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HomeMy WebLinkAbout0953 If Lender roquired mortgsge inaurance sa a oondition of making the l~an socured by this Security In~trument, ~ BorroMtr shall pay the prea?iuans roquired to anaintaia the insurance in e6ect until such time at the roquirement for the insunac~e terminatea in aocordaac~ ~vitb BomoMer'a and Lender'a writteu agrecment or spplicable 4w. S. lapee!la~. I,e~u or its sgmt n~y mdce reasoaable entriea upon and inapoctiona of the Property. Lender ahaU aive Horro~ver notia st tbe time of or prior to an ir~~ction epecifying raaonsble cauae for the inapxtion. 9. CoadaaNHo~. 'I'be proooeda ot u?y awud or claim for damages. direct c+* consequential~ in oonnection Mith any ooad~mnatioa or other taking of any put of the Property. or for oonvey~noe in tieu of cpndemr~stion, are hereby aaianod ~nd shait be paid to Laider. In ihe event of a total taki~g of tbe Property, the proceods shall be applied to the sums aacurod by this Security Instrumtnt, whether or rtot tha? due, with any exaaa psid to Borrower. In the evmt of a partial Wang of ihe Property~ unle~s Hotrorver and Lender otherwiae agree in writing. the aums aecwbd by thia Security Instrument shall be reduoed by the amount of the prooe~eda multip[ied by the following fnetion: (aj the total amount of the sums secwed immediately btfore the hicing. divided by (bj the fiir autket value of the Property immediat~ly before the taking. Any balance shsll be paid to Horrowcr. ~ If the Property is abandoued by Bortower. or if. after notice by I.ender to Borrower that tht condemnor oQ'trs to mvice u~ s~vard or aettk a claim for damsgea. Borrower fa?ils to respond to Lender within 30 days aRer the date th~ noti« is given, I.ender ia authorized to collect and apply the proceeda, at ita option, either to restoration or repair of the Property or w the aums aecurod by this Security Iaatrurnent, wbether or rwt then due. Unkse I.ender and Horrower otherwiae agree in writing. any spplication of prviceods to principal sha11 not estend or poatpone tbe due date of the ma~thly paynieata rcternd to in p~ragr~phs 1 and 2 or chang~ the amount of such payments. 10. Horrowee Not Reka~ed; Forbaraaoe By I.~ad~r Not a Wd~er. Eatcnsion of the time for payment or modi6c~,tiou af amortizstion of the au~na aecurod by thia Socurity Instrument granted by Lender io any saccessor in interest of Aorro~?ru ahall not operate to release the liability of the original Bonower or Bonower's successors in interest. La~da ahall not be required to oommeaoe proaedinga against any sncctssor in interest or refuse to eatrnd time for payment ar otherwiae modify amortizstion of the sums aecured by this Security Instrumcnt by reason of any demand made by the original Borrorver or Bomower'a succeasors in interest. Any forbearar~ce by Lender in eaercising any right or remody shsll not be a waiver of or preclude the eacercise of atty right or nmedy. ii. Saooa~on nd Ard~et Hou~ Jotet aad Se~a~al I.iabWty; C.o~ners. The covenants and agroements of this Seceuity Instrumeat ahall bind and beae8t the succassars and assigns of Lender and Borcower, subject to the provisions of pa~rsgnph 17. Borrower's covenanta and ~reements shall be joint and several. Any Borrower who casigns this Security Instrumeat but does not execuie the Note: (a) is oo-signing this Security Instrumcnt only to mortgage, grant and convey that Borro~ver'a interest in the Property under the ter~aa of this Security Instrument; (b) is not personalty obligased to pay the aums aec»rod by thia Security Iastrumrnt; and (c) agrees that Lender and any other Bonower may agroe to extend. modify~ forbar or malce any sccommodations with regsrd to the terms of this Socurity Instr~ment or the Note without thst Bocrower's oonsent. 