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HomeMy WebLinkAbout0946 If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, 6orrower shall pay the premiums required to maintain the insurance in effect unti) such time as the requirement tor the insurance terminates in accordance with Borrower's and Lender's written agreement or aPplicable law. 8. Iaspection. Lender or its agent may make reasonable entries upan and inspections of the Property. Lender shall give Bonower notice at the teme of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, +n 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 Lender. 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 ezcess paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security lnstrument shall be reduced by the amount of the proceeds multiplied by the following f'raction: (a) the total amount of the sums secured immediately before the taking, divided by (h) the fair market value of the Property immediately before the taking. Any balance shall b:, paid to Bonower. If the Property is abandoned by Borrower, or if, after 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 after the date the notice is given, L.ender is authorized 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 Bonower otherwise agree in writing, any application of proceeds to principal shall not extend or , postpone the due date of the monthly payments refened to in paragraphs 1 and 2 or change the amount of such payments. , 10. Borrower Not Relessed; Forbearance By I.ender Not a Waiver. Extension of the time for payment or modi6cation of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Bonower shall not operate to release the liabitity of the original Borrower or Borrower's successors in interest. L.ender shall not be required to commence 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 oi'any demand made by the original Bonower or Bonower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the ezercise of any right or remedy. ' ll. Successors and Assigns Bound; Joint and Severstl Liability; Co-signers. The covenants and agreements of this Security Instrument shaU bind and benefit the successors and assigns of Lender and Borrower, 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 Bonower'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 extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Bonower's consent. 12. Loaa Charges. If the loan secured by tAis 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) an~ such toan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower w~hich exceeded permitted limits will be refunded to Bonower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrewer. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laa~s 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 fall of all sums secured by this Security Instrument and may invoke any remedies F permitted by paragraph 19. If Lender eaercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. E 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 ro the ~ Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shal) be given by ~ first dass 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 deemed to have been given to Borrower or Lender when given as provi~ed ~ in this paragraph. ~ 15. Governing Law; Severability. This Security Instrument sha11 be governed by federal 1aw and the law of the jarisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the ~ '`'ote conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note ~ which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the '.vote are deciared to be severable. ~ 16. Borrower'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 an} ~ - 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 L.ender's prior written consent, Lender may, at its option, require immediate payment in ful) of all sums ~ secured by this Security Instrument. However, this option shall not be exercised by Lender i( 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 shall ~rovide a period ~ of not less than 30 days from the date the notice 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 im•oke any remedies permitted by this Security Instrument without further notice or demand on Borrower. ° ~ ~ 18. Borrower's Right to Reinstate. If Borrower 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 days (or such oth~~r period as ~ applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale conta~ned in this ~ Secucity Instrument; or (b) entry of a judgment enforcing this Security Instrument. Th~se conditions are that Borrower. (a) pays Lender all sums which then would be due under this Security Instrument and the Note had no ac~eleration ~ occurred; (b) cures any default of any other covenants or agreements; (c) pays all eapenses 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 assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had ~ occurred. However, this right to reinstate shal! not apply in the case of acceleration under paragraphs 13 or 17. ~ ::~`-,~~5 Y~l~f ~4~ u 4 ~ ~ - - ~ ~ ; . - _ ~ _