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HomeMy WebLinkAbout0919 ~ " ' i ~ ~ ~ ~ . : +r.t ~ if ~ender required mo~tgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in effect until such time as the ~equirement for the insurance terminates in accordance with Borrower's and Lende~'s written agreement or applicable law. 8. lnspection. Lender or its agent may make reasonable ent~ies upon and inspecti~ns of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause tor the inspection. 9. Condemnation. The proceeds of any award or claini far damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu ot condemnation. are herebv aSSiyitct,i aitu S teii Ur NdtU iU L@flQ@f. 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 Sorrower. In the event oi a partiai iaki~g of the Property, unless Bo:rower. and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by ihe amount of the proceeds multiplied by the foNowing fraction: (a) the tota{ amount of the sums secured immediately before the taking, divided by (b) the fair market value ot the Property immediately beforethe taking. Any balance shall be paid to Borrower. If the Property is ebandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor ofters to make an award or settle a claim for damages, 8or~owe~ fails to respond to Lender within 30 days after the date the , notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration o~ repair of the Property er to the sums secured by this Security Instrument, whether or noi then due. Unless Lende~ and 8orrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpane the due date of the monthly payments referred to in paragraphs t and 2 or cha~ge the amount of such i payments. 10. Borrower Not Reteased; Focbearance By Lender Nat a Wafver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument gsanted by lender to any successor in interest of Borrower shail 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 paymsnt or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower 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 exercise of any r~ght or remedy. , 11. Successors and Assigns Bound; Joinf and Several Liability; Co-stgnets. The coverants and agreements of , this Security Inst~ument shalt bind and benef+t the successors and assigns of Lender and Bor~ower, subject to the i provisions of paragraph 17. Borrower's covenants and agreements shall be joini and several. Any Borrower who co-signs 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 interest in the Property undertheterms of this Security Instrument; (b) is not personally obtigated to pay the sums secured by this Security Inst~ument; and (c) agrees that Lender and any other Borrowe~ may agree to extend, modify, forbear or make any accommodations with ~egard to the terms of this Security Instrument or the Note without that Borrawer's consent. 12. Loan Charges. If the loan secured by this Security Instrument is subject ±o a law which sets maximum loan charges, and ihat law is finally interpreted so that the interest or other loan charges collected or to be coftected in connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amou~t necessary to reduce the charge to the permitted fimit; and (b) any sums already collected from Borrower which exceeded permitted limits will be ~etunded to Borrower. tender 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 t~eated as a partial prepayment without any prepayment charge under the Note. 13. Legisfation Aiiecting Lende~'s Rights. 1f 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 opiion, may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this option, Lender shafl take the steps specified in the second paragraph of paragraph 17. 14. Notices. Any notice to Borrower provided for in this Security Instrurnent shall be given by detivering it or by mailing it by first class mail unless applicable law requires use of an~ther method. The notice shall be directed to the Propertqr Address or any other address 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 Lender 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. 15. Goveming Law; Severabifity. This Security instrument shall be governed by federal law and the law of the j~risdiction in which the Property is located. In the event that any ptovision or clause of this Security Instrument or the Note conflicts with applicabie 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 Note are declared to be severabte. 16. Borrowe~'s Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of the Prope~ty or a Beneficial Interest in Borrower. If all or any part of the Property or any intsrest in it is sold or transferred (or if a beneficial interest 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 t~e exercised by Lender if exercise is prohibited by federaf law as of the date of this Security Instrument. If Lender exercises th~s option. Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice +s delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. ff Borrower fails to pay these sums prior to the expiration of this period, Lender may ir.voke any remedies permi:ted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument disconti~ued at any time prior to the earlier of: (a) 5 days {or such other period 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 judgment enforc+ng this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due underth6s Securiry Instrument and the Note had no acceferation occurred; (b) cures any default of any other covenants or agreements; (c) pays a!1 expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such acticn as Lender may reasonabiy require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay ihe sums secured by this Security lnstrument shali contin~e unchanged. Upon reinstatement by Barrower, this Security Instrument and the obligations secured hereby shall remain tulty effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or tl. d~~~K ~~6 F!rE ~71y • ' 3 _ =:<~t , ~ ~ . ~ : ~ . -