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HomeMy WebLinkAbout0987 • ' ~ 's . ~ ~ If Lender required mortgage insurance as a condition of making the loan securod by this Security lnstrument~ ~ Borrower shall pay the premiums requircd to maintain the insurance in effect until such time as the requirement far the ~ insurance terminates in accordance with Bonower's and Lender's writte~ agreement or appli~ble law. ~ 8. Itupection. I.ender or its agent may make reasonable entries upan and inspections of thc Property. Lsnder shali give Bonower notice at the time of or prior to an inspoction spocifying ra~sonable cause for the inspection. 9. Coadeatuatioa. The procads of any award or claim for damages~ direct or consequential. in connection with any condemnation or other taking of any part of the Propeny. or for convtyance in lieu of condemnation, are he~eby assigntd and shall be paid to Lender. In the event of a total taking of the Property. the proc~eds shall be applied to the sums secured by this Security Instrument. whether or not then due, with any excess paid to Honower. In the event of a partial taking of the Propeny, unlcss Bonower and Lender otherwise agree in writing. the sums socured by this Sxurity Instrument shall be reduccd by the amount of the proaods multipliod by the following fraction: (a) the total amount of the sums securod 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 abandonod by Borrower. or if~ aRer notice by I.ender to Borrower that the condemnor oflers to malce an award or settle a claim for damages~ Borrower fails to respond to Lender within 30 days aRer the date the notice is given, Lendtr is suthorized to collect and apply the procads~ 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 Bonower otherwise agrce in writing~ any application of procecds to principai shall not eztend or ~ postpone the due data of the monthly payments refened to in paragraphs 1 and 2 or change the amount of such payments. - 10. Horrower Not Released; Forbearance By Leader Not a Wd~er. Extension of the time for payment or modification of amortization of the sums socured by this Security Instrument grantod 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. I.ender shall not be required to commence proceedings against any succ~ssor in interest or refuse to extend time for payment or othtrwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Bonower's successors in interest. Any forbearance by I.ender in exercising any right or remedy shall not be a aaiver of or prxlude the exercise of any right or remody. 11. Sueceasors ~nd Ae~i~aa Bound; Joint and Se~eral Liabtlity; Co-signers. The covenants and agreements of this Security Instrument shall bind and bene6t the successors and assigns of I.ender and Borrower. subject to the provisions of paragraph 17. Borrower's covenants and agroemtnts shall be joint and several. Any Borrower who co-~igns this Socurity Instrument but does not exocute 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 securod by this Stcurity 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 lnstrument or the Note without that Borrowcr's consent. 12. Loan C6arges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges~ and that law is finally interpretod so that the interest or other loan charges collected or to be collected in conncction with the loan excad 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 Bonower which ezceeded permitted limits will be refunded to Borcower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a dirxt payment to Borrower. If a refund reduces principal, the reduction will be treated as a { partia! prepayment without any prtpayment charge under the Note. t 13. Legislatlon AftecHng Lender's Rights. If enactment or eapiration of applicable laws has the effect of j rendering any provision of th~ Note or this Security Instrument unenforceable according to its terms, Lender, 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 I.ender exercises this option, I.ender shall take the steps specified in the second paragraph of { paragraph 17. ` 14, Notlces. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by ` mailing it by first class mail unfess applicable law roquires use of another method. The notice shall be directed to the ~ Properiy 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 any other address Lender designates by notice to Borrower. P.ny notice provided for in t~is Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 1S. Governing I.aw; Sevembility. This Security Instrument shall be governed by federal law and the law ot the jurisdiction 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 con8ict shall not affect other provisions of this Security Instrument or the Note which can be giv~n effxt without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. i 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. ~ 17. Transfer of t6e Property or a Be~eftcisl Interest in Borrower. If all or any part nf the Property or any interest in it is sold or transfened (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural ~ person) without Lender's prior written consent. I.ender may. at its option, require immediate payment in fuU of all sums secured by this Security Instrument. However. this option shall not be exercised by Lender if exercise is prohibited by j 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 Instrument. tf Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permittcd by this Socurity Instrument without further notice or demand on Borrower. 18. Borrower's Rtght to Reinstwte. If Bonower meets certain conditions, Borrower shall have the right to have enforcement of this Stcurity Instrument discontinuod 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 Socurity 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 Sccurity Instrument and the Note had no acceleration occurrud; (b) cures any default of any other covenants or agreements; (c) pays all eapenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fas; and (d) takes such action as Lend~r may reasonably require to assuro that the lisn of this Security Instrument, L.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 socured hereby shall remain fully eflective as if no acceleration had occurrod. Nowever. this right to reinst~te shall not apply in the case of acceleration under paragraphs 13 or 17. ~~aK 540 PACE 985 : _~=s~..~.--.~..~- - - ~