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HomeMy WebLinkAbout0966 1~ Lrnder reyuirrd mortgage insurance as a condition c~f making the luan secured by this Security lnstrument. E3urru~~er shall pa1 the preroiums required to mai~~tain the insurance in efTc~:t until surh time as the requirement far the insur.inre terminates in accordance w•ith Borrower's and Lender's written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections uf the Property. Lender sh:~ll gi~ e Borrow~er notire at the cime of or prior to an inspection specify~ing reasonable cause for the inspection. 9. Condemnation. The prcx;~eds of any aw~ard or claim for damages, dircYt or ronsequential, in connection w~ith :~ny cundemnation ur other taking of any part of ihe Propert}•, or for conveyance in lieu of condemnation, are he;eby assignrd and shall be paid to Lender. In the event of a total taking of the Property, the pr~eeds shall be applied to the sums secured by this Security Instrument, w~hether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unless f3orrawer and Lender otherw~ise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proc:eeds multiplied b~~ the following fraction: (a) the tatal 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 Borrower. lf 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 faifs to respond to Lender within 30 days after the date the notice is gi~~en, Lender is authorized to collect and apply the proceeds, at its option, either io 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 post~ne the due date of the monthly payments ~eferred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By I.ender Not a Waiver. Extension of the time for payment or modification t~f amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of 8orrower shall not operate to release the liability of the original Borr~wer 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 modify amortization of the sums secureci by this Security Instrument by reason of any demand made ~ by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any nght or remedy ; shalf not be a waiver of or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of ihis Securit~~ 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 Instrument but does not exec;ute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under th~ terms of this Security Instrument; (b) is not personaliy obligated io pay~ the sums secured by this Security Instrument; and (c) agre~s that Lender and any other Borrow•er may agree to extend, modif}•, forbear or make any accommadations with regard to the terms of this Security Instrument or the Note without that Borrow~er's consent. 12. Loan Charges. If the loan secured by this Security Instrument is subject to a!aw 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 w~~th the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necc~sary~ to reduce the charge to the permitted limit; and (b) any sums already coltected from Borrower which exceeded ~ permitted limits will be refunded :o I3orrower. Lender may choose to make this refund by reducing the principal owed ~ under the 1\ote 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. t 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of ~ rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its ~ption, s ma}• require immediate payment in full of all sums secured by this Securiiy Instrument and may im~oke any remedies ~ permitted by paragraph 19_ If Lender exercises this option, Lender shall take the steps specified in the second paragraph of ~ paragraph 17. ` 14. lotices. An~~ notice to Borrower provided for in this Security Instrument shal! be gi~•en by delivering it or b}• s mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or an}~ other address Borrow~er designates by noti,;e to Lender. Any notice to Lender shal) be given by ~ first class mail to Lender's address stated her~in or any other address Lender designates by natice to Borrower. Any notice pro~ ided for in this Security Instrument shall be deemed to have been given to Borrower or Lender w~hen given as pro~~ided ~ in this paragraph. ~ 15. Governing Law; Severability. This Security~ Instrument shall be governed by federal law and the iaw~ of the ~ jurisdiction in a~hich the Property is located_ In the event that any provision or clause ef this Security Instrument or the tiote conflicts a~ith applicable law, such conflict shall not afTect other pro~~isions of this Securit~~ Instrument or the tiote ~ w~hich can be gi~•en 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. Borrow•er shall be given one conformed copy of the Note and of this Security Instrument. ~ 17. Transfer of the Prc,perty or a Beneficial ~nterest in Borrower. If all or an~~ part of the Property or any ~ interest in it is sold or transferred (ar if a beneficial interest in Borrow•er is sold or transferred and Borrower is not a natural ~ ~ person) without Lender's prior written consent, Lender may, at its option, require immediate pay~ment in full of all sums ~ secured b}~ this Secur~ty Instrument. However, this option shall not be exercised by~ Lender if exercise is prohibited b}~ ~ tederal law~ as of the date of this Security Instrument. ~ If Lender exercises this option, Lender sha11 give Borrower notice of acceleration. The norice 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 secured by this Secur.ty 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. 18. BorroKer's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right ro have ' enforcemeni of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 day~s (or such other perioci as appficable la~~ may specify for reinstatement) before sale of the Property pur~uant to any power of sale contained in this ~ Security~ I~strument; or (b) entry of a judgmen! enforcing this Security Instrumen~. Those conditions are that Borrower. ~ (a) pa}~s Lender all sums u~hich then wouid be due under this Security Instrument and the l`'ote had no acceleration occurred; (b) cures an}~ default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this s> Securit}• Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may ~ reasonahl} require m assure that the :ien of this Security Instrument, Lender's rights in the Property and Borrower's r' obligation to pay the wmt 5ecured b}~ this Security Instrument shall continue unchanged. Upon reinstarement by Borrc~w~er, this Seeurity InStrument and the obligations secured hereb}• shall remain fully efi~ective as if no acceleration had ~ ~curred. He~«e~er, this right ro rein~tate shall not appl} in the case of acceleratian under paragraphs 13 or 17. R.' ~ ~ r~x ~s~ ~ ~ v'; PaGE . ~ _ - - - _ _ ~ ~ ~ ; ~ - ~ .