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HomeMy WebLinkAbout0969 ; ; . . ~ ,~7 i If Lender required mortgage insurance as a condition of making the loar? secured by this Security Instrument, ~ Borrower shall pay th~ premiums required t~ maintain the insurance in effxt until such time as the requirement for the ~ insurance terminata in accordance with Borrowei's and L.ender's written agrament or app~icable laov. 8. IRSplCt~011. Lendtr or its agent may make reasonable er~tria upon and inspections of the Proper~y. Lender shaii give Barrower notice at the time of or prior to an inspectio~i sp~ecifying reasonable cause for the inspection. 9. Condemnatlon. The proretds of any award or claim for damaga, direct or consequential, in conncction with any condemnation or other taking of any pact of the Propetty. or ior conv~yance in lieu of condemnatian, are hereby assigned and shall be paid to Lender. ; In the event of a total taking of the Property, the proceeds shall be apptied to the sums secured by this Security ! Instntment, whether or not then dut, with any cxcas paid to Borrower. ln the event of a panial taking of the Property, ~ unless Borrower and I.ender otherwiu agra in writing, the sums sxurod by this Security Instrument shall be reduced by ~ the amount ot the procerds multiplied by the following fraction: (a) the total amount of the sums secured immediately ~ befure the taking. divided by (b) the fair market value of the Property immediatety before the taking. Any balance shall be ' paid to B~rrower. lf the Propeny is abandoned by Horrowar, or if, after notice by Lender to Bonower that tfie condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days afler the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Propeny or to the sums secured by this Security lnstrument, whether or not then due. Unless Lender and Bonower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthEy payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Relea.4ed; Forbearaace By Leader Not a Wal~er. Extension of the time for payment or modification of amortization of the sums securtd by this Sxurity Instrument granted by Lender to any successor in interest of Borcower shall not operate to relcase the liability of the original Borrower or Borrower's successors in interest. Lende~ shall not be required to commence prceeedings against any succcssor in interest or reFuse to extend time for payment or otherwise modify amortization vf the sums secured by this Security Instrument by reason of any ciemand made by the origina! Bonower or Borrower's successors in interest. Any forbearance by L.ender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. I1. Succes~ors and Asaiges Bouad; Joiat and Several Ltabtllty; Co-si~ders. The covenants and agreements of this Security Instrument si~all 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 Borrower who co-signs this Security Instrumeni but does not execute the Note: (a) is cacigning this S~curity Instrument only to mortgage, grant and convey that Bonower's interest in the Property under the terms of this Security Instrument; (b) is not personafly obligated to pay the sums secured by this Seeurity Instrument; and (c) agrees that Lender and any other Borrower may agree to eatend, modify, forbear or make any accommodatians with regard to the terms of ihis Security Instrument or the Note w~thout that Bonower's consent. 12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum laan charges, and that law is finaUy interpret~d so that the interest or other loan charges collected or to be coifected in connection with the loan excecd the permitted limits, then: (a) any such loan charge shall be reduced by th~ amount necessary to reduce the charge to the permitted limit; and (b) any sums already copectrd from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choosr 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 Affecting Lendet's Rights. If enactment or expiration of appiicable laws has the eff'ect of rendering any provision of the Note or this Security Instrument unenforceable accore~ing to ets terms, Lender, at its option, may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies permi[ted by paragraph 19. If Lender ezercises this option, Lender shal) take the steps specified in the s~.ond paragraph of paragraph 17. 14. Notices. Any notice to Bonower provided for in this Security Instrument shati be given by delivering it or oy ~ mailing it by first class mail uniess applicable law requires use of another method. The rtotice sha;l be directed to the ~ Property Address or any other address Bonower designates by notice to Lender. Any notice to Lender shall be given by j first ctass mail to L.ender's address stated herein or any other address Lender designates by notice to Borrower. Any notice . provided for in this Security Instrument shall be deemed to have bcen given to Bonower or Lender when given as provided in this paragraph. 15. Governing I.aw; Sevenbility. This Security Instrument shalt be governed by federa) !aw and the law of the jurisdiction in which the Property is located. In the event that aaiy provision or clause of this Security Instrument Qr the ~ Note confticts with applicable iaw, such con8ici shall not affect other provisions of this Security Instrument or the Note which can be given etfect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are dsclared to be se~erable. 16. Bo~ower's Copy. Borcower shall be given one conformed copy of the Note and of this Security lnstrument. , 17. Transfer of the Property or a Beaeficial Iaterest in Borrower, If a!1 or any part of the Property or any interest in it is sold or transfened (or if a beneficial interesi in Borrower is sold or transferred and Borrower is not a natural f~ person) without Lender's prior writt~n consent, Lender may, at its optian, require immediate payment in full of all sums secured by this Security Instruraent. However, this option shall not be exercised by Lend~r if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises this option, I.~nder shall give Borrower noticE of acceteration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailod within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay ihese sums prior to the eapiration of this period, Lender may invoke any remedies permitted by this Security Jnstrument without further notice or demand on Borrower. 18. Borrower's Right to Reiastate. If Bonower mats certain conditions, Banower shall have the right to have enforcement of this Security Instrumtnt discontinued at any time prior to the eariier of: (a) S days (or such other period as appiicable law may spcc~fy for reinstatement) before sate of the Property pursusni to any power of sale contained in this Security Instrumrnt; or (b) entry of a judgmrnt enforcing this Seturity Instrumtnt.l'hase eonditions are that Barrower: (a) pays Lender a!1 sums which then would be due undtr this Socurity Instrument and the Note had no acceleration occurred; (b) eures any dei'ault of any other cavenants or agr~tments; (c) pays all eapenses incurrod in enforcing this Security Instrumrnt, including, but not limited to. reasonabk attorneys' foa; and (d) tai~es such action as Lender may reasonably reguire to assure that the [irn of this Security Instrument, Lender's rights in the Property ancl Borrower's obligation to pay the sums secured by this ~ocurity Inatrument shall continue unchanged. lJpon rcinautement by Borrower, this Sccurity Instrument and the obligations secund hereby shall remain fully effoctive as if no acceleratian had occurrod. However. this right to reinsta~c s~hall npt~ly in t}~s~~of acceleration under puagraphs 13 or 17 BOOK 51 vACE ~ . - ~M~ _ _ ~ ~ _ - ti ~ . , - ~ ~ ~ ~