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HomeMy WebLinkAbout0915 • ~ f ! ~ If Lender ~equired mortgage insurance as a condition of tnaking the loan secured by this Security Instrument, Borrow•er shall pay the prcmiumc required to maintain thc insurancc in efl~ct until such time as the requirement far the ' insu~ance terminates in accordance w~ith Borrowtr's and Lender's written agrcement or applicable law. ~ 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender ~ shall give 8orrow~er notice at the time af or prior to an inspection specifying reasonable cause Por the ins~xction. ~ 9. Coademnation. The praeeds of any award or claint for damages, direct or consequential, in connection with any condemnation or othzr taking of any part of the Property, or for conveyance in lieu of condemnation. ~re hereby ' assigned and shali be paid to Lender. In the event of a total taking of the Propeny, the proceeds shall be~pplied to the sums secured by this Security~ Instrument. ~~hether or not then due~ with any excess paid to Bonower. ln the event of a partial taking of'the Property. j unless Borrower and l.ender othenvise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the Pollowing Praction: (a) the total amount of the sums stcured immediately before the taking, divided ~ry (b) the fair market value of the Properq~ immediately before the taking. Any balance shall be paid to Borrower. ~ If the Property is abandoncd by Borrower, or if, after notice by Lender to Borrower that the condemnor oRers to ~ make an award or settle a claim far damages. Borrowec fails to respond to l,ender within 30 days afler 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 Propcrty or to the sums secured bv this Security Inst~~menF whether or not then due. ~ Unless Lender and Borrower otherwise agra 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 nayments. 10. BonoMer Not Releaaed; Forbearance By Leoder Not a Ws~irer. Extension of the time for payment or modification of amortization of the sums securod by this Socurity Instrument granted by Lender to an~~ successor in interest of Borrower shall not operate to release the liability of the original 8orrower or Borrower's succcssors in interest. Lender shall not be required t~ c6mmence proceedings against any successor in interest or refuse to extena time for ~ payment or otherwise modify amortization of ~he sums stcured 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. ll. Suecesssors aad Assigns Bound; Joiat s?ud Several I.[ability; Co-sigaers. The covenants and agreements of this Security Instn~ment shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Bonower's covenants and agreements shall be joint and several. Any BorroK~er who casigns this Security Instrument but does not ~xxute 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 Instr.~ment; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that L.enoer and any other 3orrower may agree to extend, modiPy, forbear or make any accommoclations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 12. Loan Cfiarges. 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 permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the pernnitted limit; and (b) any sums already collecte~ t~om Borrower which exceeded permitte~ limits wiil be refunded to Bonower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct paym~nt to Borrower. If a refund reduces principal, the reduction will be treated as a ~ partial prepayment without any prepayment charge under ihe Note. 13. Legislation AtTecting Lender's Rights. If enactment or eapiration of applicable laws has the effect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender. at i~s option, may rec~uire immediate payment in fuil of all 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. ld. NQtices. Any notice to Borrower providod for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use oP another method. 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 class mail to Lender's address stated herein or a~y ~ther address l.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. Gor~trnIng Law; Severability. This Security Instrument shall be governed by federal !aw and the law of the jurisdiction in which the Proptny is located. In the event that any provision or clause of this Security Instrum~nt or the Note conflicts with applicable law. such conflict shall not aflect other provisions of this Security instrument or the Note which can be given effect without the conflicting ~rovision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 1~5. Borrower's Copy. Bonower shall oe given one conformed copy of the Note and o!'!his Security Instrument. 17. Traasfer of the Property or a BeneBcinl Interest in Borrower. If all or any part of the Property or any interest in it is sold or transfened (or if a beneficial interest in Borrower is sold or transferrcd 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 ezercised by I.ender if exercise is prohibited by federal law as of the date of this Security Instrument. - It Lender exercises this option, L,ender shall give Borrower notice of acceleration. The notice shall pro~~~e a periai of not less than 3~J 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 ~seriod, L.ende~ may invoke any remedies pecmitted by this Security Instrument without iurther notice or ~emand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this ~:uriiy Instrument discontim~ed 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 Instrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in rnforcing this ' Security Instrument, including, but not limited to, .?essonable attorneys' fees; and (d) takes such action as I.ender may ~ reasor.ably require to assure that the lien of this Security Instrument, L.ender's rights in the Property and Borrower's ~ obligation to pay the sums secured by this Securiry instrument shall continue unchanged. Upon reinstatement by ~ Bo~rower, this Security Instrument and the obligations secured hereby shall remain t~j:iy effective as if no acceleration had ~ occ:~rred. However, this right to reinstate shall not apply in the case of accekration under paragraphs 13 or 17. ~ ~a 5 3 7~6E0 9 t 3 ~ -r~.-~ : - . - - ~