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HomeMy WebLinkAbout0931 . ~ If Lender required mongage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in eRect until such time as the requirement for the insurance terminates in acco~dance with Borrower's and Lender's written agrament or applicable law. 8. Inspection, Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Bonower natice at the time of or prior to an inspection specifying reasonable causc for the inspection. 9, Condemnation. The proceeds of any award or claim for damages. direct or consequential, in connection with any condemnation cr othcr taking of any part of the Property~ or for conveyance in tieu 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 Socurity lnstrument, 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 stcured by this Security Instrumeni shall be reciuced by ~ the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately ~ before the taking, divided by (b) the fair market value of the Properiy immediately before the taking. Any balance shall be ~ paid to Borrower. _ If the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to tespond to Lender within 30 days afler the date ihe notice is ? given, Lender is suthorized to collect and apply the prceceds, 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 Horcower otherwise agree in writing, any appfication 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. Borrower Not Released; Forbearance By I.ender Not a WAlver. 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 tiability of the vriginal Borrower or Borrower's successors in interest. - Lender shail not be required to commence proceedings against any successor in interest~or refuse to extend time for payment or otherwise modify amortization af 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 L.ender in ezercising any right or remedy shall nat be a waiver of or preclude the exercise of any right or remedy. ~ 11. Successots and Assigns Bound; JoInt and Several Llstbiltty; Co-aigners. The covenants and agreements of ; this Security Instrument shali bind anc! benefit ihe successors and assigns of L.ender 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 dces not execute the Note: (a) is casigning this Security Instrument only to mortgage~ grant and convey ~ that Borrawer'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 Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without ~ that Borrower's consent. ~ 12. Loan Charges. If the loan secured by this Security lnstrument is subject to a law which sets maximum loan ~ charges, and that law is finally interpreted so that the interest or other loan charges coltected or to be coqected in ; connection with the loan eaceed the permitted iimits, then: (a) any such loan charge shal! be redueed by the amount ~ necessary to reduce the eharge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits wil! be refunded to Borrower. I.ender may choose to make this refund by redacing the principal awed 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. Lxglsiation Aftectieg Lender's Rights. If enactment ar expiration of applicable laws has the etfect of rendering any provision otthe 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, Lender shall take the steps specified in the second paragraph of paragraph 17. 14. Nodces. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first ciass mail unless appiicable law requires use of another method. The notice shalt be directed to the - Property Address or any other address Borrower designates by notice to Ixnder. Any notice to Lender shall be given by ~ first class mail to Lender's address stated herein or any other address I,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 E' in this paragraph. 15. Governing I.~stw; Severabitity. This Security Instrument shall be governed by federal law and the law of the ~ jurisdiction in which the Property is located. In the event that any provision or clause Qf this Security Instrument or the Note con8icts with applicable law, such conflict shall not affect other provisions of this Security lnstrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. j 16. Borrower's Copy. Borrower shali be given one conCormed copy of the Note and of this Security Instrument. 17. Transfer of the Property or a Beaeflcinl Interest tn Bonower. 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 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 exercised by Lender if eaercise is prohibited by , federal law as of the date of this Securiry Instrumeni. ~ If Lender exercises this option, L.ender shall give Borrower notice of acceleration. The notice shall provide a period ~ of not less than 30 da s from the date the notice is delivered or mailed within which Borrower must ~ y pay aU sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this ~eriod, Lender may invoke any ~ remedies permitted by th~s Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinsts~te. If Borrower mcets 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 Lender all sums which then would be due under this Security Instrument and the Note had no acceieration occurred; (b) cures any detault of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasortable attorneys' fees; and (d) takes such action as L,ender may reasonably require to assare that the lien of this Security ~'nstrument, Ixnder'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 efCective as if no acceieration had - occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. aoaK544 P~E 930