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HomeMy WebLinkAbout0974 t ~ a • . . _ : . . . _ . , ~ If Lender required mflrtgagc insurance as a condition of making the loan scrured by this Security Inslrument, ~ Borrov?~er shall pay the premiums requircd to mainisin the insurance in eRect until such time as the requirement for the ~ insurance termir~ates in accordence with Borrowef's and Lender's written agrament or apPlicable law. S. Inspettioa. Lcnder or its agen! may make reasonable rntrirs upon and inspections of the Property. Ltnde~ shatl gi~e $o~r~wer notice a! the tim* of or prior to sn inspection specifying reasonabie cause for the inspection. ~ 9. Condemnation. The procctds of any awa~-d or claim for damages, direct or co~sequential, in connection with ~ any rondemnation or other Ieking of any part of the Prope~ty, or for conveyance in lieu ot condemnation, are hereby r assigned and shall he paid to I.tnder. - [n 1he event ot a tvtai taicing of the Property, the proceecis shall be applie.~ to the sums sc+~ured by this Security ; tnstrUment, whether or not ihen due. with any extess paid to Borrower. in the eve.nt of a pariial taking of the Property, 1 unles~ Borrower and Lender otherwise agree in writing, the sums secured by this Securiry lnstrumtnt shalt be reduced by i the amoun~ of the proc~r.-is multipli-d by the following iraction: (a) the tota! amount of the sums securcd immcdiatcly ~ before the taking, divided by (b) the Pair market value of the Prnperty immediately betore th~ t~king. Any balance shall be ~ paid to Borrower. if the Prope~ty is abandoned by Borrower, or if. aRer ~otice by Lcnder to Borrower ihat the rnndemnor offers to ~ makr an award or settle a claim for damages, Bonower fails to respond to Lender within 30 days aRer th~ date the noticc is ~ given, Lender is suthorized to collect and apply the proceeds, at its option, eithtr to resto~ation or repair af the Property or s to thc sums se~:ured by this Security instrument, whcthef or not then due. z Unless Ltnder and Borrower otherwise agrce in writing, any application of proce~ds to principal shall not ext~nd or ~ p~stpone the due date of the monthly payments nfrrred to in paragraphs 1 and 2 or change the amoimt of such payments. ~ l0. Borrower Not Releaaed; Forbeuaace By I.ender Not a Wai~er, Extensioa of the tim~ for payment or ~ modification of amortit.ation of the sums secured by this Security Instrurrtent grantcd by Lender to any successor in ~ interat of Borrower shail not operate to refease the liability of the originai Borruwer or Horrower's successors in interat. ~ Lender s~.al: not be required to commenct Procerdings against any succasor in intuest or refuse b eatend time for psiyment or otherwise modiFy amortization of the sums secur~d by this Security Instrument by reason of any demand made ~ by the original Borrower or Borroaer's suceessors in interest. Any forbearance by Lender in exercis+ng any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Successflrs ar~d Assigns Bound; Joiat u~d Se~eral Liability; Casigners. The cov~nants artd agreements of this Sccurity Instrument shal; bind and benefit the successors and assigns of Lender and Borrower, subject to th~ provisions of paragraph 17. Borcower's covenants and agreements shal) bt joint and several. Any Borrewtr who co-signs this Security lnstrument but does not execute !he Not~: (a) is co-signing this Security I~strument only to mottgage, grant and convey that Borrower's interest in the Property under the tenns of this Security Instrument; (b) is not personally ob;igated to pay the sums secured by this Security Ir~strument; and (c) agrees that [,end~r and any other Borrower may agrre to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the I~ote without that Borrower's consent. 