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HomeMy WebLinkAbout0949 ~ . • ' i ~ 5 > If' Lender required mortgage insurance as a condition of making the loan secured by this Secarity Instrument. ~ Borrower shall pay the premiums required to maintain the insurance in eRect until such time as the requirement for the ~ insurance terminates in accordance with Borrower's and I.ender's written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entries upon and irtspections of the Property. Lender shall give Borrower 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 damages. direct or conseyuential~ in connection with = any condemnation or other taking of any part of the Property. or for conveyance in lie~ of condemnation, are hereby ; assigned anc! 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 Instrument. whether or nat then due, with any excess paid to Borrower. In the event of a partial taking of the Property. unless Borrowerand I.ender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately befo~e the taking, divided by (b) the fair market valiie of the Property immediately before the taking. Any balance shall be paid to Bonower. If the Property is abandoned by Bottower. or if, after notice by I.cnder to Bonower that the condemnor ofFers to make an award or settle a claim for damages. Bonower fails to respond to Ixnder 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 Bonower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referced to in paragraphs 1 and 2 or change Ihe amount of such payments. ~ 10. Bonower Not Released; Forbearance By I.~nder Not a Wairer. Eatension 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 Borrower or Borrower's successors in interest. Lender shall not be reqaired 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 Asstgns Bound; Joiat and Several Liabiltty; Co-sIgners. The covenants and agreements of this Security Instrument shall bind and benefit the successors and as'signs of I.ender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who casigns this Security ~ _ Instrument but dces not execute the Note: (a) is co-signing this Security Instrumeni 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 I,ender and any other Bonower 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 ~ecured by this Security Instrument is subject to a law which sets maaimum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to t~e collected in connection with the loan exceed the permitted iimits, 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 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. If a refund reduces principal, the reduction will be treated as a ~ partial prepayment without any prepayment charge under the Note. ~ 13. Legis(aHon Affectiag Lender's Rjghts. If enactment or expiration of applicabie laws has the ettect of ~ rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender. at its option, ~ ' may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies I~ permitted by paragraph 19. If Lender exercises this option, Lender shal! take the steps specified in the second paragraph of T ~ paragraph 17. 14. Notices. Any notice to Borrower provided for in this Security 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 Borrower designates by notece to Lender. Any notice to Lender shall be given by first class mail to L.ender's address stated herein or any other address Lender designates by notice to Bonower. Any notice provided for in this Security Instrument shal) be deemed to have been given to Borrower or Lender when given as provided : ; in this paragraph. • 15. Governing Law; Sererability. 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 provision or clause of this Security Instrument or the 3 Note conflicts with applicable law, such conHict shall not afTect 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 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, Lender may, at its option, require immediate payment in full of all sums secured 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 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 aU sums secured by _ # this Security Instrument. If ~iorrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security lnstrument without further notice or demand an Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall 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 applicabte taw may specify for reinstatement) before sate 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 Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforeing this 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 fnstrument, Lender's rights in the Property and Borrower's 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 remain fully effective as if no acceleration hsd occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. ~K4530 Pa6E0948 - -