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HomeMy WebLinkAbout0939 It Lender requ~red mortgage msurance as a condit~on of mak~ng the loan secured by th~s Sacunty Instrument, Borrower shall pay the premiums rsqu+red to ma~ntain the insurance in etfect unt~l such time as the requ~rement for the ~nsurance terminates ~n accordance with Borrower's and Lender's wntten ag*eement or applicaDle law. d. Insp~ctlon. Lender a its agent may make reasonable entnes upon and inspections of the Property. Lender shau g~ve Borrower not~ce at the time ot or prior to an inspection spec~ying reasonab~e cause ta. the inspection. 9. Cond~mnatlon. The proceeds ot any award or claim for damages, direct or consequent~ai, m connection with any Condemnation or other taking of any part of the Property, cr for conveyance in tieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total takir.g of the Property, the proceeds shatl be applied to the sums secured by this Securiry Insirument, ~ whether or not then due, with any excess paid to Borrrnver_ In the event ot a partial taking of the Property, uMess 8orrower and Lender o!herwise agree ~n writing, the sums secured by tnis Security Instrument shatl be reduced by the amount of the prooeeds ~ multiplied by ihe following fraction: (a) the tdal amount of the sums secured immediatey before the taking, d~vided by (b) ihe fair ; market value of the Property immediately trefore the taking. Any balance shall be paid to Borrower. . If the Property is abandoned by Borrower, w'rf, after notice by Lender to Bonower that the condemnor otters to make an : award or serile a cla~m for damages. Borrower falls to respond to Lender within 30 days atter the date the not~ce ss given. Lender is ~ a~~thorized to collect and appy the proceeds. at ~ts option, either to restoration a repair of the Property or to the sums secured by ~ this Security Instrument, whether or nol 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 monthy payments reterred to in paragraphs 1 and 2 to change the amount ot such paymenis. ~ 10. Borrower Not RN~a~~ ForDearane~ By l~ndK Not a Waiv~r. Extension oi the t~rne 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 retease the I~ab~lity of the original Barower or Barower's successors in interest. Lender shall not be required to ~ commence proceedings against any successa in interest o~ refuse to extend time tor payment a oiherwise modiy amortization of ~ the sums secured by this Secu!ity Inst~ument by reason of any demanci made by the onginal Borrower or Borrower's successors in ~ interest. Any torbearance by Lender in exerc~sing any right or remedy shall not be a waiver of or prectude the exercise of any right or ~ remedy: ~ 11. Sucassors and Assl~ns Bount~ Joint and SwKal Lfablllty; Co-sl~nKS. The covenants and agreements of this ~ Security Instrument shall bind and benefit the successors and assigns of Lender and Barower, subject to the provisions of ~ paragraph 17. Borrower's covenants and agreements shatl be joini and several. Any Borrower who co-signs this Security ~ Instrument but does not execute the Note: (a) is co-signing ihis Security Instrument ony to mortgage, grant and convey that Borrower's interest in the Property under the terms of ihis Security Instrument; (b) is not personally obligated lo pay the sums secured by this Securiry Instrument: and (c) agrees that Lender and any other Barower may agree to sxtend. rnodify, forbear or make any accommodations with regard to the terms ot this Securiry Instrument or the Note without lhat Borrower's consent. 12. Loan Ch~r~ls. If the loan secured by this Security Instrument is subject to a law which sets maximum ioan charges, and that iaw is finalty interpreted so that the interest or other loan charges collected or to be collected in connection with the ioan exceed the permitted Iirr~~ts. then; (a) any such loan charge shall be reduced tr~ the amount necessary tc reduce the chargetothe permitted limit; and (b) amr sums already collecied from Borrower which exceeded Germitted limits witl be refunded to Borrower. Lender may choose to make ihis refunci by reducing the principal owed under the Noteo: by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without ar.y prepayment charge under the Note. 13. Leyblatlon AHectln9 LendK's Rl~hts. If enactment or expiration of applicab?e laws has the effed of rendering any 3 provision of the Note or this Secunty Instrume~t unenfarceable according to its terms. Lender. at its option. msy require immed~ate payment in full of a?I sums secured by this Security ~nstrument and may invoke any ;emed~es permitted by paragraph 19. If Lender exercises this option. Lender shall take the steps specified in the second pa:agraph of paragraph 17. 74. Notlces. Any notice to Barrower provided for in this Security Instrument shall be given by del~vering it or by mailing it by flrst class mail unless appiicable law requires useof another melhod. The not+ceshall be directedtothe Property Address a any i other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address j stated herein or any other address Lender designates by notice to Borrower. Any notice provided for ~n ihis Security Instrument shall be deemed to have been given to Borrower or Lender wher given as provided in this paragraph. ~ j 15. Governln~ Law; Severabliity. This Security Instrument shall be governed by federal Iaw and the law of the ~ ~urisdiction in which the Property is located Inthe event that any provis~on or clauseof this Securitylnstrument or the Note conflids ; w~th appllcable law, such conftict shall not affect other provisiens of th~s Secunty I nstrumeM or the Note which can be given effect ~ w~thout the conflicting provision To this end the provisions of th~s Security Instrument and the Note are declared to be severable : 16. Bonower's Copy. Borrower shall be given one conformed copy of the Note and of th;s Security Instrument. ~ 17. Transfer of the Prop~rty or a Benetldal Interast fn Borow~r. If all or any part of the Property or any interest in d is sold or transferred (or if a beneficial ~nterest 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 immed~ate payment in full of a11 sums secured by this Security ~nstrument. However, this option shalt not be exercised a~ lender rf exercise is prohibited by federaf law as of the date of i`~is Security ~ Instrument. ~ If Lender exerc~ses th~s option. Lender shall give Borrower notlce of acceleration. The not~ce shatl provide a pe~~od of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay a!I sums secured by this Sacurity : S lnstrumeni !1 Sorrower fails to pay these sums prior tothe expiration of ihis period. Lender may mvoke any remedies psrm~tted by ~ ~ th~s Secunty Inslrument without further notice or demand on Borrower. ~ ~ 18. Borrowers RipM io Reinstate. If Borrower meets ceRain cond~tions. Borrower shai~ have the right to have F; s ~ e,~forcement of this Security Instrument discont~nued at any timeprior tothe earlier of: (a) 5 days (or such other period as applicaGle ~ ~ law may specily for reinstatement) before sale of the Property pu~suant to any power of sale contained in this Security!ns;rument: ' ~ ~ or (b) entry of a judgment enforcing this Security Insirument. 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 z ~ covenants or a~ree~nents; (c) pays all expenses inc~rred in enforcing this Security Instrument, including, but not limited to. ~ ~ reasonahlg.ettomey~~ees; andfd) takes such action as lender may reasonably require to assure that the lien of this Security i Instrument, Lender's rights in the Property ar?d Barrcwer's obf~gation to pay the sums secured by this Secur~y ~nstrument shall ~ continue unchanged. Upon reinsta;ement by Borrower, th+s Secunty Instrument and ihe obligations secured hereby shall remain ~ fully effective as if no acceteration had occurred However, this right to re~nstate shall not apply m the case of acce~erat~on under para~raphs 13 or 17 ~ z ~ i 7 ~ ~ - BO~K 47~ Pa~;E ~J~ ~ - ~ _ ~ ~ ,~,p ~ . s~'