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HomeMy WebLinkAbout0964 8. Inspection. Lender or its agent may make reasonable entties upon and inspections of the Property. l.ender shall give Borrower notice at the time of or prior to an inspection specifying rcasonable cause fot the inspection. 9. Condemnatlon.The proceeds of any award or claim for damages, direct or conscquential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condtmnation, are hereby assigned and shall be paid to I.ender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security lnstru- ment, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of 1he Property, unless Borrower and L.ender otherwise agree in writing, the sums secured by this Security Inswment 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 Property immediately before the taking. Any balanc.~ shall be paid to Borrower. If the Property is abandoned by Bonower, or if. after notice by Lender to Borrower that the condemnot offers to make an award or settle a claim 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 Borcower otherwise agree in writing, any applicadon of procceds to principal shall not extend or postpone the due date of the monthly payments referced to in paragtaphs 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 modifica- tion of amortization of the sums secured by this Security Instrument granted by Lender to any successar in interest of Bonow- er shalt 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 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. 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 Se~erai Llability; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Bonower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Securiry - Instrument but dces not execute the Note: (a) is co-signing this Security Inswment only to mortgage, grani and convey that 8orrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the 4 sums secured by this Security Instrument; and (c) agrees that Lender and any other Borcower may agree to extend, modify, • forbear or make any accomma~lations with regard to the terms of this Security Instrument or the Note without that Borrow•er's " consent. - 12. Loan Charges. If the loan secured by this Security Inswment is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected 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 Bonower which ezceeded permitted limits will - be refunded to Bonower. l,ender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. [f a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. _ ; 13. I.egislation Affecting I.ender's Rights. If enactment or expiration of applicable laws has the effect of rendering any provision of the Note or this Security instrurrient unenforceable according to its terms, Lender, at its option, may require immediate payment in full of al! sums secured by this Security instrument and may invoke any remedies permitted by para- ~ graph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph t7. - ' 14. Notices. Any n~tice to Borrower provided for in this Security Instrument shall be given by delivering it or by = i mailing it by first class mail unless applicab(e law requires use of another method. The notice shall be directed to the Property ` ~ Address or any other address Bonower designates by notice to Lender. Any notice to Lender shall be given by first dass .fi mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided :3 ~ for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as pravided in this ~ paragraph. ' I5. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the juris- F diction 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 Securiry Instrument and the Note ~ are declared to be severable. 3 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Inswment. ' ~ 17. Transfer of the Property or a Be~eficial Interest in Borrower. If all or any part of the Property or any interest ~ in it is sold or transferred (or if a beneficial interest in Borrower is sotd 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 Ee 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 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, I.ender may invoke any remedies permitted by this S~curity Instrument without further notice or demand on Borrower. 3 18. Borrower's Rig6t to Reinstate. If Borrower meets certain conditions, Bonower shall have the right to have en- _ forcement of this Security Instrument discontinued at any time prior to the eatlier cf: (aj S days (or such other period as applicable law may specify for reins?atement) before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Securiry Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Inswment and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Insw- ment, 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, Lender's rights in the Property and Borrower's ~bligation to pay the sums ; secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Inswment - and the obligations secured hereby shall remain fulty effective as if no acceleration had occurreci. However, ihis right to reinstate shal! not apply in the case of acceleration under paragraphs 13 or 17. eKQ526 PA6E0958 _4 ~ _ ~