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HomeMy WebLinkAbout1180 . ~ If Lender required mortgage insurance as a conditian of making the loan secured by this Security Instrument, Borrow~er shall pay~ the premiums required to maintain the insurance in eflect until such time as the requirement for the insurance terminates in acrordanre with Sorrowet's and Lender's written agreement or appticable law~. 8. tnspection. Lender or its agent may make reasonabie entries upon and inspections oF the Propert~. Lender shall give Borruw~er notice at the time of or prior to a~ inspection specifying reasundble rause for the inspection. 9. Condemnatian. The proceeds ot~ any award or claim for damages, direct or consequential, i~ connection w~th any~ condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and sha1) be paid to Lender. In the event of a total taking of tfie Property, the proceeds shal) be appiied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borro~~er. In the event of a partial taking of'tfie Property, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shalt be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount o~ the sums secured immediately before the taking, divided by (b) the iair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. If the Properry is abandoned by Borrower, or if, after notice by~ Lendcr to Borrower that the condemnor of~ers to make an award or settle a claim for damages. Borrower fails ro respond to Lender w ithin 30 days after the date the notice is given, Lender is authorized to collect and apply the proreeds, at its option, either to restoration or repair of the Yroperty or to the sums secured by this Security instrument, whether or not then due. Unless Lender and Borrower athervvise agree in writing, any application oi~ pnxeeds to prinripal shall not extend or postpone the due date of the monthly payments referred to sn paragraphs 1 and 2 or change the amount of such pa}~ments. 10. Borrower tiot Relessed; Forbearance By Lender Not a Waiver. Extension of the time fi~r payment or mociification of amortization of the sums secured by this Security [nstrument granted b}~ Lender to an~~ ~uccessor in interest of Borrower shail not operate to release the liability of the original Borrow~er or Borrower's sucressors in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modiCy amortization o1'the sums secured by this Security Instrument b~~ reason of any demand made by the original Borrow~er or Borrower's successors in interest. Any forbearance by Lender in exercis'sng any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. ll. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this Security Instrnment shat) bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements sha11 be joint and several. Any Sorrow~er who co-signs this Security Instrument but does not exerute the Note: (a) is co-s~gning this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Propert~~ under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Securit}~ Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any arcommodations with regard to the terms of this Security Instrument or the Note without that Borrow~er's consent. 12. Loan Charges. If the loan secured by this Security [nstrument is subject to a 1aw which sets maximum loan ~ charges, and that law is finally interpreted so that the interest or other loan rharges collected or to be collected in ~ connection w~ith the loan exceed the permitted limits, then: (a) any such Ioan charge shall be reduced by the amount ~ necessary to reduce the charge to the permitted limit; and (b) any sums already col~ected From Borrower which exceeded permitted limits will be refunded to Borrower. Lender may cfioose to make this refund by reducing the principal owed ~ under the Note or by making a direct payment to Borrower. If a refund reduces pr+ncipa{, the reduction wiN be treated as a partial prepayment w•ithout any prepayment charge under the Note. 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the efTect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may requ+re +mmediate payment in full of all sums secured b~• this Security~ instrument and may im~oke any remedies permitt?d by paragraph l9. If Lender exercises this option, Lender shall take the ste~x srecified in the second paragraph of paragraph 17. 14. Notices. Any notice ta Barrower provided for in this Security Instrument shall be given by delivering it or by ~ mailing it by first ~lass 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. An~~ notice to Lender shall be given by first class mail to Lender's address stated herein os any other address Lender dc~ignates by notice to Borrow~er. Any~ notice provided for in this Security lnstrument shall be deemed to ha~~e been given to Borrower or Lender when given as provided in this paragraph. I5. Governing Law; SeverabilitS•. This Securit}~ Instrument shall he guverned by federai law and the law of the ~ jurisdiction in which the Property is located. In the event that an~~ pro~ision or clause of this Security Instrument or the ~ Note confticts with applicable law, such conftict shalf not afiect 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 tfie ~ Note are declared to be szverable. ~ 16. Borrower's Copy. Borrower shall be given one confo,-med copy of the Note and of this Security Instrument. ; 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any ~ intesest in it is sold ar transferred (or if a beneficial interest in Borrower is sold or trans(erred and Borrower is not a natura) ~ - person) without Lender's prior written consent, Lender may, at its option, require immediate pavment in ful) of all sums ` secured by~ this Se~urity Instrument. However, thi~ option shall nar be exercised by Lender iC exercise is prohibited b~~ 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 detivered or maiied within which Borrower must pay~ all sums secured by this Security Instrument. U Borroaer faits to pay these sums prior to the expiration of'tfiis period, Lender may invoke any remedie, permitted by 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 ~his Security Instrument discontinued at any time prior to the earlier of: (a) S days (or such other period as applicable lav?~ 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: (a) pa}•s Lender all sums a~hich then would be due under this Security Instrumeot and the Note bad no acceleration occur~ed; (b) cures an}• default of any other covenants or agreements; (c) pays a11 expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as L~nder 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 :ums secured by this Security instrument shail continue unchanged. Upon reinstatement by Borrower, this Security lnstrument and the obligations secured hereby shal{ rema~n fu{{y 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. aooK674 ~?c~11S0 a ~t . _ t ~ ~ , ~