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HomeMy WebLinkAbout1475 , If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in eflect until such time as the requirement for the insurance terminatrs in accordance with Borrowet'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 shall 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 claim for damages, direct or consequential, in connection with any 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. !n the event of a total taking of the Property, the proceeds shall be applied to the sums sec:ured by this Se~:urity Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security lnstrument 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 shaU be paid to Borrower. If the Property is abandoned by Borrower, or if; after notice by Lender to Borrower that the condemnor oflers to make an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days aRer 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 Propeny 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 prcx:eeJs 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 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 oC the original Borrower or Borrower's successors in interest. Lender shall not be required to commence pra.eedings against any successor in interest or refuse to extend time tor ' payment or otherwise modify amortization 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 b~~ Lender in exercising any right or remedy shall not be a waiver otor preclude the exercise otany right or remedy. 11. Successors and Assigns Bound; Joint and Several 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 co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grani 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'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 collected in connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount j necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which ezceeded I 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 Affecting Lender's Rights. If enactment or expiration of applicable laa~s 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 paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. ~ 14. Notiees. Any notice to Borrow•er 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. ~ 15. Governing Law; Severability. This Security [nstrument shall be governed by federal law and the law of the P jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the ~ Note conflictc with applicable law, such conflict shall not affect 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 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 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, L,ender may, at its option, require immediate payme~tt in ful) of all sums secured by this Se:.-urity 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, Lender shal) give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days fr~m the date the notice is delivered or mailed within which Borrower must pay al! sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this periad, 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 shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as ~ applicaole laa~ 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 Instrurijent. Those conditions are thai BorroK~er: ~ (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, reasanable attorneys' fees; and (d) takes such action as L,ender may reasonably reyuire to assure that the lien of this Security Instrument, L,ender's rights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shatl continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully eflective as it no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. 600N U7~ FA~JE ~ ~ ~ - - ~,.s~..~.~~ y =.-r : , . . . ~s _ ~ .