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HomeMy WebLinkAbout0950 • ' : If Lender required mortgage insurance as a condition of making the ;oan secured by this Security Instrument, Bonower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the insurance terminates in accordance with Borcower's and Lender's written agrcement or applicable law. 8. Iospectioa. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borcower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condtmnadon. The proceeds of any award or clsim tor damages, direct or consequential, in 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 Secucity Instrument, whether or not then due, with any excess paid to Bonower. ln the eveat of a panial taking of the Property, unless Bonower and Lender otherwise agrce in writing, the sums secured by this Security Instrument shall be reduced by the amount of the procesds multiplied by the following fraction: (a) the total amount of the sums secured immediately befon the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borcower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor oti'ers to make nn aw :rd or settle a claim for damages, Bonower fails to respond to L.ender within 30 days after the date the notice is given. Ltnder is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sttms secured by this Security Instrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not eatend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By Lender Not a Wai~er. Extension of the time for payment o~ modification 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 liability of the original Borrower or Horrower's successors in interest. I.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 of any demand made - by the original Borrower or Bonower's successors in interest. Any forbearance by l.ender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint aed Se~eral Liability; Co-signers. The covenants and agreements of this Security Instrument shail 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 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 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. Loan Charges. If the loan secured by this 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 eaceed 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 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 Bonower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. Ixgislation Af[ecting L.ender's Rig6ts. If enactment or expiration of apptlicable law~s has the efiect of rendering any provision of the Note or this Security Instrument unenforceable according to ~ts terms, Lender, 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 Lender ezercises this option, Lender shall take the steps specified in the secand paragraph of ; paragraph 17. = 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 to the ~ Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shalt be given by ~ first elass mail to L.ender's address stated herein or any other address [.ender designates by notice to Borrower. Any notice ; ~ pro~ided for in this Security Instrument shall be deemed to have been given to Borrower ~r Lender when given as provided ~ in this paragraph. ~ 15. Governing Law; Severability. 7~his Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause ot this Security Instrument or the Note conflicts with applicable law, such conflict shall not afTect other provisions of this Security Instrume~t or the Note ~ whieh can be given etfect 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 conformed copy of the Note and of this Security Instrument. c' i/ 17. Transfer of t6e 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 its option, require immediate payment in full of all sums secured by this Stcurity Instrument. Hawever, this option shall not be exercised by Lender if exercise is prohibited by ~ federal law as of the date of this Security Instrument. If L,ender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period ~ of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay ali sums secured by f this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke an}• ; remedies permitted by this Security Instrument without further notice or demand on Borrower. s I8. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have ~ enforcement of this Secur~ty Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as c apPlicable !aw may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this ~ Security Instrument; or (b) rntry of a judgment enforcing this Security Instrument. Thase conditions are 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 agreements; (c) pays all 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 ta assure that the lien of this Security Instrument, L.ender's rights in the Property and Bortower's ~ obligation to pay the sums secured by this Security Inswment shall continue unchanged. Upon reinstateme~~t by ~ Bonower, this Security Instrument and the obligations secured hereby shall remain fully efi'ective as if noacceleration had ~ occurrod. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. ~ La~K 462 P~~E ~50 ~ ~ ~ - ~ Y~.~ - ~ ~