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HomeMy WebLinkAbout0441 . If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, : Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the ~nsurance 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 Propert~~. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. ' 9. Condemnation. 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 hrreby assigned and shall be paid to L.ender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. ln the event of a partial taking of the Property, nnless Borrower and Lender otherwise agree in writing, the sums secured by this Se~:urity 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 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 ~3orrower that the condemnor otTers to make an award or settle a claim for damages, Borrower faits to resPond to Lender within 30 days after the date the noti~e is given, Lender is authorized ta collect and apply the ptoceeds, 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 principai shall not extend or postpone Ihe due date of the monthly payments refened to in paragraphs 1 and 2 or change the amount of such payments. h 10. Borrower Not Reteased; Forbearance 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 Le~der 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 succe~ssors in interest. Any forbearance by Lender in exercising any right or remed}~ , x shall not be a waiver of or preclude the exercise of any right or remedy. ll. Successors and Assi~s Bound; Joint and Sereral Liability; Casigners. The covenants and agreement~ of = this Security Instrument shall bind and benefit the successors and assigns of Lender and Borcower, subjec~ to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower w•ho casigns this Security Instrument but dces 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 personally obligated to pa~~ the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modifj+, forbear or make any accommodations with regard to the terms of this Security lnstrument 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 maxim~m 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 trom Borrower w•hich exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal ow~ed 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 Affecting Lender's Rights. If enactment or expiration of applirahle laws has the effect of ' rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its opt6on, j may require immediate payment in fuli of all sums secured by this Security Instrument and may invoke any remed~e; permitted by paragraph 19. If Lender exercises this option, Lender shaU take the steps specified in the second paragraph of s paragraph 17. I 14. Notiees. Any notice to Borrower provided for in this Security Instrument shall be g~ven by deliverin~ it c~r by 6 mailing it by first class mail unless applicable law requires use of another methc~d. The notice shall be directed tc~ the Property Address or any other address Borrower designates by notice to Lender. Any notice to l,ender shall be given by a first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrow•er. Any notiee € provided for in this Security Instrument shall be deemed to have been gi~~en to Rorrow~er ~~r Lender when given as providrd ~ in this paragraph. ~ 15. Governing Law; Severability. This Securty Instrument shall be governed by federal law and the I:~w cif the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument ~~r the Note confliets with applicable law, sueh conflict shall not affect other provisions of th~s Security Instrument ex thr Nc~te ~ which can be given efTect without the conflicting provision. To this end tne 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 ;~c~te and of this Security {mtrument. ~ 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Prc~pcrty or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or tran .ferred and Borrower iti n~it a na~ural person) without Lender's prior written consent, Lender may, at its aption, reyuire immediate payment in futl uf all tiumti ~ secured by this Security Insirument. However, this option shall not be exercitied by Lender if exerci5c iti prohihitrd hy - federal law as of the date of th~s Security Instrument. ~ If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall prc~vide a p~ne~d ~ of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all tiumti secured hy s~:~ this Security Ir~strument. If Borrower fails to pay these sums prior to the expiration of this period. I.ender may imoke any remedies permitted by this Security Instrument without further notice or demand on ~orrower. ~ 18. Borrower's Righ+t to Reinstate. If Borrower meets certam conditi~ns, Borrc~wer shall ha~e the nght t<~ have ~ enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 dayti (or surh other prricxi ~ti ~ a licable law ma s if for reinstatement? before sale of the Pro rt ur~uant to an W~er of sale contained in th~1 ~ PP Y P~ Y Pt Y P 5 F~ ~ Security Instrument; or (b) entry of a judgment enforcing this Securiry Instrument. Those condihom are that E3orrowcr. ~ (a) pays Lender al) sums which then would be due urder this Security lnstrument and the Note had no acceleraucm ~ occurred; {b) cures any default of any other eovenants or agreemenis; fc) pays all expenses incurred in enforcing this ~ Sa.urity Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such act~on a~ Lender may ~ reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrow~er's ~ obligation ta pay the sums secured by this Security Instrument shall continue unchanged. LJpon reimtatement by ~ ~orrower, this Security Instrument and the obl~gations secured hereby shall remain fully effective as if no accelerati~n had ~ occurred. However, this nght to reinstate shall not apply in the case of acceferation under paragraphs 13 or i 7. ~ ~ ~ BooK 675 r~~: 441 - ~ :3 ~ , m x ~-s ~ 1^' ~',a..~~~~..~~~