Loading...
HomeMy WebLinkAbout1148 ~ . ' Z ~ If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrow•er shall pay the premiums required to maintain the insurance in eti'ect until such time as the requirement far the insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. - S. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. 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 taicing of any part of the Property, or for con~~eyance in lieu of condemnation, are hereby ~ assigned and shal! 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 Instrument, whether 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 agree in wnting, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiptied by the following fraction: (a) the total amaunt of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the iaking. Any balance shalt be paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor ofters 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 of proceeds to principal shall not extend or postpone the due date of the monthly payments refened to in paragraphs 1 and 2 or change the amount of such paymen:s. 10. Borro~ser Not Relessed; 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 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 Bonower'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 Assi~s Bound; Joint and Severa! Liability; Casi~ers. 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 l7. Borrower's covenants and agreements shall be joint and sev~ral. Any Borrower who casigns this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Bonower's interest in the Property 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 sec:ured 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 ~ ` perrr?itted limits w•ili 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 At[ecting Lender's Rights. If enactment or eapiration of appiicable laws has the effect of ~ rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at itc option, f ~ may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies l [ permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of ~ ~ ~ paragraph 17. f € 14. Notices. Any notice to Borroa~er provided for in this Security [nstrument 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 3ny other address Lender designates by notice to Borrower. Any notice = provided for in this Sec;urity Instrument shall be deemed to have been given to Borrower or Lender when given as provided ~ ~ in this paragraph. F 15. 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 ~ Note conflicts with applicable law, such conflict sha}i not affect other provisions of this Sec:urity Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security lnstrument and the ~ tiote are declared to be severable. ~ 16. Borror~er's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. 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 'snterest 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 imrnediate payment in full of a~l sums secured by this Security Instrument. However, this option shal! 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 acceteration. The notice shall provide a period af not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by ~ this Security Instrument. If Borrower fails to pay° these sums prior to the expiration of this period, Lender may invoke any , remedies permitted by this Security Instrument without further notice or demand on Borrower. S 18. Borrower's Right to Reinstate, If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earfier of: (a) 5 days (or such other period as 's applicable law may specify for reinstatement) before sale of the Property pursuant to any power of saie contained in this ~ Security Instrument; oc (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: ~ (a) pays Lender ail sums which then would be due under this Security [nstrument and the Note had no acceleration ~ ~ occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this ~ Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may ~ teasonably 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 by this Security Instrument shall continue unchanged. Upon reinstatement by ~ Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or i 7. BOG!(~ e ~ ~AGEl~~u - ~ ~ ~ ~ _ °a~ t:~;~ ~