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HomeMy WebLinkAbout0374 ~ 1 : ' • . ~ . , . ~ ~ If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Burrow~er shall pay the premiums required to maintain the insurance in eflect unti! such time as the requirement for the - insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. 8. Inspection. Lender 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, Condemnatian. The proceeds of any award or claim fo: damages, direct or consequential, in connection with an~~ condemnation or other taking of any part of the Propeny, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, w~hether or not then due, with any excess paid to Borrower. In the event of a partial 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 of the proceeds multiplied by the following fraction: (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 shait be paid to Borrower. If the Property is abandoned by Borrower, or if after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after 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 Instrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or ~stpone 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 Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrow~er shall not operate to release the liability of the original Borrower or Borcower`s successors in interest. ~ Lender shali 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 mad~ 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 exercise of any right or remedy. ~ 11. Successors and Assigns Bound; Joint and Several Lisbility; Casigners. The covenants and agreements of ~ this Security Instrument shall bind and benefit the successors and assigns of L.ender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and severai. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey ~ that Borrower's interest in the Property under the terms of this Security Instn~ment; (b) is not personally obligated to pay ~ the sums secured by this Security Instrument; and (c) agrees that Lender 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 Borrower's consent. i ` 3 ; 12. Loan Charges. If the loan secured by this Security Instrument 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 ; f connection with the loan exceed the permitted limits, them (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 refund 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 treated as a ~ partial prepayment without any prepayment charge under the Note. ~ ~ 13. Legislation Affecting Lender's Rig6ts. If enactment or expiration of applicable laws has the efTect of ; k rendering any provision of the Note or this Security Instrument unenforceable according to its terms. Lender, at its option, ' ` ma}~ 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, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Notices. An~• 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 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 notice to Lender shall be given b}~ ~ first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice i provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided € in this paragraph. ~ 15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the ~ jurisdiction in which the Property is (ocated. In the event that any provision or clause of this Security Instrument or the ~ tiote con8icts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conHicting provision. To this end the provisions af this Security Instrument and the ~ tiote are declared to be severable. ~ 16. Borror~er's Copy. Borrower shall be given one conformed copy of the Note and of this Securitq Instrument. ~ 17. Transfer of khe 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 Borrow~er is not a natural ~ Fxrson) µ•ithout Lender's prior written consent, Lender may, at its option, require immediate pa}~ment in full of all sums tierured b} this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited b}~ frderal law• as of the date of this Security Instrument. If Lender exercises this optic~n, Lender shall give Borrow~er notice of acceleration. The notice shall provide a~riod of not le~s than 30 da}~s from the date the notice is d~livered or mailed within which Borrow•er must pay all sums serured by thiti Securit}~ Instrument. If Borrow•er fails to pay thc~e sums prior to the expiration of this period, Lender may im~oke any~ remedies permitted b~• this Securit}~ Instrument w•ithout further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrow~er meets certain conditi~ns, Borrower shall have the right to hare c:nforcement c~f this Security Instr~ment discontinued at any time prior ro the earlier of: (a) 5 da~~s (or such other period as applicable la~~~ ma~~ s~cif}~ for reinstatement) before sale of the Property pursuant to any power of sale contained in this ~ Serurit} Intitrument; or (b) entr}~ ~f a iudgment enforcing this Security [nstrument. Those conditi~ns are that Borrower: € (a) pa~s Lender all sums ahich ihen w~ould be due under this Security Instrument and the Note had no arcrlerati~n ~ cxcurred; (b) cures an}~ default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this ` Securit~• Instrument, including, but n~t limited to, reasonable attorney.s' fees; and (d) takes such action as Lender may ~ reasonably reyuire tn assure that the lien of this Security Instrument, Lender's nghtti in the Property and Borrawer'1 obligation to pa~~ the wms tiecured b}~ this Security Instrument shall continue unchanged. UExm reinstatzment by Bormwer, thiti Securit~ Inslrument and the obligations secured hereby shall remain full} effecti~~e as if no arceleraticm had ciccurred. N~we~er, this right to reinstate shall not apply in the case ~f accelerati~~n under paragraphs 13 or l7 Q BOOM V~~ PACE 37~ ro ~ ,ra:~.~~ ~:~x~ .r~~~=~-;~,~;~s'~-~~ .