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HomeMy WebLinkAbout0975 . . ~i ~P. : > i~ ~ If Lendcr required mongage insurance as a conditian of making the loan socurod by t~is;S-ocurity lnstrument, . Bonower shall pay the premiums required to maintain the insurance in effect until such time sa the requirement for the insurance terminates in accordance with Bonower's and I.tnder's writtrn agrament or applicable law. 8. Iospcctioa. Lender or its agent may make reasonabk entries upon and inspections of the Property. L~nder shall give Horrower notic~ at the time of or prior to an inspection specifying roasonable cause for the inspoction. ~ 9. CondemeaNon. The procceds of any award or claim for damages, diroct or consequential, in connoction with any condannation or other taking of any part of the Property. or for conveyance in ticu of condcmnation, are hereby assign~d and shall b~ paid to Lender. In the event of a total taking of the Propecty. the proceads shall be applied to the sums secured by this Socurity Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of'th~ Property~ unless Bortower and I.ender othetwise agree in writing, the sums securod by ti~is Securiiy Instrument shalt be roduced by tha amount of the proceeds multipliad bv the following fractioa: (a) the total amaunt of the sums sccured immodiately before the taking, divided by (b) the fair market value of the Propert~im~mr~ia~~'g~ t~king. Any balance shall be paid to Borrower. • t: ~ ~A Gon~ ~,o"~ ~ ~ If the. Property is ~bandoned by Borrower. or if, ~~l61~!°6y~~r~°r~o~ that tho condcmnor offers to ~ make an award or settle a claim for damages, Borrower fails to respol~fi~e hin 30 days after the date the aotice is ~ given, Lender is authorizod to collect ply the proceeds~ at its option. either to rtstoration or repair of the Property or to the sums se~ured by this S~~nt. whether or not then due. ~ Unless Lender and Borrower othe~wise agrce in writing, any application of proceeds td principal shall not extrnd or ~ postpone ihe due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. ~ 10. Borrowtr Not Relea.sed; Forbearance By Lender Not a Wai~er. Extension of the time for payment or modification of amortization of the sums securod by this Security Instrument granted by I.ender to any successor in interest of Borrower shall not operate to release the tiability of the original Bonower ar Borrow~r's saccessors in interest. Lender shail not be roquirod ta commence prooeodings against any su~or in interest or refuse to extend time for payment or oiherwise malify arnortization of the sums socured by this Security Instrument by reas~n of any demand made by the original Borrower or Bonower's successors in interest. Any forbearancx by I.ender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Successors and Assi~a Bound; Joint aied Se~eral Ltability; Co-signers. The covenants and agra.merets of this Security Instrument shall bind and benefit the suocessors and assigns of Lender and Borrowtr, subject to the provisions of paragraph ! 7. Borrower's covenants and agrcements 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 Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees t6at I.ender and any other Borrower may agret to eatend, ~ modify~ forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Bonower's consent. 12. Lo~n Charges, If the loan secured by this Security Instrument is subject to a!aw which sets ma~cimum loan charges, and that law is finally interpreted so that the enterest or other loan charges collected or to be collxted in connection with the loan exceed the permittcd Iimits, then: (a) any such loan charge sha11 be reduced by the amount necessary to reduce the charge to the permitted timit; and (b) any sums already collected from Borrower which eaceeded 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 wili be treatod as a ~ partisl prepayraent without any prepayment rharge under the Note. ; 13. I~egislatioe Aft'ectiag Lender's Rights. If enactment or eapiration of appiicabte laws has the effeci of - rendering any provision of the Note or this Security Instrumenf unenforceable according to iis terms, Lender, at its option, may require immediate paymeRt in full of all sums secured by this Security Instrument and may invoke any remodies permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of pacagraph 17. " 14. Notiees. Any notice to Borrower provided for in this Security Instrument shalt be given by detivering it or by mailing it by 6rst class mail unless appticabie Iaw requires use of another method. The notice shall be directed to the ~ Property Address or any other address Bonower designates by notice to Lender. Any notice to Lender shall be given by first class mail to I.ender'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 giv~en to Bonower or Lender when given as provided in this paragraph. 1S. Governing Lxw; $ever~tbility. This Security Instrument shali be governed by federal law and the law vf the jurisdiction in whieh the Property is tocateci. In the event that any provision or clause of this Security Instrument or the Note eontlicts w+ith applieable law, such conflict shall not affeet other provisions of this Security Instrument or the Note t 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 Copy, Borrower shall be given one conformed copy of the Note and of this Secunty Instrument. ~ l~. Traasfer ot the Property or a Beneficia! Interest in Borrower. If all or any.part of ihe Property or any ; interest in it is sold or transfened (or if a beneficial interest in Borrower is sold or transfened and Borrower is not a natural ~ person) without Lender's prior written consent, I.ender may, at its option, require imRlediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exerciseci by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises this option, I,ender sha11 give Borrower notice of acceleration. The notice shall provide a period ; of not less ihan 30 days from the date the notice is delivered or mailed within which Borcower must pay all sums secured by ~ this Security Instrument. If Borrower fails to pay these sums prior to the eapiration of this period, Lender may invoke any remedies permitted by this Security Instrument without funher notice or demand on Bonower, i 18. Borrower's Right to Reinstate. If Borrower meets certain conditions. 8onower shalt have the right to have ; enforcemEnt of this Security Instrument disc~ntinued at any time prior to the earlier af: (a) 5 days (or sach other period as aQplicabie law may specify 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 Ir~.ctrument. T'hose conditions are that Borrower: ' (a) ~ays Lender al! sums which then would be due under this Socurity Instrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incuned in enforeing ti~is Security Instrua~ent, inctuding. but not limited to, reasonable attorneys' feas; and (d) takes such action as I.e~der may reasonably require to assure that the lien of this Security lnstrument, 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 Bonower, this Security Instrument and the obligations secured hereby shall remain fully effectiv~ as if no acceleration had occurced. However, this right to reinstate shali not apply in the case of aeceleration under paragraphs 13 or 17. ,aeza-3 .w - ~ ~ B~iV~7 P~ V~ ' ~ _ - _ . _ . . _