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HomeMy WebLinkAbout0990 If Lender required mortgage insurance as a condition of making tfie loan securc~i by this Sc~urity Instrument, Borrower shail pay the premiums required to maintain the insurance in effect until such time as the requirement f~r the insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shali give Borrower notice at the time of or prior to an inspection specifying reasonable causc fur the inspection. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any cor.demnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a totat taking of the Property, the proceeds shall be applied to the sums secured by this Security lnstrument, whether or not then due, with any excess paid to Borcower. In the event of a partial taking of the Property, unless Borrower and I.ender otherwise agree 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 tht taking, divided by (b) the fair market value of the Property immediately before the taking. Any baiance shail 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 settie a claim for damages, Bonower fails to respond to Lender within 30 days after the date the notice is given~ Lender is suthorized to collect and apply the proceeds, at its oPtion, either to restoration or repair of the Property or to ihe 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 refened to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Relea.~l; Forbearance By I.ender 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 Borrower or Borrower's successors in interest. L.ender 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 secured by this Security Instrument by reason of any demand made by the original Bonower or Bonower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. ~ 11. Successors and Assigns Bound; Joint and Sereral 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 pro~~isions of paragraph 17. $orrower's covenants and agreements sha11 be joint and several. Any Borrower who co-signs this Security Instrument but dces not execute the Note: (a) is casigning this Security Instrument oniy to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrumenr (b) is noi personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to eatend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note with~ut that Borrower's consent. 12. Loan Charges. If the loan secured by this Security Insirument is subject to a law which sets maximum toan charges, and that law is finalty interpreted so that the interest or other loan charges collected or to be collected in connection with the loan exceed the permitted limiis, ihen: (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 exceeded permitted limits will be refunded to Borrower. L,ender 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 principai, the reduction wiil be treated as a panial prepayment without any prepayment charge under the Note. 13. Le~slation Affecting Leader's Rights. If enactment or eapiration of applicable laws has the eti'ect 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 19. Jf Lender eaercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Notiees. Any notice to Borrower provided for in this Security lnstrument 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 shali be given by first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrumeut shail be deemed to have been given ta Borrower or Lender when given as provided in this paragraph. 15. Governing Law; S~verability. This Security Instrument shall be go~~erned by federai law a:~d the law of the jurisdiction in which 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 che Note which ean be given effect without the conflicting provision. To this end the provisions of this Security Instrurnent and the Note are dectared 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 t6e 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 transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate pa}~ment in Full of all sums secured by this Security Instrument. However, this o~tion shall not be exercised by Lender if exercise is prohibited by federal law as of th~ date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceieration. 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 faits to pay these sums pr,or to the expiration of this period, Lender ma}• invoke an}~ remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall ha~~e 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 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_ T'hose conditions are that Borrower: (a) pays Lender all sums which then would be due under this Sec~rity Instrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreements; jc) pays all ezpenses incurred in enforcing this 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 Borrower's obligation to pay the sums secured by this Security Instrument shali continue unchanged. Upon reinstatement by $arrower, this Security Instrument and the obtigations secured hereby shall remain fully efiective as if no acceleration had occurred. However, ihis right to reinstate shal! not apply in the case of acceferation under paragraphs 13 or 17. iiK ~ BUOK P~CE , - + si r-^S~` .rG`"E,.a: yy c S~ir~...g~ ;.<"'.~,a,'~'S.`y" . j