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HomeMy WebLinkAbout0944 : ~ lf Ltnd~r required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in etFect until such time as the requirement for the insurance terminates in accordance with Borrower's and [.ender's w ritten agrcement or applicab{e iaw. S. Iespection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condetanation. The proceeds oi' any award or claim for damages, direct or consequential, in connection with any candemnation or other tak'sng of any part of the Propehy, or for conveyance en lieu of condemuation, are hereby assigned and shall be paid to Lender. ln 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 excess paid to Borrower. In the event of a partial taking of the Property, unlesc Borrower and I,ender otherwise agret in writing, the sums secured by this Security Instrument shall be reduced by , the amount of the Qrocetds multiplied by the following fraction: (a) the total amount of the sums secured immediately ~ before the taking, dividtd by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. ~ If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnnr nffer~ r~, y?iai~c nn awaro or stttie a clsim for damages, Borrower fails to respond to I.ender within 30 days after the date the notice is giYen. Lender is authorized to collect and apply the proceeds, at its option, either to restoration ar repair of the Propeny or - to the sums secured by this Sccurity Instrument, whether or not then due. Unless Lender and Borrower otherwise agret in writing, any application of proceeds to principal shall not extend or ~ postpone the due date of the monthly payments re~erred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Releascd; Forbearance By Leeder Not s Wairer. Eztension of the time for payment or ~ modification of amortization of the sums secured by this Security Instrument granted by l.ender to any successor in interest of Bonower shall not operate to release the liability of the original Bosrower or Borrower's successors en interest. ~ Lender 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 Instrurnent by reason of any demand made ~ by the original Borrower or Borcower's suceessors in interest. Any forbearance by Lender in eaercising any right or remedy j sh$ll not be a waiver of or preclude the exercise of any right or remedy 11. Successors and Assi~s Bound; Joint and Se~eral Lisbility; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provis+ons of paragraph 17. Borrower's covenants and agrcements shall be joint and several. Any Borrower who co-signs this Security Instrumtnt but does not execute the Note: (a) is co-sisnung this Spc~~rity Insrn:n,~~i e~ly ~o m~r:gag~, grant and ~onz~zy that Bonower's interest in the Property under the terms of ihis Security Instrument; (b) is not personally obligated to pay the sums secured by this Security lnstrument; 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 Instcument or the Note without E that Bonoa•er's consent. 12. Loan Charges. If ihe loan secured by this Security Instrument is subject to a law which sets maximum loan ' chazges, and that taw is finally interpreted so that the interest or other loan charges collected or to be collected in cannection with the loan eaceed the permitted limits, then: (a) any such loan ~harge shall be ceduc:d by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already coltected from Borrower which exceeded permitted Gmits will be refunded to Borrower. L.ender may choose to make this refund by reducing the principal owed undtr the Note or by making a direct 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. Legislation Affecting Lender's Rights. If enactment or expiration of applicab{e laws has the eflect oi' rendering any provision of the Note or this Security Instrument unenforceable according to its terms, L.ender, at its option, may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If I.ender exercises this option, Lender shall take the steps specified in the second paragraph of - paragraph il. ~ 14. Notiees. Any notice to Bonower provided for in this Security Instrument shall be given by delivering it or by ~ mailing it by first class mail uniess applicable law requires vse of an~ther 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 by ~ first class mail to I.ender's address stated herein or any other address L,ender designates by notice to Borrower. Any notice ~ provided for in this Security lnstrument shafl be deemed to have been given to Borrower or Lender when given as provided ~ in this paragraph. ~ 15. Governing Law; Sererability. This Security Instrument shall be governed by federal law and the law of tfie ~ jurisdiction in which the Property is located. In the event that any provision or dause of this Security instrument or the ; Note conflicts with applicable law, such conflict shall not affect other provisi~ns 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 ` Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one confo: med copy of the Note and of this Security Instrument. 17. Transfer of the Property or a Beneflcial Interest in Borrower. If all or any part of the Property or any • interest in it is sold or transFerred (ar if a beneficial interest in Borrower is sold or transferred and Borrower is not a natura! :::.::c;;; ;..~r~u2~'s v~;oi wrilicn consent, iender may, at its option, requ~re ~mmediate payment in full of all sums , secured by this Security Instrument. However, this option shall nat be exercised by Lender if exercise is prohibited by ' federai law as of ihe date of this Security Instrument. 't~ If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shal: provide a period of not less than 30 days ~rom the date the notice is delivered or mailed within which Borrower must pay all sums secured by I this Security Instrument. If Bonower fails to pay these sums prior to the ezpiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certasr~ conditions, Borrower shaN have the right to have ~ enforcement of this Security Instrumtnt discontinued at any time prior to the earlier oE (a) 5 days (or such other periai 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 enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which tfien would be due under this Security Instrument and the Note had no acceleration octurred; (b) cures any default of any other covenants or agreements; (c} pays a{I expenses 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 objigation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinsiatement by Borrower, this Security Instrument and the obligations secured hereby sha:l remain fully efFective as if no acceleration had occurresi. However, this right to reinstate shall not a ply in the case of acceleration under paragraphs 13 or 17. acoK46~ ~acE 9~~ Q~+ v07K c~ PlGE !~R C)(.J ~•t:4~:°a y.. _ _ - - - ~ . _ . . ~ . . 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