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HomeMy WebLinkAbout0995 : ' ' If Lender required mortgage insurance as a condition of m~king the loan secured by this Securiry Instrument, Borrower shall pay the premiums required to maint~in the insurance in effect until such time as the requirement for the insurancc terminates in accardance with Borrowtr's and Lender's written agreement or applicable law. 8. Inspettton. I,ender or its agent may make reasonable entries upon and inspections af the Property. Lender shall give Borrower notice at the time o!'or prior to an inspection spccifying reasonable cause for the inspection. 9. Condemnntion. The proceeds of any t~ward or claim for dam~gts, direcl or consequential, in eonnection with any condemnation or other taking of any part of the Pcoperty, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In itie event of a total taking of the Property~ the proceeds shall be applied to the sums secured by this Sccurity Instrument, whethec or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduceci by tlie amount of the proceeds muitiplied by the Following fraction: (a) the total amount of the sums secured immediately 'before the t~king, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Bonower. . If the Property is abandoned by Borrower, or if, after notice by Lender to Dorrower that the condemnor offers to rrtake an award or settle a claim for damages, Bonower fails to respond to Lender within 30 days aher 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 Propcrty or to the sums secured by this Security Instrument, whether or not ttien due. Unless I,ender and Borrower otherwise agree in writing~ any application of proceeds to principal shall iiot 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. $orrower Not Released; Forbearance By I,ender Not a Walver. Extension of the time for 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 rePuse 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 Borrower or Borrower's successors in interest. Any forbearance 6y I,ender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. I1. Successors and Assigns Bound; Jaiat 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 l7. Bonower's covenants and agreements shall be joint and several. Any Horrower who co-signs this Srcurity Instcument but does not execute the Note: (a) is casigning this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property ur~der ths terms of this Security Insirument; (b) is not personally obligated to pay ~ the susns secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, 9 modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note withoui ~ that Borrower's consent. ~ 12. Loan 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 ir~terest or other loan charges collected or to be collected in connection with the loan exceed the permitted limits, then: (a) any sueh toan charge shail bc reduced by the amount ~ necessary to reduce the charge to the permitted limit; and (b) an~ sums already collected from Borrower which exceeded ~ permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principat owed ~ ~nder the Note or by m~king a direci 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. I.egislation AtTeeting Lender's Rtghts, If enactment or expiration of apptica~l~ laws has the effect of ~ rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, S may require immediate payment in fuil of all sums secured by this Security Instrument and rriay invoke any remedies s permitted by paragraph 19. If Lender eaercises this option, Lender shall take the steps speci6ed in the second paragraph of . ~ paragraph 17. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by ~ mailing it by first class mail uniess applicable law requires use of another method. The notice shall be directed to the Property Address or any other address $orrower designates by notice to I,ender. Any notice to Lender shall be given by first etass mail to Lender's address stated herein or any oiher address Lender designates by notice to Borrower. Any notice . provideii for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 15. Governtng Law; Severability. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. 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 conflicting provision. 'I'o this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shalZ be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of the Property or a Beneflcial Interest in Borrower. If all ar any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or iransferred and Borrower is not a natural person) without Lender's prior written consent, Lender rnay, at its option, require immediate payment in full of all sums secured 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 Instrumert. If I.ender exer~ises this option, Lender shalt give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days fcom the date the notice is delivered or maiied within which Aorrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, I,ender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Bonorr~er's Rtght to Retastate. If Borrower meets certain con~itions, 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 posver of sale contained in this S~.urity Instrument; or (b) entry of a jndgment enforein,~ this Security Instrument. Those conditions are that Borrower: {a) pays Lender all sums whieh then ~+ould be due under this Security Instrument and the Note had no acceleration ~ occurred; (b) cures any default of ~ny other covenants or agreements; (c) pays all expens~.s incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action aS Lender may reasona.bJy reyuire to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obiigation to pay the sums secured by this Secucity Instrument shall continue unchanged. Upon reinstatement by Bonower~ this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurrod. ~Iowever, this right to reinstaie shalf not apply in the case of acceleration ~nder paragraphs 13 or 17. 800K 5~~ PACE ~ _ 3