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HomeMy WebLinkAbout0963 ' c~ 1 ~.1 if Le~de~ rcquired mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in efFect u~til such time as the requirement tor the insurance tuminates in accordance with Borrowe~'s and Lender's written agrament or applicable law. 8. Inapection. Lender or its agent may make reasonable entria upon and inspections of the Propeny. Lender shall give Borrower notice at Ihe time of or prior to an insptction specifying reasonabte cause for the inspoction. 9. Coademn~tlon. The proceeds of any award or claim for damages. direct or consoquential~ in connection with • any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to I.tnder. In the event of a total taking of the Property, the procads shall be applied to the sums secured by this Security Instrument~ wheth~r or not then due~ with any excess paid to Borcower. In the eve~t of a partial taking of the Property, unless Borrower and Lender otherwise agrce in writing, the sums secured by this Security Instrument shall be reduced by the amount of t1~e proceeds multiplied by the following fraction: (a) the total amount of the sums securod immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. ~ If the Property is abandoned by Borrower, or if, after notice by I.ender to Borrower that the condemnor oflers to make an award or settle a claim for damages, Bonower fails to respond to Gender 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. Untess I.ender and Bonower otherwise agree in writing, any application of proceeds to principai shali not extend or postpone the due date of the monthly payments referrcd to in paragraphs I and 2 or change the amount of such payments. 10. Borrower Not Released; Forbeuance By I.eader Not a Wairer. Extension of the time for payment or modification of amortization of the sums ~ocured 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 required to commence proceedings against any successor in interest or refuse to eatend 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 Borcower'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 Assigns Bound; Joint and Serertd Ll~bility; Caslgners. The covenants and agreements of this Security Ipstrument shall bind and benefit the successors and assigns of Lender and 8orrower~ subject to the provisions of paragraph 17. Borrower's covenants and agrcements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not eaecute 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 lnstrumenh 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 exceed the permetted 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 excceded permitted limits wifl be refunded to Borrower. Lender may choose to make this rei'und 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 p~rtial prepayment without any prepayment charge under the Note. 13. Le~slation ARecNng Lender's Rlghts. If enactment or expiration of applicable laws has the effect of i rendering any provision of the Note or this Security Instrument unenforceable according to its terms, I.ender, at its option, may require immediate payment in full of alt sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this option, I.ender shall take the steps specified in the second paragraph of paragraph 17. 14. Notices. Any notice to Borcower 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 notic~ shall be directed to the Property Address or any other address Borrower designates by notice to L.ender. Any notice to I.ender shall be given by first class mail to L.ender's address stated herein or any other address Lender designates by notice to Borrower. 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. Coverning I.aw; Severability. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is locatod. 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 conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Barmwer's Copy. Bonower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of the Pcoperty or a Beneflcial Interest in Borrower. If atl or any part of the Properiy 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 ~ ~serson) without Lend~r's prior written consent, I.ender 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 1 federal law as of the date of this Seeurity Instrument. . If Lender exercises this option, I.ender shall give Borrower ~otice of acccleration. The notice shall provide a period of not less than 30 days from the date the notict is delivered or mailed within which 8onower must pay all sums secured by this Security Instrument. If Bonower fails to pay these sums prior to the eapiration of this period, Lender may invoke any remedies permitted by this Security Instrumrnt without further notice or demand on 8anower. 18. Borrower's Rig6t to Reinatate. If Bonower moets certain conditions~ Bonower shail have the right to have enforcement of this Security Instru~ent discontinued at any time prior to the earlier of: (a) S days (or such other period as applicable !aw may spocify for reinstatement) before sale of ths Property pucsuant to any power of sale containcd 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 tbis Sxurity Instrument and the Note had no acceleration occurred; (b) cures any detault of any other covenants or agroesnrnts; (c) pays all expenses incurced in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fas; and (d) takes such action aa Lender may reasonably roquire to assure that the lien of this Security Instrument. Lender's rights in the Property and Borrower's obligetion to pay the sums secured by this Security Instrument shali continue unchanged. Upcm reinstatement by Bonower. this Security Instrument and the obligations socurod hereby shall rtmain fully effoctive as if no acceleration hsd occunod. Wowever. this right to reinstate ahall not apply in the case of acceleration under p.an~graphs 13 or 17 ~vs3~ ~o~s~ ~ __~...~.~V_~.._ . . ` t:.