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HomeMy WebLinkAbout0947 If ~ender required mortgage insurance as a condition of making the ;~an secured by this Security Instrument, i3urro~?•er shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the insurance terminates in accordance with B~rrower's and Lender's written agreement or applicabte law. 8. Inspection. Lender or its agent may make reasonab?~ entries upon artd inspections of the Propeny. Lender shall gi~e f3orrower notice at the time ofor prior to an inspection specifying reasonable cause for the inspection. 9. Condemnation. The proceeds of any award or claim for 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 assigneci 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 In~trument, whether or not then due, with any excess paid to ~prrower. 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 immediateiy ' before the taking, divided by (b) the fair market value of the Property immediately before thc taking. Any balance shall be paid to Borrow~er. If the Property is abandoned by Borrower, or if, after notice by Lender to Bonower that the condemnor offers 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 procee~s, at its option, either to restoration or repair of the Property or to the sums secured by this Security lnstrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal sha11 not extend or ` postpone the due date of the monthly payments refened io in paragraphs 1 and 2 or change the amount of such payments. : 10, Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by L,ender to any successor in interest of Borrower shall not operate to release the liability of the origina[ Sorrower or Borrower's successors in interest. Lender 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 Horrower or Borrowei s successors in interest. Any forbearance by Lender in exercising any right or remedy shal! not be a wai~•er 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 Lender and Borrower, subject to the provisions o( paragraph 17. Borrower's covenants and agreements shal! 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 petsonally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Bonower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrow;.r's consent. tl. Loan Charges. If the loan secured by this Security Instrument 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 ezceed 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 will be refunded to I3orrower. 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 under the Note. 13. Legislation APtecting Lender's Rights. If enactment or expiration of applicable iaws has the effect of rendering any provision of the Note orthis Security Instrument unenforceabie according to its terms, Lender, at its option, may require immediate payment in full af ali sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the secoad paragraph of . paragraph 17. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by detivering it or by mailing it by first 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 Lender. Any notice to Lender shall be given by first class maii to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in Ehis Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 1S. Governing Law; Severability. This Security~ Instrument shall be governed by federaf law and the law o£ the ! jurisdiction in which the Property is (ocated. In the event that any provision or clause of this Security Instrument or the ~ I~tote confticts with applicable law, such conflict shall not aPFect other provisions of this Security Instrument or the Note ~ which can be given effect without the conflicting provision. To this end the provisions of this 5ecurity Instrument and the i Note are declared to be severable. ' 16. Borrower's Copy. Borrower shall be given one conformed cop f of the Note and of this Security Instrument. ; 17. Transfer of the Property or a Beneficial I~nterest in Borrower. If al) or any parl of the Property or any ~ interest in it is sold or transferred (or if a beneficial interesi in Borrower is sold or transferred and Borrower is not a natural ' person) a•ithout 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 not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower noiice of acceleration. The notice shall provide a period of not (ess than 30 days from the date the notice is deli~ered or mailed within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Ir.strument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlie~ of: (a) 5 days (or such other period as applicable iaw may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security [nst: ument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower. (a) pays Lender al! sums which then would be due under this Security Instrument and the Note had no acceleration ; occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this ~ Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably require to assure that the iien of this Security Instrument, LeRder's rights in the Property and Borrower's obfigation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by 8or: ower, this Security Instrument and the obligations secured hereby shall remain fully efi'ective as if no acceleration had ~ ~xcurred. How~e~•er, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. ~ OR sooK ~;c~ y4~ ~ -s~ ~ - _ _ - - - -