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HomeMy WebLinkAbout0969 If l,ender rcquircd 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 until such time as the requirement for the insurance terminates in accordancc with Borrower's and Lender's written agreement or appiicable law. a. Inspecdon. L,ender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection spocifying rcasonable cause for the inspection. 9. Coodem~atloa. The proceeds of any award or ctaim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Prope~ty~ or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to I.ender. In the event of a total taking of the Property, the proceeds shalt be applied to the sums secured by this Security Instrument, whether or not then du~ with any excess paid to Borrower. [n the event of a partia! taking of the Prop~rty, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security lnstrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums sc~cured 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 Lender to Borrower 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 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 Borrower otherwise sgree in writing, any application 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. 10. Borrower Not Released; ForbarAnce By Lender Not a Walver. Extension 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 required to commence proceedings against any successo~ 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 Assigns Bound; Jolat And Several Li~billty; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borro~++er, subject to the provisions of the paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but dces not execute the Note: (a) is co-signing this Secur ty Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Sec~rity [nstrument; (b) is not personatly obligated to pay the sums secured by this Security Instrumenr ancl (e) agrees that Lxnder and any other Borrower may agree to extend, modify~ forbear or make any accommodaiions with regard to the terms of this Security Instrument or the Note without that Borrower's consent. l2. Loan ChArges. lf the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that law is Cnally interpreted so that the interest or other laan charges collected or to be collected in connection with the loan exceed 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 Borrower which exceeded permitted limits will be refunded to Borrower. Lender 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. I.egistAt~on Affecting Lende~'s Rlghts. If enactment or expiration of applicable laws has the effect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, [.ender, at its option, may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. l4. Notices. Any notice to Borrower provided for in this Security Instrument shatl be given by delivering it or by mailing it by first class mail unless applicable law requires use of anothzr method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shail be given by first class mail to Lender'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. Governing Law; Seve~bility. This Security Instrument shall.be governed by federal law and the law of the jurisdiction in which the Property is located. tn the event that any provision or clause of this Security Instrument or the N'ote 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 eonflicting provision. To this end the provisions af this Security Instrument and the Note are declared to be severable. lb. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. '[lransfer of the Property or A Beneficixl Interest in Borrower. [f 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 L.ender'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. [f Lender exercises this option. L.ender 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 all sums secured by this Security Instrument. [f Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. ` ~ 18. Bonower's Rig6t to Reinstat~ If Borrower meets certain conditions~ ~3orrower shall 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 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 tnstrument and the Note had no ~ acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in ~ enforcing this Security [nstrument, 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 Instrument~ 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 had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs ~ 13 or 17. ~ ~ i siszs3o3-oses ~ ~ ~R053~ P~,rE0967 ~ _ . _ _