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HomeMy WebLinkAbout0994 ~ If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrow•er shall pay the premiums required to maintain the insurance in eflect until such time as the requirement for the insurance terminates in accordance with Borrowet's and Lender's written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Yropcrty. Lender shall gi~~e Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnation. The proceeds ot~any award or claim for damages, direct or consequential, in connection with any condemnatio~ or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shatl be paid to Lender. In the event of a total taking of the Property, the proceecls shall be applied to the sums secured by this Security ]nstrument, 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 lnstrument shalt be reduced by s. 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 balance shall be paid to Borrow~er. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrowe~ that the condemnor afters 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 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 Borrow~er 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 . paymen; or otherwise modify amortization of ihe sums secured by this Security (nstrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by l.ender in exercising any right or remedy shall not be a w•aiver of or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Several Liability; Co•signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrow~er's co~~enants and agreements shall be joint and several. Any Borrower who co-signs 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 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. 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 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 Borrow~er which exceeded permitted lirnits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the 1~ote 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. lf enactment or expiration of applicable iaws has the eflect of ~ rendering any provisior~ of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may require immediate payment in fu? of al! 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 Borrow~er provided for in this Seeurity Instrument shall be 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 _ ProFerty 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 designatesby notice to B~rro~ver. 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 Law; Severability. 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 pro~~ision or clause of this Secarity Instrument or the Note confticts with applicable law, such conflict shall not aRect 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 of 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 Property or any interest in it is sold or transferred (or if a beneficial interest in Borrowe~ is soid 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 a!I sums secured by this Security Instrument. Howerer, this option shall not be exercised by Lender if exercise is prohibi~ed by t'ederal law as of the date of this Security Instrument. If Lender exercises this option, I.ender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is deiivered or mailed within ~vhich Borrower must pay all sums secured by - this Security Instrument. If Borrower fails to pay the~e sums prior to the ezpiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18, Borrower's Right to Reinstate. If Borrower meets certain conditions, ~orrower shalf have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law• may spec~fy for reinstatement) before sale of the Property pursuant to any power of sale contained in this ~ Security Instrument; or (b) entry of a}udgment enforcing this Security Tnstrument. Those conditions are that Borrower: § (a) pays Lender all sums which then would be due under this Security Instrument and the 1~ote had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this r 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 Instrument, L.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 t Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had _ occurred. However, this right to reinstate shall not apply in the case of acceleration un$~~~~a~hs j~6q~~~ o~ Nt v ~ - - - . . _ _ , a.,~.