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HomeMy WebLinkAbout0924 ~ ~ • If Lender required mortgage insurancx as a condition of making the loan sxured by this Security Instrument, Borrower shall pay the pnmiums requiced to maintain the insurancx in effect until such time as the requirement for the insurana terminetes in accordsnnce with Borrower's and Lender's written egreement or applicable law. 8. Intpectioa. I.endtr or its agent may makc reasonable entries upon and inspectiona of the Property. Lender shall give Borrower notice at the time of or prior to an inapection specifj?ing reasonabie cause for the inspoction. 9. Coademaadon. The procads of any award or claim for damages, diroct or consequential. in connection with ~ any condemnation or other taking of any part of the Property, or for conveyance in licu of conderpnativn. are hereby assign~d and shall be paid to i.ender. In the event of a total taking of the PmpeRy, the procoeds shall be appliod to the suma securod by this Security Instrument, whether or nut then due, with any excess paid to Horrower. In the event of a parti~! taking of the Pmperty. unless Borrowe~ and Lender otherwise agree in writing. the sums socurod by this Security Instrument shxll be roduced Dy the smount of the procee~s multipliod by the following fraction: (a) the total amount of the sums secured immedlately befon the taking, divided by (b) the fair market value of the Property immediately before the taking. Any bal$ncr shall be paid to Borrower. If the Property is abandonod by Borrower, or if. after notia by Lendef to Horrower that the condemnor 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 procxcds, at its option~ either to restoration or npair of th~ Property or to the sums secured by this Security Instrument, whethcr or not theri due. Unless Lender and Borrower otherwise agree in writing, any application of proceccls to principal shall not eatend or postpone tha due date of the monthly payments referred to in paragraphs 1 and 2 or changethe amount of such payments. ' 10. Borrowe~ Not Releaeed; Forbearauce By I.eader Not a Wai~er. Eatension of the time for payment or ` modiflcation of amortization of the sums secured by this Security Instrument grantod by Lender to any successor in interest of Borrower shall not operate to nlease the liabitity of the original Horrower or Bonower's suocessors in interest. Lender shall not be req~ired to commence procoodings against any successor in interest or refuse to eatend time for payment or othe-~~ise modify amortization of.the;wns securod by this Security Instrument by reason of any demand made by the original Borrower or Bonower's suocessors in interest. Any forbearance by Lender in exercising any right or remody shall not be a waiver of or preclude the exercise of any right or remedy. 11. Successors and Asaigns Honnd; Jotnt and Serenl I.~ability; Casigaera. The covenants and aqraments of ~ this Socurity Instrument shall bind and bene8t the succxssors and assigns of Lender and Borrower; subject to the provisions ~ of paragraph 17. Borrower's covenants and agraments shail be joint and several. Any Bonower who co-signs this Socurity ' Instrument but does not execute the Note: (a) is casigning this Security Instrument only to mortgagq grant and convey that Borrower's interest in the Ptoperty 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 Borrowar 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. ~ f 12. Loan G~arges. If the loan sxured by this Security Instrument is subject to a law which sets maximum loan charges~ and that law is flnally interpreted so that the interest or othtr loan charges collectod or to be collcctcd in connection with the loan excad 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 execedod permittod limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed f under the Note or by making a direct payment to Borrower. If a refund reduces principal~ the roduction will be treated as a partial prepayment without any pnpayment charge under the Note. 13. Legisladon ARecting I,ender'a Rtghts. If enactment or expiration of applicable laws has the effect of rendering any provision of the Note or ~his Security Instrument unenforceable according to its terms~ I.ender, at its option, ` may roquire immediate payment in full of all sums securod by this Security Instrument and may invoke any remedies permitted by paragraph 19. If L.ender exercises this option, Lender shall take the steps specified in the sccond paragraph of paragraph 17. 14. Notices. Any notice to Borrower providcd for in this Socurity 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 Property Address or any other address Bonower designates by notice to Lender. Any notice to I.ender shall be given by ~ first class mail to Lender's address stated herein or any other address L.ender designates by notice to Borcower. 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. Go~erning I.aw; Se~erablltty. This Security Instrument shall be governed by foderal law and the Iaw of the jurisdiction in which the Property is located. In the event that any Provision or clause of this S~urity Instrument or the No te canflicts with a licable law su~h pp ~ conflict shall not affect other provis~ons of th~s Secunty Instrument or the Note which can be given effect without the conflicting provision. To this cnd the provisions of this Security Instrument and the Note are dxlarai to be severable. 16. Horrower's Copy. Borrower shall be given one conformed copy of the Note and of this Socurity Instrument. f 17. Traaafer of t6e Property or a BeneBcial Interest in Borrovrer. 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 Bonower is not a natural person) without Lender's prior written consent, I.ender may~ at its option~ require immediate payment in full of all sums secured by this Socurity Instrument. However~ this option shall not be eaercised by Lender if exercise is prohibited by federal law as of the date of this Socurity Instrument. If Lender exercises this option, Lender shall giv~ 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 Horrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted b~~ thfs Security Instrument without further notia or demand on Borrower. 18. Borrower's Rtght to Reinstate. If Borrower mats certain conditions~ Borrower shsll.have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) S days (or such other period as applicable law may specify for reinstatement) before sale of the Properiy pursuant to any power of sale contained in this Sccurity Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borirower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occunod; (b) cures any default of any other covenants or agroernsnts; (c) pays all expen~ incurred in enforcing this Security Instrument, including~ but not limited to, ressonable attorneys' fas; and (d) takes such action as Lender may reasonabty require to assure that the lim of this Security fnatrument~ Lender's rights in the Property and ~orrower'a 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 rem~in fuQy eBective as if no acceleration had occurred. Howerer, this right to reinstate shall not apply in the case of acctleration under paregraphs l3 or 17. ~85~9 PII~081~ ' . _ _ : _ _ r_. . : , . . _t_~_ _ _ . , . _ ~ . . - _ 1,..~ ~