Loading...
HomeMy WebLinkAbout1324 (i ~ An~ amuunts di.b~rsed by 1_ender under this paragraph 7 shall be~ome additional debt of Borru~er secured by thi~ Serurit~ In,trument. Unless Borrower and Lender agree to other terms of papment, these amounts shall bear interest from the Jate ui ~ii,bursement at the Note rate and shall br payable, with intrrest, upun notice from Lender to BorroHer reyue~ting pa~ment. lt Lender required mortgage insurance as a condition of making the loan s~cured by this Security Instrument, Borrower shall pa} the premiums required ro maintain the insuran ~e.ip effect until such time as the requirement for the insurance terminates • • . . r~ in accordance with Borrower's and Lender's w•ritten ~gret~e~~~r ap4ili~able`ia~t. ' 8. Insprction. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall gi~e Bor- roHer notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Cundemu~tion. The proceeds of any aW ard or claim for damages, direct or consequen[ial, in connection N~ith any condem- nation 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 of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, ~~hether or not then due, w~ith any excess paid to Borrow•er. In the event of a partial taking of the Property, unless Borrower and l.ender otherWise agree in writing, the sums secured by this Security Instrument shalf 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 b~• (b) the , fair market value of the Propert~~ immediatelp before the taking. Any balance shall be paid to Borrower. If the Property is abandoned b}• BorroH~er, or if, after notice by Lender to Borrow~er that the condemnor offers to make ~ 3n award or settle a claim for damages, Borrow~er faiis ro respon~ to Lender within 30 days after the date the notice is gi~•en, 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 Borrow~er 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 l and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance by Leader Not a Waiver. Extension of the time for payment or modification af amortization of the sums s~cured by this Security Instrument granted by Lender ta any successor in interest of Borrower shall not operate to release the IiabiGty of the original Borrower or Borrower's successors in intercst. 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 aod Assigos Bound; Joiot and Sevrral Liability; Co-signers. The covenants and agreements of this Securit}• Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's co~•enants and agreements shall be joint and several. Any Borrower who co-signs 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 Instrumenr, (b) is not personally obligated to pay the sums secured by this Security instrumeni; and (cj agrees inai iender and any ulher Surrower may agree to extri~d, mouify, fo~`vca? ~r make any auonna.;a- tions with regard to the terms of this Securiry Instrument or the Note without that Borrower's consent. 12. Loaa Charges. 1f 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 toan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums afready collected from Borrower which exceeded permitted lirnits 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. Legislation Affecting Lender's Rights. If enactment or expiration of applicabie laws has the effecc of rendering any pro~•i- ~ sion of the Note or this Security lnstrument unenforceable according to its terms, Lender, at its opiion, may require immediate ~ payment in full of all sums secured by this Security Instrument and may invoke any remedies permitied by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. r ~ 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 shalf 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 mai! to Lender's ~ address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Securiry Instru- ~ ment shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. ~ I5. Governing Law; Severability. This Security Instrument shall be governed by federal law and thc law of the jurisdiction F € in which the Property is located. In the event that any provision or ctause of this Security Instrument or the Note conflicts with 3 applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect ~ ~ithout the conflicting provi;ion. To this end the provisions of this Security Instrument and the Note are declared to be se~•erable. ~ l6. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. ~ 17. Tr~nsfer of the Property or a Bene~cial Interest ia Borrower. If all or any part of the Property or any interest in it is ~ sold or transferred (or if a beneficial interest in Borrawer is sold or transferred and Borrower is not a natural person) without ~ Lender's prior written consen[, Lender may, at its option, require immediate payment in full of all sums secured by this Security ~ lnstrument. Howe~~er, this option shall not 1ie exercised by Lender if exercise is prohibited by federal iaw 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 of not s 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 faits to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security [nstrument without further notice or demand on Borrower. 18. Borrow•er's Rig6t to Reinstate. If Borrower mcets certain condition~, Borrow~er shafl have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law ma}• 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 Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then a would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any default of any other co~~enants r or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable at- ~ torneys' fees; and (d) takes such action as Lender may reaso~ably require to assure that the lien of this Security Instrument, Lender's ~ rights in the Property and Borrower's obligati~n to pay the sums secured by this Security Instrument shall continue unchanged. r ~ Upon reinstaternent by Borrow•er, this Security Instrument and the obligations secured hereby shal! remain fully effective as if r no acceleration had occurred. However, this right to reinstate shall not apply in the case of aczeleration under paragraphs 13 or 17. g'ooK 675 PACEi324 ~ n ~ ~ x~-~ ~ -:~,~..,F~.~,i~~-~~%i=~*~~~r~~~t