Loading...
HomeMy WebLinkAbout0917 , ~ r , [P Lender requi~ed mortgage insurance as a condition of making the loan secured by'ihis Security~lr~strument, Borrower shall pay the premiums ~equircd to maintain thc insurance in effect untii such time as the ~equirement for the insu~ance terminates in accordance with Horrower's and I.ender's written ag~ament or applicable law. 8. I~upectioe. Lender or its agent may make reasonable entries upon and inspections of the. P~openy. l.ender shall gi~°e Borrower r~otice at the time of or prior to an inspection specifying reasonable cause far the inspection. 9. Condemnatioa. The p~oceeds of any ardrard or ciuim for damages~ direct o~ consequenlial, in connection with any condemnation or other taking of any pan of the Propeny~ or for conveyance in lieu of condemnatioo, arc hcreby assigned and shall be paid to l.ender. ~ In the event of a total taking of the P~openy, the proceecls shall be applied to the sums secured by this Security lnst~ument, whether o~ not then due. with any excess paid ta Bonower. ln tht event of a partial taking ot the Propeny, _ unless Qonowe~ and Lender otherwise agra in writing, tha aums sccured by" this Security lnstrument shull bc reduced by tl~e amqiutt, of the proceeds multiplied by the foibwing fraction: (a) the total amount of' the sums secured immediatdy .b~orG the't~king, dividtd by (b) the fair market value of the Propeny immediately before the taking. Any balance shall be . paid to~ot~~wer. - -:.~If th~~'roperty is abandoned by Borrower. or if. aRer notice by Lender ta Bo~rower that the condemnor offers to makt ~?n aw~?rd or settle a claim for damages. Bonower fails to respond to Lender within 30 days aRer the date.the notice is giv~, Le~idti is authorizod to colloct and apply the proceeds. at its opiion, either to restoration ~r repair of the Properiy or to the s}~Si secured by this Security Inst~ument, whether ot not then due. - Unkss Lender and 8orrower otherwise agra in writing, any application of proceeds to principa! shall not extend or postpone the due dafe of the monthly payments refernd to in paragraphs 1 and 2 or change the emount of such payments. 10. Borrower Not R Forba~ranoe By Leader Not a Watver. Extension of the time for payment or modific~ttiwY d`aMlo*fizafioi~'af '~t~sxured by this Socurity Instrument grantod by Lender to any successor in ir?terest'of•Bdi#owcc~st~a~'nc~ ' e~'o relesse the liability of the original Borrower or Borrower's successors in interest~ Lender shall not be required to commtnce proceedings against any'successor in interest `or refust to extend time' for payment or otherwise modify ~mortization of the sums socurod by this Security Instrument by reason of any demand made by the original Barrower or Borrower's successors in interest. Any forbearnnce by Lender in exercising any right or remedy shall not be a waiver of or proclude the exercise of any right or remody. ' 11. Succe~wn and Asslgas Bound; Joint and Se~enil LtaMlity; Co~i~aers. The covenants and agrcements of this Security Instrument shall bind and beneAt the suocessors and assigns of Lender and Borrower~ "subject to the provuions of paragraph 17. Bon~ower's oovenants and agraments shall be joint ~nd several. Any Borrower who co-signs this Security Instrument but does not exocute the Note: (s) is co-signing this Socurity Instrument only to mortgage. grant and convey that Borrower'c interest in the Propeny under thc terms of this Sccurity Instrument; (b) is not personally obligat~d to pay thc sums socurod by this Security Instrument; and (c) agras that Lender and any other Bonower may agra to extend, modify, forbear or make any accommodations with regard to the terms of this Socurity Instrument or the Note without that Barrower's consent. lZ. W~a GLuga. If the loan s~cured by this Security tnstrument is subject to a law which sets maximum loan charga, and that law is finally interpreted so that the interest or other loan charges collectcd or to be coll~ctai in connection with the toan exoeed the permitted limits~ then: (a) any such l~n charge shali be reducod by the amount necesssry to re~uce the eharge to the petmitted limit; and (b) anj+ sums already collected from Borrower which excaded ptrmitt~d limits w?ill be nfunded to Borrower. Lendermay choose to make this refund by reducing the principal owed under the Note or by making a direet payment to Borrower. If a refund reduces principal, thc reduction witl be treated as a partial prepayment without any ptepayment charge under the Note. 13. Le~iatatMn Altieetiug I.snder's Rig6ta. If enactment or expiration of applicable law~ has the eifect of rendering any ptovision of the Note or this Security Instrument unenforceabte aceording to its terms. Lender, at its option, may require immediate payment in ful! of al! sums secured by this Security Instrument and may invoke any remedies permitttd by paragrsph 19. If I.ender exercises this option. Lender shal) take the steps specified in the second paragraph of ~ paragraph 17. - " 14. Notica. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by ~ mailing it by first class mail unlas applicable law requires use of another mcthod. The notice shall be directed to the - ~ Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any othec address I.ender designates by notice to Borrower. Any notice ~ providod for in this Security Instrument shall be dtemod to have been given to Borrower or Lender when given as provided ` in this paragraph. ~ 1S. Co~exai~g I.sw; Se~erabWty. This Socurity Instrument shall be governed by federal law and the law of the ~ jurisdiction in which the Property is locatod. In the event th~t any provision or clauu o~ this Security Instrument or the Note conflicts with applicable law, such conflict shali not affect other provisions of this Seeurity Instrument or the Note which can be given effect without the eonflicting provision. To this end the provisians of this Security Instrument and the Note are declared to be severable. > ~ 16. 8orrower't Copy. Horrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Trant(er of ti~e FropertY or a BentflcW Iaterest in Borrower, if all or any part of the Propeny or any interest in it is sold or transferred (or if a brneflcial interest in ~orrowcr is sold or transferrui and Borrower is not a natural person) without Lender's prior written conxnt, Ltnder may, at its option~ require immediase p~yment in full of all sums ~ securec! by tbis Security Instrument. However~ thls option shall not be exercised by Lender it exercise is prohibited by federal law as of the date of this Socurity lnstrument. [f I.ender txercises this option, i..ender shaU give Borcower notice of accekration. The natice shall provide a period of not las than 30 days feom the dste the notice is delivorcd or mailed within which Borrower must pay all sums secured by this Security lnstrument. If Borrower tails to pay these sums prior to the expiration af this period, i.ender may invoke any ~ remedies permittod by this Security Instrument without further notice or demand on Honower. 18. Borrowtr's Rl~t to Reiasbte. [t 8orrower mats certain condilion~, Borrawer shall have the right to have entorcement of this Security Instrument discorltinued at any time prior to the earlicr of: (a) S days (or such other period as applicabk law may spocify for reinatatement) before sale of the Proptrty pursuant to any power of sale contained ~n this Security Instrument; or (b) entry of a judgm~nt enforcing this Socuriry Instrument. Those conditions are that Borrower. (a) pays Lendu all sums which then would be due under this Security Instrumrnt and the Note had no acceleration occurrtd; (b) cura any default of any other covenants or agreements; (c) pays all expenses incurr~d in enforcing this Security Instrument, including~ but not limit~d to, reasonable attorneys' fas; and (d) takes such action as Lrendar may reasonably rtquire t~ auure that the lien oP this Security Instrument. Lender's rights in the Property and Borrower's obligation to pay the surrta secur~d by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations socura! hereby shall rcmain fully_effective as if no acctleration had occurred. However, this right to reinstate shall not apply in the case of accelcration under paragraphs ! 3 or 17. ~ ~ ° R 5fi~ ~E 9~7 800K PA z . - - 1~SL._.._ - - - "