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HomeMy WebLinkAbout0932 ~ • t ,r . ~ If Lender rcquired mortgage insurance as a condition of making the ioan secured by this Security Instrument, Bor~ower shall pay the premiums required to maintain the insurance in effect until such time as the rtquirernent for tht insurance terrtiinates in accordance with Borrower's and I,ender's written agreeme~t or applicable law. 8. Inspeetioa. Lender or its agent may make reasonable entries upon and inspections of the Property. I.tnder shall give Bprrawer notice at the time of or prior to an inspection spocifying reasonable cause for the inspection. 9. Coaded~aatioo. The proceeds of any award or claim for damsges, direct or consequcntial, 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 Lrnder. ln th~ event of a total taking of the Property, the procoods shall be appliod to the sums securod by this Sec;~rity Instrument, whether or not then due, with any excess paid to Horrower, ln the event of a partial taking ~f the Property, unless $onower and I.end~r otherwise agree in writing, tt~e sums securod by thi~ Security Instrument shaii be reduced by the amount of the procoods muftiplied by the following fraction: (a) the total amount of the sems secured immediately ' before the taking, dividtd by (b) the fair market value of the Property immtdiately beforc the taking. Any balance shall be ~ - paid to Borrower. If the Property is abandoned by Borrower, or if, aRer notice by L.er?der to Borrower that the cond~mnor oftgrs to make an award or settk a claim for damages, Borrower faits to respond to I.tnder within 30 days aRer the date the notice is i given, Lender is authorizod to collect and app~y the procoats. at its option, either to restoration or rrpair af the Froperty or ; to the sums socured by this Security Instrument, whether or not tben duc. ~ ~ Unless Lender and Borrower othetwise agrce in writing, any application of proceeds to principal shall not extend or ~ postpone the due date of the monthly payments referrod to in paragtaphs 1 aad ~2 or change the amount of such payments. 10. Bo~rower Not Relea,se~ Forbdu~ance By I.eeder Not a Wai~er. Extensian of the time tor payment or modification of amortization of the sums secured by this Socurity Instrument grantai by Lender to any successor in interest of Borrower shall not operate to release the 1'ubility of the original Borrower or Bonower's successors in interest. Lender shall not be required to commence procadings against any sucassor in interest or refuse to extend time for payment or otherwise modify amortization of the sums securod by this Securiry Instn.~ment by rrason of any demand made by the original Borcower or Borrower's succassors in interesi. Any forbearance by Lender in exercising any right or remedy shall not be a vvaiver of or preclude the exercise of any right or remedy. 1l. Seccessars and. Aasi~ns Bound; Jolnt and Sereral L~iability; Co-signers, The covenants and agreements of this Socurity Instrument shall bind and bene6t the successors and assigns of I.ender and Borrower. sub,ject to the provisions of paragraph 17. $orrower's cc~venants and agrcements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not ezecute the Note: (a) is co-signing t;~is Security Instrument only ta mortgage, grant and convev that Bonower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secw~ed b~ this Security Instrumeni; and (c) agrces that I.ender and any other Borrower may agree to eatend, 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 C1~arges. If the loan secured by this Security Instrumont is subject to a law which sets maaimum laan charges, and that law is finally interpret~d so that the interest or other toan charges collxted or to be collectod in connection with the loan exceod the permitted Gmits, then: (a) any such loan charge shall be roduced by the amount necessary to reduce the charge to tbe permitted limit; and (b) any sums already collected from 8orrower which exceeded permitted limits wip be refunded to Borcower. I,en~er may choose to malce this refur.d by reducing the principal owed under the Note or by making a diroct payment to Borrower. If a refund reduces principal, the roduction wiil be t~eated as a partial prepayn~ent without any prepayment charge undcr the Note. 13. I.egislatioa Af~ecting Leadet's Rig6ts. If enactmrnt or expiration of applicable laws has ihe etTect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may require immodiate payment in full of all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If I,ender eaercises this option, Lender shali take the steps specified in the second paragraph of paragraph 17. ~ 14. Notiees. Any notice to Borrower provided for in this Socurity Instrument shall be given by delivering it or by ; mailing it by 6rst class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to l.ender. Any notice to I.ender shall be given by first class mail to Lender's address stated herein or any other address L,ender designates by notice to Borrower. Any notice provide~ for in this Security Instrument shall be deemed to have been given to Borcower or Lender when given as provided in this paragraph. 15. Goveraing I,ar?; SererabiGty. This Socurity Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. In the event that any pro~ision 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 effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Borrower's Co~y. Borrower sha11 be given one conformed copy of the Note and of this Security Instrument_ l7. Transfer a! tbe Property or a Beneficia! Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Bonower is not a natural person) without Lender's prior written consent, Lender may, at its optiore, require immediate payment in full of al! sums secured by this Security [nstrument. However, this option shall not be eaercised by i.ender if ezercise is prohibited by federal iaw as of the date of this Security Instrument. If Lenckr eaercises this optioa, Ixnder shall give Borrowtr notice of acceleration. The notice shaU provide a period af not less than 30 days from the date the notice is deliverod or mailed within which Borrower must pay all sums secured by this Security Instrument. If Bonower fai;s to pay these sums prior to the ezpiration of this {xriod, Lender may invoke any remedies p~rmitted by this Security Instrument withcut further notice or demand on Borrower. 18. Bonower's Rigi~t ta Reinstate. If Borrower meets certain conditions, Borrow•er shal) have the right to have eaforcement of ihis Security lnstrument discontinued at any time priar to the earlier of: (a) S days (or such other period as applicabk law may specify Por reinstatement) before sale of the Proptrty pursuant to any power of sale contained in thi~ Security Instrument; or (b) entry ot a judgment enforcing this Security lnctrument. Those conditioru are that Borrower: (a) pays Lender all sums which then would be due under this Security [nstrument and the I~ate had no acxeleration occurred; (b) cures any defauh ~f any other covenanis or agreemenis; (c) pays all ezpenses incurred in enforcing th~~ Security Instrument, including, but n~t limited to, reasonabk atrorneys' fees; and (d) takes such action as Lender may reasonably require to assure that the lien of this Security Instrument. Lender's nghts in the Property and &~rrow~er'~ obligation to pay the sums secured by this Security Instrurrient shal! continue unchanged. Upun reinstatement by Borrower, this Security lnstrumeni and the obligations secured hereby shall remain fuil~ e6ective as itnu acceLerati<~n had occurred. However, this right to reinstate shall not app[y in the case af acceterat~on under ~raragraphs i 3 or 17. ' gooN 49~ ~E 931 - . _.~-r_ _-_u -