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HomeMy WebLinkAbout0988 If Lender reyuiral mortg~ge inaurance as a oondition of making the losn secured by this Socurity Instrument~ Horrower shall paiy the premiums roqnirod to maintain the insurance in eQect until auch time as the roquirement for the insurance terminatea i~n ~cordance with Horrower'a and I.ender'a writte~ agroement or applicable law. 8. Iaspectioa. Lender or its agent may maicc reasonabte cntriea upon and inspoctiona of the Property. Lender shall give Horrower notice at the time of or prioc to ~n inspection specifying reasonable cause for the inspection. 9. CondemnaNoa. The prooeeda of any award or clsim for damagea, dirxt or consoquential~ in connection with any condemnation or other taking af any part of the Property, or for conveyanoe in lieu of condemnation, are hereby assign~d and shaU be psid to I.ender. In the event of a total taking of the Property. the procads shall be applied to the sums socured by this Security Instrument. whether or not then due, with any excess paid to bonower. In the evcnt of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing, the sums socurod by this Security ins?iu~ent shall be roduccd by the amount of the prooooda multiplied by the following fraction: (a) the total amount of the sums sccured immediately 'before the taking~ divided by ('b) the fair market value of the Property immodiately before the taking. ~?ny 'valana shall be paid to Bar:~wer. , If the Property ia abandoned by Borcower. or if, afler notice by Lender to 8orrower that the condemnor offers to _^_+.~lce an award or xttle a claim for damages. Horrower fails to respond to Lender within 30 days atter the date the notice is given, Lender ia authorized to oolloct and apply the proceods. at its option, either to restoration or repair of the Property or to the sums aocured by this Security instrument. whether or not then due. Urtless I.ender and Borrower otherwise agrce in writing, any application of prococds to principal shal! not ~xtend or postpone the due date of the moathly payments retarred to in paragraphs 1 and 2 or change the amount of such payments. 1Q. Borrower Not Rek~ed; Forba~rana Hy I.ender Not ~ Wdnr. Extension of ihe time for paymcnt or modiflcutioh of amortization of thF suma socured by this Security Instrument granted by Ltnder to any suocessor in interest of Bonower sleaU aot optrate to release the liability of the original Borrower or Borrower's successors in interest. L.ender shall not be roquired to oommencx proceedings against any auccessor in interest or refuse to eatend time for payment or otherwise modify smortization of the sums securod by this Socurity Instrument by reason of any demand made by the original Bonowtr or Borrower's sucas.4ora in interest. Any forbesrance by I.ender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Succeaon and Astt~oa Bow~d; Joint snd Se~enl LlidWty; Co-dgeers. The covenants and agraments of this Socurity Instrument shall bind and btne8t the succes,.ors and assigns of Lender and Borrower, subjxt to the provisions of paragraph I7. Borrower's covenants and agramtnts shaU be joint and several. Any 8orrower who casigns this Socurity Instrumeat but das not esocute the Note: (a) is co-signing this Socurity Instrument only to mortgage, grant and convey that Borrower's interest in the Pmperty under the terms of this Security Instrument; lb) is not personally obligated to pay the sums socured by this Socurity Instrument; and (c) agrees that Lender and any other Borrower may agrce to extend. modify. forbear or make any accommodatior~s with regard to the terms of this Security Instrument or the Note without that E. : ~wer's conset?t. . 12. Loan Charga. If the loan socured by this Security Instrument is subject to a law which sets maximum loan charges, and that law is 6naUy interpreted so that the interest or osher loan charges collocted or to be collxted in connection with the loan eaceed the permitted limits~ then: (a) any such loan charge shal! be reduced by the amount necessary to reduce the charge to the permittod limit; and (b) any sums already collected from Bonower which excooded permitted limits will be refunded to Botrower. Lender may cho~e to make this refund by reducing the principal owed under the Note or by making a direet payment to Bonower. If a refund reduces principal, the reduciion will be treatcd as a partial prepayment without any prepayment charge under th~':~:s. 13. Le~itlsdon A~e~eHng Lasder's RIg6t~. 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 roquir~ immediate payment in full of alt sums securod by this Security Instrument and may invoke any remedies ' permitted by paragraph 19. If Lender eaercises this option, Lendec shall take the stcps specified in the second paragraph of ' P~S~Ph 17. ` 14. Nodces. Any notice to Bonower provided for in this Security tnstrument shall be given by delivering it or by ~ mailing it by 6rst class mail 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 ~.ender shall be given by 8rst class mail to Lender's address statod herGin or any other address Lender designates by notice to Bonower. Any notice r provided for in this Securiry Instrumtnt shall be damed to have been given to Borrower or Lender when given as provided ~ in this paragraph. ~ 1S. Ga~erning Law; Se~enbility. 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 Sacurity Instrument or the ~ Note conflicts with applicable law, such canflict shall not affoct other provisions of this Security Instrument or the Note which can be given efftct without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declarcd to be severable. 16. Horrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. ~ 17. Trans[er o! the Property or a Beneflcial Interest in 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 sold or transferred and Borrower is not a natural person) without Lender's prior writttn consent, Lender may~ at its option. require immediate payment in full o€all sums secured by this Security Instrument. Nowever~ this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If l.ender exercises this optioo~ L,ender shap give Borrower notice of acceleration.l'he notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Bonower must pay all sums secured by this Security Instrument. If Bonower faiis to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Socurity Instrument without further notice or demand on Borrower. 18. Borrower's Right to Re[nstate. If Borcower meets certain conditions, Borrower shall have the right to have enforcement of this Socurity Instrument discontinuod at any time prior to the earlier of: (a) 5 days {or such other period as applicable law may specify for reinstatemsnt) ~fore sale of the Property pursuant to any powe~ of sale contained in this Socurity Instrument; or (b) entry of s judgment enforcing this Security Instrument. Thox conditions are that Bonower: (a) pays I.ender all sums which then would be due under this Security Instrument and the Nota had no acceleration ~ occurrod; (b) curcs any default of any other covenants or agreements; (c) pays all expenses incuned in enforcing this Socurity Instrument~ including. but not limited to. reasonable attorneys' fas; and (d) takes such action as Lender may : reasonably roquire to assurt that the lien of this Security Instrumrnt~ I.ender's rights in the Property and Borrower's ; obligation to pay the sums securod by this. Security Instrument s6all continue unchangod. Upon reinstatement by ~ Bonower. this Socurity Instrument and the obligations socured hereby shall remain fully effective as if no acceleration had ~ occurre~. However~ this right to reinstate shall not aPply in the case of acceleration under paragraphs 13 or 17. ; ~ °aoaK 562 P~f 986 _ - - - _F _ .