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HomeMy WebLinkAbout0950 If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, E3orrow•er shall pay the premiums required to maintain the insurance in eRect until such time as the requirement for the insurance terminates in accordance with Borrowe~'s and Lender's written agreement ar applicable law. { 8, lnspection. Lender or its agent may make reasonable entries upon and i~spections of the Property. Lender f shall gi~•e Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnation. The proceeds ot'any award or claim for damages, direct or consequential, in connection with any condemnation or ather taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security lnstrUment, whether or not then due, with any excess paid to Borrower. In the event of a parlial Iaking of the Property, ; unless I3orrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by ~ Ihe amount of the proceeds multiplied by the following fraction: (a) the total amount ot the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before ihe taking. Any balance shall be paid to Borrower. lf the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor ofiers to make an award or settle a claim for damages, BorroH~er fails to respond to l.ender within 30 days aRer 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 agree 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 otsuch payments. 10. Borrower Not Released; Forbearance By I.ender Not a Waiver. Extension of the timc for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any suceessor in interest of Borrower shall not operate to release the liability of'the original $orrower or Bo~row~er's successors in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for pa}~ment or otherwise modify~ amortization of the sums secured by this Securit~~ Instrument by rcason of any demand made by the original Borrow•er or Borrower's successors in interest. Any forbearance b}~ Lender in exercising any right or remedy shall not be a w~aiver of or preclude the exereise of any right or remedy. 11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenan~s and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions . of paragraph 17. Borrower's co~~enants and agreements shall be joint and several. Any Borrower w•ho co-signs this Security Instrument but does not execute 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 pa~~ 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 with regard to the terms of this Security Instrument or the Note w~ithout that Borrower's consent. 12. Loan Charges. If the loan secured b}• 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 callected 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. Legislation Atiecting Lender's Rights. If enactment or expiration of applicable laws has the efi'ect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, ~ may reyuire immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies j permitted by paragraph 19. If Lender exercises this option, Lender shall take the ~teps specified in the second paragraph of - paragraph l7. - 14. Notiees. Any notice to Borrow•er 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 s Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by 6rst class mai) 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 gi~~en ta Borrower or Lender when given as provided in this paragraph. 15. Governing Law; Severability. This Security Instrument shall be governed by federal laa~ and the law of the ~ jurisdiction in which the Property is located. In the event that any pro~•ision or clause of this Security Instrument or the Note conflicts with applicable law, such conflict shall not afTect other provisions of this Security Instrument or the Note ' . which can be given efi'ect 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 the Property or a Beneficial Interest in Borrower. If all or any part of the Propeny or any . i~terest 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 nat 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 all sums secured by this Security In"strument. If 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. Borrower's Right to Reiestate. 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) S days (or such other period as ~ applicable law• may spec~fy 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 weuld 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 al! expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as I,ender may reasonably require to assure that the lien of this Security Instrument, I,ender'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 efFxtive as if no acceleration had occurred. Nowever, this right to reinstate shall not apply in the cau of acceleration under paragraphs 13 or 17 ~o~3s pa~ogso . - - ~