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HomeMy WebLinkAbout0971 ~ ~ 3 If Lender required mortgage insurance as a condition of making the loan secured by this Security lnstrument, Borrower shall pay the premiums required to maintain the insurance in e}fect until such time as the requirement for the insurance terminates in accordance with Borrower's and I.ender's written agreement or applicable iaw. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. I.ender shall give Borrower notice at the time of or pnor to an inspection specifying reasonable cause for the inspection. 9. Condemnation. The proceeds ot any award or claim Cor 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 i assigned and shall be paid to Lender. a in ine even~ ai a cotai [aicing of tne rroperty, tne proceeds shait be applied to ihe sums secured by this ~ecunty Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, uniess Borrower and Lenaer otherwise agree in writing, the sums secured by this ~ecurity lnstrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the tota! amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrow•er. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor otfers to make an award or settle a claim for damages, Bonower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to colleci and appty 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 then due. Unless Lender and Borrower otherwise agree in writing. any 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 amuunt ofsuch payments. l0. Borrower Not Released; Forbearance By Lender Nat a Wslver. Extension of the time for payment or modification of amonization of the sums secured by this Security Instrument granted by Lender to any successor in interesf of Borrower shall not operate to release the liability of the original Bonower or Borrower's successors in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise medify amortization of the sums secured by this Security lnstrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in ezercising any right or remedy ~ shall not be a waiver of or preclude the ezercise of any right or remedy. Il. Successors and Assigns Bound; Joiat and Several Liability; Co-signers. The covenants and agreements of ~ this Security Instrument shall bind and benefit the successors and assigns of I.ender and Borrower, subject to the provisions ~ of paragraph l7. Borrawer's covenants and agreements shall be joint and several. Any Bonower who casigns 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 ir 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, ~ mociify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without r that Borrower's consent. 12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan s charges, and that law is finally interpreted so that the interest or other loan charges colleeted 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 which eaceeded permitted limits will be refunded to Borrower: Lender may choose to make this refund by reducing the principal owed ~ under 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 ezpiration of applicable laws has the etTect of ~ rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, " 1 may require immediate payment in fuU of all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of k 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 shall be given by first ctass mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice ~ provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. ~ 15. Gorerning Law; Severabitity. This Security~ Instrumeni shall be governed by federal law and the !aw of the ~ jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the ~ tiote conflicts with applicable law, sueh conflict shall not affect other provisions of this Security Instrument or the Note ~ ~ w•hich can be given effect without the con8icting provision. To this end the provisions of this Security Instrument and the ~ ~ 'vTote are declared to be severable. ~ ~ 16. Borrawer's Copy. Borrcwer shall be given one conformed copy of the Note ar,d of this Security Ir~strument. ~ 17. Transfer of the 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 transferre~ and Borrower is not a natural ~ person) w~ithout 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 shall not be exercised by Lender 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 ~ ~~f not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by ~ this Security InstrLment. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any ~ remedies permitted by this Security Instrument without further natice or demand on Borrower. ~ 18. Barrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right ta have Y 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 enforcing this Security Instrument. Those 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 eapenses incurred in enforcing this 5 ~ 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 ~3orrower's ; ob{igation ro pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by ' Rorrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had ~ crcurred. Hoa~e~er, this right to reinstate shall not apply in the case ofacceleration under paragraphs 13 or 17. ~ ~ ~ ~ ~ a~?~K 46fi e~~,F ~7 ~ ~ ~ - _ - ~ N ~ ~ ~ ~ r