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HomeMy WebLinkAbout1447 • s ~ r ~ . : . ~ . ~ ~ ~ • • ! (f Lender reyuired mortgage insurance as a condition of making the loan secured by this Security Instrument, Borro~~er ~hall pay the premiums required to maintain the insurance in eR'ect until such time as the reyuirement for the ~ insuranre terminatc~ in accordance with Borrower's and Lender's written agreement or applicable law. ~ 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender sh:~ll give 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 daim for damages, direct or consequential, in connection with ' ;~ny condemnation or other taking of any part of the Property, 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 shatl 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, unlns Borrow~er 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 sec.ured immediately t~fore the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borcower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make 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 bp this Security Instrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or ~stpone 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 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. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amoriization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Suecessors an~ Assi~s Bound; Joint and Severnl Liability; 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 provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who casigns 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 agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower'sconsent. 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 collected 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 limit; and (b) any sums already collected from Borrower which eaceeded 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 partial prepayment without any prepayment charge under the Note. 13. Legislation Afiecting Lender's Rights. If enactment or expiration of applicable laws has the effect 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 permitted by paragraQh 19. If Lender ezercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. 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 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_ E 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 G tiote conflicts with applicable law, such conflict shall not affect other provisions af this Security Instrument or the Note ~ «~hich can be given ef~ect without the conflicting provision. To this end the provisions ot this Security Instrument and the ~ \ote 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 Interest in Borrower. If ali or any part of the Property or any ; interest in it is sold or transferred (or if a beneficial interest in Borrower is sotd or transferred and Borrower is not a natural ` person) w~ithout Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums - secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited b~~ federal law~ as of the date of this Security Instrument. ~ f( Lender exercises this option, Lender shall give Borrower notice of acceieration. The notice shal! provide a period 5 ~,f not less than 30 da}~s from the date the notice is delivered or mailed within which Borrower must pay~ aU sums secured by ~ this Securit~~ 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 w•ithout further notice or demand on Borrow~er. s 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall havc the right to have ~ enforcement c~f this Securit}~ Instrument discontinued at an~~ time prior ro the earlier of: (a) 5 da}~s (or such other period as ~ applicahle law ma~~ specif~~ for reinstatement) before sale of the Property pursuam to any ~w~er of sale contained in thit = Serurit} Instrument: or (b) entr} of a judgment enforcing this Security Instrument. Those conditions are that Borrowrr: e (a) pa}s Lender all sums a~hich then v?~ould be due under this Security Instrumen[ and the Note had no arcelerati~n ~ c~ccurred: (h) rures an} default of an~~ other covenants or agreements; (c) pays all expenses incurred in enforcing th~ti ~ Serurit~~ Instrument. in~luding, but nnt limited to, reasonable atrorneys' fees: and (d) takes surh action as Lendcr ma~ ~ rea~onabl} reyuirr t~~ auure that thr lien of this Security ;nstrument, I_ender's nght~ in the Propert}~ and Borrower'ti ~ obligatirn t~~ the ~um~ ~ecured by this Securit}• instrument shall continur un:h:~nged. l:~xm reinstatement b}~ ~ F3cirmwcr, thi~ Serunt~ In.trument and the obligations secured hereb~~ tihall remain full~ rfTr~ti~e ati i(n~~ accrlerati~n had ~ c~rcurred. H~~wr~er. thi~ right to reinstate shal! not ap~l~~ in the ca~e ~f arrelerati~~n undrr raragrarh~ 1?~~r 17 ~ ~ g~x 674 P~E 144? ~ ~ ~ ~A= - - _sY~~~.~.~;.~~ ~~v<~~~~~~~-~ ~