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HomeMy WebLinkAbout1431 . ; i !f Lender reyuire~ mortgage insurance as a condition of making the loan secured by this Security Instrument, ' t3~~rru~~er shall pa~• the premiums required to maintain the insurance in efiect until such time as the requirement for the intiurance terminates in accordance H~ith Borrower's and Lender's written agreement or applicable law. i 8, Inspertion. Lcnder or its agent may make reasonable entries upon and inspections of the Property. l.ender ~ ,hall gi~~e Borrow~er notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connec:tion w~ith an}~ condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hzreby as~igned and shall be paid to Lender. ln the event of a total taking of the Property, the pra:eeds shalt be applied to the sums secured by this Security Instrument, ~vhether or not then due, with any excess paid to Borrower. In the event of a partiat 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 Borrow~er, or if, after notice by Lender to Borrower that the condemnor oflers to ma6~e an award or settle a claim for damages, Borrower fails to respond to Lender 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 Borrower otherwise agree in writing, any application of proceeds to principal shalt not extend or postpone the due date of the monthly payments refened to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By Lender Not s Waiver. 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. Lendec shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security lnstrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by L,ender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint aad Several Liability; Casigiters. The covenants and agreements of this Security Instrument shall bind and bene6t ihe 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 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 lnstrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (e) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borcower's consent. 12. Loan Charges. If the loan secured by this Security Insirument 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 collected in connection with the loan exceed the permitted limits, then: (a) any such loan charge shaU 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 ~orrower. 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 ur_der 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 require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies i permitted by paragraph 19. If Lender eaercises this option, Lender shall take the steps specified in the second paragraph of ' paragraph 17. ~ 14. Notices. Any notice to Bonower provi~+ed 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 n~tice shall be directed to the f Property Address or any other address Borrower designates by natice 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 Instrument 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 confticts with applicable law, such conflict shall not aRect 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 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. 17. Transfer of the Property or a Beneficial lnterest in Borrower. IC ail or any part of the Property or any ~ interest in it is sold or transferred (or if a beneficial interest in Borrow•er is sold or transferred and Borrow•er 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 Secur.ty Instrument. However, this option shall no~ be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If ~ender exercises this option, Lender shalf give Borrower nohce 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 ezpiration 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 Reiostate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement e~f this Security Instrument discontinued at any~ time prior to the earlier of: (a) 5 day~s (or such other period ati ~ applicable la« maS specify for reinstatement) before sale of the Property pursuant to any ~wer of sale contained in this ~ Securit~ Instrument: or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borr~wer: ~ (a) pa}'ti Lender all sums w~hich then would be due under this Security [nstrument and the Note had no acceleratic~n ~ occurred: (h) cureti an}~ default of an~~ other covenants or agreement~: (c) pays all eacpenses incurreci in enforcing thiti ~ Securit~~ Instrumem, inrluding, but n~t limited to, reasonable attorneys' fees; and (d) takes such action as Lender ma~ ~ reationabl~ require tc~ aswre that the I~en of this Security Instrument, Lender's nght~ in the Propert}~ and &irrower'~ ~ obligauc?n t~~ ra~ thr tium~ ~ecured b}~ this Security Instrument shall continur unrh~nged. l:r~~n reinstatement bp ~ Borr~wer. thiti Secunt~ In~trument and the obligations tiecured hereh~~ tihall remain full~ cf~rrtive ati if nc~ arerlerati~n had cxcurred. He~~~r~ er. thiti nght to reinstate shall n~t ap~h in the ca~e c~(arrelrrati~~n under raragra~h` 13 ~~r 17 ~ BOOK b ~4 PAGE~4c31 _ ~ - - - ~~~.~<s~~.~~~~~~~ ~z