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HomeMy WebLinkAbout0967 ' 1 . . - _ - - • ' ~ In the event oi a total taking oi the Properly, the proceecls shall be applied to the sums secured by this Secur~ty Insirument, whethe~ or not then due, with any excess paid to 8orrower. In the event oi e partial teking of the Property, unless Borrower and Lender otherwise agree in writinp, the sums secureti by this Security In~t~ument shell be reduced by the amount of the p~oceeds multiplied by the tollowinp iraction: (a) the total amount oi the sums secured immediately bafo~e the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shatl be pF;d to Bor~ower. It ihe Property is aba~doned by Borrower, or ii, ahe~ notice by l~nder to Borrower that the condemnor oHer~ to meke an eward or settle a claim tor damages, B~rrowec fails to respond to Lender within 30 days after the date the notice is give~, Lender is authorized to collect and apply the proceeds, at its option, eilher to ~estoration ot ~epair oi the Property or to the sums secured by this Security Instrument, whether or not then due. Unless Lender and Bor~ower otherwise agree in writing, any application of proceeds to prirtcipal shell ~ot extend or postpone the due date of the monthly payments referred to in paragrephs 1 and 2 or change the amount of such payments. 10. Borrowe~ Not Relsased; Foebsarancs 6y Lsreder Not a Waivs~. Extension ot the time fo~ payment or moditication af amonization of the sums secured by this Security Instrument g~anted by Lende~ to any successor in interest oi Sorrowe~ shall not oparate to release tl~e liability of the original 8orrower or Borrower's successors in inter~st. Lender shall not be required to commence proceedings against any successo~ in interest or rafuse to extend time for payment or otherwise modity amortization of the sums secured by this Security Instrument by reason oi any demand made by the original8orrower or Borrower's successors in interest. A~y forbea~ance by Lender in exe~cising any ~ight or ~emedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Successors and Assig~s Bound; Joint and Several Liability; Co-slgners. The covenants and agreements of this Seaurity Instrument shall bind and benefit the successors and assig~s of Lender and Borrower, sub;ect to the provisions of paragraph t. 17. Borrower's covenants and agreements shall be j~int and several. Any Borrower who co-signs this Security Insirument but does ; ~ot execute the Note~ (a) is co-signing this Security Instrument only to mortgage, grant and convey ihat Borrower's interest in the Property under the terms oi this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lende~ and any other Borrower may ag~ee to extend, modify, forbear or make any accomnnodations with regard to the terms oi this Security Instrument or the Note without that Borrower's consent. 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 ihe interest or other toan charges collected or to be collected in connection with the loan exceed the permitted limits, then: (a) any such loan cha~ge 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. 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. Legislation Affecting Lender's Rights. If enactment or expiration of applicabl~ laws has the effect ot rendering any provision oi the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may require immediate payment in tull 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 rrsailing it by first class mail unless applicable I,~w requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by noiice 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 provi~ed for in this Security Instrument shall ~ be deemed to have been given to Borrower or Lender whan given as provided in this paragraph. 16. Governing Lsw; Severability. This Security Instrument shall be governed by federal law and the law ot 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 aNect other provisions of this Security In~trument or the Note which can be given effect f without the conflicting provision. T~ this end the provisions of this Security Instrument and the Note are declared to be severable. ~ 16. Borrowd~'s Copy. Borrower shali be given one coniormed copy of the Note and of this Security Instrument. t 17. Transfer of the Prope?ty oT a Benef:cial Interest in Borrower. If all or any part of the Property or any ir.terest in it is sold or transierred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's , prior wrstten consent, Lende~ may, at its option, require immediate payment in full of all sums secured by this Security Ir.strument. - However, this option 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 acceleration. The notice shal~ 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 remedias ~ermitted by this Security Instrument without further notice or demand on 8orrower. . 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to liave enforcement I~ this Secvrity Instrument discontinued at any time prior to the earlier oL• ~a) 5 days (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale co~tained in this 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 occurred; (bj cures any default of any other covenants or i his ecurit Instn~ment. includ~n , but not limited to, reasonable attorneys' • s all ex enses mcurred in enforc n t S y 9 a reements; (c) a p 9 9 P Y ' ri h s in fees; and (d) takes such action as Lender may reasonably require to assure that the lien of this Secunty Instrument, Lende~ s g t . the Properiy and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon rainstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no - acceleration had occurrsd. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. NON-UNIFORM COVENANTS. Borrowe~ and Lender further cove~ant and agree as follows: ~ 1$. Accsleratior; F~amedies. Lender shall give notice to Barrower prior to acceleration following Borrower's breech of } any covsnsnt or agreement in this Security Instrument (but not prior to acceleration under paragraphs 13 and 17 unleas ' spplicabts law provides otherwise). Th~ notice shall specify: (e) the de~ault; (b) the action required to cure the dsfault; (c~ a date, ~ not Isss than 30 days from the dats th~ notice is yiven to Borrower, by which the dsfauk must be cured; snd (d) thet failure to cure the dsfauk on or bsfore the ~ata specified in the notice may result in acceleration of the sums secured by this Security Inrirument, foreclosurs by judiciai Qroceeding and sale of the Property. The noti~e ~hali further intorm Borrower of the right to re[nstets after accsleration and the ?ight to assert in the foreciosure proceeding the non-oxiste~ce of a detault or any other defanss of Sorrower to acceleration and fareclowre. If the defeult is not cured on or before the date specified in the notice, ~ Lendsr at its optian may require immedlate puymsnt in full of all suma secured by this Security Instrum~nt without further ' demand and may foreclose this Secur'sty Instrumant by judicia! aroceedirsg. Lender ahall be entitled to collact all expenses incurrsd in punuiRg the remedies provided in this psragraph 19, including, but not limited to, reasonable attorneys' fees snd ~osts of title svidsncs. 20. i.end~r in Possesslon. Up~n acceleration under paragraph 19 or abandonment of the Property, Lendsr (by judicially appointed receiver) shall be ~ntitled to enter upon, take possession of and manage the Property and to callect the rents of the Property includin~ those past due. Any rents c~llected by Lender or the receiver shall be applied first to payment of the costs of ~ management of the Properry and collaction of rents, including, but not limited_to. ~eceiver's fees, premiums on receiver's bonds and reasonable attorneys' fees, and then to the sums secured by this Security Instrument. ~ _ . - ~Q524 ~488$ z - _ _-_--_.__a~ ~