Loading...
HomeMy WebLinkAbout2264 If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums rcquired 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. Inspectioa. Lereder.or its agent may make reasonable entries upon and inspections of the property. Lender shall give Bonower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemaatioa. The proceeds of any award or ciaim for damages, direct or consequential, in connection w:th any condemnation or othrr taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security lnstrument, •Nhether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agre~ in writing, the sums secured by this Security lnstrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total 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 shall be paid to Borrower. If the Property is abandoned by Bonower, 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 30 days aPter 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 Socurity 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. Borrower Not Released; Forbearance By Lender Not s Wsiver. Eatension 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 shaU 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 successc~r in interest or refuse to extend time for payment ar otherwise 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 L.ender in ezercising any right or remedy shall not be a waiver of or preclude the ezercise of any right or remedy. 11. Successors aad Assi~ts Bound; Joiat and Several Liability; Co-signers. The covenants and agreements of this Security Instrument shall bind and bene6t 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 ezecute 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 lnstrument; (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 law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charge~ collected or to be collected 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. L.ender 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. L,egislation Atterting Lender's Rights. It enactment or ezpiration of applicable laws has the effect of rendering any provision oithe 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 0 permitted by paragraph 19. If Lender ezercises 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 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 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 Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. ~ 15. Governing Lstw; 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 t6e ~ Note conflicts with applecablt law, such conflict shall not affect other provisions of this Security Instrument or the tiote which caa be given effect 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 given one eonformed copy of the Note and of this Security Instrument. 17. Transfer af the Property or a Beaeficial 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 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 shall not be exercised by Lender if exercise is prohibited by fcderal 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 mailed within w•hich Borrower must pay all sums sec:ured by this Security Instrument. If Borrower fails to pay these sums priur to the expiration of this perioci, Lender may invoke any ~ remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower mcets certain conditions, Borrower shall have the right to have ; tnforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as F 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 lnstrument. Those conditions are that Borrower. ~ (a) pays Lender all sums which then wouid be due under this Security Instrument and the Note had no acceleration ~ occuned; (b) cures any default of any other covenants or agrcements; (c) pays all ezpenses incurred in enforcing this ~ Sxurity Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may ~ reasonably rtquire 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 Socurity Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had ~ occurred. However, this ri t to reir,state shall not a I~n the case of acceleration under Sh pp y~ paragraphs 13 or 17. ~ eooK 67~ PI~CE~2~ ~ ~ - ~ - - - ~ ~~'~+'~'~~~~.~=.~~~~.a:c~.:~?F~"~~^-'.~-'~~ r~~-~.~.~~.~.~~ ~ y~„~