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HomeMy WebLinkAbout0948 • f _ ' ~ . If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in eftect until such time as the requirement for the insurance terminates in accordance with Borrowef's and I.ender's written agreement or applicable law. 8. Inspectioa. Lender or its agent may make reasonable entries upon and inspections of the Property. L.ender shall give Borrower notice at the time of or prior to an inspection specifying reasonable causc for the inspection. 9. Condemnation. The proceeds of any award or claim for damages, direct ~r consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu af condemnation, are hereby assigned and shall be paid to Lender. tn the event of a total taking of the P~operty. the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. In the event oC a partial 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 secured 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. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make ax. award or settle a claim for damages, Borrower tails to respond to I.ender within 30 days atter the date the notice is given, Lender is authorized to collect and appiy the proceeds, at its option, either to restoration er repair of'the Property or to the sums secured by this Security lnstrument, 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 referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time Cor payment or modi~ication of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Bonower shall not operate to release the liability of the origina! Borrower or Borrower's successors in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to eatend time for payment or otherwise modify amartization of the sums secured by this Security Instrument by reason of any demand made by the origina! 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 eaercise of any right or remedy. 11. Successors and Assi~s Bound; Joint and Several Li~bility; Casigners. 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 Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Bonower's interest in the Property under the terms of this Security Instrument; (b) is not personally obiigated to pay the sums secured by this Security Instrument; and (c) agrees that I.ender 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 Borrower's consent. 12. Loan Charges. If the ioan secured by this Security Instrument is subject to 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 such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower 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. j 13. Legislation ABecting 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 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 shall take the steps specified in the second paragraph of ~ paragraph 17. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by ; mailing it by first class mail unless applicabie law requires use of another method. The notice shall be directed to the ~ Property Address or any other address Borrower designates by notice to Lender. Any notice to I.ender 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 Barrower or Lender when given as provided in this paragraph. ~ 15, Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of thi~ Security Instrument or the Note which can be given efl'ect without the conflicting provision. To this end the provisions of this Securi~y Instrument and the Note are declared to be severable. 16. Borro~er's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any ~ \ interest in it is sofd 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 be exercised by Lender if exercise is prohibited by ~ federal law as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceieration. T'he notice shall provide a p~riod ~ 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 Borrovver fails to pay these sums prior to the expiration of this period, L,ender may invoke any ~ remedies permitted by this Security Instrument without further notice or demand on Bonower. 18. Borrower's Right to Reinstate. If Borrower 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) 5 days (or such other period as applicable IaH~ may spec~fy 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 Bonower: ~ (a) pays I,ender all sums which then would be due under this Security Instrument and the Note had no acceleratic,n occurred; (b) cures any default of any other covenants or agreements; (c) pays ali expen~es incurred in enforcing this ~ Security Instrument, including, but not limited to, reasonable aitorneys' fees; and (d) takes such action as Lender may ~ reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's ~ obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by ~ Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration ha~ occurred. However, this right to reinstate shall not apply in the case of acceleration under paragrap 1 7. BOQ1~( ~e~ PAGE 942 ~ ~ . _ ~ _ - _ . . _ . . ~ - ~ - - - - - ~