12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maxim~m loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collxted in connection with the loan excced the permitted limits, then: (a) any such (oar~ charge shall be reductd by the amount necessary ro rec3uce the charge to the permitted limit; and (b) any sums alresdy collected from Bonower which excoeded permitted limits will be refunded to Borrower. Lender rr~ay choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Buttawer. if a refund reduces principal, the reduction will be treated as a partial prepaymeat without any prepayment charge under !he Note. 13. Ixgislarion ABeeting I.ender's Righb. If enactment or expiration of appticabte taws has the effect of rendering any provision of the Note or this Security Instrument uncnforccable according to its ttrms, Len3~r, a~ its option, may rcquere immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If Lendtr exercises this option, Lender shail take the steps specified in tfit second paragraph of paragra~h 17. 14. Notices. Any notice to Borrower provided for in this Security Instrument shail be given by delivering it or by , mailing it by first class mail unless applicable law requires use of another method. The notice shal! be directed ro the Property Address or any other address Borrower designates by notice to L.eRder. Any no~ice to L.ender shall h~e given by first class mail to Lender's address stated herein or any other addr~ss Lender designates by notice to Borrower. Any notice provided for in th?s Security Instrument shall be deemec! to have been given to Borrower or Lender when given as provided ~ in this paragraph. IS. GorPr~ting Law; Severability. This Security Instrument shall be governed by federal law and th~ law of the ~ jurisdiction in which the Property is locatod. In ~he event that any provisiort or clause of this S~curity Ins:rument or the ~ : Note conRicts with 3pplicable law, such conflict shal! not affect other provisions of this Security Instrument or the Note - which can be given effect without ihe conflicting provision. To this end the provisions oi this Security lnstrumrnt and the ~ Note are declared te ~t severable. rroaer's Copy. Borrower shall be given one conformed copy of the Note and of this Securiry Instn: tner?t. n 17~ ra,uter of the Pm'erty or a Beaeficia! deterest in Borrower. If all or any part cf the Property or any t' interest m~t tis sold ar transferred (or if a beneficial interat in Borrower is sold or transfened and Borrower is not a natural person) without I.ender's Prior writtm conxnt, I.ender may, at its option, require immediate paymrnt in fuU of all sums secureel by this Security Instru~nent. However, this option shall not be exercised by Ixn~er if zzercise is prohibited by federal iaw as of ihe date of this Security Instrument. If I.~nder exercises this option, Lender shall give Borrower notice of acctieration. The notice shall provide a period of not less t:~an 30 days from ihe date th= notice is 3elivered cr mailed within which Borrower must pay all sums secured by this Srcurity Instrumertt. If Bonowtr faiis to pay these sums prior to the expirataor? of this period, t.ender rttay invoke any remedies prr?nitte~ by this Security Instrument without further notice or demand on 8onower. l8. Ho~:~er's Rigbt to Reiastste. If B~rrower mcets cxrtain conditions, ~3onower shal! have the ri~ht to ha~e enforcement of ei~is Security Instrument discontinuod at any time prior t~ the earlier of: (a) S days (or such other period as applicable law~ may spec~fy for reinstatement) befort sale of the Property pursuant to any pc~wer of sale contained in this SecUrity tr.strumtnt; or (b) entry of a judgmenx enforcing this Security Instrumrnt. Those conditions are that Borrower: (a) pays Lender a1! ~urns which ihrn would be due under ihis Sec~srity Instrum~nt and the Note had no acceleration occurred; (b) cura any default of anX other oovenants or agr+xmrnu; (c} pays all ~apens~es incurr~d in enforcing this 5ecurity Instrumenc, including. bat not limited to, reasonabk attorneys` fea; and {d) taices suc6 setion as Lender msy rcasor.ably raq~ite to assure that the lirn of this Sccurity Instrumeni, I.ender's rights ie the Praperiy anci Borrowtt's obligation to psy the sums secured by this Security Instrument shall continue unchangod. Upoa rcinstattment by Borrower, this Socurity Instrunnent and the obligsiians securod hereby shall remain fully effectivs as if no accekrauon had occurrod. tlowever. this right t~ reinstate shall nat ap~nly in the case of accekratior. undc~p~ra~ql~ 1P~f 17~~~ d00N ~~~g ~ r ~ - - ,