARatlng Lender's Righb. If enactment or expiration of applicable laws has the effect of rendering any provision of the Note or this Security Instrument unrnforoeable aa~ording to its terms~ Lender, at its option~ ~ may roquire immediate payment in full of all sums socured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this option, Lender shaU take the steps spxified in the second paragraph of paragraph 1~. 14. Nodcea. Any norice to Bonower providod for in this Sccurity Instrument shall be given by delivering it or by mailing it by 6rst class mail unless applicable law roquires 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 Lsnder's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be damed to have ban given to Botrower or Lender when given as provided in this paragraph. 1S. Gorerning Lw; Se~erxbility. This Security Instrument shall be governod 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 contlicts with applicable law, such conflict shsll not affect other provisions of this Security Instrument or the Note which can bs given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declarod to be severable. 16. Borrower'~ Copy. Bonower shall be given one conformed copy of the Note and oF this Security Instrument. 17. Trs~nafer of the Property or s BeneScial Interest in Borrower. If 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 transfened and Borcower is not a natural person) without Lender's pnor writton consent, Lender may. at its option, require immaliate payment in full of all sums securod by this Security Instrument. However, this option shall not be eaercisod by L.ender if exercise is prohibitod by federal taw as of the date of this Security Instrument. If Lender eaercises this option, Lendtr shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is deliverod or mailod within which Borcower must pay all sums secured by this Security Instrumrnf. If Bonower faiis to pay these sums prior to the expiration of this period~ Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on $onower. - 18. Borrower'a RIg6t to Reinatate. If Borrower mcets certain conditions, Bonower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of (a) S 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 Socurity Instrument. Those conditions are that Bonower: (a) pays Lender all sums which thtn would be due under this Security Instrument and the Note had no acceleration ~ occurrod; (b) cures any default of any other covenants or agaments; (c) pays all expenscs incurred in enforcing this ; Security Instrument, including, but not limited to, reasonat,le attorneys' fas; and (d) takes such action as Lender may reasonably require to assun that the lien of this Security Instrument. I.ender's rights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall oontinue unchanged. Upon reinstatement by Honower. this Security Instrument and the obligations cxured hereby shall remain fully effective as if no acceleration had occuned. However, this right to reinstate shall not apply in thccase of acceloration under paragraphs 13 or 17. ~~549 9?8