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HomeMy WebLinkAbout0969 [f Lender required ntortgage insurance as a condition of making the loan secured by this Sccurity Instrument, E3orra«•er sliall pay the premiums required to maintain the insuranre in eflect until such time as the rcquirement for the insurance terminates in accorcinnce with Borrower's and Lender's written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections oP the Yroperty. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonabie cause for the inspection. 9. Condemnation. The proce~eds of any award or ciaim for dTmages, direct or consequentiai, in connection a~ith . any condemnation or other taking oi' any part of the Yroperty, or for conveyance in lieu of condemnation, are hereby assigned and shall bc paid to Lendcr. In the event of a total taking of the Propcrty, the proceeds shall be appiied to the sums secured by this Security Instrument, whether or nat then due, with any excess paid to Bonower. tn the event of a partial taking o('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 followi~g fraetion: (a) the toial amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately beiore the taking. Any b~lance shall be paid to Borrower. . : If the Property is abandoned by Horrower, or if, after notice by Lender to Borrowcr that the condemnor oRers to make an awa~d or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is autharized to collect and apply the proceeds, at its option, eiiher to restoration or repaie of the Property or _ to the sums secured by this Security Instrument. whether or not then due. Unless Lender and Borrower otherwise agree in tivriiing, any application of proceeds to principal shall 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. Borrowee Not Released; Forbearanee Iiy Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by L.ender to any successor in = interest of Borrower shall not o{ssrate to release the liability of the original Borrower or Borrower's succ~ssors 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 originat Borrower or Borrower's successors in inter~t. Any forbearance by Lender in exercising any right or remedy shall not be a waivec of or preelude the exercise of any right or remecly. 11. Suecessors and Asslgns Bound; Joint and Sereral Liability; Co-stgners. The covenants and agreements of this Security Instrument shall hind and bene5t the successars and assigns of Lender and Bormwer, subject ta the provisions of paragraph 17. Borrower's covenants nnd agreements shall be joint and several. Any Borrower who co-signs this Security Instrurreent but dces not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey - that Borrower's in~erest in the Property under the terms of this Security Instrument; (b) is not personally obli~ated to pay i~ the sums secured by this Security Instrument; anc~ (c) agrees that Lender and any other 8orrower may agree to extend, ~ modify, forbear or make any accommodations with regard tn the terms of this Security Instrument or the Note without t~~ that Borrower's consent. 12. Loan Charges. If the loan secured by this Security Instrument is subject to a law wt~ich sets maximum loar~ charges, and that law is finally interpreted so that the interest or other loan charges collect~d or to be collected in s; 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 will be refunded to Borrower. I.ender may choose to make this refund by reducing the principal owed under the Note or by ma~Cing a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a g; partiat prepayment ~vithout any prepayment charge under the Note. 13. Legisl~tion Affecting Leadar's Rights. If enactment or expiration of applicable laws has the effect of ~ rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, G: may require immediate payment in fvll of all sums secured by this Security Instrument and may invoke any remedies 3.~ permitted by paragraph 19. If Lender exercises this option, Lender shal( take the steps specified in the second paragraph nf ry~ paragraph 17. 14. Notices. Any notice to Borrower provided for in this Security Instrument shal! be given by delivering it or by ~ mailing it by first class mail unless applicable law requires use of another method. The notice sl~all be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shal( be given by ~ first class mail to Lender's address stated herein or any other address I.ender designates by notice to Borrower. Any notice provided for in this Secusity Instrument shall be deemed to have been gi~en to Borrower or Lender when given as provided in this paragraph. 15. Governing I.aw; 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 lhis Security Instrument or the Note confliets with applicable law, such confli~t shall not a~'ect other provisions of this Security Instrument or the Note which can be given ef£ect without the conflicting provision. To this end the provisions of this Security Instrument and the , Note are declared to be severable. ~ 16. Botrower's Copy. Borrower shall be given one conformed copy af the Note and of this Security Instrument. 17. Transfer of the Property or a Beneflcial Interest in Borrower. If all or any part of the Property or any ~ interest in it is sold or transferred (or if a beneficial int~rest 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 immediate payment in fuU of a!1 sums secureci by this Security Instrument. However, this option shali not be exercised by Lender if ezercise is prohibited by + federal law as o~the date of this Securiry Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period ~ of not less than 30 days from the date the notice is delivered or mailed within whieh 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 6nvoke any r~medies permitted by this Security Instrument without further notice or demand on Borrower. ' ~ 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) 5 days (or such other period as ~ applicable law may specify for reinstatement) before sale of the Pro rt ursuant to an wer of sate contained in this ~ Pe Y P Y Po Security Instrument; or (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 accuered; (b) eures any default of any other covenants or agr~ements; (c) pays all ezpenses incurred in enforcing this ~ Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may ~ reasonably require t~ assure that the lien of this Security fnstrument, 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 ~nd 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 accsleration under paragraphs 13 or 17. ~ gKO522 P~GEO966 ~