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HomeMy WebLinkAbout0924 • ~ ! i , If' Lender required mortgage insurance ~s a condition of making the loan secured by this Security [nstrument, Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for thc insurance terminates in accordance with Borruwcr's and Lender's written agreement or applicAble law. 8. Inspection. I.ender or its agent may make reasonable entries upon and inspections of the Propcrty. Lender shall give Aorro~ver notice al the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnatton, The proceeds of any award or claim for damages, direct or consequential, in connection with any candemnation or other taking of any part of' the Property, or for conveyance in lieu of cor?demnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to thc sums secured by this Security Inc~r~~ment, whether or not then due, with any excess paid to Borrower. In the event of a partia) taking of the Property, unless Borrower and Lender otherwise agree in writing, the svms secured by th~s ~ecurity ins~rumeni ~i~aii e,~: ~~.;~c~., ~y 1 - the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair marker val~~e nf the Procerty immediately before the taking. Any balance shall be paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by L.ender to Borrower that the condemnor offers to rnake an award or settle a claim for damages, BorroH~er fails to respond to Lender ~vithin 30 days after 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 Property or to the sums secured by this Securiry Instrument, whether or not then due. ' Untess Lender and Borrawer otherwise agree in writing, any application of proceeds ta principal shatt not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. !0. Borrower Not Released; Furbearance Hy Lender No! a Waiver. Extension of the time for p~yment or modification of amortization of the sums secured by this Security Instrument granted by I,ender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Bnrrower's successors in interest. Lender shall not be required to commence proceedings against any successor in interest or retuse to ettend timc for payment or otherwise modify amortization of the sums secured by this Security Instrurrzent by reason of any demand made by the origin~t Borrower or Borrower's successors in interest. Any forbearance hy Lender in exercising any right or remedy shall not be a waiver oFor preclude the exercise of any right or remedy. I1. Successors and Assigns I3ouqd; Joint und S~vPral 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 shali be joint and several. Any Borrower who co-signs this Security ; Instrument but dces not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey j that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay ~ the sums secured by this Seeurity Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, E modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without ~ that Borrower's consent. i _ 12. Loan Charges. If the toan secured by this Security 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 to be collected in ~ connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits wifl be refunded to llorrower. I.ender may choose to make this refund by reducing the principal owed i 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, I,Qgislation Af'fecting Lender's Rights. If enactment or expiration of applicable laws has the effect of rendering any provision of the Note or this Security Instrument unenforceable a~ccording to its terms, Lender, at its option, may require immediate payment in full of a(1 sums secured by this Security Instrurt~ent and may invoke any remedies permitted by paragraph l9. If Lender exercises this option, I.ender shall take the steps specificd in the second paragraph of garaaranh 17. ~ ~ 14. Notices. Any notice to Borrower provided for in this Security Instrument shalt be given by delivering it or by mailin~ it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to I.ender. Any notice to Lender shall be given by first class mail to Lender's address statsd herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shal) be deemed tp have been given to Borrower or Lender when given as provided in this paragrap}~. 15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the jurisdiction in wl~ich the Property is located. In the event that any provision or ciause of this Security Instrument or the Note conflicts with applicable law, such conflict shatl not affect other provisions of this Security Instrument or the Note - which can be given effect without the conHicting provision. To this end the provisions af this Security Instrument and the Note are declared to be severable. 16. Boreow~r's Copy. Borrawer shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of t6e Property or s Beneflcial ~nterest in Borro~ver. If ail or any part of the Property or any FY ~ in st in it is sold or transferred (or if a beneficiat interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior writte~ consent, Lender may, 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 j federal law as of the date of this Security Instrument. If Lender exercises this option, Lender shalt give Borrower notice af acce[eration. The notice shall provide a periad - of not less than 30 days from the date the notice is detivered or mailed within which Borrower must pay all sums secured by i this Security Instrument. If Borrower fails to pay these sums prior to ihe expiration of this period, Lender may invoke any , remedies permitted by this Security lnstrument without further notice or demand on Borrower. j 18. Borrower's Right 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) S 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 f Security Instrument; or (b) entry of a judgment enforcing ihis Security Instrument. Thc~se conditions are that Borrower: ` (a) pays Lender al) sums whieh then would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this - Security Instrument, including, but not iimited to, reasonable attorneys' fees; and (d) takes such action as I,ender may ~ reasonably require to assure that the Iien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration uncler paragraphs 13 or 17. E~~S~ ~ ~'~',~E~~ } ~