Loading...
HomeMy WebLinkAbout2086 . , , • r lf Lender required mortgage insurance as a condition of making the loan secured by this Security~ Instrument, Burrower shall pa~• the premiums required to maintain the insurance in eflect until such time as the requirement for the ~nwranre terminates in accordance with Borrower'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 ;hall gi.•e Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnation. The pra:eeds ot~ 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 e~~ent of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or n~t then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unless Borrow~er 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 total amount of the sums secured immediately hefore the taking, divided by (b) the fair market value of the Property immediately before 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 fails to respond to L.ender within 30 days after 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 Property 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 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. Bo~rower Not Released; Forbearaace 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 of the original Borrower or Borrower'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 otherw~ise 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 ezercise of any right or remedy. l l. 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 L.ender 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 Properiy 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 I.ender 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 fir.ally 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 ezceeded 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 AtTecting Lender's Rig6ts. If enactment or expiration of applicable laws 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 ~ i permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of ' f paragraph 17. 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 of anoiher method. The notice sha11 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 mai! 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 p in this paragraph. ~ 15. Governing Law; Severabitity. 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 lnstrument or the ~ Note conflicts with applicable law, such conflict shall not afFect other provisions of this Security Instrument or the Note ~ ~vhich can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the ~ Vote are declared to be severable. ~ 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of ihis Security Instrument. € 1~. 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 Borrow~er is not a natural k person) without Lender's prior written consent, Lender may, at its option, require immediate pay~mens in full of all sums ~ secured b}~ this Security 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 shall give Borrower nohce of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or rrrailed within which Borrower must pay all sums secured by this Securitp Instrument. If Borr~wer fails to pay~ these sums prior ro the expiration of this period, Lender may invoke any remedies permitted by this Securit}• Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. [f Borrower meets certain conditions. Borrower shatl have the right to have enforcement c~f this Securit}~ Instrument discontinued at any time prior to the earlier of: (a) 5 day~s (or such other pericxi as ~ applicable law ma}~ specify for reinstatement) before sale of the Property pursuant to any~ ~wer of sale contained in this r Securit~ Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrow~er: ~ (a) pa}~s Lender all 1ums w•hich then w~ould be due under this Security Instrument and the Note had no accelerau~n ~ ckcurred: (b) rures an} default of an}• other covenants or agreements; (c) pays all expenu~ incurred in enforcing thiti ' ~ Securih~ (nstrument, inrlud~ng, but n~t limited to, reasonable au~rneys' fees; and (dl taket ~uch action as Lender ma~ ' ~ reasonabl~ reyuire t~~ atitiure that the l~en of this Security Instrument, Lender'~ nght~ in the Propert}~ and B~rrower'ti ' ~ obligaticm tu ra~ thr wms tiecured b~~ this Security Instrument shall continue unrhanged. l;~m reinstatement by~ ' : Borr~wer. ttuti Serurit~ ln~trument and the obligations serured hereby shall remain full~ rfTr~ti~r ati if nn accrlersti~n had cxrurred. H<~ti:e+er. thi~ right to reinstate shall n~t ap~+l~ in the catie ~f a~celerah~m urider r~ra~rarh~ 1 1 ~~r 17 ~ BOOK U74 ~AGE~OHU ~ a~ ~ _ ~ ` _ . ,