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HomeMy WebLinkAbout0982 If L,ender rcquired mortga=e incurance as a condition of msking the loan secured by this Serurity Instrument, Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the insurance terminaies in accordance with Borrower's ar.d Lender's vvritten agreement or applicable law. 8. Iespection. Lender or its aaent may make r~asonable entries upon and inspections of the Property. Len~er shall give Borrower notia at the time of or prior to an inspection specifying reasonable cause for the inspection. 9• C~~ie~liM. The prooeeds of any award or claim for damages, direct or consequencial, in connection with a~y condemnation or other talcing of ~ny part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to L.ender. ln the event of a total talcing of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, w+ith any excess paid to Borrower. In the event of a partial taking ot the Property, unless Borrower and Lrnder othenvise agrex in writing, the sums secured by this Security [nstrument shall be reduced by the amount of the proceods 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 balance shall be paid to Borrower. lf the Property is abandoned ay Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Bonower fails to respond to I,ender within 30 days after the date the notice is given, Lender is authorized to collect 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 I,ender 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 amount of such payments. 10. Borrower Not Released; Forbearance By Lender Not a Waiver, Extension of the time for payment or modificaYion of amortization of the sums secured by this Security Instrument granied by Lender to any successor in iateresc of Borrower shali not operate to release the liability of the original Borrower or Borrower's successors in interest. Lende: shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwi~e 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 Lender in exercising any right or remedy shall not be a waiver of or preclude the eaercise of any right or remedy. 11. Succ~s~ors aad A~sips ~ad; Joint and Several Liability; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the succeesssors 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 dces not eaecute the Note: (a) is casigning this Security Instrument only ta 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 Borrower's coasent. 12. I,wn Ctiarses. If the lain sxured by this Security Instrument is subject to a law w~hich sets maaimum loan charges, and that law is finally interpretod so that the interest or other loan charges collected or to be coliected in connection with the loan exeeed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the ptrmitted limit; and (b) any sums already collected from Borrower which ezce~ded permitted limits will be refunded to Borrower. Lender may chaose 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 F partial prepayment without any prepayment charge under the Note. ( 13. I,egislation Affeeting I,et~ier's Rights. If enactment or ezpiration 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 opti~n, may require immediate payment in full of all sums secured by this Security Instrument and rnay invoke any remedies ~ permitted by paragraph 19. If I.ender exercises this option, Lender shall take ihe steps specified in the second paragraph of ~ paragraph 17. 14. Notices. Any notict 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 class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notire provided for in this Security Instrument shall be deemed t~ have been given to Borrower or Lender when given as provided in this paragraph. 15. Governing Law; Severability. This Security Instrument shzll be governed by federal law and the law a( the jurisdiction in vvhich the Property is located. In the event that any provision or clause of this Security Instrument or the ~ Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note ~ which can be given effect without the conHicting provision. To this end the provisions of this Security [nstrument 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. 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or an}~ ` 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 SPcurity Instrument. However, this option shall not be exercise~i by Lender ~f exercise is prohibited by t: federal law as of the date of this Security Instrument. - If' Lender exercises this option, Lender shall give Borrower notice ~f 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 secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiralion of this periai, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. - 18. Borrower's Right to Reiastate. If Borrower meets certain conditions, Borrower shall have the nght 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 for reinstatement) before sale of the Property pursuant ro 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 a!I expenses incurred in Pnforcing this Stcurity lnstrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such actian as Lender 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 unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully efTective as if no acceleration had occurred. However, this right to reinstate sha11 not apply in the case of acceleration under paragraphs 13 or 17. - ~~,'~~468 P~~~E ~7~ _ _ » . ~ F-# 4 ~ ~ 'Y "ivt ~P t ~ ~ ~~`~'1E3.~~'~'.~-~m~9" '~t2t`~.~~~~~.a`~_^i.~.+3'"~~r~