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HomeMy WebLinkAbout0922 . ' ~ . . f . ~ ~ ~ ; t If Lender required mortgsge insurance as a condition of making the loan aecurod by this Security Instrument~ ~ Borrowor shall pay the pnmiums requirod to maintain the insurana in eBect until such time as the roquirement far the ~ insurance terminates in accordance with Borrower's and Lzmder's written agrament or appticable taw. ~ 8. I~ptcHon. Lendor or its agcnt may make reasonabte entries upon and inspoctions of the Propcrty. I.ender ~ shall give Bonower notice at tht time of or prior to an inspection apecifying reasonable cause for the inspoction. 9. Condem~tlon. The procads of any award or claim for damages, direct or cons,oquential, in connxtian with any cond~mnation or other taking of any part of the Property~ or for oonveyance in lieu of condemnatiot~~ are hereby ~ssigncd and shall be paid to I.ender. In the event of a total taking of tho Pmperty, the proceeda shall be apptied to the sums secured by this Socurity Instrument~ whether or not thtn due, with any exc~s paid to Borrower. In the event of a partial taking of the PropeNy~ unless Borrower and Lcnder otherwise agra in writiag. the aums securod by this 3ocurity Instrument shaU be reducod by ~ the amount of the proc~ods multipliod by the following fraction: (a) the total amount of the sums secured immodiately before the taking~ divided by (b) the fair market valuc of the Propcrty immediately before the taking. A~y balance shal! be ~ paid to Borrower. ; If the Property is abandoned by Borrower~ or if~ atter notice by I.ender to Borrower that the condemnor offers to ~ make an award or seitlc a claim for damages. Bonower fails to respond to Lcr~der within 30 days atter the date the notice is given. Lender is authorized to colloct and apply the proco~ds. at its option, either to restoration or repair of the Property or to the sums s~curod by this Security Instrument, whether or not then due. Unless Lender and Bonower otherwise agra in writing~ any appGcation of proooods to principal shal! not extend or postpone the due date of tht monthty payments referrod to in paragraphs 1 and 2 or change the amount of such payments. !0. Borrower No! Rele~teed; Forbesnnce By Lender Not • Wd~er. Extension of the time for payment or modiBcation of amortization of tht sums secwtid by this Security Instrament granted by Lendor to any successor in interest of Borrower shall not operate to nlease the liability of the original Borrower or Bonower's succexsors 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 amortization of the sums securod by this Security Instrument by reason of any demand made by the original Honower or Horrower's suooessors in intersst. Any forbearance by Lender in eaercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Successors and A~at~nt Bonnd; Jqint and Se~eral LiabWty; Co-si~ers. The covenants and agramtnts of ~ ~ this Security Instrument shall bind and benetit the suoces.sors and assigns of Lender and Horrowtr, subjoct to !he provisions of paragraph I7. Borrower's covenants and agrcements shal! be joint and sevetal. Any Borrower who co-signs this Sxurity Instrument bvt does not eaecutt ihe Note: (a) is co-signing this Socurity 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 Instrument; and (c) agrees that Lender and any other Bonower may agree to eatend~ modify~ forbear or make any accommodatioas with regard to tht terms of this Stcurity Instrument or the Note without that Bonowtr's consent. ~ 12. I,wn Chuges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges. and that law is finally interpretsd so that the interest or other loan charges collxted or to be collected in connection with the loan eacad the permitted limits, then: (a) any such loan charge shall be roduced by the amount ~ nocessary to roduce the charge to the perntittod Gmit; and (b) any sums alrr,~dv collectod from Bonower which exceeded ~ permitted limits will be refunded to Bonower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct paymtnt to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13, Legistation A~eeting I.ender's Rig6ts. If enactmcnt or expiration of applicable taws has the eftect of rendering any provision of the Note or this Socurity Instrument unenforceable according to its terms; Lender. at its option, may require immediate payment in Cull of all sums securod by this Socurity InsErument and may invoke any remedies permitted by paragraph 19. If Lendtr exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Notlces. Any notice to Borrower proridtd for in this Security Instrument shall be given by defivering 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 Borrower designates by notice to I.ender. Any notice to Lender shall be given by first class mail to I.ender's address stated herein or any other address I.ender designates by notice to Borrower. Any notice ~ provided for in this Sscurity Instrument shall be damai to have ban given to Borrower or Lender when given as provided t ! in this paragraph. ~ 'I 1S. Go~erning I.s~w; Se~erabiUty. This Security Instcument shall be governed by tederal taw and the law of the i jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the ~ Note conflicts with applicable law, such conflict shall noi affect other provisions of this Security Instrument or the Note y which can be given e~'ect without the c.on8icting provision. To this end the provisions of this Security Instrument and the Note are dxlared to be severable. 16. Borrower's Copy. Bonower shall be given one conformcd copy of the Note and of this Security Instrument. 17. Traasfer of t6e Property or a BeneBciat Intereat in Borrower. If all or any part of the Property or any interest in it is sc~id or transferrod (or if a benefecial interest in Borrower is sold or transfened and Borrower is not a natural , person) without I,tnder's prior writttn consent, Lender may, at its option, require immediate payment in tull of all sums secured by this Security Instrument. However~ this option shall not be ezercised by Lender if eaercise is prohibited by federaf law as of the date of this Security Instrument. If Lender exercises this option, L.ender shall give Borrawer notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notiee is delivered or mailod within which Borrower must pay all sums secured by this Security Instrumtnt. If Borrower fails to pay these sums prior to the expiration of this period, I.ender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. ~ 18. Borrower's Riglit to Reioatate. If Bonower mats certain conditions, Bonower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlicr of (a) 5 days (or such other period as applicable taw may specify for reinstatement) before sale of the Property pursuant to any powct of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Bonower: {a) pays Lender all sums which then would be due under this Socurity Instrument and the Note had no acceleration occurrcd; (b) cures any default of any other covenants or agreements; (c) pays aU expenses incurred in entorcing this Security Instrument. including, but not limited to, reasonable attorneys' tas; and (d) takes such action as I,ender may reasonably require to assure that the lien of this Security Instrument~ I.ender's rights in the Property and Borrower's obligation to pay the sums socured by this Socurity Instrument shall continus unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations seeurod hereby shall remain fully eR'ective as if no acceleration had occuned. However, this right to reinstate shall not apply in thccase of acceleration under paragraphs 13 or 17. ~ ~ 8~550 ~ ~9i? ~ _ ~ ,