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HomeMy WebLinkAbout0995 t t 1 , . ~ If Lender required mortgage insurance as a condition of making the loan secured by this Security InstrumeM~ Borrower shall pay the premiums required to maintain the insu~ance in eflect until such time as the requirement for the insu~ance terminates in accordance with Borrowef's and Lende~'s written agrament or applicable faw. 8. Inspection. I.endcr or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. CondemnAtion. The proceeds of any ayvard or claim for damages. direct or consequential~ in connection with any condemnation or othe~ laking of any part of the Propehy~ or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to L~nder. In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Security Instrttment, whethcr or not then due, with any excess paid to Borrower. In ihe evcnt of a partial taking of the Propcrty, unless Borrower and I.ender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the Pollowing fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market valut of the Propcrty immediately before the taking. Any balance shall be paid to Borrower. If the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower that the condemnor ofCers to - make an award or settle a claim for damages, Borrower fails to respond to I.ender within 30 days aRer the date the notice is given, Lender is authori2ed to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Sccurity Instrument, whether or not then due. Unless Lender and Borrower othenvise agree in writing. any application of proceeds to principal 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. Bonower Not Released; Forbeuance By Lender Not ~ Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to ary successor in interest of Borrower shal! not operate.to release the liability of the original8orrower 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 amortization 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 Lender in exercising any right or remedy ~ shall not be a waiver of or preclude the eaercise of any right or remedy. Il. Successors and Asslgns Bound; Joint xnd Seventl Liabtl3ty; Co-signers. The covenants and agreements oi this Security Instrument shall bind and benefit the successors and assigr?s of Lender and Borrower. subject to the provisions j 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 casigning this Security Instrument only 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 Security Instrument; and (c) agrees that L,ender and any other Borrower may agree to extend, ; modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without ` that Sonower's consent. ~ ~ 12. Loan Charges. lf the loan secured by this Security Instrument is subject to a law which sets maximum loan s charges, and that !aw is finally interpreted so that the interest or other loan charges collected or to be collected in F connection with the loan exceed the permitted limits, then: (a) any such toan 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 eaceeded ~ permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed F under the Note or by making a direct payment to Borrower. If a refund reduces principal. the reduction will be treated as a : partial prepayment without any prepayment charge under the Note. 13. Legislatian Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of ~ rendering any provision of the Note or this Security Instrument unenPorceable according to its terms, Lender. at its option. ~ may require immediate payment in ful) of all sums secured by this Security Instrument and may invoke any remedies ~ permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Notiees. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class maif unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Bonower designates by notice to Lender. 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 Borr~wer. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or L.ender when given as provided in this paragraph. 15. Gorerning Law; Sererability. 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 of this Security Instrument or the Note conflicts with applicable law, such conflict shall not atfect other pravisions of this Security Instrument or the Note which can be given efi'ect 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. Transfer of t6e Property or a 8eaeflcta! Interest in Bonower. If all or any part of the Properiy or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent. Lender may, at its option, require immediat~ payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by I.ender if exercise is prohibitsd by federal law as of the date of this Security Instrument. If L.ender exercises this option~ Ltnder shall give Bonower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is detivered or mailed within which Borrower must pay all sums secured by this Securety Instrument. If Borrower fails to pay these sums prior to the expiration of this period. Lender may invoke any remedies permitted by this Sec~rity Instrument withaut further notice or demand on Borrower. 18. Borrower's Right to Reiestate. If Borrow~r mats certain conditions. Bonower shall have the right to have enforcement of this Security Instrument discontinuod 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 containod in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borcower: (a) pays Lender 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 cuvtnants or agraments; (c) pays al! exp~nses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fas; and (d) takes such action as Lender may rea.~nably require to assure that the lien of this Security Instrument~ Lender's rights in the Property and Borrower's obligation to pay the sums socured by this Security Instrument shall continu+e unchanged. Upon reinstatement by Borrower~ this Security Instrument and the obligations sccured hercby shall remain fully effective as if no acceleration had occurred. However~ this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17 0 R C~5~ PAGE J~ BOOK °:~---~r~.iv_~r-~ - ~