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HomeMy WebLinkAbout0957 ~ If Lender rcquired mortgage inaurance aa e oonditian of making ths loan securod by thia Sccurity Instrument, Horrower ahsll pny the pnmlums requlrod to maintain the insurance in eU'oct untll such time as the requiremcr?t for the insurantx terminates in aococdanoe witK Borrowtr's and I.ender's aritten ~greement or applicable law. 8. Iaspecdon. . Lender or its agent msy make reasoaable entries upon and inspoctions of the Property. Lender shall give Borrower notice at the time of or prior to an. inapection apocifying ressonable cause for the inspection. 9. Coadea~wdon. The procoods of any award or c{a~m for damsgea. diroct or oonsoqucntial. in connoction with any condsmnAtion or other ta0cing of any part of 'the Property. or for oonveyance in lieu of condemnation. are hereby sssignod and shall be pAid to Lrnder, In the event of a total taking of the Pmperty~ the proc:eeds shall be appliod to the sums aecured by this Security Inatrument~ whether or not thm due, with any eaaas peid to Borrower. In tbe event of a partisl taking of the Property, unlesa Horrowar and I.tnder otherwise agra in writing, the aums securai by thia Security Inatrument shall bc roducxd by the emount of the proceoda multiplied by the follawing fraction: (a) the total amount of the sums securod immediately 'before tbe taking, divided by (b) the fair market value of the Pmperiy.immodiately before the taking. Any b~lancc shall be paid to Borrower. If the Property ia ~bandonod by.Borrower. or if. aRer notice by Lender to Bomower that the oondemnor oBers to mske un ~ward or aettle a claim for damages~ Borrower fails to respond to Lender within 30 days aRer the date the notice is given~ Lender is authorized :o coUect and apply the proceods, at its option, either to restoretion or repair of the PropeYty or to the suiaa secured by thia Security Instnunent~ whether or not then dut. Unltss Laider and Borrower otherwise agra in writing, any appGcation of proceeds to principal shall not extend or postpone the due date of the monthty paymenta referred to in paragraphs 1 nnd 2 or change the amount of such payments. 10. Horrower Not Re,~ese~d; Forba~ranoe By La~der Not a W~har. Extension of the time for payment or modi6cation of amortization of the auras secared by this Soeurity Instrument granted by Lender to any successor in interat of Borrower shaU not operute to rclease the liability of the original~ Borrower or Borrower's successars in interest. Lender ahall not be roqnirod to commence proooodinga against ai?y sucaasor in interest or refuse to eatend tima for payment or othervvise modify amortization of the sua~s secured by thia Socurity Instrument by reason oPany demand made by the original Borrower or Bomower's s~sors in intcrest. Any forbearance by Lender in exercising any right or remody ehnU not be a waiver of or proclude the exercise of any right or remddy. ~ S~ooe~o~ a~ Aai~os Bonad; Jotnt and Sereryat LtablUty; Co-dpers. The covenants and agramrnts of thia Security Instrument shal! bind and~bene6t the succes.wrs and assigns of L.ender and Bomow~r. subjoct to the provisions of paragaph l7. Borrower`s oovenanta and agameats shall be joint and aeveral. My Banower w~o casigns this Security Inatrument but doea not execute the Note: (s) is oo-signing thia Secwity Instrument only to mortgage, grant and convey _ that Borrower'a intereat in the i'roperty under tha terms of this Socurity Instrument; (b) is not peraonally obligated to psy • the sums securai by thia Security Instrum~nt; and (c) agras that Lender and any other Bonower may agce to extend. modify. forbear or make any accommodationa with regard t~ the terms of thia Security Instrument or the Note without that Borrower'a consent. ~ 12. La~a C6u~a. If the loan secured by this Security Instrument is subject to a law which sets maximum loan . charges~ and that law is flnally interpreted ao that the interest or oiher loan charges collxted or to be collected in oonnaKion with the loan excood tbe permitted limits. thca: (a) any such loan chaige shail! be rcdueed. by the amount necessary to roduce the charge to the permitted lirdit; and (b) any sums already oollectod from Bonower whicti ~xceodod ~ permitted