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HomeMy WebLinkAbout0953 if Lender rcqu~red mortgage ~nsurance as a rond~t~on of makmg the l~~an ucurrd by th~+ Sc~unty Instrumen~. Borrower shall pay the premiums rcqu~red to maintain the insurance in etfect until such timr a~ the reqwrem~nt fos the insurance term?oates in accordance w~th Borrower's and Lendrr's writtcn agreement or appl~cable law. 8, lnspectioa. Lender or its agent may make reasonable entnes upon and ~nspe~:tions of the Proprrty. Lrnder shatt give Borrower notic~ at the time of or prior to an inspection specii'ying reasunable rause fi~r the ins~:tion. 9, Condemnation. The prxeeds of any award or claim for damages, direct ur ~onsequrmial, in connect~o~ with any condemnation or other taking of any part of the Property, or for convr~~anre in lieu of condemnation, are hereby assigned and shall bc paid to Lender. In the event of a total taking of the Property, the pra:eeds shall be appli~d to the sums secured b}~ this Secunty Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Properiy, 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 fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately be(ore the taking. Any~ balanre shall be paid to Borrower. 16 tt~e 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, Lender is authorized to collect and apply the Qroce~eds. at its oQtion, either to restoration or repa+r 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 o(proceeds to principa! shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. BoROwer Not Relessed; Forbearance By Leader Not a Waiver. Extension ot' the time for payment or modification of amortization of the sums secured by this Security lnstrument granted by Lender to any successo~ in , interest ot Bonower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shali not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otfierwise modify amortization of the sums secured by this Security lnstrument by reason of any demand made by the original Bonower or Borrower's successors+n interest. Any forbearance 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 Assi~s Bound; doint and Seversl Liability; Casigners. The covenants and agreements of this Security I~strument shall bird 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 does not execute the Note: (a) is co-signing this Security ]nstrument only to mortgage, gran; and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is nos 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 w•ith regard to the terms of this Security Instrument or the Note without that Bor~ower's consent. 12. Loan Charges. If the laan secured by this Securiiy Instrnment is subjecl 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 cottected in connection with the loan exceed the permitted limits, then: (a) any such loan 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 exceeded E permitted fimits will be refunded to Borrower. L,ender may choose to make this refund by reducing the principal owed ~ under the Note or by making a direet payment to Sorrower. If a refund reduces pnncipaf, the reduction will be treated as a ~ pastial prepayment without any prepayment charge under the Note. ~ 13. Legislation Affeeting Lender'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 i!s option, ~ may require immediate payment in full of ali sums secured by this Security~ Instrument and may invoke any remedies ~ permitted by paragcaph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of ~ paragraph 17. 14. Notices. Any notice to Borrower provided for in this Secunty Instrument shall be given by deli~~ering 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 Borrower designates by notice to Lender. Any notice to Lender Shall be given b}~ ~ first etass mail to Lender's address stated herein or any other address Lender designates by notice to Borrow~er. Any~ notice ~ provided for in this Security Instrurnent shall be deemed to have been gi~en to Borrower or Lender v.•hen given as provided ~ in this paragraph. x I5. Governing Law; Severability. This Securit}~ Instrument shall be go~erned by federal law~ and the law~ of the s jurisdiction in which the Properiy is located. In the event that any provision or clause of this Security Instrumens or the ~ Note conflicts witfi~ applicable law, such conflict shall not affect other provisions of this Securit}' Instrument or the Note ~ which can be given effeci without the confiicting provision. To this end the provisions of this Secnrity Instrument and the ~ Note are declared to be severable. 16. Borrovver's Copy. Borrower shall be given one conformed copy of the Note and of this Securit}~ Instrument. l7. 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 ~ts option, reyuire immediate payment in full of aii sums secured by this Security Instrument. H~wever, this option shall not be exercised by Lender iC exercite i~ prohibited hy fe.~ieral law as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice sha11 pro~ ide a period of not less thar. 30 days from the date the notice is delivered or mailed w~ithin w~hich Borro~ti~er must pay all sumt ~ecured by~ this Security Instrument. If Borrower faiis to pay these sums prior to the expiration of this period, Lender may~ in~oke any remedies permitted by this Security Inslrument without further notice or demand on Borrow~er. 18. Borrower's Right to Reinstate. If Borrower meets cenain conditions. Borrower Shall have the right to ha~e enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other penod at applicable iaw may specify for reinstatement) before sale of the Propertr pursuant to any power of sale contained in th~s Security [nstrument; or (b) entry of a judgment enfotcing this Security {mtrument. Those conditions are that Borrower: (a) pays Lender alt 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 expenses incurred in enforcing this Suurity Instrument, including, but not limited to, reasonable attorneys' fees; and (d) take~, tiuch action as Lender map reasonably require to assure that the lien of this Security Instrument, Lender's nghts in the Yroperty and &~rrower's obligation to pay the sums secured by tfiis Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Secunty Instrument and the obiigations secured hereby shaU remasn fully ef~ect~ve as if no acce{eration had occurred. However, this nght to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. : ;`~:K4~~ ~.~~F ~5`3 z _ - ~ . ~ ~ ..t . ~ ~ A.>,w