Loading...
HomeMy WebLinkAbout1822 ~ ' ~aot : l~Cf ~[~t' . An~~ amounts disbursrd by Lendrr under this paragrapYi 7 shaU become additional debt of ~c~oi~I~~urtd byht~ ~rity •[nstrument. Unless Borrow•er and L.ender agree to other ternu of payment, these amounts shall tiear interest from the date of . disbursemenc at the Note rate and shaU be pay~able, with interest, upon notice from Lender to Borrower requesting payment. 1 f Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shali pay the premiums required to maintain the insurance in effect until such time as the requirement for the insurance terminates in accordance with Borrower's and Lender's written agreement or applicabte law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections oF the Property. Lender shall give Bor- roHer notice at the time of or prior [o an inspection specifying reasonable cause for the inspc~tion. 9. CoademaaUon. The proceedsof any award or claim for damages, direct or consequential, in connection with any condem- nacion or uther taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shail be paid to Lender. ln the event o~ a total taking of the Property, the pra.eeds shall be applied to the sums secured by this Srcurity lnstrument, µ•hether or not then due, with any excess paid to Borrower. ln the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in w~riting, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following frac~ion: (a) the total amount of the sums sezured immediately before the taking, divided by (b) the fair market value of tht Property immediately before the taking. Any balanct shall be paid to Borrower. 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 faits to respond to Lender within 30 days after the date the notice is given, Lender is authorized to coltect and appty the proceecis, at its option. either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether o~ not then due. Unless Lender and Borrower othera~ise agree in writing, any application of proceeds 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; Forbearsince by L.ender Not a Waiver. Extension of the time for payment or modiGcation of amortization of the sums secured by this Security lnstrument granted by Lender to any successor in interest of Bo~rower shall not operate to release the liability of the original Borrower or Borrow~er'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 otherwix 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 by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. I1. Successors And Assigns Bound; Joitit and Several Liability; Co-sigaers. The covenants and agreements of this Security [nstrument shall bind and beneFit the successors and assigns of Lender and Borrower, subject to the pro~isions 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 Propeny under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security lnstrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any arcommoda- tions with regard ta the terms of this Security Instrument or the Note without that Borro~er's consent. 12. LoAO Charges. If the loan secured by this Security Instrument is subje~:t 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 limir, 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 ta 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. lf enactment or expiration of applicable laws has the effect of rendering any provi- sion of the Note or this Security lnstrument 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. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing i[ by first class mai( untess appiicabte law requires use of another method. The notice shall be directed to the Property Address or any other address 8arrower 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 Instru- ment shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 15. Gor•eming Law; Sevembility. This Security Instrument shall be governed by federal law and the (aw 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 applicable law, such conilict 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. i6. Borrower's Copy. Borrower shall be given one confarmed copy of the Note and of this Security Instrument. 17. Trs~nsfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold ~r 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, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. However, this option shal! not be exercised by Lender if exercise is prohibited by federal taw as of the date of this Securiiy lnstrument. ~ If Lender exercises this option, Lender shall give Borrower notice ot acceleration. The notice shalt 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 Seeurity Ins~rument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security tnstrument ~ithout funher notice or demand on Borrower. 18. Borrower's Right to Reinslxte. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior tc the earlier of: (a) 5 days (or such other period as applicable law may spe~ify for reinstatement) before sale of the Property pursuant to any power of sale contai~ed in this Security lnstrumenc; or (b) entry of a judgment enforcing this Security Instrument. Thou conditions are that Borrower: (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 afl expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable at- torneys' fees; and (d) takcs 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 continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obtigations secured hereby shall rernain fully effective as if no acceleration had occurred. However, this right to reinstate shall not appiy in the case of aeceleration under paragraphs 13 or 17. gao+c6?4 ~?cE~B~ ~ _ .