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HomeMy WebLinkAbout0980 ~ ~ ~ ~ J ; If Lender required mongage insurance as a condition of making tho loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in eRect until such time as the requirement for the insurance terminates in sccordance with Borrowec's and Lender's written agreement or applicable law. ` ; 8. Iaspectioa. Lender or its agrn! may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. ~ 9. Coademn~tion. The proceeds of any award or claim for damages, direct or consequential, in connection with ~ any condemnation or other taking oi any part of the Property, or for conveyance in lie~ of condemnation, are hereby assignt~d and shal! be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any eacess paid to Borrower. ln the event of a partial taking of the Proptrty, unless Borrower and Lender otherwise agrce in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) t:~e total amount of the sums secured immediately uefore 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, aft~r notice by Lender to Borrower that the condemnor off'ers to make an award or stttle a claim for damages, Borrower fails to respond to L.ender within 30 days after the date the notice is given, Le~der is suthorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured b~ this Security Instrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing. any applic~tion of proceeds to principal shall not extend or postpone the due date of th~ monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbeuanee By Lender Not a Wairer. Extension of the time for payrnent or modification of amonization of the sums secured by this Stcurity Instrument granted by Lender to any successor i~ interest of Bonower shail not operate to release the liability of the original Borrower or Borrower's successors in int+erest. L.eader 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 Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Several Liability; Casigners. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of L.ender and Borrower, subject to the pror•isions oC paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is ca-signing this Security Instrument only to mortgage. grant and convey that Borrower's interest in the Property under the terms of this Sezurity Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agrce ta extend, modify, forbear or make any accommodatians with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 12. Loan Charges. If the loan secured by this Security It~strument is subject to a taw which sets maximum loan charges, and that law is finally interpreted so that tne interest or other loan charges copected or to be collected in .,onnection with the loan excced the permitted limits, then: (a) any such loan charge shalf be reduced by tht amount necessary to reduce the charge to the permitied limit; and (b) any sums already collected from Bonower which eacceded permitted limits wiU 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 ur~der the Note. 13. Legisletion Affecting Lender's Rights. If enactment or expiration of appiicable 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 of atl sums secured by this Security Instrvment and may invoke any remedies permitted by paragraph 19. If Lenaer exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Natices. Any notice to Borrower provided for in this Security Instrurr.ent shall be given by delivering it or by ~ mailing it by fint class er?ail unless applicable law requires use of another methcxl. The notice shall be directed to the ; Property Address or any other address Borcowe~ designates by notice to Ixnder. Any notice to Lender shall be given by ~ ~ first class mail to Lender's address stated herein or any other address L,ender designates by notice to Bonower. Any notice ; provided for in this Security Instrument shall be deemed to have been gi~en to Borrower or Lender when given as provided ~ in this paragraph. _ 15. Go~erning I.aw; Seversbility. This Security Instrument shaU be governed by federal law and the law of the ; jurisdiction in which the Property is located. In the event t8at any provision or clause of this Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrumeni 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 Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. ~ 17. Transter of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any ~ • interest in it is so3d or transferred (or if a beneficia! interest in Borrower is sold or transferred and Bonower is r~ot a natural ` i person) without Lender's prior written consent, Lender may, at its option, requ:re immediate payment in full of all sums ~ secured by this Security Instrument. However, this option shall not be eaercised by Lxnder if exercise is prohibited by ~ federal law as of the date of this Security Instrument. t ~ f If Lender exercises this option, Lender shall give Borrower notice af acceleration. The nctice sha7l provide a period ~ of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by t ~ this Security Instrument. If B~now•er faifs to pay these sums prior to the expiration of t~is period, Lender may invoke any ~ remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Rig6t to Reinstats. If Borrower mcets certain conditions, Borrower shall have the right to have enforcement oF this Security Instrumer~t discontinued at any time prior to the earlier of: (a) S days (or such other period as applicable law~ may spec~fy for rtinstatement) before sale of the Property pursuant to any power of sale wntained in this Security Instrument; or (b) entry of a judgment enforcing this Security instrument. Those conditions are that Borrower: (a) pays Lcnder all sums which ihen weuld be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agroements; (c) pays all expensts incurred in enforcing this Secc:ity Instrument, inclu~ing, but not limited to, reasonable attorneys' fas; and {d} talces such action as Lender may ` reasonably rcquire to assure that the licn of this Sxurity Instrument, Lendcr's rights in the Property and Borrower's ~ obligation to pay the sums securod by this Socurity Tnstrument sh911 continue unchangod. Upon reinstasement by Borrower, this Security Instrument and the o~ligations secured hereby shall remain fully effective as if no acceleration had occurred. However. this right Lo reinstate shall not apply in the case of ar,ce[eration uncier para~,craphs l3 or 17 ~ 6~~K 503 ~,,~E ~i9 - - ~ a r ~v.~ _ . - _ _ _ _ _ r _ ~ .w ~ _ _ ~ - - - . - - ~