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HomeMy WebLinkAbout0987 f If Lender required mortgage insurance as a condition of msking the loan securtd by this Security Instrument. i3orrower shal! pay the premiums rcquired to maintain the insurance in eRect until such time as the requirement for the insurance ierminata in accordance with Borrower's and Lender's writtrn agreement or appiicabk law. 8. lnspection. Lender or its agent may make reasonabk entries upon and inspections of the Property. I.rnder shall give 8orrower notice at the time of or prior to an inspection specifying rcasonsbk caus4 for the inspoction. 9. Condemnation. Ths procads of any award or claim for damages. diroct or consequential~ in conr~ection with any condemnation or other taking of any part of the Pcoperty, or for conveyana in !KU of condemnation. are hereby assigneJ and shall be paid to Lender. • In the event of a totai taking of the Property, the proceeds shall be apPliod to the sums secured by this Security Instrument. whether or not then due, wit'~ any ea~cess pa;d to 8orrower. in the evrnt of e psrtiat taking of the Properly. unless Borrower and Lender oiherwise agree in writing. the sums secured by thia Security Instruma~t shall be roduced hy tt~e amount of the proceeds multipiied by tht following fraction: (a) the toial amount of the sums secured immediately before the taking. divided by (b) the fa~r market ~alue of tht Property immediately ~efore iht taking. Any balance shall be paid to Bonower. ' lf the Property is abandontd by. Bonower, or if. after notice by Lender to $orrower that the condemnor offers to make an award or settle a claim for damages. 8orrower fails t~ rcspond to Lender within 30 days aRer the date the notice is given, Lender is authorized to coilect 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 thm due. Unless Lender and Borrower otherwise agree in writing~ any appiication of proce~da to principal shall not extend or postpone the due date of the monthiy paymrnts referred to in psragnphs I and 2 or change the amount of such paymrnts. 10. Borrower Not Released; Forbeannce By Lmder Not a Wd~er. Eatension of !he time for payment or modification of amortization of the sums socurod by this Socurity Instrument granted by Lender to any successor in interat of Borrower shall not operate to release the liability of the ocigina! Borrower or Borrower's successors in intercst. Lender shall not be required to commen~x proceedings against any suvicessor in interest or rcfuse to extend time Por payment or otherwise modify amortization of the sums xcurod by this Security Instrument by rcason of any demand made by the original Borrower or Borrower'a suceessors in interest. Any torbearance by Lender in eaercising any right or remcdy shall not be a waiver of or preclude the exercix of any right or nmody. 11. Successors and Assigrq Bonad; Jolat and Se~eral Liabiliq, Co-sign~s. The covenants and agreemrnts of this Security Instrunent shall bind and benefit the succeasorsand assigns of Lender and Borcower, subject to the provisions of paragraph 17. Borrower's covrnants and agreementa shall be joint and several. Any Borrower vrho co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrumtnt only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security InsWment; (b) is not ptrsonally obligated to pay the sums securcd by this Security Instrument; and (c) agrees that I.tnder and any other Bonower may agree to extend. modify, 1'orbear or make any accommodations with ~egard to the terms of this Security Instrument or the 1Vote wiihout that Borrower'sconsent. 12. Loaa Chuges. If the loan socured by this Security Instrument is subject to a law which sets maximum loan charges, and that law is finalfy interpreted so that the interest or other laan eharges collxted or to be collected in connection with tht loan exceed the permittod timits, 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 collxted from Bonower which exceeded permitted limits will be refunded to Borcower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a dirxt payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. I.egislstion AfTecting L.ender's Rig6ts. If enactment or expiration of applicabie laws has the efFxt of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender. at its option, may require immediate paymrnt in tull of all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this option, Ltnder shall take the steps spocified in the second paragraph of E paragrapfi 17. ~ 14. Notices. Any notice to Borcower provided for in this Security Instrument shall be givrn by delivering it or by ; mailing it by first class mail untess applicable law requires use of another method. The notice shalt be directed to the ~ Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shal! be givrn by ~ first class mail to Lender's addresss 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 Lender when given as provided ~ in this paragraph. ; ~ 15. Gorerning Law; Se~erability. This Stcurity Instrument shall be governed by federal law and the law of the ~ ~ jurisdiction in which the Property is located. In th~ event that any provision or clause of this Security Instrument or the i Note conflicts with applicable law, such con8ict shall not a~'ect 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 1. Note are dxlared to be severable. g 16. Barrower's Copy. Borrower shall be given one conformai copy of the Note and of this Security Instrument. ~ 17. Transfer of the Property or a Beaeficiaf Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a bcneficial interest in Borrower is soid or transferred and Borrower is not a natural ~ person) without Lender's prior written consent, Lender may. at its option. require immediate payment in full of all sums secured by this Security lnstrument. However, this oPtion shall not be exercised by Ler~der if eaercese is prohibitod by ' tederal law as of the date of this Security Instrument. If Lender exercises this option, L,ender shall give Borrower notice of acceieration. The notice shall provide a period ~ of not less than 30 days from the date ihe notice is delivcrod or mailed within which Borrower must pay all sums secured by ' this Security lnstrument. If Borrower fails to pay these sums prior to the eapiration of this period, Lender may invoke any ~ remcdies permitted by this Security Instrament withour further notice or demand on Borrower. ` 18. Borrower's Right to Reinstate. If Borrower mats certain candit~~ns, Borrower shall have the right to have „ enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) S days (or such other period as ~ applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this ~ Security Instrument; or (b) entry of a judgment rnforcing this Security lnstrument. Those conditions arc that Borrower. ~ (a) pays Lender all 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 agrermenis; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to. reasonable attorneys' fets; and (d) takts such aetion as Lendtr may ~ reasonably require t~ 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 [nstrument shall continut unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no saxleration had ; occurred. However, this right to reinstate shall not apply in the case of acseleration u~d~er ~ raphs t3 ot 17. ` ao~K 4ch7 PAGE ~o l aooK ~ PaGE~,~ ~ ~:~-F.CC~(~ ' ; ~ : ~ - ~ ' ~ ~ ~ ~ - , s