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HomeMy WebLinkAbout0991 : ~ . • . If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Bonower shall pay the premiums requirod to maintain the insurance in effect until such time as the rcquirement for the insurance terminates in accordance with Borrower's and I.tnder's written agrament or applicable Iaw. 8. IaapecHon. Lender or its agent may make reasonable entries upon and inspoctions of the Property. L.ender shall give Bonower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnatton. The proceeds of any award or claim for damagts~ direct or consequential, in connectian with any condemnation or other taking of any part of the Property, or for conveyance in li¢u of condemnation, are hereby assigned and shall be paid to L~.ender. In the event of a total taking of the Property, the proceeds shall be appiied 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 of the Property, unless Bonower and I.ender otherwise agra in writing, the sums secured by this Security Instrument shall be reduced by the amount of the procoods multipliad 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 Pro~er~tr~mediately before the taking. Any balance shall be paid to Borrower. • If the Property is abandcnod by Bonower, or if, after notice by Lender to Bonower that the condemnor offers to make an award or settle a claim for damages~ Bonower fails to respond to L.ender within 30 days aRer the date the notice is given. Lender is suthorized to collect and apply the proceecls, 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 Bonower otherwise agra in writing. any application of proceeds to principal shall not eatend or postpone the due date of the monthly payments referced to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbeannce By Lender Not a Walver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to a~~y successor in inttrest of Bonower shall not operate to release the liability of the original Bonower or BorrowEr's successors in interest. Lender shall not be required to commence procadings 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 Bonower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or prxludt the ezercise of any right or remedy. !1. Succeasors tad Assigns Bound; Joint and Severnl Liabtlity; Co-si~ers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of L.ender 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 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 Bonower'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 eacoed 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. Lender may choose to make this refund by reducing the principat 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. Le~slation Aliecting I.~nder's Rlghts. If enactment or expiration of applicable laws has the eftect of rendering any provision of the Note or this Security tnstrument unenforceable according to its terms, Lender, at its option, ' m~y require immediate payment in full of all sums secured by this Security Instrument and rrtay invoke any remedies ; permitted by paragrapl~ 19. If Lender exercises this option, L.ender shall take the steps specified in the second paragraph of ~ paragraph 17. ~ 14. Notices. Any notice to Bonower provided for in this Security Instrument shall be given by delivering it or by mailing it by 6rst ctass maii unless applicable 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 class mail to Lender's address stated herein or any other address L.ender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Barrower or Lender when given as provided in this paragraph. 15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the 1aw of the jurisdiction in which the Properiy 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 con8icting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Borror?er's CoRy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfer o! t6e 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 Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, L.ender may, at its option, require immediate payment in fuli of ail sums s~cured 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 L.ender 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 mail,.d within which Borrower must pay all sums secured by this Security Instrument. If Bonower fails to pay these sums prior to the expiration of this period, I.ender may invoke any rsmedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcemeni 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 of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays L.ender all sums which then would be due under this Seeurity Instrument and the Note had no acceleration occurred; (b) cures any defavlt of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as L.ender may reasonably require to assure that the lien of this Security Instrumtnt, I.ender's rights in the Property and Borrower's obligation to psy the sums secursd by this Security Instrument shall coniinue unchangod. Upon reinstatement by ~onower, this Security Instrument and the obligations secured hereby shall remain fully effective ~s if no acceleration had occuned. However, this right to reinstate shall not apply in the case of acceteration under paragraphs 13 or 17. $~0527 P~0989