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HomeMy WebLinkAbout0919 if Lender required mortgage insnrance as a condition of making the loan sccured by this Security Instrument. ` Borrower shall pay the premiums requirtd to maintain the insurance in effect u~til such time as the requirement for the ; insurance terminates in accordance with Borrower's and I.ender's written agrcement or applicable law. 8. Inspectlon. I.ender or its agent may make ~z-asonable entries upon and inspoctions of the Property. Lender i shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspcction. 9. Condemnation. The procoeds of any award or claim for damages. direct or consequential. in conncction with any condemnation or other taking of any part of the Property. or for conveyance in lieu of condemnation. an 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 Security Instrument. whether or not then due, with any exc.~ess paid to Borrower. In the event ota panial taking of the Property~ unless 8orrower and Lender otherwise agree in writing. the sums secured by this Security lnstrument shaU be reduced by the amount of ihe 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 taking. Any balanr.e shall be paid to Borrower. If the 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 aRer 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 or to the sums secured by this Security Instcument. whether or not then due. Unless Lender and Borrowtr otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments reterred to in paragraphs 1 and 2 or chango the amount of such payments. 10. Borrower Not Released; ForbeArance By I.ender Not a Wai~er. Extension of the time for payment or modification of amortization oC the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to releace the liability of the original Borrower or Borrower's successors in interest. Lender shal! not be requircd to commence proceedings against any successor in interest or refuse to extend time Cor payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by I.ender in exercising any right or rmedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Se~eral Liability; Co-si~ers. The ~ovenanis and agreemrnts of : this Security Instrument shail bind and benefit the successors and a~signs of Lender and Borrower. subject to tht provisions of paragraph 17. Borrower's covenants and agreements shali be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this S~curity Instrument oniy to mortgage. grant and canvey 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 I.ender and any other Bonower may agree to eatend~ modify, forbear or make any accommodations with regard to the terms of this Socurity Instrument or the Note without I that Borrower's consent. 12. Loan Cfiarges. If the loan secured by this Security Insttument 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 exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the Gharge to the permitted iimit; and (b) any sums already collected from Borrower which exceeded permitted limits wil! be refunded to Bonower. Lender may choosz to make this refund by reducing the principal owed ur.der the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be tceated as a partial prepayment without any prepayment charge under the Note. 13. Legislation AfTecting Lender's Rights. If enact~reent or eapiration of 3pp{icable laws has the effect of rendering any provision otthe Note or this Security Instrument unenforccable according to its terms, Lender, at its option, ' may require immediate payment in fuli of all sums secured by this Security Instrument and may invoke any remedies ~ permitted by paragraph 19. If Lender exercises this option, L.ender shall take the steps specified in the second 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 shaU 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 Lender's address stated herein or any other address l.ender designates by notice to Barrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or L.ender when given as provided in this paragraph. , 15. Gorerning Law; Severability. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is Iocated. In the evtnt that any provision or clause of this Security Instrument or the Note conflicts with appiicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflieting provision. To this end the provisions of.this Security Instrument and the ~ Note are declared to bc severable. 16. Borrower's Copy. Borrower shaU be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of the Property or st Benefecial Interest in Borrower. If alf or any part of the Propeny or any interest in it is sold or transferred (or if a beneficial intecest 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. Nowever. this option shall no~ be exercised by dxnder if exercise is prohibited by federal law as of the date of this Security instrument. . If Lender 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 all sums seeured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration ot'this period, I.ender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrowe~'s Rig6t to Reinstate. If Borrower meets certain conditions, Borrowe~ shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law may specify tor reinstatement) before sale of the Property pursuant to any power of saie contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. 1'ho:~e conditions are that Borrower: (aj pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any deCauit of any other covenants or agreements; {c) pays ait expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as L.ender may reasonably require to 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 Instrument~ shall continue un~hanged. Upon reinstatement by Borr~wer, this Security Instrument and the obligations secured hereby'shal) remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not appty in the case of acceleration under paragra~shs 13 or 17. BUOK PaGf _ . _ - - _ f._ ~ -