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HomeMy WebLinkAbout0914 If Lender required mortgage insurance as a condition of malcing the loan securcd by this Security lnstrument, Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the insurance terminates in accordance with Borcower's and L.ender's written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entr:..~ ar~~ 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. Condemnatioa. 'The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to I.ender. 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 eacess paid to Borrower. In the event of a partial taking of the Property, unless Borcower and L.ender otherwise agree in writing, the sums secured 'oy this Security Instrument shall be reduced by the amount of the procceds multiplied by the following fraction: (a) the total amount of the sums secured immediately txfore the taking, dividod by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor oflcrs 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, I.ender is authoriaed 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 eztend or postpone the due date of the monthly payments refened to in paragraphs 1 and 2 or change the amount of such payments. 10. aorrower Not Released; Forbearance By I.ender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by I.ender to any succescor in interest of Bonower shall not operate to release tht liability of the original Bonower or Borrower's successors in interest. Lender shall not be required to c~mmence 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 Bonower or Borrower's successors in interest. Any forbearance by I.ender in exercising any right or remedy shall not be a waiver of or preclude :i e exercise of any right or remedy. 11. Successors and Asaigns 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 Bonower, subject to the provisions ' of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but dces not ezecute 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 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 eatend, 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 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 eaceed the permitted limits, then: (a) any such loan charge shali be redaced 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 Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Bonower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge und~r the Note. 13. Le~slation Affecting Lender's Rig6ts. If enactment or expiration of applicable laws has the eflect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its optior~, ; may require immediate paymeni in full of all sums secured by this Security Instrument and may invoke any remedies f permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of a 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 directed to the Properiy Address or any other address Bonower designates by notice to Lender. Any notice to Lender shall be given by ~ first 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 shal) be deemed to have been given to Borrower or Lender when given as provided in this paragraph. ` 15. Governing Law; Severability. This Security Instrument shall be governed by federa! taw 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 cor.flict shall not affer,t other provisions of this Security Instrunent or the Note which can be given effect without the eonflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Borrawer'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 interest 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 immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by LendPr i( exercise is prohibited by g federal law as of the date of this Security Instrument. ~ If Lender eaerc'sses this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period ~ o!'not less than 30 days from the date the netice 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. 18. Borrower's Right to Reinstate. If Borrower mee!s certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontin~ed at any time prior to the earlier of: (a) 5 days (or such other period as applicable 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 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 ezpenses incurred in enforcing this ~ Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may ~ reasonably require to assurc that the lien of this Security Instrument, I,ender's rights in the Property and Borrower's E obligation to nav the sumc secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Secunty 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 17. ~ ~ z 3~OK ~~0 PdGE ~~J ~ ~ ~ ~ _ ~ - - - ~ ~ ` ~ , _ ~ ~ _