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HomeMy WebLinkAbout2024 lf Lender required mortgage insurance as a conditian of making the loan secured by this Security lnstrumcnt, Borrower shall 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 agretment or applicable law. 8. Iaspection. Lendtr or its agent may make reasonable entries upon and inspections of the Property. Lender shall give B~rrower notict at the tirne of or prior to an inspoction specifying reasonable cauu for the inspection. 9. Coademnatioa. 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 I.ender. In the event of a total taking of the Property. the procceds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Bonower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security lnstrvment shall be reduced by the amount of the proceeds multipiied by the foUowing fraction: (a) the tota! amount of the sums sccured immcdiately before the taking. divided by (b) the fair market value of the Property immediat~ly before the taking. Any balance shall be paid to Borcower. If tht Property is abandoned by Borrower~ or if, after notice by Lender to Borrower that the candemnor offers to make an award or settle a claim for damaga, Bonower fails to respond to Lender within 30 days after the date the notice is givtn. L,ender is suthorized to collect 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. Unless L.ender and Bonower otherwise agroe 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. 10. Borrower Not Released; Forbearance By I.ender Not a Waioer. Extension of the time for payment or modification of amortization of the sums socured by this Security Instrument granted by Lender to any succcssor in interat 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 interat or refuse to extend 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 succasors in interest. Any forbearance by L.ender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Successsors aad Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this Security lnstrument shall bind and benefit the succeswrs 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 casigning 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 conscnt. 12. Loan Charges. If the toan secured by this Security Instrument is subject to a faw 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 t connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount ~ necessarv to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded ~ permitted limits will be refunded to Bonower. 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 principai, the reduction wiil be treated as a partial prepayment without any prepayment charge under the Note. 3 13. Legislation Atfeeting Lender's Rights. If enactment or expiration of applicable laws has the efTect 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 € pazagraph 17. F 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 ot 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 shal! be given by ~ first class mail to L,ender's address stated herein or any other address I.ender designates by notice to Borrower. Any notice ~ provided for in this Security Instrument shall be deemed to have been given ta Borrower or Lender when given as provided a in this paragraph. r 15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the Idw of the ~ jurisdiction in which the Property is located. In the event that any provision or ctause of this Sccurity Instrument ur the Note con8icts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note ~ which can be given etfect 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 givcn one conformed copy otthe Note and o: this Security Instrument_ ~ 17. Transfer of tbe Property or a Beaeficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transfened (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 Insteument. However, this option shall nor be exercised by I.ender if exercise is prohibited 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 pc:riod of not Icss than 30 days from the date the notice is delivered or mailed within which Burrower must pay all sums secured by ~ this Security Instrument. If Borrower fails to pay thtse sums prior to the expiration of this period, Lender may invoke any ~ ~ remedia permitted by this Security Instrument without further notice or demand on Borrower. ~ c~ 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have ~ C~j enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a} 5 days (or such other penod as ~ ~ applicable law may specify 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 Borrower. ~ ~(a} pays Lender all sums whieh then would be due under this Security Instrument and the Note had no acceleration ~ occurred; (b) cures any default of any other covenants or agre~ments; (c) pays all expenses incurred in enforcing this d C,~ Security Instrument, including, but not limited to, reasonable attorneys' fees, and (d) takes such action as Lender may ;x ~ reasanably require to assure that the lian of this Security Instrument, Lender's rights in the Propeny and Borrower's ,o obligation to pay the sums secured by this Security instrument shall continue unchanged. Upon reinstatement by Bonower, this Security Instrument and the obligations secured hereby shall remain fully eRective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of accelcration under paragraphs ~A~~~ ~ p~ r; 392 ~ . R. o - - - ~ ~ ~.~.a..