Loading...
HomeMy WebLinkAbout0552 :~n~ amounts disbur~ed by Lender under this paragraph 7 shall become additiunal debt of BorroHer s~cured by this Securitp Instrument. Unless Borrower and Lender agree to other terms of pa~•ment, these amounts shall bear interest from the date of ~ii.bursemen~ at the Note rate and shall be payable, with interest, upon notice from LerxijF~o ~orroN•e~YCque~t ayment. It~ Lender required mortgage insurance as a condition of making the loan secured b~~ this~e.,`NriEy Instrument!~~wer shall pay the premiums required to maintain the insurance in effect unti! such time as the requirement for the insurance terminares in accordance with Borrower's and Lender's written agreement or applicable law. 8. Inspectfoa. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Bor- roHer notire at the time of or prior to an insp~.~tion specifying reasonable cause for the inspection. 9. Condemaptioa. The proceeds of any award or claim for damages, direct or consequential, in connection with any coidem- nation or other taking of an~• part of the Property, or for conveyance in lieu of condemnation, are hereby assig~ed and shall be paid to Lender. In the e~•ent of a total taking of the Property, the proceeds shall be applied to the sums secured by this Securitp lnstrument, ~•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 otherw~ise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the follow•ing fraction: (a) the totai 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. after notice by Lender to Borrow~er that the condemnor ofCers to make an award or settle a claim for damages, BorroK~er fails to respond to Lender within 30 days after the date the notice is given, Lender is authorited 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 postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change thz amount of such payments. 10. Borrower Not Released; Forbearance by Leoder Not a Waiver. Extension of the time for payment or modification oP amortization of the sums secured by this Security [nstrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the origina! Borrower or Borrow•er's successors in interest. Lender shall not be requi~ed 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 made by the original Borrower or Borrow•er'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 Liability; Co-signers. The co.venants and agreements of this Security ; lnstrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. i ~ Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Srcurity Instrument but dces ~ not execute the Note: (a) is co-signing this Security lnstrument only to mortgage, 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 Lender and any other Borrower may agree to extend, modify, forbear or make any accommoda- tions with regard to the terms of this Security Instrument or the Note without that Borrower's consent. ~ l2. Loan C6arges. 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 lo4n charges collected or to be collected in 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 refund by reducing the principal ow•ed under the Note or by making a direct payment ~ to Borrower. If a refund :educes 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 effect of rendering any provi- sion of' the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may requite immediate payment in full of all sums secured by this Security Instrument and may inwke any remedies permitted 6y paragraph 19.~[f Lender exercises this option, Lender shall take the steps speci[ied in the second paragraph of paragrapfi 17. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing ~ it by first class mail untess applicable law requires use of another method. The notice shall be directed to the Propeny 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 F address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instru- ~ ment shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. ~ 15. Governing LAw; Se~~erability. This Security lnstrument 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 Security Instrument or the Note conflicts w•ith applicable law, such conflict shall not affect 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. ~ 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. g 17. Transter of the Property or a Bene[icial Interest in Borrower. If all or any part of the Property or any interest in it is ; so~d or transferred (or if a beneficial interest in Borrow•er is sold or transferred and Borrower is not a nawral person) without ; Lender's prior written consent, Lender may, at ~ts option, require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises this option, Lender shap give Borrower notice of acceleration. The notice shall provide ~ period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration c?f this period, Lender may in~-oke any remedies permitted b~~ this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of 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 power of sale contained in this Security Instrument; or (b) entry of 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 enforcing this Security Instrument, including, but not limited to, reasonable at- torneys' fees; and (d) takes such action as Lender may reasonably require to assure that the lien of this Security Instrument, 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 remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. p00K U~~ PA6E ~ _ _ - _ - w . ~ H. ~