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HomeMy WebLinkAbout0995 . . ' • 3; . : "a• ' • , ' ~ .v ~ If Lender required mongage insurance as a condition of making the loan secured by this Srcurity Instrument~ Borrower shall pay the premiums required to maintain the insurance in effect until sach time as the requirement for the insura~ce terminates in accordanct with Honowtr's and Lendec's written sgrament or applicablc law. 8~,, Irasy~jtgA.A; .I.f pr, its~ge t may make reasonable entries upon and inspoctions of the Propcny. Lender s~all giv ~ a at c~~~~~_ij~7~'g~;o an inspection specifying reasonable cause for the inspection. ~y~ ~ - f~ W~~y award or claim for damages~ direct or consequcntial, in connxtion with any c$ndem t ~nj?'~part of the Property~ or for conveyance in lieu of condemnation, are hereby assigned and al d r. . In the event of s tota! taking of the Property. the procecds shall be applied to the sums sccured by this Security . lnstrument~ whethcr or nnt then due, with any exaxs paid to Borrower. In the cvent of a partial taking of the Property, unless Bonower and Lender otherwise agree in writing, the sums secured by this Security Instrumant shslt be reduced by the amount of.the proceeds multiplied by the foltowing fraction: (a) the total amount of the sums securod immediately before the taking, divided by (b} thc fair market value of the Property immediately beforc the taking. Any balana shail be ' paid to Borrower. ~ ~ If the Property is abandoned by Borrower, or if~ after notice by I.ender to Borrower that the condemnor ot~'ers to make an award or settle a claim for damages~ Borrower fails to respond to Lender within 30 days aRer the date the notice is given, Lender is authorizod to collect and apply the procads, at its optian. either to restoration or repair of the Propeny or to the sums secured by this Sceurity Instrument, whether or not then due. ~ Untess I.ender and Bonower othtrwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referrod to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Releaeed; Forbeuaace By I.ender Not • Wai~er. Extension of the time for payment or maiiRcation of amortization of the sums secured by this Socurity Instrument~ granted by Ltnder to any succes.wr in interest of Borrower shali not operate to release the liability of the original Borrower or Borrower's successors in interest. I.end~r shalt not he req~ired to commence proceedings against any successor in interest or refuse to extend time for payment or oiherwise modify amortization of the sums securtd by this Security Instrument by reason of any demand made by the original Borrower or Bonower's succcssors in interest. Any forbearance by Lender in exercising any right or remody shall not be a waiver of or preclude the exercise of any right or rem~dy. 11. Succeasors and Aaa~i~a Bound; Jotat and Sereral Ltsbility; Co-signers. The covenants and agreements of ~ this Security Instruraent shall birtd and beneflt the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agraments shall be joint and several. Any Borrower who co-signs this Security Instrument but does not exacute the Note: (a) is co-signing this Security I~strument only to mortgage~ grant and convey that Bonower's interest in the Property under the terms of this Socurity Instrumenh (b) is not personally qbligated to pay the sums securod by this Security Instrument; and (c} agrces that Lender and any other Bonower may agree to extend~ modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. lZ. Loae Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan chsrges, and that law is finally interpretod so th~t the interest or other toan charges collected or to be collected in connection with the loan eacced the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permittod limit; and (b) any sums alre~dy colixted from Borrower which eaceeded perntitted limits will be refunded to Borrower. Lend~r may choose to make this refund by roducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal~ the roduction witl be treatal as a partial prepayment without any prepayment charge under the Note. 13. LegialaHon Afl`ecdag I.ender's Rtg6ts. If cnactment or eapiration of applicable laws has the eflect of rendering any provision of the Note or this Security Instrument uncnforceable according to its terms, Lender, at its option~ may require immediate payment in full of all sums socured by this Socurity Instrument and may invoke any remedies pcrmitted by paragraph 19. If Lender eaercises this option, Lender shall take the steps specified in the second paragraph of ~ paragraph 17. ~ ~ 14. NoHces. Any notice to Bonower provided for in this $ecurity Instrument shall be given 6y delivering it or by ! mailing it by first class mail unless apptecabte taw roquires use of another method. The notice shall be directed to the ~ Property Address or any other adclress Ho: rower 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 Lender designates by notice to Borrower. Any notice f pro~hda! for in this Security Instrument shall be deemed to have been given to Bonower or Lxndcr when given as provided ~ in this paragraph. 1S. Go~erni~g I,aw; Severabiiity. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is loeate~. In the event that any provision or clause of this Socurity Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of ihis Security Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformod copy of the Note and of this Security Instrument. 17. Transfer of tbe Property or a HeneflcLl Interest !n Borrower. If all or any part of the Property or any interest in it is sold or transfened (or if a beneficial interest in Borrower is sald or transfened and Bonower is not a naturat person) without Lender's prior written consent, Lender may, at its option, require immediate payment in ful! of ali sums secured by this Security Instrument. However, this option shail not be exer~ised by Lender if exercise is prohibited by ~ faferaf law as of the date of this Sccurity Instrumrnt. If L.ender exercises this option~ I.ender shall give Borrower notice of acceleration. The notice shall provide a~eriod of not less than 3Q day~ from the date the notice is delivered or mailod within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the ezpiration of this period~ i.ender may invoke any remedies permitted by thjs Sccurity Instrument without further notice or demand on Borrower. 18. Borroaer's Ittght to Reinatnte. If Bonower mats certain conditions, Horrower shall have the right to have enforcement of this Security Instrument discontirtuod at any time prior to thc earlier of: (a) 5 days (or such other period as applicabte law may specify for reinstatement) before salt 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 Lender all sums which then would be due under this Socucity Instrument a~d the Note had no acceleration occurred; (b) cures any default of any other covenants Qr ageements; (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 rtquire to assure that the lien of this Security fnstrument, I.ender's rights in the Property and Borrower's obligation to pay the sums secured by this Soeurity Instrument shall continue unchanged. Upon reinstatement by Borro~ver, this Security Instrument and the obligations secured hereby shall remain fulty etfective as if no acceferation had occurred. However, this right to reinstate shall not apply in the case of acceleration under psragraphs 13 or l7. aoox 55~. Pa~ g94 ~ - -