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HomeMy WebLinkAbout0958 If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in etfect until such time as the requirement for the insurance terminates in accordance with Borrower's and Ltnder's written agreement or applicable law. 8. Iaspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice zt th~ time of or prior to an inspection specifying reasonable cause for the inspection. 9, Condemnatloa. The proceeds of any award or claim for damages, direct or c~nsequential, in connection with any condemnation or othet taking of any part of the Propeny, or for conveyance in lieu of condemnation, are herehy assigned and shall be paid to L.ender. 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 excess paid to Borrower. ln the event of a partial taking of the Property, unlas Borrower and Lender otherwise agree in writing, the sums secured by this Security lnstrument shall be reduced by # the amount of the proceeds multiplied by the following fraction: (a) the total amount ~f the sums secured immediately before the taking, divided by the fair market value of the Property immediately before the taking. Any balance shall be ~i paid to Bonower. ` If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor oflers to ; make an award or s~ttle a claim for damages, Borrower fails to respond to I,ender within 30 days aRer the date the notice is given, Lender is suthori~ed 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 instrument, whether or not then due. Unless L.ender and Borrower otherwise agree in writing, any application of proceeds to pnncipal snall not extend or postpone the due date oi'the monthly payments refened to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By I.ender Not s Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successer in - interest of Borrower shall not operate to release the liability of the original Borrower 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 secured by this Security Instrument by reason of any demand made by the original Bonower 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. Successors and Assigns Bound; Joint and Sereral Liability; Co-signers. The covenants and agreements of this Security Instrument shalt bind and benefit the successors and assigns of L.ender 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 execute the Note: (a) is casigning this Security Instrument only to 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 Borcower's consent. 12. Loan Charges. If the loan secured by this Security Instrument is subject to a law v?•hich 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 ezceed 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 (rom Borrower which exceeded permitted limits v?i11 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 w•ill be treated as a partial prepayment without any prepayment charge under the Note. 13. Legislation Affeeting Lender's Right~c. !f enactment or exp~ration of applicable laws has the effect of ~ rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at i!s option, may require immediate payment in full of all sums secured by this Securit}~ In~trumrnt and may invoke any remedies permitted by paragraph 19. If Lencier exercises this option. Lender shall take the steps specified in the second paragraph of E paragraph 17. ~ 14. Notices. Any notice to Borrower provided for in this Sec:urity Instrument shall be given b}~ deli~~ering it or by~ mailing it by first class mail unless applicable law requires use of another method. 7"he notice shall be direrted to the j Property Address or any other address Borrow~er designates by notice to Lender. Any notice ro Lender shall be given by ~ first class mail to Lender's address stated herein ~r any other address Lender designates by notice to Borrower. Any notice r provided for in this Security Instrument shall be deemed to have been given to Borrower nr Lender when given as ~ro~•ided ' in this paragraph. ~ 15. Governing Law; Severability. This Securit}• Instrument shall be governed b}• federal law and the law uf the ! ~ jurisdiction in which the Property is located. In the event that any provision or clause of ~his Security Instrument or the ; ~ Note conflicts with applicable law, such conHict shall not af~ect other provisions of this Security lnstrument or the Note + which can be given efTect without the conflicting provision. To this end the provisions of this Security Instrument and ihe I ~ Note are declared to be severable. , ~ 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security lnstrument. ~ 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 intetest 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. However, this option shall not be exercised by Lender if exerei5c is prohibited by ~ federal law as of the date of this Securiry Instrument. If Lender exercises this oplion, Lender shall give Borrower notice of acceleration. The notice shall provide a period t of not less than 30days 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 expiration of this period, Lender may ~nvoke any ~ remedies permitted by this Security Instrument without further notice or demand on Borrower. ` 18. Borruwer's Right to Reinstate. _If Borrower meets certain conditions, Borrower tihall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier oL (a) 5 days (or such other pericxi 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}udgment enforcing this Security lns.rument. 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 ~ xcurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enf~rcing this ~ Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may ~ reasonably requirc to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's F obligation to pay the sums secured by this Security tnstrument shall continue unchanged. Upon reinstatement by g Borrower, this Security Instrument and the abligations secured hereby shall remain fully eftcctive as if nvacceleration had ~ occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. ~ acoK 4~1 rar,E 95? ~ ~ ~ _ ~ . . . . ~ ~ ~ ~ <7':::~ f,c~. a~. ~.."`?:;':~+c.'.~ - - ex~ ~ , fi