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HomeMy WebLinkAbout0976 r ~ f ~ {f 1 1 If Lender required mortgage insurance as a condition of making the loan securcd by this Security Instrument, ~ Borrower shall pay the pr~miums required to maintain the insurancc in effect until such time as the requirement for the ~ insurance terminates in accosdance with Borrowet's and Lender's writt~n agreement or appticable faw. j 8. Inapectioa. Lender or its agent may make reasonable entries upon and inspections ot' the Pcoperty. l.ender shall give Borrower notice at the tima of or prior to an inspection ~pecifying reasonable causa for the inspection. , 9. Condomnation. The proeeeds of any award or claim for damages, direct or consequential, in connection with ~ any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shal! be paid to Lender. ` In the event of a total taking of the Property, the proceecis shall be applied to the sums secused by this Security Instrument, whether ar not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unless Borrowe~ and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the arnount of tht proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the f~ir market value of the Property irrtmediately before the taking. Any balance shail be paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an a~ard or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to coliect and apply the proceeds, at its option, either to restoration or repair otthe Property or ~ to thc sums secured by this Securit} Instrument, whether or not then due. Untess Lender and Borrower othenvise agree in writing, any aQplication of proceeds to principal shal{ not extend or ~ postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amaunt of such payments. k 10. Borrower l~ot Relessed; Forbearaece By Lender Not a Waiver. Extension ot the time for payment or i modification of amortixation of the sums secured by this Security Instrument granted by Lender to any successor in ~ interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. ~ Lender shall nat be required to cammence proceedings against any successor in interest or refuse to eztend time for ~ payment or otherwise modify amortization of the sums secured by this Security~ Instrument by reason of any demand made ~ by the original Borrower or Borrow~er's successors in interest. Any forbearance by Lender in exercising any right or remedy sha11 not be a waiver oi' 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 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 agreements shall be joint and several. Any Borrower who co-signs this 5ecurity ~ Instrument but does nvt execute the Note: (a) is co-signing this 5ecurity Instrument only to mortgage, grant and convey ~ that Borrower's interest 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 an~• accommodat+ans with regard to the terms of this Security Instrument or the Note without r that Borrower's consent. ; 12. Goan Charges. [f the loan secured by this Security Instrument is subject ta 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 ~ connection with the loan ezceed the permitted limits, then: (a) any sueh loan charge shall be redueed by the amount ~ necessary to reduce the charge to the permitted limit; and (b) any sums already collecteci from Borrower which exceeded permitted limits will be refunded to Borro~ver. Lender may choose to make this refund by reducing the principal awed ~ 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. Legislation ARecting Lender's Rights. If enactment 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 Qayment in full of all sums secured by this Security Instrument and may invoke any remedies ~ permitted by paragraph 19. If Lender exercises this opiion, Lender shall take the steQs specified in the second paragraph of ~ paragraph 17. 14. Notices. Any notice to Borrower provid~d for in this Security Instrument shall be given by delivering it or by ~ mailing it by first class mail unless applicable iaw requires use of another method. The notice shall be directed to the ~ PropeRy Address or any other address Borrower-designates by notice to Lender. Any notice to Lender sha11 be given by ~ first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice 7 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. Governing Lax; Sererability. This Security Instrument shall be governed by federal law and the law of the ~ jurisdiction in which the Property is {ocated. in the event that any provision or cfause of this Security Instrument or the ~ Note conflicts with applicable law, such conflict shalt not affect other provisions of this Security Instrument or the Note 3 which can be given effect without the conflicting provision. To this end the provisions of this Security instrument and the ~ s Note are dPclared to be severable. T 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. ~ 17. Transfer of tt~e Property or a Beneficial Interest in Borrower. If ail or any part of the Property or any ; ~%~i interest in it is sold or transferrea (or if a beneficial ineerest in Borrower is sold or transferred and Borrower is not a nataral • f, person) without Lender's prior written consent, Lender may, at its option, requi~e immediate payment in futl of all sums : i1~r~~ secured by this Security Instrument. However, this option shall not be eaercised by Lender if exercise is prohibited by : ~ x%~ federal 1aw as of the date of this Security Instrument. ~ If Lender exercises this option, I.ender shall give Borrower notice of acceleratiQn. The notice shall provide a period of not less than 3Q days from the date the notice is delivered or mailed within whicfi Borrower must pay~ all sums secured by this Security Insirument. lf Borrower fails to pay these sums prior to ihe expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Rig6t to Reinstate. If Borrower mects certain conditions, Borrower shall have the right to have ~ enforcement oF this Security Instrument discontinued at any time prior to the earlier oE (a) S days (or such other period as ~ applicaole law may spec~fy for reinstatement) befort sale of the Property pursuant to any power of sale contained in this ~ Securiry Instrument; or (b} entry of a judgment enforcing this Security Instrament. Those conditions are that Bonower: , (a) pays Lender all sums which then would be due under this Sacurity Instrumcnt and the Note had no accekration occurrai; (b) cures any default of any other covenants or agreements; (c) pays all expenses incuned in enforcing this Security lnstrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as L.ender may ; reasonabty require to assure tfiat the lien of this Security Instrument, L.ender's rights in the Property and Borrower's obligation to pay the su~r?s secured by this Secusity Instrument shall continue unchanged. Upon rtinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully effoctive as if no sc.~cleration had occurred. However, this right to reinstate shatl not apply in the case of acceleration under paragraphs 13 or 17. P'.±;~ - - - _ _ . . _ ~ _ . _ r- - _ . . . ~ ~ _