Loading...
HomeMy WebLinkAbout0832 If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, ~ Borrow~er shall pay the premiums required to maintain the insurance in eR'ect until such time as the requirement for the ~ insurance terminates in acrordance with Borrowet's and Lender's w~itten agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall gi~~e Borrow~er notice at the time of or prior to an inspection sp~~cifying reasonable cause for the inspection. 9. Condemnation. The proceeds ot~ any~ award or claim for damages, direct or consequential, in connect~on with any 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 sc~:s~red by this Security Instrument, whether or not then due, with any excess paid to Borrower. ln 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 shall be paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor ofTers to make an award or settle a claim for damages. Borrower fails to respond to Lender w~ithin 30 days after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to resroration or repair of the Property or to the sums secured by this Security lnstrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or ~ostpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower 'Vot Released; Forbearance By Lender Not a N'aiver. 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 Borrewer shall not operate to release the liability of the original Borrow•er or Barrower'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 otherwise modif~• amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrow•er or Borroa~er's successors in interest. Any forbearance by Lender in exercising any right or remedy ~fiali not be a waiver of or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Several Liabitity; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successars 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 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 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 agcee 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. 12. Loan Charges. If the loan secured by this Security Instrument is su~~~t 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 connection with the loan exceed the permitted limits, then: (a) any such loan cha~ge 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 F partial prepa~~ment w~ithout any prepayment charge under the Note. 3 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the etTect of s rendering any provision of the Note or this Security~ Instrument unenforceable according to its terms, Lender, at its option, ; i ma}~ require immediate payment in fuli of all sums secured by th~s Security Instrument and may rovoke any remedies ~ , permitted by paragraph 19. If' Lender exercises this option, Lender shall take the steps specified in the second paragraph of t paragraph 17. T 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 shall be directed to the ~ Property Address or any other address Borrower designates by notice to Lender. Any notice to L,ender shaU be given by ~ first class maii to Lender's address stated herein or any other address Lender dc~ignates by notice to Borrower. Any notice ~ provided for in this Security Instrument shall be deemed to have been gi~~en to Borrower or Lender when gi~~en as provided # f in this paragraph. t 15. Governing Law; Severability~. This Securit}~ Instrument shall be governed by federal law and the law~ of the ° ~urisdiction in which the Propert}~ is located. In the event that any pro~~ision or clause of this Security In~trument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note ~vhich 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 o( the Note and of this Security Instrument. 17. Transfer of the Property or a Beneficial Interest in Borrower. If al! 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 [nstrument. 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 L.ender 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 fails 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. Borrower's Right to Reinstate. If Borrow~er meets certain conditions, Borrower shall have the right to have enforcement of ~his Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicaole taa may spec~iy for reinstatement) before sale of the Property pursuant to any power of sale contained in this Securit}• Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrow~er: (a? pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occur~ed; (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 attorneys' fees; and (d) takes such action as L.ender may reasonably reyuire 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. sooK 674 8~ g~o~ 66~ Y. • ~ ~ _ . ' - Yx~3•.'2 . - ~-YT~:'/£ 'w ~ -.~1~.~i~:.. . ~ . . ~~'~9` ~~tY~ ~ ~