limits will be r~unded to Borrower. Lender may choose to make this rdbnd by roducing the principal owed under the Note or by making a clirect payment to Borrower. If a refund roduoes principal; the raiuction wili be trcatod as a partial prepayment without any pnpayment charge under the Note. 13. LegWation A~eeting I.ender't Rtg6ta. If enactment or expiration of applicabie laws has the efFcct of rendering any provision of the Note or tbis Sacurity Instrument unenforeeable aceording to its terms, Lender, at its option, may require immediate payment in full of all sums securod by this Security Ynstrumtnt and may invoke any remedies pe~mittod by paragrsph 19. If Lender exereises thia option~ Lender shall take the steps spocifiod in the second paragraph of P~S~Ph 17. . 14. Nodca. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law roquires use of another method. The notice shall be directed to the Property Address or any other address Borrow~r designates by notice to I.ender. Any notice to Lender sha11 be given by Brst class mail to Ler~da's address stated her~in or any other address Lrnder designates by notice to Borrower. Any notice provided for in this Security Instrument shall be damed to have been givrn to Borrower or I.endet~ when given as provided in this pnragrap6. 1S. Go~erning Lw; Se~erabWty. This Security Instrumeht shall be govrrned by foderal law and the law of the juriadiction in which the Property is locatod. In the event that any provision or clause of this Securiry Instrument or the Note conflicts with applicable ls?w, such conaict shalt not a~'ect other provisions of this Security Instrument or the Note - which can be given effoct without the conRicting provision. To this en~ the provisions of this Security Instrument and the Note an doclared to be severabl~. ~ • 16. Borrowa's Copy. Borrower shall be given one conformal copy of the Note and of this Security Instrument. 17. Tra~tu of tbe Property or s Beaeflrtal Intesest in Borrower. If all or any part of fhe PropeRy or any intertst in it is sold or transferred (or if a bmtficial interest in Borrowa u sold or transferred and Horrower is not a natural person) without I.ender'a prior written consent, Lender may, at its option, roqu~re immodiate payment in full of all sums secured by this Security Instrumtnt. However, this option shall not be exercisod by I.ender if eaercix is prohibitod by federal law as of the date of this Security Instrument. . If I.ender exerciaes this option, t,ender shall give Borrower notice of acceleration. Tht notice shall provide a period of not tess than 30 days from the date the notice is delivered or mailod within which Bonower must pay a!1 sums socured by this Security Instrumeat. If Borrower fails to p~y these sums prior to the expiration of this period, Lender may invoke any rrmedies permittod by this Security Instrument without further notice or demand on Borrower. 18. Borrower'~ Ittg6t to Rein:tate. If Horrowa mats certnin oocditions, Borrower shall have the right to ttave enforcement of this Security Instrument discontinuod at any tima prior to t~ie earlier of: (a) S days (or such other period as applie~bk law may apecify for reinatutertfent) bd'ore sale of the Property pursasnt to any power of sale contained in this Security Instrument; or (b) a~try of a judgment enforcing this Security Instrumrnt. 'Thoae conditions are that Horrower: (a) pays Lsnder all sums which thai would be due under this Security Instr~ment and the Note had no acceleration oocurred; (b) cwes any dd'ault of any other covenants or agroements; (c) pays a11 expenses incurr~ in enforcing this Socurity Instrument, including, but not limited to, reasonable attorneya' fas; and (d) takes such action as Lender may ra~aonably require to asaun" that the lien of this Security Instrnment, Lender's rights in the Property and Borcower's obligation to psy the aums secured by this Security Instrument shall continue unchangod. Upon reinatatement by Horrower, thia Socurity Instruracnt and the obligations secured. hereby shall remain fully eA'cctive as iPna acaleration had ovcurred. However, this right to reinstate shall not apply in the case of aoceleration under par~grsphs 13 or 17. BOOK PAGE 9td~? ~ ~ ~ ~ ~ , - . . _ - - - . _.~:T.~- ~ F '