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HomeMy WebLinkAbout0951 t . • ~ ~ ~ If I.ender required mongege insurance as a condition of making the loan secured by this Security Instrument. ` Borrower shall pay the prcmiums requirod to maintain thc insurance in effxt until such timc as the requirement for the i~surance terminates in accordance with Bonower's and I,end~r's written agroement or applicable law. ~ 8. Iaspection. L.ender or its agent may make reasonable entries upon a?ed inspcctions oP the Property. I.ender ~ shall give Horrower notict at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Coodemn~Haa. The proceods of any award or claim for damages~ direct or consequential, in connection with r any condemnation or other taking of any part of the Property, or for conveyance in iieu oi condemnation, are hereby ~ assigned and shall be paid to Lender. In the ev~nt of a total taking of the Property~ the proceeds shall be applied to the sums secured by this Security Instrument, whether or not thtn due, with any excess paid to Borrower. ln the event of a partial taking of the Property, ~ unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by ~ the amount of the procoods multiplied by the following fraction: (a) tht total amount of the sums secured immediately ~ ~before the taking, dividod by (b) the fair market valuc of the Propcrty immediately before the taking. Any bafance shall be ' paid to Borrower. - ~ If the Property is abandonod by Borrower. or if. after notice by Lender to Borrower that the condemnor offers to ~ make an award or settle a claim for damages, Bonower fails to respond to I.ender within 30 days aRer the date the notice is giyen, Lend~r is authorizod to collect and apply the proceals. at its option~ either to restoration or repair of the Property or ~ t6 the sums secuced by this Security Inst~ument~ whether or not then due. Unlass I.ender and Borrower oth~rR~ise agree in ~:riting~ sny appliration of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. l0. Borrower Not Relessed; Forbesrance By Lender Not s W>tirer. Extension of the time for payment or modification of am~rtization of the sums secured by this Security Inslrument granted by Lender to any successor in interest of Bonower 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 extend time for payment or otherwise moclity amortization of the sums secured by this Security Instrument by reason of any demand made by the original Bonawer or Borrower's successors in interest. Any forbearance by L.ender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. _ 11. Successors aad Assigns Bound; Joint and Se~eral Ltability; Co-si~ners. The covenants and agreements of this S~curity Instrument shali bind and bentfit the succtssors and assigns of Lender and Borrower, subject to the provisions of paragraph t 7. Sorrowee's covtnants and agraments shall be joint and several. Any Bonower who casigns this Security Instrument but does not exxute the Note: {a) is co-signing this Security Instrument only to mortgage, grant and convey that Bonower'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 a+ith 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 interpretcd so that the interest or other loan charges collected or to be collected in connection with the loan eaceed the permitted limits, then: (a) any such loan charge shail be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected Prom Borrower which exceeded permitted limits wi1) be refanded to Bonower. I.ender may choose to make this refund by reducing the principal owed under the Note or by makiag 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~tslatlon AReeting I.ender's Rlghts. If enactment or eapiration of appticable laws has the eflect of rendering any provision of the Note or this Security Instrument unenForceable according to its terms, Lender, at its option, may require immodiate payment in full of al! sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If I.tnder exercises this option, I.ender shall take the steps specified in the second paragraph of paragraphl7. 14. Notiees. Any notice to Bonower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail untess applicable taw requires use of another methad. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first elass mail to I.ender's address stated herein or any other address I.ender 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. Gorerttlpg Lavr; Severability. This Security Instrument shali be governed by federal !aw and the !aw of the jurisdietion in which the Property 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 aR'ect 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. Bonower's Copy. Horrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfet of t~e Property or a BeneRcial Interest te Borrower. !f all or any part of the Yropeny or any ' interest in it is sold or transferred (or if a beneficial inter~st in Borrower is sold or transferred and Borrower is not a natural person) without L.ender's prior written consent. Lender may, at its option, require immediace 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 foderal law as of the date of this Sxurity Instrument. If I..ender exercises this option, Lender st~all give Borcower notice of acceleration. 'The notice shall provide a period vf 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 Borrower fails to pay these sums prior to the expiration of this period, L.ender may invoke any remadi~s permitttd by this Security Instrument without further notice or demand on Borrower. 18. Borrower's RIg6t to Retastate. If Borrower meets certain conditions, Borrower shali have the right to have enforcemtnt 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 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 I.ender all sums which then would be due under this Security Instrument and the Note had no acceleration occurrod; (b) cures any default of any other covenants or agrcements; (c) pays all expenses incurred in enforcing this Security Instrument~ including, but not limited to. reasonable attorneys' fees; and (d) takes such aetion as I.ender may reasonably require to assure thst the lien of this Socurity Instrument. I.cnder's rights in thc Property and $orrower's obligation to pay the sums securod by this Security Instrument shaU continue unchanged. Upon reinstatement by Borrowcr, this Socurity Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceteration under paragraphs 13 or 17. eK0 5 3~€ PA~EO 9 4 9 aooK 504 ~ACf 1452 ~ ~ _ _ . ~ -.~t.