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HomeMy WebLinkAbout0942 If Lender required mortgage insurac?ce as a condition of malcing the loan secured by this Secu~ity Instrument, Burrow•er shall pay the premiums r_quired to maintain zhe insurance in etfect unti! such ~imt as the requirement far the i insurance terminates in accordance with Borrowei s and l.ender's written agreement er applicable law. ~ 8. Inspection. Lender or its agent may make reasunable entries upon and inspections of the Propeny. Lender ~ shall give [iurrow•er notice at the time of or prior to an inspection s~:cifying reasonable cause for the inspection. ; 9. Co~demnation. Z'he proceeds of any award ~r ctaim for damages, direct ~r consequential, in ron~uction with any condemnation or other taking of any part of tht Properiy, or for conveyance in lie~~ of condemnation, are hereby ~ assignecl and shall be paid to Lender. . In the event of a tatal taking of the Proper:y, the proceeds sha:-! be applied to the sums secured hy this Security Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, a unless Berrower and L-ender othtrwise agree in writing, the snms se~cured by this Security Instrument shal) be rrduccd by ~ the amaunt of the proceeds multip!!ed by the foliowing irarticn: (a) the total amount ~f the sums sr.:ured immediaiely ' before the taking, ~ivided by (b) the fair market value of the Property immediately before the taking. Any balancr shall be ~ paid ta Borrower. ~ If the Propeny is abanauned b~ Borrower, or if, after notice by L.ender to Borrower that the condemnor offers to ~ rnake en award or settle a claim for damages. Borrower fails to respond to Lender wirhin 30 days aRer the date ihe notice is given, Lender is ~uthorized to coliect and apply the proceeds, at its option. either to restoration or repair of the Property or to the sums secured by this Securit}~ Instrument, whether or not then due. Unless Le~der and Borrower otherwise agree in writ~ng, any apFlecation of proceeds to principal shall not extend ar postpone the due date of the monthly payments referced to in paragraphs 1 and 2 or change the amaunt otsuch payments. 10. Borrower Not Refeased; Forbearance By I.eader Not a Waiver. Extension of the time fo; payment or modification of amortization of the sums secured by this Security Instrument granted by Lender 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 thc sums sPCUred by this Security Instrument by reason ~f any demand made by the original Borrower or Borrower's successors in interest. An~ forbearance by L,ender in exercis~ng any right or remedy ~ sha11 not be a waiver otor preclude the exercise of any right or remedy. ~ 11. Successors and Assigns Bound; Joint and Sereral 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. Borrower's covenants and agreements shall be joint and several. Any BorroW er who co-signs this Security ~ Instrument b«t 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 Secur+ty Instrument; (b) is not personally obligated to pay ; the sumt secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any acr,ommodations with regard to the terms of this Security Instrument or the Note without j that Borrower's consent. ~ 12. Loan Charges. If the loan secured by this Securit f Instrument is subject to a taw which sets maaimum loan ~ charges, and that law is finally interpreted so that the interest or oiher loan charges collected or to be collected in connection w~'sth the loan exceed the permitted lirnits, then: (a) any such loan charge shal) be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) aY~y sums already collected from Borrower which exceeded permitted limits will be refunded to I3orrower. Lender may choose to r..ake this refund by reducing the principai owed ~ under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction wiil be treated as a partial prepaymeni without any prepayment charge under the Note. ; 13. Legistation Affecting Leeder's Rights. If enactment or expiration of applicable laws has the eflect of rendering any provision of the Note or this Security Instrument ~nenforceable according to its terms. Lender, at its option, ' may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If I.ender exercises this option, Lender st~all iake the steps specified in the second paragraph of paragraph l7. 14. tiotiees. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by :nailing it by first class mail unless applicabie law requires use of another method. The notice shall be d~rected to the Property Add~ess or any other address Borrower designates by notice to Lender. Any notice to Lender shall be gi~~en by firs: class mail to I.ender's address stated herein or any other address Lender designates by~ notice to Borro~•er. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrow~er or Lender when given as pror•ided in this paragraph. 15. Governing La~; Severability. Th;~ Securit}~ Instrument shall be governed by federal law~ and the law of the jurisdiction in which the Property is iocated. In the event that any provision or clause of this Security Instrument or the Note conflicts ~~itn applicable law, such cor.flict shall not a~Fect other provisions of this Security Instrument or the Note which can be given eRect without the conflicting provision. To this end the prc~visions of this Security Instrument a~d the ivote are deciared to be severabie. l6. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of the ?roperty or a Beneficial ~nterest in Borrower. If all or any part of !he Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sald or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate pay~ment in fuli of aU sums secured by~ this Security Instrument. However, this vption shall not be exercised b}~ Lender if exercise is prohibited by federal laK• as of the date of this Ser~rity Instrument_ If Lender exerci:.es this o}:tion, Lender shail give Borrow•~~ not~ce of acceleration. The notice shali provide a period of not less than 3G days from the date the notice is delivered or mailed within which &~rrow~er must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to ~he expiration of this period, Lender may in~•oke any remedies permi~ted by this Security Instrument without further notice or deman~! on Borrower. 18. BorroKer's Ri~ht to Reiestale. if Borrower meets certain conditions, Borrc~•er shal! have the right to har•e enforcement of ihis Security [nstrumen~ discontinu~d at any time prior to the earli~r of: (a) 5 da}•s (o~ such other pericxf as applicable law may speci~y for reihstatement) before sale of the Property pursuant to any power of sale contained in this Sccurity Instrumem; or (b) entry of a judgment enforcing this Sec~ri~y Inst~umrnt. Thuse conditions are that Sorrower. (a) pa}s Lender all sums which then would be dae under this Security Inst:ument anci !he Note had no ~cceleration c~ccurred; (b) cures any default of any other covenants or agreemen:s; (r) pays all expenses incurred in enforcing this Security lnstrument, inciuding, but nat limited to, reasonable attQrneys' fees; and (d) takes such act~on as Lender may reasonabl}~ require to assure that the lie~ ~f this Security Instrument, Lender's nghts in the Property znd Borrower's obligation to pa}• the sums secured by this Se.:unty Instrument snail continue unchanged. L;pen reinstatement b~~ Borrow~er, ihis Securit}• instrument and the obligations sect~red hereby shali remain fully effeetive as if no acceleratiun had occurred. Howeser, this right to reinstate shal~ not apply in theease of accelera!ion under paragraphs 13 or 17. ~~oK 511 ~A~E 941 - .