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HomeMy WebLinkAbout0927 lf Lender required martgage insurance as a condition of making the loan secured by this Security [nstrument, Borrovver shall pay the premiums required to maintain the insurance in eti'ect until such time as the requirement for the insurance terminatrs in acrordance with 8arrowe~'s and Lender's written agreement or applicable law. 8. Inspection. Lender or its age~t may make reasonable entries upon and inspections of the Property. Lender shall gire Borrow~er notice at the time of or prior to an inspection specify~ng reasonable cause for the inspection. 9. Condemnation. The prckeeds of any award or claim for damages, direct or consequential, in connection with any rondemnation or other taking of an~~ part of the Property, or for comeyance in tieu of condemnation, are hereby , assigned and shall be paid to Lender. In the e~~ent of a total taking ot the Property, the proceeds shall be applied to the sums secured by this Security ~ lnstrUment, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unless $orrower and Lender otherwise agree in writing, the sums secured by this Se~:urity Instrument shall be reduced by ` the am~unt 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 oFthe Property immediately before the taking. Any balance shall be ' paid to Borrower. j ]f the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower that the condemnor of1'ers to ; make an award or settle a claim for damages, Borrower Cails to respond to Lender within 30 days after the date the notice is ~ given, Lender is authorized to collect and apply the pra:eeds, 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. ; Untess Lender and Borrower otherwise agree in writing, any application of pra~eeds 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 Waiver. Extension of the time for payment or j modification of amortization of the sums seeured by this Security Instrument granted by Lender to any successor in ~ interest of Borrower shall not operate to release t6e liabitity of the original Borrower or &~rrou•er'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 othera~ise modify amortization of Ihe sums secured by this Security Instrument by reason of any demand made by the original Borrow~er or Borrower's successors in interest. Any tarbearance by Lender in exercising any right or remedy ~ sfiail not be a waiver of or preclude the exercise of any right or remedy. ' 11. Successors and Assigns Bound; Joint and Several Liabiiity; Co-signers. The covenants and agreements of ~ this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisior.s ~ of paragraph 17. Borrow~er's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security ~ Instrument but dces 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 b~~ this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, ~ modify, forbear or make any arcomme~dations with regard to the terms of this Security lnstrument or ihe Note without ~ rhat Borrower's consent. 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 coliected 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 timit; and (b) any sums already collected Prom Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by red~cing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principai, the reduction will be treated as a partial prepa}~ment w~ithout any prepayment charge under the Note. j 13. Legislatian AtTecting Lender's Rights. If enactment or expiration of appticable laws has the effect of j rendering any provision of the Note or this Security [nstrument unenforceable according to its terms, Lender, at its option, ~ may 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 ste{~S specifi~d in the second paragraph of ! paragraph 17. ' 14. Notices. Any notice to Borrower provided for in this Security Instrument shatl be given by delivering it or by mailing it by first class maif unless applicab(e law requires use of another methcfd. The notice shall be directed to the ! Property Address or any other address Borr~wer designaies by notice to Lender. Any ?otice 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 Instrument shaU be deemed to ha~~e been gi~~en to Borrower or Lender w•hen given as provided in this paragraph. 15. Governing Law; Severability. This Securit}~ Instrument shall be guverned by federal law and the law of Yhe jurisdiction in a•hich the Property is located. In the event that any provision or clause of this Security Instrument or the tiote conflicts with appficable law, such conflict shall not affect other provisions of this Securit}~ Instrument or the Note w~hich can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be sevcrable. 16. Borrower's Copy. Borrower shall be given one confo~rned copy of'the Note and of this Security lnstrument. 17. Transfer ot the Property or a Beneficisl Interest in 8orrower. [f 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 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, I.ender shall give Borrower notice oFacceleration. The notice shaU provide a periad of not tess than 30 days from the date the notice is delivered or mailed within which Borrower musi 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 Borrower meets certain conditions, Borrower shait have the right to have enforcement of rhis Security Instrument discontinued at any time prior to the earlier of: (a) S days (or such other period as applicaole law~ may spec~fy for reinstatement) before sate of the Property pursuant to any power of sale contained in this Security Instrument; or (b) eatry 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 aftorneys' fees; and (d) takes such action as Lender may reasonably reyuire to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obtigation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Sorrower, this Security Instrument and the obligations secured hereby shall remain fully efi'ective as if no aeceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. BOOK ~7~ r;,~. 9~~ s - - - ~ - ~