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HomeMy WebLinkAbout0953 1~ `~ndrr reyuired m~~rtgage insura~ce as a condition of making the loan secured by this Security lnstrument, f3urro~~rr tihall ray the premiums required to maintain the insu~ance in effect unti! such time as the requirement for the insur.incr terntinatr~ in sccurdance with Borrower's and Lender's written agreement or applicable law. 8. [nspection, l.ender or iis agent may make reasonable entries upon and inspections of the Property. Lender ~hull gi~ e Barrow~~r notice at the time of or prior to an inspeclion specifying reasonable cause for the inspection. 9, Condemnation. The proceeds oi any award or claim for damages. direct or consequentiat, in connectian with any c~~ndemnation or other taking af any part of the Aroperty, or for conveyance in iieu of c~ndemnation, are hereby aitiigned ar~d +1~a11 be paid to Lender. !n tne eti~ent of a rotal taking of the Pr~~~tv, the proreeds shall tx: applied to the sums secured by this Security ln~~rument. ~vhether ur not then due, with any excess paid to Borrower. In the event of a panial taking of the Property, unlrss Borr~~w~rr and Lender otherH~ise agree in writing, the sums secured by this Security Instrument shall be reduced by the lmount of the prcx:eeds muttiplied by the following traction: (a) the rotal amount of the surtis secured immediately - hefore the taking, di~ided by (b) ihe fair market value of the Property immediately before the :aking. Any balance shall be ; paid to Borrow•er. If' the Propert~~ is abandoned by Borrower, or if, after notice by l,ender to Borrower that the condemnor otTers to s i make ~m award ar settle a claim far damages, i3orroWer fails to respond to Lender within 30 days after the date the notice is ; i gi~ en, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or y I to the sums sec;ured bq thii See:urity lnstrument, whether or not then due. Unless Lrnder and Borrower otherwise agree in writing, any applicatien of proceecis to principal shall not extend or postEx~ne !he due date of the monthly payments referred to in paraRraphs 1 and 2 or change the amount of such payments. lU. Borrower tiot Released; Forbearance By Lender Not a N'aiver. Extension of the time for payment or modificati~n of amortization of the sums secured by this Securiry Instrument granted by Lender to any successor in interest of Borrawer shaii not operate to release the liability of the origieal Borrower or Borrower's successors in interest. ° Lend~r shall not be required Io commence pror.eedings against any successor in interest or refuse to extend time for pa}~ment or otherwise modify amortization of the sums secured by this Security lnstrument by reason of any demand made ~ b}~ the original BorraH~er 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 Bouod; Joint artd Severa! Liabelity; Co-signers. The covenants and agreements of ~ this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions ~i of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrow~er who co-signs this Security 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; (b) is not personatly obligated to pay ~ the tiums secured by thi~ Security Instrument; and (e) agrees that Lender and any other Borrower may agree to extend. mociif~•, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without - that Borrower's consent. 12. I.oan 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 exceed the permitted iimits, then: (a) any such loan charge shal) be reduced by the amount necc~ssary to reduce the eharge to the permiit~d limit; and (b) any sums already collected from Borrower which exceeded ~rmitted limits w~ilt be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by mdking a direct payment to Borrawer. 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 laws has the effect of " rendering any pro~~ision of the I~Iote or this Security Instrument unenforceable according to its terms, Lender, at its option, ma}~ require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies ~rmitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. `t 14. tiotices. Any notice to Borro~~er provided for in this Security Instrument shall be given by deGvering it or by ~ maiiing it bc first rla,s mail unless applicable law requires use of another meth~d. ~The notice shall be directed to the ' Yropert~~ Address or an}~ other address Borrower designates by nc~tice to Lender. Any notice to Lender shall be given by ~ first class mai! to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice ~ pm~ ided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. I5. Governing Law; Severability. This Security Instrur?ient sha11 be governed by federal law and the law of the ' juritidiction in w•hirh the Property is located. In the event that any provision or clause of' this Security Instrument or the ~ tiote conflicts with applicable law, such conflict shall not affect other provisions of this Secnrity Instrument or the Note - which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Nc~te are declared to be severable. 16. Borrow~er's Copy. Burrower shall t~e given one conformed copy af the Note and of this Security Instrument. 17. Transfer of the Property or a Beneficia! Interest in Borrower, lf all or any part of the Property or any interc~t in it is sold or transferrcd (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a rzatural ~rson) w~ithout Lender's prior written consent, Lender may, at its option, reyuire immediate payment in full af all sums secured b~ this Securit}• Instrument. However, this option shall nor be exercised by Lender if exercise is prohibited by t'edera( IaH~ as of the date of this Security Instrument. If Lender c~ercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period c~f ne~t less than 30da}~s from the date the notice is delivered or mailed within which Borrower must pay all sums sec~red by thi, Securit}~ Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedirs permitted bS~ this Security Instrument without further notice or demand on Borrower. 18. Rnrrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have rnti~rccment of this Security in~trument disconiinued at any time prior to the earlier of: (a) S days (or such other period as :~~rJicable 1aw may~ sperif}~ for reinstatement) before sale of the Property pursuant to any power of sale contained in this Securit}~ Instrument; or (b) entr}- ~f a judgment enforcing this Security Instrument. Those conditions are that Borrower. (a1 pa~s Lender all sums w~hich then w•ould be due under this Security Instrument and the Note had no acceleration cxcurred; (b) cures any default of an}• other covenants or agreements; (c) pays aH expenses incurred m enforcing this Sccurit}~ tnstrument, including, but nc~t limited to, reasonable attorneys' fees; ana (d) takes such action as Lender may re:~sonabl}~ requi:e to assure ihat the lien of this Security Instrument, Lender's rights in the Property and Borrower's ohligation to pa}~ the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by $orr~w~er. this Security Instrument and the obligations secured hereby shall remain fufly efi'ective as if no acceleration had ~xcurred. }{~wever, this right to reinstate shall not apply in the case ot'acceleration under paragraphs i 3 or i l. ~aoK k 504 ~~~~E 953 , . _ _ . ~ - - - _ _ _ _ _ _ . - ~ - - - _ ~_r_. .