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HomeMy WebLinkAbout0991 VW If Lender required mortgage insurance as a condition of making the loan secu~ed by this Security fnstrument, Borrow~er shall pay the premiums required to maintain the insurance in efTect unti) such time as the reyuirement for the insurance tenninates in accordance with Barrower's and Lender's written agreement or applicable law. 8. Inspeetion. Lender or its agent may make reasonable entries upon and ins~ctions of the Property. Lerider shall give Borrower 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 conseq~ential, in conneciion u~ith any condemnation or other taking of any part of the Property, or For conveyance in lieu oP c~~ndemnation, are hereby assigned and shall be paid to Lender. ln the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking ot the Property, unless $orrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shal) be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediatelg~ before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. If the Propeny is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers ta make an award or settle a c(aim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, 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 Instrument, 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 to in paragraphs 1 and 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 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 to commence proceedings against any successor in interest or tefuse 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. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Several Liabi:ity; Co-signers. The covenants and agreements of this Security Instrument shatl bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragra.ph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Secvrity 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 obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender 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. ll. Loan Charges. If the toan secured by this Security Instrument is subject to a law which sets maximum loan eharges, and that law is finally interpreted so that the interest or other loan charges collected or to be coUected in 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. 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. 13. I.egislation Affecting Lender'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, I,ender, at its option, may require immediate payment in Pu(1 of all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this opiion, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Notiees. Any notice to Borrower provided for in this Security Instrument shall be given by deEivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed ro the PropeRy Address or any other address Borrower designates-by notice to Lender. Any notice to L.ender shall be given by first ciass maii ro Lender's address stated herein or any other address Lender 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 a~ provided in this paragraph. 15. Governing Law; Severability. This Security Instrument shall be governed by federal law• and the law nf the jurisdiction in which the Property is located. In the event that any provision or clause of this Security tnstrument or the Note confticts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note . which can be given eR'ect 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 of the Note and of this Security [nstrument. 17. Transfer of the Property or a Beneficiat Interest in Borrawer. If all or any part of the Property or any interest in it is sold ar transferred (or if a beneScial 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, require immediate payment in full of all sums secured by this Security Instrument. 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 shail give Borrower notice of acceleration. The notice sha)1 provide a peric~ ~ of not tess than 30 days from the date the notice is delivered or mailed wiihin 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, Lendcr may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. ; 18. Bonower's Right to Reinstate. [f Borrower meets certain conditions, Borrower shali have the right to havc enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) S days (or such other period as ~ applicabte law may specify for reinstatement) before sale ot the Property pursuant to any power of sale contained in this 1 Security Instrument; or (b) entr~ 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 Insirument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays aU expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonabte attorneys' fees; and (d) takes such aetion as I,ender may reasonably require to assure that the lien of this Ser.urity tnstrument, 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 etTective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. eKos2s PbGfos9~