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HomeMy WebLinkAbout0966 If Lender required mortgage insurance as a condition of making the loan secured by this Security Inslrument, ~3orrawer shail pay the premiums required to maintain the insurance in eR'ect until such time as the requirement for the insurflnce terminates in accordance with Borrower's and Lender's written agreement or applicable law. 8. Inspectton, Le~ider or its agent may make reasonable entries upon and inspections of the Property. Lender shal! give Borrower notice at the time of or prior ta an inspection specifying reasonabie cause for the inspection. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid ta Lender. In the event oP a total taking of the Property, the proceeds shall be 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 partial taking of the Property, unless Borrower and I.ender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fractiori: (a) the total amount of the sums secured immediately before t}~e taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. If' the Property is abandoned by Borrower, or if, after notice by Lender i0 ~Qir!"-'-'Pj' lh~t !hr rnn~lrmnnr nflPrc fti make an award or settle a claim for damages, Borrower fails to respond to I.ender within 30 days after the date tl~e notice is given, Lender is authorized to collect and apply the proceeds, at its option, either ta restoration or repair of the Propcrty or to the sums secured by this Security Instrument, whether or nnt then due. Unless Lender and Borrower otherwise agree in writing, any application otproceeds to principal shal! 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. 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment 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 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 the sums secured by this Security Instrument by reason of any demand made by the originai Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the eaercise of any right or remedy. 11. Successors and Assigns 8ound; Joint and SevPral Liability; Co-sigtiers. The covenants antl 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 Borrower who co-signs this Security Instrument but do~s not execute the Note: (a) is ~~.siQninR this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personaily obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Sec~~_rity Instrument or the Note without that Borrower's consent. 'I 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 interest or other loan charges collected ~r to be collected in : I~~ connection with the loan exceed the permitted limits, then: (a) any sueh 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 timits will be refunded to Borrower. i,ender may choose to make this refund by reducing the principal o.ved under the Note or by making a direct payment to Borrower. If a refund reduces prineipal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13, Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the efTect of rendering any provision of the Note or this Security Instrument unenforceable 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 Lender exercises this option, Lender shall take the steps specified 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 unless applicabte law requires use of another method. The notice shall be directed to the } Property Address or any oth~r 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 to Borrower. Any notice provided for in this Security Instrument shall be d~emed to have been given to Borrower or Lender when given as provided in this paragraph. . 15. Governing 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 witl~ 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. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one canformed copy of the Note and of this Security Instrument. . 17. Teanster of the Property or a Beneflcial Interest ia Borrowce. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediatc payment in full of all sums secured by this Security Instrument. However, this optiort shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acseleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on $Qr~ower. . 18. Borrower's Right to ReinstatP. If Borrower meets certain conditions, ~otCov~er 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 Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those con ~ ~or~ a~e y~r~t Borrower: (a) pays Lend:~ af! sum~ ~rh:ch then would be due under this Security Instrument arrd ihe ~~te'f~ad~no acceleration occurred; (b) cures any default of any other covenants or Agreements; (c) pays all expenses incurred in enforcing this F' Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as I.ender may reasonably require to assure that the lien of this Security Instrument, I,ender's rights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shaU continue unchanged. Upon.reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully eH'ictibe as if no acceleration had occurred. However, this right to reinstate shall not apply in ihe case of acceleration under aragraphs 13 or 17. CR~, S z ~ ~t~G~ . 0961