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HomeMy WebLinkAbout0993 - . _ ~ ~ ____.r _ . ~ . , t~ . `,r . . . . . If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument. Borrower shall pay the p~emiums req~+ired to maintain the insurancc in etfect until such time as the rcquirement for the insurance terminates in accordance with Borrower's and Lender's written agram~nt or applicable law. 8. lnspection. Lender or its agent may rnake reasonable entria upon and inspections ot the Property. l,ender shall give Borrower notice at tne time of or priof to an inspection specitying reasonable cause for tha inspeclion. 4. Condemnation. The proceeds of' any award or claim for damaqes. direct or consequential~ in conncction with any condemnatiQn or other taking of any part of the Property. or for con~eyance in lieu of condemnation, are hereby assigned and shall be paid t~ Lender. in the event of a total taking of the Property. the proceeds shall be applied to the sums securcd 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 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, divideci by (b) thc fair market value of thc Ptoperty immediately betore the taking. Any balance shall be paid to Borrow~er. If the Property is abandoned by Borrower. or if. aRer notice by Lender to Borruwer that the condemnor ofters to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days aRer the date the notice is given. Lender is suthorized to collect and apply the proceeds. at its option. either to restoration or rzpair of the Property or to the sums secured by this Security lnstrument, whether or not then due. Unless Lender and Borrower otherwix agrce in writing, any application of p~oceeds 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. Borrower Not Relesaed; Forbearanre By Leeder Not a Wai~er. Extension of the time for payment or modification of amortization of the sums secured by this Socurity Instrument granted by Lender to any successor in interest of Borcower shall not operate to relrase the liability of the original Borrower or Borrower's succtssors in interest. Lender shaU not be required to commence proceedings against any successor in interest or retuse to extend time for payment or otherwise modify amortization of the sums sccured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearan~e by Lender in exercising any right or remedy shall not be a waiver ofi or preclude the ezercise oFany right or remedy. 11. Successors aad Assl~?s Bouod; Joint and Se~enl Llability; Co-signers. The covenants and agreements of tnis Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Bonower's covenants and agrcements shall be joint and several. Any Borrower who casigns this Security Instrument but does not execute 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 obiigated to pay the sums secured by this Security Instrument; and (c) agrees that I.ender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of 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 finaUy interpreted so that the interest or other loan charges collected or to be coliected in connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary te reduce the charge to the permitted limit; and (b) any sums already collected from~ Borrower which eaceeded permitted limits will be refunded to Borrower. L.ender 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. i 13. I.e~slation AfTeeting Lender's Rights. If enactment or expiration of applicable laws has the efiect 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, L.ender shall take the steps specified in the second paragraph ot 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 ficst class mail unless applicable law requires use of another method. The notice shal! be directed to the Property Address or any other 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 Aorrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or I.ender when given as ovided in this paragraph. 15. Gorerning Law; Severability. This Security Instrument shall be governed by feueral lavv 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 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 conformed copy o~ 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 ProReny 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, reauire immediate payment in fult of all sums secured by this Security lnstn:ment. 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 ihis option, L.ender shall give Borrower notice of acceleration. The notice sha!! provide a peric*~ 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 expiratian of this period, Lender may invoke any remedies permitted by this Security Instrument without further noticc or demand on Iiorrower. 18. Borrower's Right to Reir.statr. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any iime prior to the earlier oi: (a) 5 days (or such other period as applicable law may specify for reinstatement) txfore sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry oPa judgment entorcing this Security lnstrument_ Those conditions are that Borrower: (a) pays I.ender all sums which then would be due under this ~ecurity Instrument and the Note had no accel~ration occurred; (b) cures any default ot any other coverants or agreements; (c) pays all expenses incurred in enforcing this Security Tnstrument, 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 Instrument.~I,ender's rights in the Property and Borcower's obligation to pay the sums secured by this Security Instrument shail continue unchanged. Upon reinstatement by Borrower, this Security instrument and the obligations secured hereby shal) remain fvlly effective as~if no acceleration had . occurred. However, this right to reinstate shall not apply in tlie case of acceleration under paragraphs 13 or 17. ~p~Z~ ~~9~8