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HomeMy WebLinkAbout0973 ~ , 1 ~ ~t~,'~~lt~E CO~l~'1 l~.i CNQH.lf c~11#1Q~+~i mortgage insurance as a conditian of making the loan secured by this Security lnstrument, t3urrower shall pay the premiums required to maintain the insurance in eflect until such time as the requirement for the insurance terminates in accordance with Borrowet'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 shall gire Borrower notice at the time af or prior to an inspection specifying reasonable cause fc~r the inspection. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other takiu~ ::f any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the e~~ent of a total taking of the Property, the proceeds shall be applie~i to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Horrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security lnstrument shali i e r~duced by t the amount of the proceeds multiplied by the foltowing fraction: (a) the total amount of the sums secured immediately ` hefore the taking, divided by (b) the fair market value of the Pro~rt~~ immediately before the taking. Any balance shail be paid to Borrower. If the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrow~r that the condemnor ofTers to ~r~~ke an award or s;ttle a daim for damages, Borrower fails to respond to Lender w•ithin 30 days aRer the date the notice is gi~~en, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or t~~ the sums secured by this Security Instrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any apptication of proceeds t~ prinripal shall not extend or ~ Fx~stpone the due date of the monthly payments referred to in paragr~phs 1 and 2 or change the amount of such pa~~ments. 10. Borrower tiot Released; Forbearance.By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the ~ums secured by this Security [nstrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrow•er or Borrower's successors in interest. Lender shall not be required to commence proceedings against any successor in interesi :,r refuse to extend time for ~ }~ayment ~r othenvise m~difj~ amortization of the sums secured by this Security Instrument by reason of any demand made - by~ the ariginal Borrower or Borrower's successors in interest. Any forbearance hy~ Lender in exercising any right or remedy shall not be a w•aiver 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 chis Security Instrument shall bind and benefit the successors and assigns ~f Lender and Borrower, subject to the provisions c~f paragraph 17. Borrow~er's covenants and agreements sha4 be joint and several. Any Borrower who co-signs this Security Instrument but does not exc~:ute the tiote: (a) is co-signing this Security Instrument onl~~ to mortgage, grant and convey _ that Sorrower's interc~t 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 Botrow~er's consent. 22. I.oan Charges. If the loan secured b}~ this Security Instrument is subject to a law~ 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 - ce~nnection 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 coltected from Borrower which exceeded • permitted limits will be refunded to Borro~•er. i.ender may choose to make this refund i,~~ redu~ing the prinripal ow•ed under the Note or by making a direct ~ayment to Borrower. If a refund reduces principai, the redurtion x~ill be treated as a partial prepayment without an}' prepayment charge under the Note. 13. Legislation Affecting I.ender's Rights. if enactment or expiration of applicable law-s has the efi'ect of ~ rendering any provision of the Note or this Securit}~ Instrument unenforceable according to its terms, Lender, at its aption, rrtia}~ require immediate pa}~ment in full of all sums secured b~~ this Security~ Instrumeni and may in~~oke any remedies permitted by paragraph 19. If Lender exercises this opi~on, Lender shall take the steps specified in the second paragraph of paragraph 17. ~ 14. Notices. An}~ notice to Borrower provided for in this Security Instrument shall be given b}~ d~livering it or by mailing it by~ first class mail unless applicable la~~ requires use of another method. The notice shall be directed to the Prupert}~ Address or any other address Borrou•er dc~ignates b}~ nohce to Lender. Any~ notice to Lender shal) be given by first ctass mail to Lender's address stated herein or an}• other address Lender designatc~ b}~ notice to Borrow~er. An}~ notice ~ro~ ided for in this Security Instrument shall be deemed to ha~~e been gi~en te $orroN~er or Lender w~hen gi~~en as provided ~n this paragraph. 15. Governing Law; Severability. This Securit}~ Instrument shall be go~~erned by federal law and the law~ of the ~urisdiction in w~hich the Property is located. In the e~~ent tf~at an}• pru~•ision or clause af this Security Instrument or ihe tiote conflicts with applicabie law~, such conftict shali not affect other provisions of this Security Instrument oc the Note «hinc ~an be given effeci u~ithout the conflicting pravision. 7'o this end the provisions of this Security Instrument and the tiote 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 Borrow~er. If att or an}~ part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrow•er is sold or transferred and Borrower is not a natural i~erson) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums ~ecured by this Security Instrumeni. Howe~~er, this option shall not be exercised by Lender ii' exercise is prohibited by federal law• as of the date of this Security Instrument. If Lender exercises this option, Lender shall gi~~e Borrow~er notire of acceleration. 7he notice shall provide a period ~ ,~f not less than 30 days from the date the notice is delivered or mailed within which Borrou~er must pay all sums secured by ; this Securit} Instrument. If Borrower fails to pay these sums prior t~ the expiration of this period, I.ender may invoke any ~ remedies permitted b}~ this Security Instrument without further notice or demand on $orrow~er. 18, Borrow-er's Right to Reinstate. If Borrower meets certain conditions. Borrower shall have the right to have enforrement o~ ~his Security [nstrument disconiinued at any time prior to the eartier of: (a) 5 days (or such other period as spplicaole law• may spec~fy for reinstatement) before sale of the Property pursuant to any power of sale eontained in this Securit}~ Instrument or (b) entry of a judgment enforcing this Security Instrumen~. Those conditions are that Borrower: j la) pays Ler~der 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 expenses incurred in ent'orcing this Security lnstrument, including, but not limited to, reasonable attorneys' fees; and Cd) takes such action as Lender may reasonably require to assure that the lien of this Security~ Ins[rument, Lender's rights in the PropeTty and Borrower's obligation to pay the sums secured by this Securit}• Instrument shal! continue unchanged. Upon reinstaterr,ent by Borrower, this Securit~~ Instrument a~d the obligations secured hereby shall remain fuily efi'ective as if no acceleration had occurred. However, th~s nght to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. d~~~~ ~71 ~~~E 9 ~~2 _ . _ y~:=. P .