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HomeMy WebLinkAbout1495 • ' ' ~ . If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrou~er shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the ' ir~surance terminates in accordance with Bonower'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. I,ender shali give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Conden~nation. The proceeds of any a~vard 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 shaU be paid to Lender. In the event ot a total taking of the Property, the proceeds shall be applied to the sums secured by this Security , Instrument, whether or not then due, with any excess paid to Borcower. In the event of a partial 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 toial 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 shalf be i paid to Borrower. 1 If the Property is abandoned by Bonower, or if, after notice by Lender to Borrower that the condemnor affers to ~ make an award or settle a claim for damages, Borrower fails to respond to Lender within 3Q days after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its opiion, 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 Bonower otherwise agree in writing, any application of proceeds to principal shall 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. i 10. Borrower Not Released; Forbearance By Ixnder Not a Waiver. Extension of the time for payment or ~ modification of amortization of the sums secured by this Security Instrument granied 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 eommence proccedings against any successor in interest or refuse to eztend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made ! by the original Bonower 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. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenant~ and agreements of this Security Instrumeni shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borcower's covenants and agreements shall be joint and several. Any Borrower who co-signs ihis S~curity 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's consent. 12. Loan Charges. If the loan secured by this Security Instrument is subject to a!aw which sets maaimum loan charges, and that law is finally interpreted so that the interest or other loan charges colieeted or to be coliected in connection with the loan ezceed 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 exceeded 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 Banower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. Le~slation Affecting Lender's Rights. If enactment or expiration of applicable taws has the eH'ect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, L.ender, 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 eaercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. ~otices. Any notice to Borrower provided for in this Security Instrument sha11 be given by delivering it or by mailing it by first dass 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 I.ender shall be given by first class mail to Lender's address stated herein or any oiher address Ixnder designates by notice to Bonower. 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 conflicts with applicabie law, such conftict shall not affeet 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 ihe 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 Interest in Borrower. If a11 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, I.ender 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 profiibited by 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 delivered or maited within which Barrower must pay all sums secured by this Security Instrument. If Borrower Faits to pay these sums prior to the ezpiration of this period, Lender may invoke an}~ remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Rigbt 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 applicable law may specify for reinstatement) before sale of the Property pursuant to any power ~f saie contained in this Security Instrument; or (b) entry of a judgment enforcing this Se~;urity Instrument. Those conditions are that Borrower: (a) pay~s Lender ail sums which then would be due under this Security Instrument and the Note had no acceleration occurred; {b) cures any defauli of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrurnent, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall eontinue unchanged. Upon reinstatement by Borrow~er, this Secarity Instrument and the obligations secured herehy shall remain ful{y eff'ective as if na acceleration had occurred. HoK~ever, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. so~ 674 PAGE i495 _ . - - . . ~ ~~~~'~~~`.~-"t'~'°9~°~~s?.:~-~',s:,-,~~an~::F.>r~_.:~:.~.,