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HomeMy WebLinkAbout0598 If Lender required mortgage insurance as a rondition of making the loan secured by this Secunty lnstrument, Borrower shall pay the premiums required to maintain the insurance in eflect until such time as the requirement for the insurance terminatrs in accordance with Borrowet's and Lender's written agreement or applicable law. 8, [nspection. Lender or its agent may make reas~nable entries upon and inspections of the Property. Lender shall gi~•e Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. ~ 9. Condemnation. The proceeds ol an~• award or claim for damages, direct or consequential, in connection with any condemnation or ather taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby a~signed and shall be paid to Lender. ~ In the e~ent of a total taking of ihe Property, the proceecls shall be applied to the sums secured by this Security ; InstrUment, a•hether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Pmperty, ~ ~~nless BorroK~er and Lender otherwise agree in writing, the sums secured by this Se~:urity lnstrument shall be reduced by ~ the amou~t of the proceeds multiplied b}~ the follow~ing 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 thz taking. Any balance shall be paid to Barrow~er. If the Propert}• is abandoned by Borrower, or if, aRer notice by Lende~ to Borrower that the condemnor oflers to make an aw•ard or settle a claim for damages, Borrower fails to respond to Lender w~ithin 30 da}~s after the date the notice is gi~~en, Lender is authorized ro collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums sc~:ured b~• this Security Instrument, w•hether or not then due. LJnless Lender and Borrower otherwise agree in writing, any application of proceeds to principa) shall not extend or Existpone the due date of the monthly pa~~ments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower \ot Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amurtization of the sums secured by this Security Instrument granted b~~ 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 reyuired to commence proceedings against any successor in interest c~r refuse to extend time for pay~ment or otherw•ise modif~• amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrov?~er or Borrower's successors in interest. Any forbearance b}~ Lender in exercising an}~ right or remedy shall not be a wai~~er of or preclude the exercise of any right or remedy. i l. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of ~ this Securit~• Instrument shall bind and benefit the successors and assigns of' Lender and Borrower, subject to the provisions of paragraph 17. Borrow~er's covenants and agreements shall be joint and several. An~• Borrower w•ho co-signs this Security Instrument but dces not execute the Note: (a) is co-signing this Securiry Instrument only to mortgage, grani and con~~ey ~ that Borrow~er's interest in the Property under the terms of this Security lnstrument; (b) is not personally obligated ro pay y the sums secured by this Securit~~ Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, ~ modify, forbear or make an~~ arcommodations w~ith regard to the terms of this Security Instrument or the Note without ~ that Borrow~er's consent. ~ I 12. Loan Charges. If the loan ser.ured by this Security Instrument is subject to a law w~hich sets maximum loan 7 charges, and that law is finally interpreted so that the interest or other loan charges coliected or to be collected in ~ connection w~ith the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount ~ necessar}~ to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower w~hich exceeded j permitted limits will be refunded to Borrower. Lender may choose to make this retund 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 i partial prepayment v?~ithout an~~ prepayment charge under the Note. ~ ~ 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect ot ~ rendering an}~ provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, 7 ~ may require immediate payment in full of all sums secured b}~ this Securit~~ Tnstrument 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. , ~ l4. \otices. Any notice to Borrow~er provided for in this Security [nstrument shall be gi~~en by delivering it or by ~ s a~ailing it by first class mail unless applicable law requires use of another methc?d. 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 other address Lender designates by notice to Borrower. Any notice ~ pro~•ided for in this Security~ Instrumert shall be deemed to ha~~e been gi~~en to Borrower or Lender when given as pro~~ided = in this paragraph. ~ i 15. Governing Law; Severabilit~~. This Security~ Instrument shall be guverned b}~ federal laa• and the law of the ; 6 jurisdiction in w~hich the Propert}~ is locared. In the evens that any pru~•ision or clause of this Security Instrument or the ' ~ tiote conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note £ ~ which can be gi~•en effect aithout the conflicting provision. To this end the provisions of this Securiry Instrument and the ~ tiote are declared to be severable. ~ ~ 16. Borro~er's Copy. Borrow~er shaif be given one confo.-med copy of'the Note and of this Security Instrument. ~ ~ 17. Transfer of the Property or a Beneficial IRterest 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 al) sums secured by this Security [nstrument. How•e~•er, this opti~n shall not be exerrised by Lender if exercise is prohibired by federal laW~ as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a 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 fai(s to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrow•er's Right to Reinstate. If Borrow~er meets certain conditinns, Borrower shall have the right to have ; enforcement af this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as ~ applicaole law~ may~ spec~fy 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 Borrow~er: ; (a1 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 limi!ed to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably reyuire to assure that the lien of this Security [nstrument, Lender's r~ghts in the Property and Borrower's obligation to pay the :ums secured by this Security Instrument shall continue unchanged. Upon reinstatement by E3orrow•er, this Security Instrument and the obligations secured hereby shall remain fuUy effective as if no acceleration had occurred. However, this right to reinState shall not apply in the case of acceleration under paragraphs 13 or 1?. , aooK674 ~cE 598 ~ . : -~-n ~ ~ ~ s ~ „~-Y~"