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HomeMy WebLinkAbout0919 . ~ . ~ If Lender required mortgagc insurance as a condition af making the loan secured by this Security Instrument, t Barrower shall pay ihe premiums ~equired to maintain the insurance in etfect until such time as the requirement for the ~ insurance terminates in accordance with Borrower's and I.ender's written agreement or applicable law. 8. Inspection. Lender or its agent may makc reasanablt entries upon and inspections ot the Property. Lender shall give Borrower natice at the time aPor prior to an inspection specifying reasonable cause far the inspection. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential~ in connectian with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. ln the event of a tota! taking af ihe Properly, the proceeds shall be applied to the sums secured by ihis Security Instrument, whether or nat then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, the sums s~cured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the foltowing fraction: (a) the total amount of the sums secured immediately before the taking. divide4i by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrawcr. _ If the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower that the condemnor oft'ers to make an award or settle a claim for damages, Borrower fails to respond to I.ender within 30 days after the date the notice is given, Lender is authorized ta collect and apply the proceods, 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 of such payments. 10. Borrowcr Not Released; Forbeuance By Lepder Not a Wai~cr. 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 retease the liability of the original Borrower or Borrower's succ.'ssors in interest. ~ I.ender shall not be required io commence proceedings against any successor in intertst 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. it. Successors and Asslgns Bourtd; Jotat and Several I,fability; Casigners. The covenants 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 covenants and agreements shall be joint and several. Any Borrower who casigns this Security Instrument but does not execute the Note: (a) is co-signing this Securily 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 secured by this Security Instrument; and (c) agrees that Lender and any other Bocrower may agree ta extend, modify. forbear or make any aecommodations with regard to the terms of this Securily Instrument or the Note without ' that Borrower's consent. ~ 12. Loan C6arges. If the loan secured by this Security Instrument is subject to a law which sets maximum l~an ~ charges, and that law is finally interpreted so that the interest or other loan charges coltected or to be collected in connection wit6 the loan exceed the permitted limits, then: (a) any such foan chatge 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. I,ender 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 Afl'eeting Lende~'s Rights. 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. 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 Lender exercises this option. Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Nofices. Any notice to Borrower provided for in this Security Instrument sball be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice sha)1 be directed to the Property Address or any other address Borrower designates by notice to I.ender. Any notice to L.ender shall be given by first class mail to I.ender s address stated herein or any other address I.ender designates by notice to Bonower. 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 I.aw; Severabiitty, This Security Instrument sha!! be governed by tedera! law and the !aw oP the jurisdiction in which the Property is located. In the event that any pravision or clause of this Secarity Instrument or the Note conflicts with applicable law. such conflict shall not affect other provisions of this Security Instrument or the Note which can be given e8'ect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Borro~er's Copy. Borrower shali be given one conformed copy of the Note and of this Security Instrument. 17. Tr~sfer of t6e Property or A Beaeficial Interest in Borrower. If 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 eaercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. ~ If Lender ezercises ihis option. I.ender shall give 8orrower 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. If Bonower fails to pay these sums prior to the expiration of this period, i,ender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to ReEnstate. tf 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 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 L.ender all sums which then would b~ 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 enforcing this Security Instrument. inctuding, but not limited to, reasonable attorntys' fees; and (d) lakes such action as I.ender may reasoRably require to assure that the lien of this Security l'nstrument, I.ender's rights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchangtd. Upon reinstatement by Borrower. this Security Instrument and the obligations seeured hereby shall remain fully effective as if no aeceleration had occurred. However, this right to reinstate shall not apply in the case of accelgration under paragraphs 13 or t 7. 800K 541 PACE 9~9 . : _ . _ - . _