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HomeMy WebLinkAbout0956 If Lender required mortgage ins~rance as a condition of making the loan securcd by this Security Instrumeni, Borrower shall a the remiums r uired to maintain the insurance in e~'ect until such time as the requirement tor the li p Y P ~9 insurance terminates in accordance with Borrowtr's and Lender's written agrcement or applicable law. , 8. Inspectlon. 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 inspcction specifying reasonable cause for the inspection. 9. Coademnation. Tht proceeds of any award or claim for damages, direct or conscquential, in connection with any condemnation o~ other taking oC any part of the Property, or ior conveyance in iieu of condemnation, are hereby I assigned and shall be paid to I.ender. In the event of a total taking of the Property, the proceeds shall be applieci to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. ln the event aia partial taking of the Property. ~ unless Borrowtr and Lendcr otherwise agrce in writing, the sums secured by this Security Instrument 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 before the taksng. Any balance shalt be paid to Bonower. ~ If ihe Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settte a claim for damages, Borrower fails to respond to I,ender within 30 days after the date the notice is given, L.ender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property ~r to the sums secured by this Security lnstrument, whether or not then due. Untess L.ender and Borrower otherwise agree in writing, ai~y application of proceeds to principal 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. Rorrorver Not Released; Forbestrance By Lender 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 interest of Borrower shall not operate to release the liability of the original Borrowes or Borrower's successors in interest. L~nder shall not be required to commence proceedings against any succes~or in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security lnstrume~t by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the ezercise of any right or remedy. ~ 11. Successors and Assigns Bound; Joint and Se~eral Liability; 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 provisions , of paragraph 17. Borrower's covenants and agreements shall be joint and several_ Any Borrower who co-signs this Security Instroment 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 ro 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 Borrower'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 :s finally interpreted so that tfie interest or other loan charges collected or to be collected 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 w~hich exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principa~ owed under the Note or by making a direct payment to Borrower. If a refund reduces prinripal, the reduction will be treated as a ~ partial prepayment without any prepayment ct~arge under the Note. ~ 13. Legislation Affeeting Lender's Rights. If enactment or ezpisation of appiicab4e laws has tfie eSec;t of rendering any provision of the Note or this Security Instrument unenforceable according to its 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 l4. If Lender exercises this option, Lender shail take the steps specified in the second paragraph of paragraph 17. E 14. ?~'otiees. Any notice to Borrow~er ~rovided for in this Security Instrument shall be given by deli.~ering it or by ' mailing it by first class mail unless applicable law requires use of another methcxi. The notice shal! be directed to the ~ Property Address or any other address Borrower designates by notice to Lender. An}• notice to Lender shall be gi~~en by first class mail to I,ender's address stated herein or an}• other address Lender designaies b}~ notice to Borrow~er. Any notice ~ provided for in this Secunty Instrument sha11 be deemed to have been given to Borrow~er nr Lender when given as providcd ~ in this paragraph. 15. Governing Law; Severability. This Securit}• 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 of this Security tnstrument or the ~ Note conflicts with applicable ]aw, such conflici shall not affect other provisions of this Security Instrument or the tiote ~ which can be piven effect without the conflicling provision. To this end the provisions o( this Secur~ty Instrument and the ~ Note are declared to be severable. ~ 16. Borro~er's Copy. Borrower shall be given one conformed cop}- of the Note and of this Security~ Instrument. ~ 17. Transfer of the Property or a Beneficial Interest in BorroKer. If all or any part of the Property or any interest in it is sold or transferred (or if a ileneficial 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 Security Instrument. However, this option shali not be exercised by Lender if exercise iti prohibited by federal law as of the date of this Security Instrument. If Lender exercises this option, Lender shall give E3orrower notice of acceleration. The notice shall provide a perioci of not less than 30 days from the date the notice is delivered or mailed within which Borroa~er must pay all sums secured by this Securiry Instrume»t. If Borrower fails t~ pay these sums prior to the expiration of this period, Lender ma~~ invoke any remedies permitted by this Secusity Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Aorrow~er shali ha~~e the right to have enforcement of this Seeurity Instrurrzent discontinued at any time prior to the earlier of: (a) 5 days (or such other peric~d 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 whi~n then would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any default of any other cvvenants or agreements; (c) pays atl expenses incurred in enforcing this Security Instrument, including, but t~ot 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 r~ghts in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upo.n reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain Pully effective as i~ naacceleration had ' occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs I 3 or 17. ~~~K 4fi3 eaGF 952 _ _ ,~.i . . ~ - ~~~rr"~ x~ ~ ~ _ ~