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HomeMy WebLinkAbout1542 !f Lender required mortgage insurance as a condition of making the loan secured by this Security lnstrument, BorroNer shall pa~~ the premiums required to maintain the insurance in effect unti) such hme as the reyvirement for the insuranre terminatrs in acrordance ~~ith Borrowe~'s and Lender's written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Pro~rty. Lender shall gi~ e Borroa•er notice at the time of or prior ro an inspection specifying reasonable rause for the inspection. 9. Condemnation. The prc~ceedc ot~an~~ aw•ard or claim for damages, direct or conseyuential, in conner~ion with an~~ condemnation or other taking of any part of the Property, or for conve~~ance in lieu of eondemnation, are hereby assigned and shall be paid to Lender. In the erent of a total tak~ng of the Property, ihe prexeeds shali t~ applied to the sums secured by this Security InstrUment, w~hether or not then due, with any excess paid to Borrower. In the e~ent of a partial taking of the Property~, unless Borrower and Lender otherwise agree ~n writing, the sums secured by this Sc~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 b~• (b) the fair market ~~alue of the Propert}• immediatel~~ before the taking. Any balance shall be paid to Borrower. If the Properly is abandoned b}• Borrow•er, or if, atter notice b}~ Lender to Borruwer that the condemnor offers to make an aw~ard or settle a claim t'or damages, Borrow•er fails to res~nd to Lender within 30 da}•~ after the date the notice is gi~~en, Lender is authorized ro collect and appl}~ the pra:eeds, at its optian, either to restoration or repair of the Property or to the sums secured by this Security lnstrument, w•hether or not then due. lJnless Lender and &~rroK~er otherv~~ise agree in writing, any~ application of pnxeeds to prinripal shall not exrend or ~st~me the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower ':Vot Released; Forbearance By Lender Not a R'aiver. Extension uf the time for pa}~ment or modification of amortization of the sums secured bp this Security Inslrument granted b}~ Lender to an}• successor in interest of Borrower shall not operate to release the liabilit}• of the original Borrow~er or Bc~rrow~er's successors in interest. Lender shall not be required to commence proceedings against any succc~sor in interest or refuse to extend time for pa}•ment or othen~ ise modify amortization of the sums secured by this Serurit}• lnstrument b}~ reason of any demand made by the original Borrow•er or Borrower's successors in interest. Any forbearance b~~ Lender in exercising an~~ right or remed}• shall not be a K~aiver of or preclude the exercise of any right or remedy~. 11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The cuvenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the pro~isions of paragraph 17. Borrow~er's co~enants and agreements shall be joint and several. An~• Borrower w•ho co-signs this Security Instrument but does not execute the \ote: (a) is co-signing this Security Instrument only to mortgage, grant and con~~ey that Borrow•er's interest ~n the Propert}~ under the terms of this Securitp lnstrument; (bj is not personally obligated to pa}~ the sums secured bti~ this Securit~• Instrument; and (c) agrees that Lender and any oiher Borrower may agree to extend, modify, forbear or make an}~ arcommodations w~ith regard to the terms of this Security Instrument or the Note without that Borro~~er's consent. 12. Loan Charges. If the loan serured by this Security Instrument is subject to a law• which sets maximum loan charges, and that laa is finalfy interpreted so that the interest or other loan charges collected or to be collected in cannection H•ith the loan exreed the permitted limits, then: (a) any such loan charge shall be reduced by the amount j 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 Borrower. Lender may choose to make this refund b}~ reducing the principal ow~ed ' under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction w~ill be treated as a i partial prepayment without any prepayment charge under the Note. ; 13. Legislation Affecting Lender's Rights. If enactment or expiration of applirable laws has the effect of rendering any pro~~ision of the Note or this Security Instrument unenforceable acrording to its terms. Lender, at its option, ` may require immediate payment in full of alt sums secured bS~ this Security Instrument and may im~oke any remedies G permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps s~rified in the second paragraph of ~ paragraph 17. 14. tiotices. An~• notice to Borrow•er pro~~ided for in this Securit}~ Instrument shall be gi~~en by delivering it or by ; mailing it b}~ 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 ro Lender shall be gi~~en b}• € first class mail to Lender's address stated herein or any other address Lender designates b}• notice to Borrow~er. An}• notice ~ provided for in this Securit}~ Instrument shall be deemed to ha~ e been gi~ en to Borrow~er or Lender when given as provided i in this paragraph. ~ 15. Goveruing Law; Severabilit}•. This Securit}~ I:~titrument shall t?e gu~erned b}~ federal law and the law of the ~ )urisdiction in which the Prope~ty is located. In the event that an}~ pro~~i~ion or clause of this Security Inttrument or the ; Note conflicts with applicable law, such conflici shall not affect other provisions of this Security Instrument or the Note ~ which can be gi~•en effect without the conflicting pro~ision. To this end the provisions of this Security In~trument and the tiote are declared to be uvcrable. ~ 16. Borrower's Copy. Borrower shall be given one confo~ med 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 interest in Borrower is soid or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, requ~re immediate payment in full of all sums secured by this Security Instrument. However, this opti~~n 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 nohce of acceleration. The notice shall provide a period af not less than 30 days from the date the notice is delivered or mai(ed within which Borrower must pay a:l sums secured by , this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this , eriod, Lender may invoke an}~ remedies permitted by this Security Instrument without further notice ~r ~~iemand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditi~ns, Borrow~er 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 ` applicable law ma}~ spec~fy 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 Borrow~er. ~ (a) pays Lender a!1 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 enforcing this ~ Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may s reasonably reyuire to assure that the lien of this Security Instrument, Lender's nghts in the Propeny and Borrower's obligation to pay the sums secured by this Security [nstrument shall continue unchanged. Upan reinstatement by Borrower, this Se~urity Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. Nowever, this right to reinstate shall not appiy in the case of acceleration under paragraphs :3 or 17. BOOK ~75 ~A~f1542 ~ ~r ~ ' ~ - ~ - h~'~~ - ~~..g az~~' ..~g ~ _..:a ~ ~ . ~s k.