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HomeMy WebLinkAbout0924 ~ ~ 1 j ' ~ ~ ~ lf Lender requi~ed Rtortgagc insu~ance as a condition of making the loan sccured by th+s Security lnstrument, ' Borrower shall pay the premiums required to maintain the i~su~,nce in effect until such time as the requirement for the ` insurance terminates in accordance with Bo«owet's and I.ende~'s written agrament or applicable law. ~ ~ 8. Inspection. Lender or its agent may make reasonable entri~s upon and inspections ot the Property. Lendcr ~ shall give Borrower notice at the time uf or prior to an inspection specifying reasonable cause for the inspection. ; 9. Condemnation. The proceeds of any award or claim for damaga, direct or consequential. in conntction with ~ any condemnation or othe~ taking at any part of ihe Property. or for conveyance in lieu of condemnation, are herehy assigncd and shall be paid to Ltnder. ' In the event of a total taking of the Propeny. Ihe procceds shaU be appiied to Ihe ~ums secured by this Security InstrUment. whether or not then due. with any excess paid to Borrower. In the event of a partial taking of the Prope~ty. i unless Borrower and Lender othenvise agrce in writing. the sums secured by this Security Instrument shall he reduced by 4 the amount oP ti~e proceeds multiplied by the tollowing fraction: (a) the total amount of the sums secured immediately , bePore the taking, divided by (b} thc fair market value of the Property immediately before the taking. Any balance shall be ~ paid to Borrower. ~ If the Property is abandoned by Aorrower. or if. aRer notice by Lender to Borrow~r that the condemnor offers to ~ make an award or settle a claim for damages, 8orrower fails to respond 1o Lender within 30 days aRer the date the notice is - given, I.ender is authorized to collect and apply the proceeds, at its option, either ta restoration or r2pair of the Property or to the sums secured by this Security Instrur*~ent. 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 of such payments. s 10. @orrower Not Released; Forbearance By Lender Not a Wptver. 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 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 Borrower or Borrower's successors in interest. Any forbearar.ce by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Successsors and Assigns Bound; Joint and Se~eml I.iability; Co•signers. The covenants and agrcements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borroa~er s covenants and agreements shall be joint and several. Any Borcower who casigns 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 obtigated 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 an~ accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 12. Losn Charges. tf the toan 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 toan 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 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 ret'und reduces principaf, the reduction will be treated as a partial prepayment without any prepayment charge under the I~iote. 13. I.egislation Affeeting Lertder's Rights. If enactment or expiration ot applicable laws has the efTect of rendering any provision of the Note or this Security Instrument unenforceable according ta its terms, Lender, at its option, ~ may require immediate payment in full of all sums secured by this Security lnstrument and may invoke any remedies ~ permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the secQnd p~ragraph of : paragraph 17. t 14. Notices. Any notice to Borrower 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 sha11 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'~ address stated herein or any other addr~ss 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. I5. Governing Law; Severability. This Security Instrument shal! be governed by federal law and the law of the jurisdiction in which the Property is located. In the event that any provis~on or clause of this Security Instrument or the Note conflicts with applicable law. such conflict shall not aff'ect other provisions of this Security Instrument or the Note - which can be gi~en effect without the conflicting provision_ To this end thc provisions of this Security Instrument and the Note are declared to be severable. 16. Bonower's Gopy. Borrower shall be given one ~onformed copy of the Note and of this Security Instrument. 17, Transfer of the Property or a BeneRcial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferrcd (or if 2 beneficia! ~nterest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior wrilten consent. Lender may, at its option, require immediate payment in full of all sums s.,-cured by this Security Instrument. However. this option shall not be exercised by Lender if exercise is prohebited by ' federal iaw as of the date of this Security Inslrument. ~ If I.ender exercises this option, Ixnder shaU give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days trom the date the noti::e is delivered or mailed within which Borrower must pay all sums secured by iY this Security Instrument. If Borcower fails to pay these sums prior to the expiration of this period. Lender may invoke any rerr,edies permitted by this Seeuriry Instrument w ythout furthtc notice or demand on Borrower. 18. Borrower's Rig6t to Reinsbte. If Borrower mats certain conditions, Borrower shall have the right to havt enforcement of shis Security Instrument discontinu~d at any time prior to ttu earlier of: (a) S days (or such other period as applicable laa• may spacify for rcinstatement) before sale of the Property Rursuant 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 L.ender all sums which then would be due under this Security Instrument and the Note had no acceleration ; occuned; (b) cura any default of any other covenants or ageements; (c) pays all expenus incurred in enforcing this a Security Instrumrr~t. including, but not limited to. reasonable attorneys' fca; and (d) takes such action as Lendes r.~ay ~ reasonably require to assurc thgt the lien of this SGCUrity Instrument, Lender's rights in the Prope::y and 8orrower's ~ obligation to pay the sums secured by this Sxurity insttumrnt shall continue unchangcd. Upon ~sinstatemrnt by = Borrower~ this Socurity Instrument and the obligations socured hereby shall remain~ruiiy enective as if no acceleration had _ occurred. Nowever, this right to reinstate shall not apply in the cacceleration under paragraphs 13 or 17 ~•)37 ~E0~22 ~ ; . _ _ ~ _ . _---_-=..T-- t