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HomeMy WebLinkAbout0956 ~ . ' . . i ~ , If Lender required mortgage insurance as a condition of making the toan securod by this Security lnstrument, ~ Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the insurance terminates in accordancc with Borrowei s and Lencier's written agreement or applicabl= law. 8, Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. I.ender shall give Bonower notice at the time of ot prior to an inspection specifying reasonable cause for the inspoction. 9. Condemnatiaa. The proceeds of any award or claim for damages, direct cr consequential, in connxtion with any condemnation or other taking of any part of the Property. or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to I.ender. In the event of a total taking of the Property, the proceeds shall be appliaf to the sums secured by this Security Instrument. whether or not then due, with any excess paid to Borrower. In the event of a panial taking of the Property, unless Borrower and Lender 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 securod 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. i If the Property is abandoned by Borrower, or if. after notice by Lender to Bonower that the condemnor offers to ~ make an award or settte a claim for damages, Borrower fails to respond to Lender within 30 days aRer the date the notice is ~ given, Lender is authorizod to cotlect 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 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 Released; Forbeuance By Lea~tr Not a Wairer. Extension of the time for payment or modification of amortization of the sums socured by this Security Instrument grantod by Lender to any successor in interest of Borrower shall not operate to release the liability of th~ original Bonower 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 amortiastion of the sums securod by this Security Instrument by reason of any demand r.:ade by the original Borrower or Bonower's successors in interest. Any forbearance by Lxnder in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remody. 11. Suec~ssors and Assigns Bound; Joint and Se~eral Liability; Co-signers. The covenants and agroements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agretmrnts shall be joint and several. Any Borrower who co-signs ihis Security Instrum~nt but dces not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security lnstrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrces 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 Bonower's consent. 12. Loan Charges. If the loan secured by this Security Instrument is subject to a!aw which sets maximum loan charges, and that law is 6nally interpreted so that the interest or other loan charges collected or to be collected in connection with the loan eaceed the permitted limits, then: (a) any such loan charge shall be reduced by the amoun! necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Bonower which exceeded ~ permitted limits will 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 will be treated as a partial prepayment without any prepayment charge under the Note. 13. Le~slation Affecting I,en~er's Rig6ts. If enaciment or expiration 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 option, may require immediate payment in fuil of all sums secured by this Security Instrument and may invoke any remedies j permitted by paragraph 19. If Lender ezercises this option, Lender shall take the steps specified in the second paragraph of ~ ' paragraph 17. , E 14. Notices. Any noti:x to Bonower 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 thp . , Property Address or any other adciress 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 L.ender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. ~ IS. Coverning Lar?; Severability. This Security Instrument shalt be governed by federal law and the law of the ~ jurisdiction in which the Property is located. In the event teat 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 conflicting provision. To this end the provisions of this Security Instrument and the Nute 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 t6e Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transfened (or if a beneficial interest in Bonower is sold or transferred and Borrower is not a natural ~ person) without Lender's prior written consent, L.er?der may, at its option, require immediate payment in full of all sums ' secured by this Security Instrument. However, this option shall not be ezercised by Lender if exercise is prohibited by ~ federal law as of the date of this Security Instrument. ~ If [,ender exercises this option, Lender shall give Borr~wer notice of 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 eapirati~n of this period, Lender may invoke any ~ remedies permitted by this Security Instrument without further notice or demand on Bonower. ~ 18. Borrower's Rigi~t ta Reiestate. If Borcower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) S days (or such other period as ~ applicable Isw 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. Those conditions are that Borrower: '(a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceieration occurred; (b) eures any default of any other covenants or agreements; (c) pays all expenses incurred in enforeing this ~ Security Instrument, including, but not limite~ to, reasonable attorneys' fees; and (d) takes such action as L.ender may reasonably require to assure that the lien of this Secu~ ~ty Instrument, L.ender's rights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall coniinue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully etfectiv~ as if no acceleration had occurred. However, this right to reinstate shall not apply in the ease of acceteration under paragraphs 13 or 17. S,S~,~,~~ 476 ~5~ ~,~p ~ ~ - - ~ ' ~ _ _