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HomeMy WebLinkAbout1010 Any amuunts disbursed b} Ltn:ier under this {~aragraph 7 th~ 11 become ad:litiutjal drbt of k3~~rru~~~er ~ccurcd h~• thi, Se~urity Instrumrnt. Unless Burru~~er a?~a Lender agrc~ to ~~ther terms uf payment, the~e amuun,~ shali bear in- terest frum the date of disbursemcnt at thr Not~ rate and shall bc ~ay~ablz, with interest, upon noti~e from L~nder to BorroHer rryue~ting payment. [f Lender required mortga~te insurance as a condition of making thr loan secured by this Security lnstrument, Burrower shall pay the premiums required to maintain the insurance in ei~fect until such time as the requirement for the insurance ~erminates in accordanre with Borrower's and Lender's writren agreement or applicable law. 8. lnspectlon. Lender or its agent may make reasonable entries upon and inspections of the Pro~xrty. Lendrr shafl g~~e Borrower notice at :he time of or prior to an inspection specifying reasonable cause for the inspection. ~ 9. CandemnAtion. The proceeds of any av?~ard or claim for damages, direct or consequential, in connection with any condemna~ion or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assig~ed and shall bz paid to Lender. In the event of a tot~l taking of the Property, the pruceeds shafl be applied to the sums se~ured by this Security In- strument, whether or not then due, witk any excess paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender other;vise agree in w~ri[ing, the sums secured by this Securiry Instrument shall be reduced by the amount of the ~roceeds r:~~ltiplied by the following fraction: (a) the total amount of the sums secured im- mediately before the taking, divided by (b) the fair market value of the Proper[y immediately before the taking. Any balance shall be paid to Borrower. If the Property is abandoned by Sorrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, 8orrower 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 ProRerty 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 surh payments. 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modi~ration of amortization of the sums secured by this Security Instrument grahted by Lender to any successor in interest of Borroweer shall not operate to release the liability of the original Borrower or Borroweer's successors in in- terest. 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 lnstrument by reason of any de- mand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shal! not be a waiver of or preclude the exercise 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 bene~t the successors and assigns of Lender and Borrower, subject to the pro- visions of paragrauh !7. Borrower's covenants and agreements shall be joint and several. Any Berrower ~vhe co-signs 'i this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, il grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not per- ~ sonally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Bor- i rower may agree to extend, modify, forbear or make any accammodations with regard to the terms of this Security In- ! strument 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 con- { nection 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 exceed- ed permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal E owed under the Note or by making a direct payment to Borrower. If a refun~ reduces principal, the reduction will be ~ treated as a artial re a ment without an E p p p y y prepayment charge under the Note. ~ 13. Legislatien Affecting 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, may require immediate payment in full of ali sums secured bv 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 paragraph 17. ! ~ 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by ~ e 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 Lend~r. Any notice to Lender shatl 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 i.aw; Severability. This Security Instrument shall be governed by federal law and the law of the ~ jurisdiciton in which the Property is located. In the event that any provision or clause of this Security Instrument or ~ the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the ~ Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instru- E ment and the Note are declared to be severable. . 16. Borrower's Copy. Borrower shall be given one conforrr~ed copy of the Note and of this Security Instrument. 17. Transfer of the Property or A Beneficial Interest in Bortower. If all or any part of the Property or any in- terest in it is sold or transferred (or if a beneficial interest in Borrower ;s 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 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 ~ - period of not less than 30 days from the date the notice is delivered or mailed within which Bor?ower must pay all sums 0 ~ secured by this Securiry Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender ~ ` may im~oke any remedies permitted by this Securiry Instrument without further notice or demand on Borrower. ; $ 18. Borrower's Right to Reinstate. If Borrower meets certain conditions. Borrower shall have the right to have ~ € enforcement of this Security Instrument disconiinued at any time prior to the earlier of: (a) 5 days (or such other ~ period as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale con- I` tained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are ~ that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in en- forcing this Sec~rity Instrument, including, but not limited to, rtasonabte attorneys' fees; and (d) takes such action as - . ; u,~~~~=-~ _~-..~.~T