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HomeMy WebLinkAbout0997 . If Lender required mortgage insurance as a condition of making the loan serured by this Security Instrument, Borrower shall pa~• the premiums required to maintain the insurance in effect until such time as the requirement for the insurance terminates in accordance with Borrowet's and L.ender's written agreement or applicable 1aw. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall gi~~e Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnation. The proceeds ol 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 liet~ of condemnation, are hereby assigned and shall be paid to Lender. In the e~~ent of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, w•hether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security lnstrument shall be reduced by the amount of the proceeds multiptied 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 an award or settle a claim for damages, Borrower fails to respond to Lender w•ithin 30 days after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Propert}~ or to the sums secured by this Security lnstrument, whether or not then due. Unless Lender and Borrow~er otherwise ageee 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. I 10. Borrower Not Released; Forbearance By I,ender Not a Waiver. Extension of the time for payment or modification of amortization 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 Borraw~er 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 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 remed}~ shall not be a waiver of 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 Ins!rument shali bind and benefit the successors and assigns of Lender and Borrower, subject to the pro~~isions of paragraph 17. Borrow•er's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but dces not execute the Note: (a) is co-signing tfiis Securitp Instrument only to mortgage, grant and convey that Borrower's interest in the Propert~• under the terms of this Securit~~ Instrument; (b) is not personally obligated to pay the sums secured by this Security lnstrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, torbear or make an}• accommodations with regard to the terms of this Security Instrument or the I~Iote w~ithout that Borrow•er's consent. 12. Loan Charges. If the loan sec:ured by this Securit}• 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 exceed 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 underthe Note. ~ 13. Legislatian Affecting 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 af all sums secured by thi~ Securit~~ Instrument and ma~• in~~oke any remedin , permitted by paragraph I9. If Lender exercises this option, Lender shall take the steps s~cified in the second paragraph of ~ paragraph 17. 14. \otices. Any notice to Borrow•er provided for in this Securit~~ Instrument shal( be given b~• delivering it or by mailing it by first class mail unless applicable law requirc~ use of another method. The notice shall be directed to the ~ Propert}• Address or any other address Borrow~er designates by notice to Lender. An}~ notice to Len~er shal! be given by first class mail to Lender's address stated herein or any other address Lender designat~~ by notice to Borrow•er. Any- notice ~ pro~•ided for in this Security Instrument shall be deemed to have been gi~en to Borrower or Lender when given as provided in this paragraph. IS. Governing Law; Severability. This Securit}~ InstrumenF shall t~e go~~erned by federal law and the law• of the jurisdiction in which the Froperty is located. In the event that an~~ pruvisian or clause of this Security Instrument or the Note conflicts with applicable law•, such confiict shall not affect other provisions of this Security Instrument or the Note w~hich can be given effect without the conflicting provision. To this end the prc~visions of this Security Instrument and the '.vote are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed cop}~ of the Note and of this Security Instrument. ~ 17. Transfer of the Property or a Beneficial Interest in Borrower. [f all or any part of the Propert}~ or any ~ ~interest 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 pa}•ment 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 ihe date of this Secarity Instrument. If Lender exercises this option, Lender shall give Borrower noiice of acceleration. The notice shall pro~~ide a period ~ of not less than 30 days from the date the notice is delivered or mailed within which Borrou~er must pay all sums secured by ~ this Security Instrument. If Borrawer fails to pay these sums prior to the expiration of this period. Lender may invoke any ~ remedies perrnitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets cenain 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 law• may spec~fy for reinstatement) before saie of the Property pursuant to any pe~wer of sale contained in this Security Instrument; or (b) entry of a ju~gment enforcing this Security Instrument. Those conditions are that Borrower: (a) pa}~s 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 Security~ Instrument, including, but not limited to, reasonable attorneys' 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 Instrurrzent shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. ~ q~RN49S ~~E 99? . , , = ~ a~~ - n - - _ ~-__v ~ . _