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HomeMy WebLinkAbout1524 If Lender required mortgage insurance as a condition of making the loan secured by this Se~urity Instrument, Borrower shall pay the premiums required to maintain the insurance in efl'ect until such time as the requirement for tfie insursnce terminates in accordance with Borrower's and l.en~er's written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspec!ions of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspec:tion 9. Condemnation. The proceeds of any award or claim fos damages, direct or consequentiai, in connection w~ith any condemnation or «ther taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall bc paid to Lender. In tfie event of a t~tal taking of the Property, the pra.~eds shall be applied to the sums secured by this Security Instrument, whether or not then due, witfi any excess paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in vrritiog, the sums secured by this Security Instrument shail be reduced by the amount of the proceeds multiplied by the fallowing fraction: (a) the total amount of the sums sec?sred immeciiate{y before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Botrower. If the Property is abandoned by Bonower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borcowtr fails to respond to L,ender within 30 days after the date the notice is given, Lender is authorized to collect and apply the proceeds. at its option, either to restocation or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. Unless I.ender and Borrower otherwise agree in writing, any application of proceeds to principa) shaU not extend or Qostpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not ReleasFd; Forbearance By Lender Not s Wairer. Extension of the time for payment or modi6cation of amortization of the sums sccured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the origina! 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. Suceessors and Assi~s Bound; Joint and Several 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 17. Bonower's covenants and agreements shall be joint and several. 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 Borcower's interest in the Property under the terms of this Security Instrumer?t; (b} es not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Bonower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security lnstrument or the Note without that Bcsrro9ver's consent. ' 12. Loan Charges. I[the loan secured by this Security Instrument is subject to a iaw which sets maximum loan f charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in ' I connection with the loan eaceed 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 Bonower. l.ender may choose to make this refund by reducing the prir~cipal owed under the Note or by making a direct payment to Bonower. If a refund reduces prncipal, the reduction will be treated as a ' partial prepayment without any prepayment charge under the Note. ; 13. I.Fgislation Affeeting Lender's RighLs. If enactment or expiration of app(icable 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 all sums secured by ihis Security Instrument and may invoke any remedies permitted by paragraph 19. If I,ender 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 mailing it by first class mail unless applicable law requires use of another method. The notice shall be direcied to the I Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shal) be given by ~ ficst 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 shalt be deemed to have been given to Sorrower or Lender when given as provided in this paragraph. ~ 15. Gorerning Law, Severabitity. This Security Instrument shall be governed by federal law and the law c~f the ~ jurisdiction in which the Properiy is located. In the event that any provision or clause of this Security Instrument or the Nate 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 con8icting provision. To this end the provisions of this Security instrument and the Note are dectared to be severable. z 16. Borror?er's Copy. Borrower shall be given one conformed copy of the Note and of this Secusity lnstrument. 17. Transfer of the Property or s~ Beneficial Interest in Borrower. If afl or any part of the Property or any - interest in it is sald or transferred (or if a beneficial interest in Borrower is sold or transferred a~d Borrower is not a natural persan) without Lender's prior written consent, I,ender m~y, at its option, require immediate payment in full of atl sums secured by this Security Instrument. However, this option shalt not be exercised by Lender if exercise is prohibited by federal law as of ihe date of this Security Pnstrument. If Lender exercises this option, I.ender 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 Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums ~rior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without fucther 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 discontinued at any time prior to the earlier of: (a) 5 days (or such other period as appticable law may 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 conditi~ns 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 agrcements; (c) pays all expenses incurred in enforcing this Sxurity Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as L,ender may reasonably require to assure that the lien of this Security Instrument, L,ender's nghts in the Property and Borrower's obtygation to pay tht sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Bottower, this Security Instrument and the obligations secured hereby sha]? remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of ac~eleration under paragrap6s I 3 ot 17. 500K U75 PAGE1524 f~ - ~ r - s . ~ _~-z~