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HomeMy WebLinkAbout2586 I If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, I B~~rr~~~cer shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the in~uranre terminates in accordance ~~ith Borrower's and Lender's written agreement or applicable law. 8. Inspeetion. Lender or its agent may make reasonable entries upon and inspections of the Praperty. Lender ~hall give Borrow•er notice at the time of or prior to an inspection specifying reasonable rause for the inspection. 9, Condemnation. The proceeds of any aw•ard or claim for damages, direct or consequentiai, in connection with :in~~ condetnnation 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. In the e~~ent oP a total taking of the Property, the proceeds shall be applied to the sums secured by this Security In~trument, a~hether or not then due, with any excess paid to Borrower. In the event of a panial taking of'the Property, unless Borrower 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 before the taking, divided by (b) the fair market value of the Propeny immediately before the taking. Any balance shall be paid to Borrower. lf the Propeny is abandoned by Bonower, or if, after notice by Lender to Borrower that the condemnor ~ffers to make an award or settle a claim for damages, Borrower fails to respond to Lender 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 ~f 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. Borcower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security lnstrument 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 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 Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. 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 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 Borrow~er'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 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 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 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. Leg,islation Affeeting Lender's Rights. 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, I, 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 eaercises 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 shali be given by delivering it or by mailing it by first class mail unless applicable law requires use of anather 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 j 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 provi~ed ~ in this paragraph. I5. Governing Law; 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 the ~ tiute conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note w hich can be given effi'ect without the confticting provision. To ihis end the provisions of this Security Instrument and the ~ Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Securit}~ Instrument. 17. Transfer of the Property or a Reneficial Interest in Borrower. If all or any part of the Property or any ~ in~erest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural ~ ~ person) w~ithout Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured b~ this Security Instrument. However, this option shaU nor be exercised by Lender if exercise is prohibited b}~ federal la~~ as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall pro~•ide a peric~ci ~f not less than 30 da~~s from the date the notice is delivered or mailed w~ithin which Borrower must pay all sums secured by~ this Security Instrument. If Borrower fails ro pay these sums prior ro the cxpiration of this period, Lender may imoke any remedies permitted by this Securit~~ Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall ha~e the right to ha~•e ~nforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 da}~s (or such other period as ~ ~pplicable law~ ma}~ specify~ for reinstatement) before sale of the Property pursuant ro any pow~er of sale contained in this ~ Securit} Intitrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: ~ (a) pa~~s Lender all sums which then would be due under this Security Instrument and the Note had no acceleration ~ cx:curred: (b) cures an}~ default of any other covenants or agreements; (c) pays al) expenses incurred in enforcing this ~ Securit~~ Instrument, including, but n~t limited to, reasonable attorneys' fees; and (d) takes such action as Lender may ~ rea5onably 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 b}' this Security Instrument shall continue unchanged. U~n reinstatement by ~ Borrow~er, thi~ Securit}~ Instrumeni and the obligations secured hereby shall remain fully effective as if no acceleration had excurred. Hciw e~ er, th;s right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. 3 SooK 674 P~~E258s . ~ ~ ~ ~ ~~k . ~