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HomeMy WebLinkAbout0920 . . 4 ~ ~ IP Lender required mortgage insurance as a cc,ndition of making the laan secured by this Security Instrument, ; Borrower shall pay the premiums required to maintain the insurance in effect unti) such time as the requirement for the ~ insurance terminates in accordance with Horrower's and Lender's written agreement or applicable law. 8, lnspection, Lender or its agent may make reasonable entries upon and inspections of the Property. I.ender shall give Borrower natice at the time of or prior to an inspeetion specifying reasonable cause for the inspection. 9, Condemnatton. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property. o~ for conveyance in lieu of condemnation. a~e hereby = assigned and shall be paid to Lender. In ihe event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security ~ ]nstrument, whether or nat ttien due, with any excess paid to Borrower. In Ihe event of a partiai taking of the Property. unless Borrower and Lender otherwise agree in writing. the sums secured by this Security instrument shall be reduced by the amount oP the proceeds multiplied by the Pollowi~g t'raction: (a) the total amount of the sums secured immediately •before the 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 abandoned by Borrower, or if. aRer notice by Lender to Borrower thai ihe condemnor offers 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 authorized to collect and apply the proceeds. at its option, either to restoration or repair of the Property or to the sums secured by this Security ]nstrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any applieation 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. Borrower Not Released; Forbearance By Lender Not a Wajver. Extension of the time for payment or ~ modification of amortization of the sums securecf by this Security instrum~nt grantec! by '..en~+ec to ~ny s~~rceSC~r in y interest of Borrower shail not operate to release the liability oP the origina113orrower or Borrower's successors in interest: Lender shall not be required to commence proceedin~s against any successor in in/erest 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 eacercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Jaint and Several Liabillty; Casigners. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns oP L.ender and Borrower. subject to the provisions of' paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who casigns this Security Instrament but dces not ezecute the Note: (a) is casigning this Security Instrument only to morigage, 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 I,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 ~ lhat Borrower's consent. + l2. Loan Charges. if the loan secured by this Security L~strument is subject to a law which sets maximum loan ' charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in j' connection with the loan exceed 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 will be refunded to •Borrower. Lender may choose to make this retund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be ireated as a panial prepayment without any prepayment charge under the Note. ~ 13. Legislation At~ecting Lender's Rights. If enactment or expiration of applicable laws has the effect of ~ rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, " may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this option, L,ender shall take the steps specified in the second paragraph of paragraph 17. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it ar 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 Lender. Any noticc to L.ender sha11 be given by first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. 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 paragra~h. 15. Governing Law; Severabitity. This Security Instrument shall be governed by tederal law and the law of the jurisdictifln in which the Aroperty is located. In the event that any provision or clause of this Security lnstrument or the Note conflicts with applicable law, such conflict sfiall not aH'ect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the ' Note are declared to be severable. f` I6. Borrower's Copy. Borrower sha11 be given otie conformed copy of the Note and of this Security Instrument. 17, Transfer ot 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 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 immediate payment in ful! of all sums secured by this Security Instrument. However, this option shall not be exercised by L.ender if exercise is prohibited by f federal law as of the date of this Security Instrument. - :.~~~de: exes~~s.,~ t!:is ~Yr~o~, L~nr~er shall ¢ive Borrower notice of acceleration. The notice shall provide a period of no! less than 30 days trom the date the notiee is delivered or mailed within which Borrower must pay aii sums secureci oy this Security Instrument. If Borrower fails to pay these sums prior to the eapiration of this period, I.ender may invoke any ~emedies permitted by this Security Instrument without further notice or dema~id on Borrower. 18, Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enfoccement af 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 ~wer of sale contained in this Security Instrument; or (b) entry ot a judgment enforcing this Security Instrument. Those conditions are that Borrower: (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 covenants or agreements; (c) pays all expenses incurred in enforeing this - Security Instrument, inc)uding, but not limited ro, reasonable attorney.s' fees; and (d) takes such action as L,ender may reasonably require to assure that the lien of this Security ~nstrument, Lender's rights in the Property and Borrower's ~ obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remam fuliy eRective as if no aceeleration had ~ occurred. However, this right to reinstate shait not appty in the case ofacceleration under paragraphs 13 er 17. ~ ~ ~ BOOK 5~~ PAGE 91S X.-_~.._ . . _ -a.~-- ~