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HomeMy WebLinkAbout0922 ~ ' 3~~ ~ i' ~50 If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required io maintain the insurance in effect until such time as the requirement for the insurance terminates in accordance with Bor~owe~'s and Lender's written agreeinent~o~ applicable law. ~ 8, inspectlon. l.ender or its agent may make reasonable entries upon and inspections of the Property. Lender ~ shall give Borrower notice at the time of or p~ior to an inspection specifying reasonable cause tor the inspection. 9. Condemnation. The p~oceeds of any awa~d or claim for damages, direct or consequential, in connection with an condemnation o~ other takiqg of any part of the Property. or for conveyance in lieu of condemnation, are hereby as~igned and shaN be paid to Lender. : In the event oi a total taking of the Property, the proceeds shall be applied to the sums secured by this Secu~ity ~ Inst~ument, whether or not then due, with any excess paid to 8orrower. In the event of a partial taking of the Property, u~iless Bor~ower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the p~oceeds multipiied by the tollowing fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to. 8orrower. ' If the Property is 8bandoned by Bor~ower, or it, after notice by Lender to Borrowe~ that the condemnor offers to make an award or settle a claim for damages, Bor~ower fails to respond to Lender within 30 days aite~ the date the notice is given, Lender is authorized to collect and appiy the proceeds, at its option, either to restoration or repair of the Propeny o~ 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 dats of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payinents. ~ 10. Borrawer Not Released; Forbearance By Lender Not a Waiver. 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 extend time for payment or otherwise modify amortization of the sums secured by this Security Instrumgnt 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 oi or preclude the exercise of any right or remedy. 11. Successors and AssigRa Bound; Joint and Several Liability; Co-signers. 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 ! co-signs this Security Instrument but does not execute ihe Note: (a) is co-signing th~s Security Instrument only to mortgage, grani and convAy that Borrowers 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-Insirument or the Note without that Borrower's consent. . 12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that law is finalty interpreted so that the interest or other loan charges collected or to be coflected in connection with the loan exceed the permitted limits, then: (a) any such loan chargp shall be reduced by the amount necessary to ~educe the charge to the permitted timit; and (b) any sums already collected irom Borrower which exceeded 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. lf a refund reduces principal, the reduction _ will be treated as a partial prepayment without any prepayment charge under the Note. ` ! 13. Legtslation Affecting Lenders Righta. If enactment or expiration of applicable laws has the effect of 4 , 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, ~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 shalt be given by delivering it or by ~ mailing it by first class mai! unless applicable law requires use of anothe~ method. The notice shall be directed to the Property Address or any othe~ 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 8orrower. 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 pa~agraph. F 15. Govemtng l.aw; Severablllty. This Security Instrument shall be governed by federal law and the law of the 3 jurisdiction in which the Property is located. In the event that any provi~ion or clause of this Security Instrument orthe Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the . Note which can be given effect without the conflicting provision. To this end the ~rovisions of this Security Instrument and the Note are declared to be severable. ? 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. ; 17. Transier of the Prope~ty or a Benetlclal Interest in Bar~ower. 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 8or~ower 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 exercise is prohibited by federai 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 perivd 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 Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without turther notice or demand on Borrower. 18. Borrowers Right to Relnstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Secur'sty Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law may specify for ~einstatement) 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 eniorcing this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Bor~awer, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. a . 3 BOOK ~5 PAGE 9~ .':'4j:LY~~'~_~~.~• _