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HomeMy WebLinkAbout0961 If Lender reyuirrd mortgage insurance as a rondition of making the loan sc~ured by this Secunty Instrument, Burrow•er shall pay the premiums required to ma~ntain the insurance in efi'ect until surh time as the requirement for the insurance terminatc~ in acrordance with Borrowet's and Lender's written agreement or applirable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give f3errow~er notice at the time of or prior to an inspection specifying reasonable cause for the ins~tion. 9. Candemnation. The proceeds of any award or claim for damages, direct or consequential, in ronnection w~ith any condemnation or other taking of any part oP the Prope,rty, or for con~eyance 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 pnxeeds shall be applied to the sums secured by this Security Instrument, whether or not then due, w•ith any rxcess paid to Borrower. In the event of a partial taking of the Propert~•, unless Borrow~er and Lender otherw~ise agree in writing, the sums secured by this Security Instrument shail be reduced by the amount of the proceeds multiplied by the t'ollowtng fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to BarroH•er. If the Pro~rt~- is abandoned by Borrower, or if, after notice by Lender to E3orrower that the condemnor offers to make an aw~ard or settle a claim Cor damages, Borrow~er fails to respond to Lender within 30 days aRer 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 b~~ this Security Instrument, N~hether 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 such payments. 10. Borrower Not Released; Forbearance By Lender Not a~i'aiver. Extension of the time for payment or mcxlification 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 Borrow~er or Borrower's successors in interest. Lender shall not be required to commence praceedings against any successor in interest or refuse to extend time for payment or otherw~ise modif}• amortization of the sums secured by this Securit~• Instrument by reason of any demand made by the original Borrow•er or Borrow~er's successors in interest. Any forbearance b~~ 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 Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to ~he provisions of paragraph 17. Borrow~er's co~enants and agreements shal! be joint and several. Any Borrow~er who co-signs this Securit}• [ns[rument but daes not execure the Note: (a) is co-signing this Sec~rity Instrument only to mortgage, grant and conve~• that Borrow~er's interest in the Propert~~ under the terms of this ~ecurit}~ Instrument; (b) is not personally obligated to pay the sums secured b~• this Securit~• Instrument; and (c) agrees that Lencier and anp other Borrow~er ma}• agree to extend, modify, forbear or make any accommodations ~~ith regard to the terms of this Securitp Instrument or the Note w~ithout that Borrower's consent. 12. Loan Charges. If the loan secured by~ this Secucit~~ Instrument is subject to a la„~ w~hich 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 exe~ed the permitted limits, them (a) any such loan charge shall be reduced by the amount necessar}~ to reduce the charge to the permitted limit; and (b) any sums alread~~ collected from Borrow~er w~hich exceeded . permitied limits will be refunde~i to Borrow•er. 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 H•ill be treated as a ; partial prepayment without an}~ prepayment charge under the Note. 4 13. Legislation AfTecting Lender's Rights. IF enactment or ex~iration of applirable laa~s has the effect of j rendering any pro~~ision of the Note or this Security Instrument unenforceablc according to its terms, Ler.der, at its option, ~ ma}~ require immediate Fayment in full of all sums secured b~~ this Securit~ Instrument and may invoke any remedies € permitted b}• paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of ~ paragraph 17. 14. tiotices. Any notice to Borrow•er pro~~ided for in this Securit}• Instrument shall be gi~en b}~ delivering it or by mailing it by first class mail unless applicable law• requires use of another methc+d. The notice shall be directed to the ~ Propert}~ Address or am~ other address Borrow~er designaies by~ notice to Lender. An~~ netice to Lender shall be gi~~en b}~ , first class mai) to Lender's address stateo herein or an}~ other address I.ender designates b}• notice to Borrow•er. Any~ notice ~ provided for in this Security Instrument shall be deemed to ha~e been gi~en to Borrow•er or Lender when given as pro~ided in this paragraph. 15. Governing Iaw; Severability. This Securit~~ Instrument shall be go~~erned b}~ federal law and the la~~ of the jurisdiction in w•hich the Propert}• is located. In the event that any pru•~ision or clause of this Security Instrument or the ~ tiote canflicts with applicable faw, such conflict shall not affect other provisions of this Security Instrument or the Note ~ w~hich ran be gi~~en effect without the conflicting provisioh. To this end the provisions of this Security Instrument and the ;~`ote are declared to be severable. ~ 16. Borrower's Copy. Borrow~er shall be gi~en one conformed copy of the Note and of this Security Instrument. ~ 17. Transfer of the Property or a Beneficial InterESt in Borrowcr. If all or any part of the Property or any 9 interest in it is sold or transferred (or if a beneficial interest in Borrow~er is sold or transferred and Borrow~er is not a natural ~ ~ --`j< ~enc~n) without Lender's prior w~ritten consent, Lender may~, at its option, require immediate pa}•ment in full of all sums secured this Securit~~ Instrument. How•e~~er, this option shall not be exerrised by Lender if exercise is prohib;ted by ~ federal law~ as of the date of this Security Instrument. - If Lender erer:ises this optior., Lender shall give Borrower notice of acceleration. The notice shall provide a Feriod of not less than 30 days from the date the notice is deliverec~ or mailed within w~hich Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay~ these sums prior to the exp?ration of this period, Lender may im-oke any ~ remedies permitted by this Security Instrument without further notice or demand on Borrow~er. ~ 18. Borrower's Right to Reinstate. If Borrower meets certain conditi~nti. Borrow~er shall have the right ro have ; enforcement o~ rhis Security (nstrument discontinued at an}~ time prior to the earlier of: (a) 5 days (or such other period as applicaole law may spec~fy for reinstatement) before sale of the Propert}~ pursuant to any power of sale enntained 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 eapenses incurred in enforcing this Securit}• Instrument, including, but not limited to, reasonable atrorneys' fees; and (d) takes such action as Lender may ~ reasondbly~ require ro assure that the lien of this Security~ Instrument, Lender's rights in the Property and Borrower's ~ obligatian to pay the sums secured by this Security Instrument shall continue unchanged. lipon reinstatement by ` Borrower, this Securit}~ Instrument and the obligations secured hereby shaU remain•fully efTective as if no acceleration had occurred. Ho~~e~er, this right to reinstate shall not apply~ in the case of acceleration under paragraphs 13 or 17. aoo~ 445 P~ ~ _ - ~ - , ~ ~ ~