1~. Lo~n C6ar~. If the loan sccurod by this Security Instrument is subjoct to a!aw which sets maximum toan ; chargea aad that law ia &ially interpretod so that the intenst or other taan charges collocted or to be collected in ' c~onnection with the losn exoood the permittod Gmits, than: (a) any such loan chargc shall be roducad by the amount necxeaary to redt:ce the chuge tv the perrnitted limit; and:(b) any sums already collected from Borrower which excooded i permitted limits will be refunded to Borrower. Lendtr may cho~e to make this refund by reducing thc principal owed under the Note or by auking a direct payment to Borrower. If a refund reduces principal, t6e roduction will be treatod as a ; p~rtial prepaymeat without any prepaymeat charge under the Note. ; 13. I.e¢tlatios ARect~ag Leader's Rt~ht~. If enactment or expiration of applicable laws has the effxt of ' reade~ng aay provisioa of the Note or this Secwity Instrument unenforceable according to its terms~ Lender, at its option. ~ may require immediate payment in full of all sums securod by this Sccurity Instrument and may invoke any remedies ' permitted by pmiragraph 19. If Lender exercises this option, I.ender shall take the steps spxified in the socond paragraph of ~ pangraph IT. 14. Notlas. Any noticx to Borrower providod for in this Socurity Instrument shall be given by delivering it or by mailing it by 6rst class mail unless applicable law requires use of another method. The notice shall be direct~d to the Property Address or any other addre~s Borrower designates by notice to Lender. Any notice to Lender shall be given by Srat claaa mail to Lender'a address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Socurity Instn~ment shall be daemed to 6ave been givon tdBorrower or Lender when given as proridod ~ in t8is psrsgrsph. ' IS. Go?erni~ Law; Se~erabllfty. This Security Instrument shalt be governed by foderal law and the Iaw of the juriadiction in which the Property ia locatod. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable lsw, such conAict shall not affoct other provisions of this Security Instrument or the Note which can bt given effect without the conaicting provision. To this ensi the provisions af this Security Instrument and the Note are declarod to be severabte. ~ 16. Borrow~ Copy. Borrower shall be givm one conform~d copy of th~~Iote and of this Security Instrument. 17. Tnnsfer ot ti~e PEOperty or a Bene8dal Iaterest tn Borrower. If all or any part of thc Property or any ~ inttrest in it ia sold or tnuisfared (or Ji bene6cisl interest in Borrower is sold or transfoned and Borrower is not a natural person) without Lender'a prior written consent~ Lender may~ at its option~ require immediate payment in ful! of a!! sums ~ aecurod by t6ia Security Inatntmrnt. However~ thia option shalt not be exercisod by Lendor it eaercise is prohibited by federal Jsa as of the date of thia Seeurity Instrument. j If I.ender exerciaea this option, I.eader shall give Borrower notice of accekration. The aotice shall provide a period ~ of not leas than 30 dayt from tlu date the notice is delivcred or mailed within which Borrower must pay ail sums securod by ; this Security Inst~~ If Borrawer fails to pay these aums prior to the expiration of this period, I.ender may invoke eny ~ remedies pennitted by this Socurity Inatrurarnt without further notice or demand on Bonowtr. 18. Horrower's R~t ta Rsiaststa If Horrower mtets certain condiiions, Borrower shall have the right to have enforceinent of this Security Inatnunent discontinued at any time prior to the earlisr of: (a) S days (or such other period as ipplicable laM may apecify for reinstatement) bdote sale of the Property pursuant to any power of sale containtd in this Security Instrumrnt; or (b) eatry of a judgment enforcing this Security Instrum~nt. Those conditions are that Borrower: (a) paya Lender aU sums which thai woutd be due under this Security Instrument and tt?e Note had ao acceleration oocurred; (b) curea any deftult any other covrnants or ageements; (c) pays all expenses incun~ed in rnforcing this Secusity Instrument, including, but not limited to, reasonable attorneys' fas; and (d) takes such action as Lender may rawnably requin to aasure that the lien of this Security Instrumrnt~ Lender's rights in the Property and Borrower's ; obligatiun to ~y ~e sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Horroaer. this Security Instrumalt and the obGgations secured hereby shaU remain fuily eff~etive as if no:cceleration had ; acurred. However. tbi: right W r+ansute shall noi apply in the case of axeleration und pl~s' 13 or 17. ~ ~s~~ ~oe~e ~~i~ ~i i ~7 _ - _ _ _ , . . . _ . i ' ' .