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HomeMy WebLinkAbout0933 If Lender rey~sir*~+ m~rtgage insurance as a conditioq of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in e~'ect until such time as the requirement ior the insurance terminates in accordance with Borrowet's and Lender's written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notir_e at the time of ot prior to an inspection specifying reasonable cause for the inspection. 9. Condemnation. The proceeds ot any award or claim Cor damages, direct or consequential, 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 shall 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 Instn!ment. whether or not then due, with any exeess 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 Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the :a~in~, divided by (b) the fair market value of the Property immediatety before the taking. Any batance shall be paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrow•er that the condemnor ofters to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the prxeeds, at its option, either to restoration or repair of the Property or to the sums secured by this Se~urity lnstrument, whether or not then due. Unless Lender and Borrower otherwise aqree 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. s 10. Borrower Not Released; Forbearance By Lender Not s 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 shaii not operate to release the liability of the ariginal Borrower or Borrower's successors in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to eztend 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 su:cessors in interest. An_r• fnrbearance 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; Co-signers. The covenants and agreements of itiis Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions = oTparagraph I7. Borrower's covenants and agreements shail be joint and several. Any Borrower who co-signs this Sc~:urity ~ Instrument but does not execute the Note: (a) is casigning this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (oj is ~ot personally obligated to pay the sums secured by this Security Instrument; an~ (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower'sconsent. ~ 12. Loan Charges. If the loan secured by this Security lnstrument 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 wilt be refunded to Borcower. Lender may choose to make this refund by reducing the principal owed under the Note or by rnaking a direct payment to Borrower_ If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable Iaws has the effect of rendenng any provision of the Note or this Sezurity Instrument unenforceabte ac~ording to its terms, Lender, at its option, may require immediate payment in fWi of all sums secured by this Security Instrument and may im~oke any remedies permitted by paragraph 19. If Lender exerrises this option, Lender shall take the steps specified in the second paragraph of paragraph 17_ 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of an~ther method. The notice shall be directed to the Praperty Address or any other address Borrower designates by notice to Lender. Ar~y notice to Lender shall be given by first class mait to Lender's address stated herein or any other address Lender designates by n~tice to Borrower. Any notice provided for in this Security Ir~strument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 15. Governing Iaw; Severability. This Security~ Instrument shall be governed by federal law and the taw of the jurisdiction in which the Property is located. In the event that any pro~~ision or clause of ihis Secarity Instrument or the Note confticts with applicabte law, such conflict shal! not afTect other provisions of this Security Instrument or the Note u~hich can be given effect without the conflicting provision. To this end the provisions of this Security lnstrument and the Note a: e declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of the Property or a Beneficial Interest in Borrower. If af1 or any part of the Property or any interest in it is sold or transferred (or if a beneficiaf interest in Borrower is soid or transferreci and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. However, this option shall nor be exercised by Lender if exercise is prohibited by federai law as of the date of this Security Instrument. If Lender exercises this option, I.ender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or rr~ailed within which Borrower must pay all sums secured by this Security Instrumeni. If Borrower (ails to pay these sums prior to the expiration of this penod, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrovre~'s Right to Reinstate. If Borrower meets certain conditions, Borrawer shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the eariier of: (a} 5 days (or such other period as applica'tsle law• may spec~fy for reinstatement) before sate of the Property pursuani to any power of sale contained in this Security tnstrument; or (b) entry of a jedgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any defauli of any other covenants ~r agreements; (c) pays all expenses incurred in enforcing this Securiiy 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 Borrowei s obligation to pay the sums secured by this Security Instrument 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 noi apply in the case of acceleration under paragraphs 13 or 17. ~rooK 5:~4 ~,~E 9~~ _ ~ _ _ - .