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HomeMy WebLinkAbout0926 • ~ ~i . • ~ ; ~ . , • • . v If Lender roquired mortgage inaurance as a condition of making the loan secured by this Security Instrument. Borrower sh~sil pay the premiuma requirod to maintain the insurance in dfect until such time u the rnquirement for the insuraRCx terminates in aocordance with Borrower'a and Laider'a written agroement or applicable law. - S. Is~ctioa. I.ender or ita agrnt may cnake reasonable eatriea upon and inspections of the Property. Lender shall give Borrower aotia at the time of or prior to an inspection spocifying reasonable cause for the inspoction. 9. Condanuados. The prooeods of any award or claim for damages, diroct or consequtntial. in connection witl~ any oondemnation or other taking of any part ot the Property. or for conveyana in lieu of condemnation. are hercby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proooods shall be applied to the sums secur~d by this Security Instrumrnt, whether or aot then due, with aay exasa paid to Bonower. Ia the event of a pa~tial taking of the PropErty. unless Borrower and Lender otherwise agra in writing. the sums aecured by this Security Instrument shall be roducod by the amount of the prooeods multiplied by the following fraction: (a) the total amount of the sums socured immodiately ~before the taking, divided by (b) the fair market value of the Property immedistely before the taking. Any balance shall be paid to Borrower. If the Proputy ia abandoned by Borrower~ er J~ after notice by Lendu to Borrower that the condemnor offers to make an award or settk a claim for damages, Borroaer fails to respond to Lrnder within 30 days after the date the notice is given, I.ender ia authoriud to collect and apply the proceeds~ at its option, either to ratoration or repair of the Property or to the sums aocurod by this Security Instrument, whether or not then due. Unless Lender aad Borrower otherwise agree in writing. any appl'ecatioa of procoods to principal shal{ not eatrnd or postpoae the due date of the monthly payments referred w in pangraphs 1 and 2 or change the amount of such payments. 10. Borrowa Not 13ekase~ Forbeansce By I.~ader Not a Wa1~er. Extrnsion nf' the time for puyment or modi5cation of amortization of the suma secured by this Secnrity Instrument granted by Lender to any succeswr in intorest of Borrower shall aot ~te to r+dease the liability of the original Borrower or Borrower's su~ors in interest. Lender shall not be roquirod to oommwa prooeedings against any sucoes.gor in intaest or refuse to extend time for payment or otherwise modify amortization of the sums securod by this Socurity Instrument by reasan of any demand made by the original Bornower or Horroaa's suocessors in intenst. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any rig6t or remedy. 11. Sueomors aed Aat~ Ban~d; Jolst asd Setaa! I~ability; Co-tt~ers. The covenants and agreemrnts of this Sxurity Inswment ahall bind and beneSt the suoc~sors and assigns of Lenda and Borrower, subjoct to thc provisions of paragraph 17. Borrower's coveaants and agrameats shall be joint and several. My Borrower who oo-signs this Socurity Instn~meat but does not exocute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property uader the terms of this Security Instrument; (b) is not personaUy obligatod to pay the sums socurod by this Socwity Instnunrnt; and (c) agras that I.ender and any other Borrower may agee to extend, , modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without ' that Borrower's c:onseat. . 12. Loa~ G~arges. If the loan secured by this Socurity Instrument is subject to a law which sets maximum loan charges, and that law is finsUy interpret~ so that the interest or other loan charges collect~d or to be collected in oonncction with the loan oxoood tht permittod limits, then: (a) any such loan charge shall be reducad by the amount nocessary to reduce the charge to ihe permitted limit; and (b) any sums already oollectcd from 8orrower which excecded permittal limits will be refundod to Borrower. Lendar may choose to make this nfund by reducing the principal owed under the Note or by making a diroct paymrnt to Borrower. If a refund reduces principal. the roduction will be treated as a partial prepayment without any prepayment charge under the Note. ~ 13. Legislstloa Affeetie~ I.ender's Rig6ts. If enactment or expiration of applicable laws has the eBxt of rendering any pnovision of the Note or this Security Instrument unenforceable acoording to its terms, L.ei?der, at its option, may require immediate payment in full of all sums secured by this Sccurity Instrument and may invoke any remedies permitted by paragraph 19. If I.ender exercises this option, Lender shall talce the steps specified in the second paragraph of IE paragraPh 17. ~ 14. Notices. Any notice to Bonower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail wiless applicable law roquiresc use of another method. The notice shall be directed to the j Praperty Address or any other address Borrower design~tes by notice to Lender. Any notice to Lender shall be given by first class mail to Lrnder's address stated herein or any other address Lrnder designates by notice to 8orrower. Any notice proridod for in this Security Instrument shall be doemed to have bcen givcn to Borrower or Lender whtn givrn as provided in this paragraph. 1S. Go~erning Law; Se~enbiUty. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which tht Property is lacated. In the evrnt that any pro~ision or clause of this Security Instrument or the Note con8icts with applicable law. such conflict shall not a~'ect other prodisions of this Security Instrument or the Note whic6 can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. . 16. Horrower's Copy. Borrower shaq be given one conformed copy of the Note and of this Security Instrument. 17. Transitr of the Property or a HeaeScW Intuest in Borrower. If all or any part of the Property or any interest in it is sold or transfecr~d (or if a beneficial interest in Bonower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option~ reguire immediate paymrnt in full of all sums secured by this Socurity Instrumrnt. Hoaever, this option shall not be eaercised by Lendcr if eaercise is prohibited by fodEral law as of the date of this Sxurity Inswment. If Lender exercisas this option, L.ender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notic:e is deliverod or mailed within which Borrower must pay all sums securod by this Socurity Instrument. If Bonowtr fails to pay these sums prior to the expiration of this period. I.ender may invoke any remedies permitted by this Socurity Instrument without further notice or demand on Bonower. 18. Borrower's Rt~ht to Reiastste. If Borrower mats ctrtain conditions. Bonower shall have the right to have enforctmrnt of this Security Instrument discontinued at any time prior to the eariier of: (a) S days (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale containai in this Security Instrument; or (b) rntry of a judgment enforcing this Security Insteument. Those conditions are thai Borrower: (a) pays Lender all sums which thai would be due unda this Socurity Instrument and the Note had no acceleration occuned; (b) cures any dtfault of any other covrnants or agretments; (c) pays all eapenses incurc~d in enforcing this Socurity Instrument~ including~ but not limited ts, reasonabk attorneys' fees; and (d) takes such action as Lender may reasonably require W assure that the lien of this Security Instrument, Lender's rights in the PropeRy and Bonower's obligation to pay the sums secured by this Security Instrument sh~??Il continue unchanged. Upan reinstatement by Borrower~ this Security Instrument and the obligations socurod hereby shal! remain fully effoctive as if no acceleration had occurrod. However.lhis right to reinstate shali not apply in the case of acceleration under puagraphs 13 ar 17. a4oK 498 PA~ 925 ~r ,P _ _ _ _ _ _ _ _ - - , _ . __..a..z. . ~ - - -