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HomeMy WebLinkAbout0975 2 If Lender required mortgage insurnnce as a condition of making the toan secured by this Security lnstrument, ~ Barro~ver shall pay the premiums required to maintain thc insurflnce in effect until such time as thc requirement for the insur$nce terminates in accordance with Borrower's and Lender's written agreement or applicable law. 8. Inspeciion. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall giv~ Borro~ver notice at the time of or prior to an inspection specif'ying reasonable cause for the inspection. ~ 9, Condemnation. The proceeds of any award or claim for damages, direct or consequentiaf, 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 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, whether or nqt then due, with any excess paid to Borcower. In the event of a partial taking oi'the Property, x unless Borrower 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 Praperty immediately before the taking. Any balance shall be paid to Borrower. If'the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor ofTers to make an award or settle a claim for damages, Borrower fails to respond to L.ender within 30 days after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to r~storation or repair of the Prnperty or to the sums secured by this Security lnstrument, wh~ther or not then due. Unless I.ender and Borrower otherwise agree in writeng, any application of proceeds to principal shatl 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. l0. Borrower Not Released; Forbearance By Lender Not a W~Iver. Extension of the time for payment or maiification 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 ta 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 original Borrower or Borrower's successors in interest. An; forbearance by Lender in exercising any right or remedy shall not ba a waiver of ar preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Jotnt and Seveeal Liability; Co•signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender ~nd Borrower, subject to thQ provisions of paragraph 17. Borrower's covenants and a~reements shall be joint and several. Any Borrower who co-signs this Security = ~ Instrument but does not exccute the Note: (a) is co-signing 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 personally obligated to pay the sums secured by this Security Instrument; and (c) agrees ihat I.ender and any oiher Borrawer may agree to extend, modify, forbear or make any accommodations with regard to the terms of tt~is Security Instrument or the Note without that Borrower's consent. _ 12. Loan Charges. I}'the Joan secured by this Security Instrument is subject ta a law which sets maximum loan ' charges, ar?d that law is finally interpreted so that the interest or other loan charges collected or to be collected in r 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 i'rom Borrower which exceeded _ ~ permitted limits will be refunde~ to Borrower. Lender may choose to make this refund by reducing the principal owed ~ 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.egislation Affecting Lender's Rights. If enactment or expiration of applicable taws has the e~'ect of 3 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 s~,ecified in the second paragraph of _ paragraph 17. Y 14. Nottces. Any netice to Borrower provided for in this Security Instrument shall tse 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 4 Property Address or a~ny other address Borrower designates by notice to Lender. Any notice to Lender shall be given by ~ first class mail to I,ender's address stated herein or any oiher address L.ender designates by notice to Borrower. Any notice ~ provided for in this Security instrument shall be deemed to have been given to Borrower or Lender when given as provided ~ _ in this paragraph. 15. Governing I,aw; Seveexbility. 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 ciause of this Security Instrument or the ~ Note conflicts with applicable law, such con8ict shall not afi'ect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions ot'this Security Instrument and the ` Note are declared to be severable. 16. ~orrower's Copy. Borrower shall be given one confotmed copy of the Note and of this Security Instrument. ~ 17. Transfer of t6e PeopPrty or a Beneficial Interest in Bnrror~er. If all or any part of the Property or any _ interest in it is sold or transferred (or if a t~neficial interest in Borrower is sold or transferred and Borrower is not a natural ~ person) without Lender's prior written consent, I,ender may, at its aption, require immediate payment in fuli of all sums secured by this Security Instrument. fIowever, this optian shaU 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 acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed ~vithin which Borrower must pay all surns secured by _ this Security Instrument. Ii' Borrower fails to pay these sums prior to the expiration of this period, Lxnder may im~oke any _ ; remedies permitted by thSs Security Instrument without further noeice or demand on Bor:owzr. 18. Burrawer's Idight to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have - enforcement of this Security Instrument discontinueci 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 5ecurity Instrument. Those conditions are that Borrower: (a) pays I,ender all sums which then would be due under this Security Instrument and tl~e 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 action as Lender may reasonably require to assure that the lien of this Security tnstrument, I.ender'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 seeured hereby shall remain fully e~'ective as if no acceleration had i occurred. However, this right to reinstate shap not apply in the case of acceleration under paragraphs 13 or 17. ~ - $x0522 P~GE09~2 .