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HomeMy WebLinkAbout0985 It Lender required mortgage insurance as a condition of making the loan secured by ihis Security Instrument, Borro~~er shall pay~ the premiums r~quired to maintain the insurance in efi'ect until such time as the requirement for the in~urancr terminatrs in accordance with Borrower'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 notice at the time of or prior to an inspection spec~fying reasonable cause for the inspection. 9. Condemnation. The proceeds ot' any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or tor conveyance in lieu of condemnation, are hereby as~igned and shall be paid to Lender. ' [n the e~~ent of a total taking of the Property, the proceeds shall be applicd to the sums secured by this Security ' InstrUment, ~~•hether or not then due, with any excess paid to Borrower. ln the event ot a partial taking of the Property, ; unle~s Burrow•er and Lender otherwise agree in writing, the sums secured by this Security lnstrument shall be reduced by the amount of the proceeds multiplied by the foltowing fraction: (a) the total amount of the sums secured immediately ~ before the taking, di~~ided by (b) the fair market value of the Property immediately beCore the taking. Any balance shall be pa:d to Borrower. If the Pruperty is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an aw~ard or settle a claim for damages, Borrower fails to respond to Lender w~ithin 30 days after the date the notice is gi~~en, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Security Instrument. whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proc:eeds 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. - 10. Borrower ;\ot Reteased; Forbearstnce By Lender Not a Waiver. Extensioo of the time i'or pa~~ment or mcxii~cation of amortization of the sums secured by this Security Instrument granted by I_ender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower 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 Borrow~er or Borrower's successors in interest. Any forbearance b~- Lender in exercising any right or remedy shali not be a waiver of or preclude the exercise of any right or remed~•. 11. Successors and Assigns Bound; Joint and Several Liability; 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 of paragraph 17. Borrow~er's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security ~ tnstrument but does not execute the Note: {a) is co-signing this Sec:urity 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 that Lender and any other Borrower may agree to extend, modify, for5ear or make an~• accommodations w~ith 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 eYCeed 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 coliected from Borrower which exceeded permitted limits will be refunded tc~ Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borroa~er_ If a refund reduces prncipal, the reduction wil) be treated as a partial prepayment without any prepayment charge under the Note. ~ 13. Legislation Affeeting Lender's Rights. If enactment or expiration of applicable laws has the efTect of . ~ rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, F inay require immediate pa~~ment in full of all sums secured b}~ this Security Instrument and may invoke any remedies ~ permitred by paragraph 19. If Lender exercises this option. Lender shali take the steps specified in the second paragraph of 'r paragraph 17. 14. ~iotices. Any notice to Borrow~er provided for in this Security Instrument shall be given by delivering it or b~~ mailing it by~ first class mail unless applicable faw~ 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 hrst class mai) to Lender's address stated herein or any other address Lender designates by notice to Borrower. An}~ notice pro~•ided for in this Security Instrument shall be deemed to ha~~e been given to Borrower or Lender when given as provided in this paragraph. 15. Governing Law; Severability. This Securit}• Instrument shall be governed by federal taw and the law~ of the jurisdiction in which the Property is located. In the event that any pro~~ision or clause of this Security Instrument or the Note conflicts with applicable law, such conflict shali ~ot afi'ect other provisions of this Security Instrument or the Note w~hich can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the tiote 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. Transfer of the Property or a Beneficial Interest in Borrower. If all or any pact of the Property or any , interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural i , 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 shaU not be ezercised by Lender if exercise is prohibited by '~j federal law as of the date of this Security Instrument. If Lender exercises this option, Lender shali give Borrower notice of acceleration. The notice shali provide a period k of not less than 30 days from the date the notice is delivered 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 Instrument without further notice or demand on Borrower. 18. Borrower's Riqht 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 earlier of: (a) S days (or such other period as applicable law• may spec~fy 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 Instrument. Those conditions are that Borrower: (a) pa}•s Lender all 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 t~ assure that the lien of this Security Instrument, Lender's nghts in the Property and Borrower'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 shail remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the cax of acceleration under paragraphs 13 or 17. ~~ooK 5U~ ~~5 _ _ . _ _ _