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HomeMy WebLinkAbout0923 If Lender required mortgage insurance as a condition of making the loan securod by this Security Instrument, Bonower shall pay the premiums required to maintain the insurance in elfect until such time as the requirement for the insurance terminates in accordance with 8orrower's and Lender's written agrcement ar applicable law. 8. Inspectioa. Lender or its agent may make reasonable entries upon and inspxtions of the Property. I.ender shall give Bonower no~ice at the time of or prior to an inspoction specifying reasonable cause for the inspection. 9. CoodemnaHon. The proceeds of ahy award or claim for damages, dirxt or consequential, in connxtion with Any oondnnnation 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 t6e event of a total taking of the Praperty, the proceeds shall be aPplied to the sums socured by this Security Instrument~ whether or not thrn due, with any eacess paid to Borrower. In the event of a panial taking of the Property, unless Borrower and Lender otherwix agree in writing. the sums secured by this Stcurity Instrument shall be reduced by the amaunt of the procoeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. If tht Property is abandoned by Borrower. or if, after notice by Lender to Borrowtr that the condemnor ofters to make an award or settle a claim for damages, Bonower fails to respond to L.ender within 30 days after the date the notice is given. Lender is authorizad to coUect and apply the procteds, at its option. either to restoration or repair of the Property or to the sums securod by this Security Instrument. whether or not then due. Unless Ltnder and Bonower othrrwise agra in writing, any application of procceds to principal shall not extend or postpont the due date of the monthly payments refetred to in paragraphs 1 and 2 or change the amount of such payments. 10. Horrower Not Rele.~sed; Forbarmce By I.ender Not a Wai~er. Extension of the tim~ for payment or modi6cation of amortization of the sums secwod by this Security Instrument grantod by Lender to any successor in interest of Borrower shall not operate to nlease the liability of the original Borrower or Borrower's successors in interest. Lender shall not be requirod to commence procadings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of th~ sums secured by this Security Instrument by reason of any demand made by the original Borrower or Horrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or prxlude the exercise of any right or remody. 11. Succtssors and Adps Bonnd; Joiat and Se~eral Liablliq, Co-sipers. The covenants and agrcements of this Secwity Instrument shall bind and benefit the succtssors and assigns of Lender and Borrower. subject to the provisions of paragraph 1?. Borrower's covenauts and agtemznts shall be joint and several. Any Borr~wer who co-signs this Security Instrument but does not eacecute 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 personally obligated to pay ihe sums securod by this Security Instrument; and (c) agras that I,ender and any other Bonower may agree to eztend, modify. forbear or make any accommod.ations with regard to the terms of this Security Instrument or the Note without that Borrc~wer's consent. 12. Loan Charges. If the loan secured by this Socurity Instrument is subject to a law which sets maximum loan charges, and that law is finally interpretod so that the interest or other loan charges collected or to be collected in connection with the loan exceed the permittod limits, then: (s) any such loan charge shall be reduced by the amount necessary to roducx the charge to the permittod limit; and (b) any sums already collected from Borrower which exceeded . permitted limits will be refunded to Barrower. L.ender may choose to mafce this refund by reducing the principal owed under the Note or by making a direct payment to Borcower. If a refund roduces principal, the reduction will be treated as a . partisl prepayment without any prepayment charge under the Note. 13. I.egisladoe A~eeting I.ender's Righb. If enactment or eapiration of applicable laws has the effect of nndering any provision of the Note or this Security lnstrument unenforceable according to its terms, Lender, at its option, ' may require immediat~ payment in full of all sums secured by this Security Instrument and may invoke any remedies ' permitted by paragraph 19. If L,ender exercises this option, Lender shall take the steps specified in the second paragraph of ' paragraph 17. ~ 14. Nodces. Any notice to Bonower providod 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 another method. ?he notice shall be directed to the 4 Property Address or any other address Borrower designates by notice to Lender. Any notice to I.ender shall be given by ~ 5rst class mail to Lender's address stated herein or any other address L.ender designates by notice to Borrower. Any notice provided for in this Security Instrument shail be damod to have been given to Bonower or Lender when given as provided in this paragraph. 15. Go~erning Law; Se~enbtl~ty. This Security Instrument shal) be governed by federal law and the law of the jurisdiction in which the Property is locatod. In the event that 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 Instrument or the Note which can be given effect without the conAicting provision. To this end the provisions of this Security Irsstrument and the Nate are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. l7. Transfer ot tbe Property or a Beneficial Interest in Borrower. If all or any part 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 person) without Lender's prior writttn consent, Lender may, at its option, require immediate payment in full of all sums s~urod by this Security Instrument. However, this option shall not be exercised by Ixnder if exercise is prohibited by foderal law as of the date of this Security Instrument. ~ If Lender exercises this option, Lender shall give Borrower notice of acr.eleration. The notice shall provide a period ~ of not less than 30 days from the date the noticx is delivered or mailed within which Borrower must pay all sums secured by ~ this Security Instrument. If Bonower fails to pay these sums preor 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 Rlght to Reinst~te. If Bonower meets certain conditions, Bonower shall have the right to have enforcement of this Secwity Instrument discontinued at any time prior to the earlier of: (a) S days (o~ such other period as applicable law may specify for reinstatement) before sale of thc Property pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument.l~hose conditions are that Borrower: (a) pays Lender aU sums which then would be due under this Security Instrument and the Note had no acceferation occurred; (b) cures any default of any other covenants or agrcements; (c) pays all expenses incurred in enforcing this Security Instrument~ inciuding, but not limited to, reasonabie attorneys' fas; and (d) takes such action as I.ender may reasonably roquire to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shali continue unchunged. Upon reinstatement by Honower, this Security Instrument and the obligations stcurod hereby shall remain fully effxtive as if no accderation had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. - °~507 ~23 600K FAGE ~ _ _ ~ ,