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HomeMy WebLinkAbout0985 1 • ~ T ~ IP I.ender rcquired mortgage insurance as a condition of making the loan s~cured by this Security Inst~ument, I3orro~~~er shall pay the premiums required to maintain the insurance in eRect until such time as the requirement for the ~ i~isuranee terminAtes in accordance with Borrower's und Lender's written agreement or applicable law. 8. Inspection. I.ender or its agent may make reasonable entries upon and inspections of the Property. Lender ~ shall give ~3orto~ver notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection ~vith ~ an}~ condemnatio~i or other taking of any part of the Property, or for conveyance in lieu of eondemnation, are hereby ~ assigtied and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whcther or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unless Borro~ver and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by 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 market value of the Property immediately before the taking. Any balance. shall be paid to E3orrower. If the Praperty is abandoned by Borrower,, or if, after notice by Lender to Borrower th~t the condemnor ofFers ta make an award ar settle a claim for damages, IIorrower fails to respond to Lender within 30 days after the date the notice is gi~•en, 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 Security lnstrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or ~ postpone the due date of the monthly payments referred tcs in paragraphs l nnd 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 Lender to any succzssor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. - Le?ider si~all not be required to commence praceedings 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 b~~ tlie original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy - shall not be a~vaiver of or pteclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Se~eral 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. Bc;rrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security lnstrument only to mortgage, grant and com~ey ~ that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay ~ l the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, j modify, furbear or make any accommodations with regard to the terms of this Security Instrument or the Note without ~ that Borrower's consent. 12. I.oan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that law is finall~- 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 necessar}~ to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits wil! be refunded to Borrower: Lender may choose to make this reCund by reducing the principa) owed uT~der 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.egislation Affeeting Lender's Rights. If enactment or expiratiun of applicable laws has the effect of rendering any provision of the Note or this Security Instrument unenforceable according tc :erms, 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 nolice to Borrow~er provided for in this Security Instrument shall be given by delivering it 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 other address Borrower designates by notice to Lender. Any notice to Lender shall be given by r first class mail lo Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shali be deemed to have been given to Borro~ver or Lender when given as provided in this paragraph. 15. Governing I,aw; ~everability. 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 affeet other provisions of this Security Instrument or the Tdote which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Nole are declared to be severable. ~ 16, Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Properiy 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 ~ persoii) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of ail sums secured by this Security Instrument. However, this option shall not be exercised by Ler~der if exercise is prohibited by federal law as of the date of this Security Instrument. . ~ If Lender exercises this option, Lender shall give Borrower noti~e of acceleration. 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 sutns prior to the expiratian of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Boerower'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) 5 days (or such other period as applicable law may specify for reinstatement) before sale of the 4'roperty pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Seeurity 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 of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such acSion as Lender may reasonably require to assure that the lien 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 unde~~~ r 13 1 ~:t~~ 9 8 0 . ~ ~