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HomeMy WebLinkAbout0931 ~ . • ~ , ~ ~ If Lender roquired mortgage insurance as a condition of making the loan secured by this Socurity Instrument. Borrowu shsll pay the pmniums required to maintain the insunu?ce in eH'cet until such time as the roquirement for the insurance terminates in accordance with Bamo~er's and I.ender's writtea agrament or applicable law. S. L~etjoe. L.ender or ita ageat may malce rusonable entriea upon and inspoctions of the Property. I.~nder shall give Borrower notice at the time of or preor to an inspection apecifying reasonable cause for the inspection. 9. Coode~satlos. The procxeds of any award or claim for damages, diroct or consoquential~ ia connxtion with ' any condemnation or other taking of any part of the Property~ or for conveyance in lieu of coademnation. are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property~ the proceods shall be apptiod to the sums secured by this Socurity Instrua~ent, wt:ether or not then due, ~vith any exce,ss paid to Borrower. In the event of a partial taking of the Propcrty, unless Borrower and Lender oth~rwise agroe in writing, the sums socured by this Socurity Instrument shall be roduced by tbe atnount of the proc;oods multipGed by the following fraction: (a) the total amount of the sums securod immediately ~befon the taking~ divided by (b) the fair market value of the Property immodiately befon the taking. Any balan« shal! be paid to Borrower. If the Property is abandoned by Borrawer, or if, atter notice by Lender to Borrower that the condemnor offers to make an award or settk a claim for damages, Borrower fails to respond to Lender within 30 days aRer the date the notice is givw~ Lender is authorized to oolloct and apply the pracaods. at its option. either to restoration or repair of the Property or to the sums secured by this Socurity Instrument, whether or not then due. Unless Len~er and Bomower otherwise agret in writing, any application of procxeds to principal shall not extend or postpone the du~ date of the monthly paym~ts refsrred to in paragraphs 1 and 2 or change the amount of such payments. 10. Bormwer Not Relpt~ed; Forbearance By I,endtr Not a Wai~er. Factension of the time for psyment or modi6cation of amortization of the stims socuted by this Socurity Instrumtnt granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the origir~al Borrower or Horrower's successors in interest. Lender shall not be re~uirod to oommena procxodings against any successor in interest or refuse to extend time for paytneat or othervvise modify amortization of the sums securod by this Security Instrument by reason of any demand made by the original Borrower or Borrower's sucassors in interest. Any forbearancx by Lender in exercising any right or remedy shall not be a waiver of or preclude the eacercise of any rig6t or remedy. 11. Seccasors and Ar~~ Hoaa~ Joint aad Se~eral I3abillty; Go-si~. The covenants and agreements of this Security Instrumeat shall bind and beao8t tbe snccessors and assigns of Lender and Borrower, subjoct to the provisions of paragraph 17. Borcowa's covenants and agrxments shall be joint and sevetal. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) ~s co-signing this Security Inswment only tu mortgage. grant and convey . that Borrower's interest in the Property under the terms of this Socurity Instrument; (b) is not personally obligated to pay the suau securod by this Socurity Instrument; and (c) agras that Lender and any other Bonower may agree to extend, 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 Charga. If the loan securod by this Security Instrument is subject to a law which sets maximum loan charges, and that Iaw is 6nally interpretod so that the interest or other loan charges collected or to be collected in conncction with the loan ea~oocd the permittod limits, then: (a) any such loan charge shall be roduced by the amount necacsary to reduce the charge to the permittod limit; and (b) any sums already collected from Borrower which exceedod permitted limits will be refunded to Borrowtr. Lender may choose to make this refund by reducing the principal owed under the Note or by ma~ing a diroct payment to Bonower.lf a refund reduces principal, the reduction will be treated as a partial prepaymrnt without any prepayment charge under the Note. 13. Legisladon Ageeti~g I,eader's RIg6b. 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, I.ender. at its option, may cequire immediate payment en full of all sums secured by this Security Instrument and may invoke any remedies p~*mitted by paragraph 19. If Lender eaercises this option, I.ender shall take the steps specified in the second paragraph of P~Braph 17. 14. Notices. Any notice to Borrower providod for in this Security Instrument shall be given by delivering it or by mailing it by first class raail unless applicable law rcquires use of another method. The notice shall be directed to the Property Address or any other address Bonower designates by notice to Lender. Any notice to I,ender 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 shall be damed to have been given to Borrower or L.ender when given as provided in this paragraph. ls. Go~ernIng Lw; Se~erability. 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 con8icts with applicabk law. such conflict shall not affect other provisions of this Security Instrument or the Note ' which can be givrn effoet without the conflicting provision. To shis end the provisions of this Security Instrument and the ` Note are deciared to be severable. 16. Borm~ver'~ Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. ~ 19. Trsnsfer ot the Property or a BeneScial Interest in Bon~ower. If all or any part of the Property or any interest in it is sold or transftrred (or if a beneficial interest in Bonower is sold or transfened and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of aU sums sxured by this Security Instrument. However, this option shall not be exercised by L.ender if ezercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Bonower notice of acceleration. ?he notice shall provide a period of not iess thaa 30 days from the date the notice is deliver~d or mailed within which Borrower must pay all sums secured by this Security Instrumtnt. If Borrower fails to pay these sums prior to the eapiration of this period, Lender may invoke any remodies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Ittght to Reinst~ta If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this ~ecurity Instrument discontinued at any time prior to the earlier of: (a) S days (or such other period as applicable law may spocify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgmtnt enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which thrn would be due undet this Security Instrument and the Note had no acceleration occarred; (b) cures any default of any other covenants or agrcements; (c) pays all expenses incurred in enforcing this Socurity Instrument, including. but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may ~ reasonably require to assure that the licn of this Security Instrument, Lender's rights in the Property and Borrower's abligation to pay the sums socured by this Stcurity Instrument shal! continue unchanged. Upon reinstatement by • Horrower, this Security tnstrvment and the obligations secured hereby shail remain fully eRective as if no acceleration had occurrtd. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. BOOK't*J1 PACE ~1 ~ a`- _ _ ~ -