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HomeMy WebLinkAbout0945 If Lender requircd mortgage insurance as a condition of making the loan secured by this Security Instrument. Borrower shal! pay the premiums required to maintain the insurance in effect until such time as the requirement for the insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of o~ prior to an ?nspection specifying rrasonable cause for the inspection. 9. Coademnation. The ~+roceeds of any award or ctaim for damages. direct or canseaueatia~, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condem~ation, are hereby assigned and shall be paid to Lender. In th~ event of a totat taking of the Property, the proceeds shall bt applied to the sums secured by this Security lnstrument, whether or not then due, wit4~ any excess paid to Borrower. In the event of a pa:tial taking of the Property, unless Borcawer and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by che amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediatety before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. If the Property is abandoneti by Bonower, or if, aftcr notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days afier the date th~ notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Pro}xrty or to the sums secured by this Security Instrument, whether or not then due. Unless Lender and Bonower otherwise agree in writing. any application of procecds to principal shal) not extend or postpone the due date of the monthly payments r~ferred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Relessed; Forbears~nce By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums socured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to relrase the liability of the original Borrower or Bonower's successors in interat. Lender shall not be required to commenee 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 mad~ by the original Borrower ot Borrower's successors in intecest. Any forbearanee 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 and Assigas Bound; Joint and Sereral Liabiiity; Casi~ers. The covenants and agreements of thi$ Security Instrument shall bind and bene6t the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shatl be joint and several. Any Borrower who casigns this Security Instrument but dces not execute the Note: (a) is casigning this S~curity Instrument only to mortgage, grant and convey that Borrower's interest in the Property undec 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 rcgard to the terms of this Security Instrument or the Note without that Borrower's consent. 12. Lo~? Cdarges. 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 exceed the permitted limits, then: (a) any such ioan 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 eaceeded ~ permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed 4 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 under the Note. 4 13. Legislation Affecting I.ender's Rights. If enactment or expiration of applicable 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 this Security Instrument and may invoke any remedies , ~ permitted by paragraph 19. If Lender eaercises this option, Lender shall take the steps specified in the second paragraph of E paragraph 17. 14. ~Iotices. Any notice to Borrower provided for in this Security Instrument shal! be given by delivering it or by E mailing it by first class mail unless appiicable law requires use of another method. The notice shall be directed to the E Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by E first ctass mail to Lender's address stated hetein or any other address Lender designates by notice to Bonower. Any notice ~rovided for in this Security Instrument shall 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 federal law 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 canflicts with applicable law, such conHict shall not affect other provisions of this Security Instrument or the~Note ~ which can be given efteci without the con8icting psovision. T'o this end the provisions of this Security Instrument and the ~ Note are declared to be severable. 16. Borrower's Copy. Bonower shall be given one conformed copy of the Note and of this Security Instrument. E 17. Transfer of the Property or a Beneficial Interest in Borros?er. If all or any part of the Property or any € interest in it is sold or transferred (or if a beneficiai 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, requiee immediate payment in full of all sums ; secured by this Security Instrument. However, this option shal! 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 notice of acceleration. The notice shatl provide a period ~ of not tess than 30 days {'ram the date the notice is delivered or maiied within which Borrower must pay all sums secured by ~ this Security Instrument. If Borrowec faits to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further not~ce or demand ~n Borrower. 18. Borrower's Right to Reinstate. If Borower 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 day~s (or such other period as ~ app{icable iaw may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Secunty 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 Securiry Instrument and the Note had no acceleration ~ i~ occurred: (b) c~res any default of ar.y other covenants or agreements; (c) pays all expenses incurred in enforci~g this ~ Securitp Instrument, including, but not limited to, reasonable attorneys' fees: and (d) takes such action as Lender may ` reasonabfy require to assure that the lien oP this Security Instrument, Lender's rights in the Property and Borro~ver's obligation to pay the sums secured by this Security instrument shail continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obtigations secured hereby shall remain fully ef~ective as if no acceleration had , occurred. Howe~~er, this right to reinstate shall not apply in the case of acceleration under paragcaphs 13 or 17. ~~0 94~ ~R a~ 443 p~~ 2~5~ . ~ ~ 1?ii yi r . ~ ~ - - - ~ ~M~r"~ ~ ~ -