Loading...
HomeMy WebLinkAbout0580 . ~ An~ amounts ~isbursed by iender under this paragsaph 7 shall become additional debt of 8orrower serured by this curity Insr.ument. Unless Borrow•er and Lender agree to other terms of ~payment, these amounts shall bear ie'~s~~i~ t~[ ' date of ~'t disbursement a[ the Note rate and shall be paqable, with interest, upon notice from Lender to Borrower requ~sting payment. If Lender required mortgage insurance as a ronduion of making the loan serured by this Security Instrument, Borrower shall pay the premiums required to maintain the inswance in eitnt until such time as the requirement for the insurance terminates in accordance with Borrow~er's and Lender's written agreement or applicable law. 8. lospeclion. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall gi~•e Bor- ro~zr notice at the time of or prior to an inspection speci[ying reasonable cause for the inspection. 9. CondemnAtioa. The proceeds of any award or claim for damages, direct or consequential, in connection w•ith any condem- nation or other taking o( any part of the Property, or for com•eyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking oC the Property, the proceeds shall be applied to the sums se~:ured by this Securiry Instrument, whether 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 wricing, the sums secured by this Security [nstrument shaU be reduced by the amount of the proce~ds 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 shall 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 aK~ard or settle a claim for damages, Borrower fails to respond to l.ender 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 Borrou~er 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 the amount of such payments. 10. Borrower Not Released; Forbearance by Lender Not a Walver. 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 Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherw~se modify amortization of the sums secured by this Security Instrument by reason of any demand made 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 prec~ude the exercise of any right or remedy. 11. Successors and Assigns Bouad; Joiat and Several Unbilily; Co-sigoers. The covenants 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. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrume~t but does ' not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in I 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. i 12. Loao 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 coUected in connection with the loan exceed the permitted limits, then: (a) any such loan chuge 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 f under the Note. ~ 13. Legislation Affectiog Lender's Rights. 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 require immediate s 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. 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• requires use of another method. The notice shaU 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 other address Lender designates by notice to Borrower. Any notice provided for in this Security lnstru- ~ ment 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 located. In the event that any provision or clause of this Security Instrument or the Note conflicts with f applicable law, such confZict 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 lnstrument 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. F 17. Traosfer of the Property or a Beneficial Iaterest 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 Borrower is not a natural person) without ~ Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security s Instrument. However, this option shall not be exercised by l.ender if exercise is prohibited by federal law as of the date of this ~ Security Instrument. ~ If Lender exercises this option, Lender shall give Borrower notice of acceleration. The reotice shall provide a period of not less than 30 days from the date the notice is deli~~ered or mailed within which Borrower must pay all sums secured by this Security Instrument. lf Borrower fails to pay these sums prior to the expiration of this period, Lender may imoke any remedies permitted by this Security Instrument without further natice 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 an~~ 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: (2) 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 ezpenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable at- F ~ rorneys' 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 shafl not apply in the case of aeceleration under paragraphs ! 3 or 17. iQ~K ~ ~ • - . ~;,r, ~-~~~~.~rM. ~