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HomeMy WebLinkAbout0937 •I Any amuunts dishursed by Ltndcr under thi~ pu~a~raph 7 shall tx;come additiunal ~ebt of Borro~aer ~ecured hy this Sccurit~, Instrumant. Unless Barruwer and Lendcr agree to other terms c~f paymcnt, thcse umounts ,hall be~r interest frum ihe ~ate uf ~lishursrm~nt ut'th~ Note rate and shall be payable, with interest, upcm nc~ti~e from l.ender tu E3urrciwer requcsting payment. ,!f l.end~r ~equi~ed mortgage insurance ~s a condition of making 1he lo.in sec?~reJ by this Security lnstrwncnt, [3orruwe~ shall ~ pay thc premium~ reyuired to maintain thc insurince in effect until ~uch time as 1hc r~quircment.for the insurince trrminates in aca~rd.?nce with Barrower s and L.ender's written agreement ~~r applicable I~w. . t_i .r, 1~~ 8. Iaspection. l.ender or its agent may makc reasonable entries l1 p c~ ~~t in$pectiu~s ~~f t~~?perty. l.cnder shall givc Barruwcr nutice at the time of or prior to an inspection specifying reasonable sca~sc for the inspection. 9. Condemnatlon. The proceeds of any award or claim far damages, direct or consequential, in connectiun with any condemnation or other taking of uny part c~f the Property, or for comeyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total laking of 1he Property, the proceeds shal) he applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. In the event of a pa~tial taking of the Prope.rty, unless f3~irrower and l.ender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of 1hc pnxecds multiplied by the following fraction: (a) the total amount af the sums secured immediatety before the taking, divided by (b) the fair market value of' the Property immediat~ly befare ihe taking. Any balance shall be paid to Borrower. If the Pra~rty is aban~aned by Borrower, or if, aRer notice by Lender ta fiorrower thut the condemnix ~~ffers t~~ make an award oc settle a claim for damages, Borro~ver fails to respond to I.ender within 30 days aRer thc date the natice is given, L.ender is authorized to collect and apply the proceeds, at its option, either ro restoration or repair of tht Property or t:~ the sums secured by this Security Instrument, whether or not then due. Unless L.ender and Borrower otherwise agree in writing, any application of proceeds to principal shall nat extend or postp~me the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such paymems. t0. Borro~ver Not Rele~sed; Forbearance By Lender Not a Waiver. Extensi~n of thc time for payment or mociification ~~f amortizatio~ of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shatl not operate to~release the liabiliry of the original Borrower or Borrower's successors in interest. L.ender shall not be required to commence proceedings against•any successor in interest or refuse to extend time far payment or otherwise maciify amortization of the sums secured by this, Se~ur~y~ fnstnrment by reason of any demand made by the original Borrower or Borrower's succ~ssors in interest. Any forbearance by,Lender in_ exercising any right or remedy shall not be a waiver of or preclud~ the exercise of any right or remedy. ` 1l.: Succes~ors and Assigns Bound; Joint and Several Liabilit~•; Co-signers. The covenants and agreements of this Security Ins~rumen[ sha~ bitic~ and benefit the successars and assigns of Lender and Borrower, sub~ect to the provisions of paragraph 17. Borrower's covenants,and agreertients shall.be joint and several. Any Borrower who co-signs this Security Instrument but dces not exerute the Note: fa)~is co-signing this Security Instrument only to mortgage, grant and convey that Borrowe~'s interest in the Property under the terms of~this Security Instrument; (b) is not personally obligated to pay the sums secured by this Securiry Instrument; and (c) agrees that Lender and any other Borrower may agree ro extend, mociify, forbear or make any accammodations with regard ta the terms of this Securiry tnstrument or the Note without that Borrower's consent. 12. Laan Charges. If the loan secured by this Securiry 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 ro be collected in connection with the loan excced the permitted limits, then: (a) any such loan charge shall be reduced by the amount necess~ry to reduce the c~arge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose 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 prcpayment charge under the Note. 13. .I.egislat[on AfYeeting I.ender's Rl~hts. If enactment or expiration of applicable laws has the effect of rendering any provision - of the Note or this 3ecurity Instrument unenforceable according to its terms, Lender, at its option, may reyuire intimediate payment j in full of all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If Lendcr exercises ~ this option, Lender shall take the steps specified in the second paiagraph of paragraph t7. ~ 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering ii or by mailing it ; by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any F t other address Borrower designates by notice to Lender. Any notice to Lender shall be ~given by first class mail to Lender's address stated herein or any other address Lender designates by notice ro Borrower. Any notice provided for in this Securiry Instrument shall - be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 15. Governing Law; Severabitity. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. ln the event that any provision or clause uf'this Security Instrument or the Note conflicts with applicable - law, such conflict shall not affect other provisions of this Security Instrument ar the Nate which can be given effect without the conflicting provision. To this enc! the provisions of this Security Instrument and the Note are declared to be severable. 16. BorrQwer's Copy. Borrower shall be given one conformed copy of the Note and of this Sccurity Instrument. !7. Transfer of the Property or a Beneficial Interest in Borroever. If all or any part uf the Property or any intcrest in it is sold or tranferred (or if a beneficial interest-in Borrower is sold or transfcrred and Borrower is not a natural pcrson} without I.cnder's prior written consent, Lender may, at its option, require immediate payment in full of all sums seeured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security [nstrument. If Lender exercises this aption, Lender shall give Borrower notice of acceleration. The notice shal! provide a pericxi of pot less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by lhis Security Instrument. If Borrower fails to pay th~se sums prior to the expiration of this pericxi, Lender may invokc any remedies permitted by this Security Instrument without furiher notice or demand on Borrower. 18. Boerower's Etight 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) 5 days (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument; c,r (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occurred: (b) cures any default af any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable aitorneys' fees; and (d) takes such action as Lender may reasonably require to assure that the lien ofi'this Security Instrument, Lender's rights in the Property and Borruwer's obiigation to pay ihe sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security lnstrument and the obligations secured hereby shall remain fully effective as if no acceieration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. ~ : sooK515 P~G~ 935 ; . , . ~~f ~r . ;f _ . . . _ : _ »..~__~~.rw.~_-- . _ . . : _ . . _ _ . . ~ . _ . . _ ._:.~w~...:s...:...~~~ .