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HomeMy WebLinkAbout0929 > ~ ~ . ~ t ~ • If l.ender requ~recl monQagc insurance xs a cond~t~on of making the loan securtd by this Secunly lnstrumcnt. Borrow~er shall pay the premiums required to maintain the insurance in etfect un~il such time as the requirement jor the t insurance terminaies in accordance with Borrowtt's and Lender's written agreement or applicabie law. 8. Inspection. I.ender or its agent may make reasonable entria upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspecc:on specifying reasonable cause for the inspection. 9. Coodemnation. The proce~ds of any award or claim for damages. direct or consequential, in connection with any condemnation or other taking of auy part of the Yroptrty. or for com~eyance in lieu of condemnation, are hereby ~ assigned and shal! be paid to Lender. i in the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Srcurity Instrument, whether or not then due. with any excess paid to Borrower. In the event of a par!ial taking of the Property, unless Borrower ~nd Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the procceds multiplied by the following fraction: (s) t}ie totaf amount of'the sums secured immediately , before the taking, divided by (b) the fair market value of the Property immediatel~~ befo~e the taking. Any balance shall ~e paid to Borrower. If the Propeny is abandoned by Borrowe~, or if, after notice by lxnder to Borrow~er that the condemnor offers to make an awarc! or settle a claim for damages, Borrower fails to respond to L.endcr within 30 days after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, eith~r to restoratio~ or repair of the Property or to the snms secured by this Security Instrumcnt. whether or not ihen due. ` Untess Lender and Borrower othemise agree in writing. any application of proceeds to principal shali not extend or i postpone the due date af the munthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. # 10. BorroRer Not Released; Forbearance Ry 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 Lender to any successor in ~ ii~terest of Borrower shall not operate to release ihe liability of the original Borrower or Borrower's succtssors in interest. _ Lender shall not be required to commence proceedings against any successor in in!erest or refuse to extend time for ~ payment or otherwise modify amortization of the syms secured by this Security Inctrument hy reason of any demand made s by the original Bocrower or Borrower's successors in interest. Any forbearance by Lender in exercising any righ! or remedy ~ shall not bz a waiver of or preclude the exercise of any right or remedy. 11. Suecessors aad Assigns Bound; Joint s~nd Several Liability; Co-signers. The covenants and agreements of ~ this Securit3 Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to th~ provisions of paragraph 17. Borrower'~ cuvenants and agreements shall be joint and several. Any Borrower who co-signs this Security , Instrument but does not execute the Note: (a) is casigning 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 5y this Security lnstrument; and (c) agrees that Lender and any other Borrower may agree to extend, rr.odify, forbear or make any accommodations with regard to the terms of this Security I~strument ar the No~e k;zhout that Borrower's consent. ~2. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that law is 6nally interpreted so that the interest or other loan charges colfected or tQ be collected in connPcti~n with the loan exceed the permitted limits, then: (a) any such ic~an charge shall be rec~uced by the amount ~ecessary to reduce the charge to the permitted limit; and (b) any snms alresdy collected from Borro~~er which exceeded - permitted limits Kill be refunded to Borrower. Lender may choose to ma~e 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 w•ill be treated as a partia! prepayment without any prepayment charge under the Nete_ 13. Le~siation Affeeting Lender's Rights. If enactment or expiration of applicable laws has the eflect of rendering any psovision of the Note or this Securi!y Instrument unenforceable according to its terms, Lender, at its option, ! may require immediate payrrlent in full of all sums secured by this Security Instr~ment and may invoke any remedies ' ; permitted by paragraph 1~. If Lender exercises this option, I.ender shall take the steps specified in the second paragraph of ~ paragraph 17. 14. Notices. Any notice to BorroHer provide~ for in this Security Instrument shall be given by delive.*ing it or by ~ mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the _ Property Address or any other address Borrewer designates Ey notice ta Ixnder. Any notice to I.ender shall be given by ~ ~ first class mail to Lender's addcess stated herein or any other ac:dress Lender designates by notice t~ Borrower. Any notice ~ pro~•ided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when gi~~en as provided ~ ~n this paragraph. : I5. Governing Law; ceverability. 7'h~s Securit}~ Instrument shall be governed by federal law and the 3aw of the ~ jurisdiction in which the Pro~rty is lacated. In the event that any pro~•ision or clause of this Security Instrument or the ' Note cor.flicts with applicable law, such conflict shall not afiect other provisions of this Security Instrument or the Note _ ~ which can'be given effect without the conHicting provision_ To this end the provi~ions of this Security Instrument and the Note 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 a~c part of the Property or any ~ int~rest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferrec; and Borrower is not a natural ~ ~ person) without Lender's prior written consent. L,ender may, at its option, require immediate payment m full of all sums secured by this Seruri;y Instrument. However, this option shall not be exerriscd by Lender if etercise is prohibited by federaf faw as of the date of ihis Security Instrument. ; ~ ~ If Lender exercises this option. Lender shail give Borrower notice of accelerat~on. The r~otice shall provide a period ~ of nat less than 30 days from the date the notice is deli~ered or mailed within which Borrcwer must pay all sums secured by ? ` !his Security Instrument. If Bonower fails to pay these sums prior to the ezpiration of this aeriod, L,ender may invoke any ~ remedi~s permitted by this Security Instrument without further notice or demand on Borrower. 18. Borro~er's Right io Rcinstate. if Borrower meets certain conditions, Borrower shall have the right to have G enforcement of this Security Instrument discontinued at any time prior ta the earlier of: (a) 5 days (or such other period as s a?plicable law~ may spec~fy for r~instatement) before sale of the Property p~~rsuant to any power of sale contained in this ~ ~ Security Instrument; or (b) entry of a judgment enfarcino this Security Instrument. i hose conditions a~e that Borrower: (a) pays Lender all sums which then wou:d be due under this Securi!y Instrument and the Note had no acceleration ~ occurred; (bj cures an~~ default of an}~ other covenants or ag:eements; (c) pays all ezpenses incurred in enforcing this ; ~ Security Instrument, including, but not limited to, ~easonable attor~eys' fees; and (d) takes such aciion as L.ender may ~ k reasc?nably require to assurt that the iien of thi~ Security Instrurr:ent, Lender's nghts in the Property and B~irrower's ~ ~ obligatior. to pa}• the surrs secured by this Sec~~rity Instrurr:ent shall continue unchanged. Upon reinstatement by ~ ~ Borrower, this Security Instreiment and the obligacions secured hereby shall remain f~lly effective as if no acceleration had y ~ occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. ~ ~ aOrOK ~ ~ ~V P~GE C~ ~ - - ~ -