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HomeMy WebLinkAbout1847 . _ . , . ~ , , If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Barrower shall pay the premiums requi~ed to maintain the insurance in effect 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 ta an inspection specifying reasonable cause for the inspection. 9. Condemnation. The proceeds ot any award or claim Cor damages, direct or consequential, in connection v?ith any condemnation or other taking of any part of the Property, or for conveyance in lieu of condem~ation, are hereby assigned and shaU be paid to Lender. In the event of a tatal taking of the Property, the proceeds shall be applied to the sums secured by this Security Instr?tment, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unless Borrow~er and Lender othervvise 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 totai amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property imme~iiately befure the taking. Any balance 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 faiis to respond to Lender within ~0 days after the date the notice is given, Lender is authorized to coflect 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. Untess Lender and Borrower otherwise 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 \ot Released; Forbearance By Lender Not s Wsiver. Extension of the time for payment or madification 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 (iability of the originai Borrower or Borrower's successors in interest. Lender shali not be required to commence proceedings against any successor in interest or refuse to extend time for payment or othera~ise modify amoriiiation of the sums secured by this Security Instrument by reason of any demand made by the original Borrow•er or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy ~hall not be a waiver of or preclude the exercise of any right or remedy. 11. Suceessors and Assigns Bound; Joint and Several Liability; Co•signers. The covenants ~nd agreements of this Security Instrument shalt 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, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not persanally obligated to pay the sums secured by this Securit}• Instrument; and (c) agrees that Lender and any ather Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Enstrument or the Note without that Borrower's consent. tl. Loan Charges. If the loan secured by this Security instrument is subject to a law whieh 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 exceeded permitted limits will be refunded to Borrower. Lender may choase 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 Affeeting I,ender's Rights. If enactment or expiration of applicable laws has the et3ect of rendering any provision of the Note or this Security lnstrument unenforceable according to its terms, Lender, at its option, may require immediate payment in f~lt 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 I3orrower 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 shalt be given by first class mail to Lender's address stated herein or any other address Lender designates by notice to Horrower. Any notice provided for in this Security Instrument shall be deemed to have been gi~~en to Borrower ~r Lender when given as provided in this paragraph. l5. Governing Law; Severability. This Security~ Instrument shall be guverned by federal law and the law of the jurisdiction in which the Property is located. In the event that any pro~~ision or clause of this Security Inetrument or the Note conflicts with applicable law, such conflict shail not afTect other provisions of this Security Instrument or the Note which can be given eff'ect without the conflicting provision. To tt~is end the provisions of this Seeurity Instrument and the Note are dectared to be szvcrable. 16. Borrower's Copy. Borrower shall be given one confo: tned copy of the Note and of this Security Instrument. 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any pan 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. Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. Nowever, this option sha11 not be exercised by Lender if exercise is prohibited by federal law as of ihe 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 mailed within which $orrower must pay all sums secure:i by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this pericxl, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. BorroKer's Right to Reinsiate. If Borrower meets certain conditions, Borrower shaU have the right to have enforcement of ~his Security Instrument discontinued at any time prior to the earlier of: {a) S days (or such other period as applicable law~ 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 Instrument. Those conditions are that BorroK•er: (a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occur~ed; (b) cures any defautt of any other covenants or agreements; (c) pays al! eapenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as L.ender may reasonably reyuire to assure that the lien of this Security tnstrument, L.ender's nghts 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 obligations secured hereby shalf remain fully efTective as if no acceteration had occurred. However, this right to reinstate shatl not apply in the case af acceleration under paragraphs 13 or 17. eoo~ 674 PACf 1~~`~' - _ _~a_ P ._~~:L ~~a~. ~ ~__~w__