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HomeMy WebLinkAbout0962 If I,ender required mortgage insurance ax a rondition of making the loan secured by this Securiry Instrument, Borrower shall pay the premiums required to maintain the insurance in ttfect until such time as the requirement for the insurance terminates in accordance with Borrower's and Lende~ s written ugreement or applicable law. 8. Inspectioa. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonabk cause for the inspection. 9. Coademaatioa. The proceeds of any award or claim for clamages, direct or conscquential, in connection with any rondemnation or othtr taking of any part of the Property, or for conveyance in li~u of condemnation, arc hereby assigned and shalt be paid to Lender. ln the event of a total taking of the Property, the proceeds shal! be applied to thc sums secured by this Security ~ Instrument, whether or not then due. with any excess paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lendtr otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by ~ the amount of the proceods multiplicd by the following fraction: (a) the total amount of the sums secured immediately befare the taking, dividod 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 L,ender to Borrower that the condemnor offers ta make an award or settte a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is suthoriud to collect and apply the proceeds, at ets option, either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. Unltss Lendtr and Bocrower otherwise agree in writing, any application of preceeds to principai shall not extend or , postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change ihe amount of such payments. 10. Borrower Not Releued; Forbearaace Hy Lender Not a Wairer. Extension of the time for paymcnt or ~ modifieation of amortization of the sums seeured by this Security Instrument granted by l,ender to any successor in , interest of Bonower shall not operate to release the liability of the original Borcower or Borrower's successors in interest. ~ Lender shsll not be re~uired to commence proccedings against any successor in interest or refuse to extend iime for . payment or otherwise modify amortization of the sums secured by this Security lnstrument by reason of any demand made ~ by the original Bonower or Borrower's successors in interest. Any forbearance by l.ender in exercising any right or remedy ` shall not be a waiver of or preclude the exercise otany right or remedy. 11. Successors and Asslgns Bouad; Joint and Se~eral 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 provisions of paragraph 17. Bonower's covenants and agreements shall be joint and several. Any Borrower who casigns this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's inttrat 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 ex?end, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. IZ. Loan Charges. If the loan secured by this Security lnstrumen~ is subject to a law which sets maximum loan charges, and thai law is finally interpteted 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 amount nec~ssary to reduce the charge to the permitted limit; and (b) any sums already coilected from Borrawer which eaceeded permitted limits will be r~funded to Borrower. [.ender may choose to make this re!'und 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. Leg~islation Affeeting Lender's Rights. If enactment or ezpiration of applicable law~s has the effect ot rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may require irr~mediate payment in full of alt sums secured by this Securi:y~ Instrument and may invvke any remedies permitted by paragraph IS+. If L.ender exercises this option, Lender shall take the st~p~ specified in the secand paragraph of paragraph 17. 14. Notices. Any notice to Borrower provided for in [his Security lnstrument shall be given by delivenng it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directeci to the Property Address or any other address Borrower designates by notice to I,ender. Any notice to Lender shall be given by fi class mail to I.ender's address stated herein or any other address Lender designates by notice to Borrower. Any notice pr,~ided for in this Security Instrument shal! be deemed to have been given to Borrowe~ ~r Lender when given as provided in this paragraph. 1S. Governing Laa; Severability. This Security Instrument shal) be governed by federat law and the law of the jurisdiction in which the Property is located. [n t6e event that any provision or ctause oi this Security lnstrument or the Note conflicts with app[icable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effeci without the confliciing provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Se~urity lnstrument. 17. ?ransfer ot the Propert~ or a Beneficial [nterest in Borrower. If at1 or any part of the Property or any tnterest in it is sold or transferred {or if a beneficiai interest in $orrower is sold or transferred and Borrower is not a natural person) withou: Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums seeured by this Security Instrument. Howev~r, this option shall nor be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender eaercises this option, Lender shalf give Borrower notice of acceteration. The notice shall provide a perind 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 Instrumeni. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. lf Bonower meets certain conditions, Borrower shali have the right to have enforcement of this Security Insirument discontinued at any time prior to the eartier of: (a) 5 days (or such other period as applicable law may specify for reinstatement) before sate of the Properiy pursuant to any power of sale contained in this Security Instrument; or (b) er~try of a judgme~t enforcing this Security Instrument. Those conditions are that E3orrower: (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 covenants or agreements; (c) pays all expenses incurred in enforcing this Sacurity Instrument, including, but not limited to, reasonab(e attorneys' fees; and (d) takes such actior~ as L.ender may reasonably require to assurc that the lien of this Security instrument, I.ender's rights in thc Property and Borrower's obligation to pay the sums securod by this Securiiy Instrument shall continue unchanged. Upon reinstatement by Horrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if naacceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. ~~77 962 ~ . _ --r_w ~ - ~ - s~''-~~ r t'3 ir-i.. ,~fr ~rr'_:., `~;,~f- . u.t ~i "~'k:'33:~r.re 1t ,F~'y?~r,g" . ~"4 .