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HomeMy WebLinkAbout0937 . . . If l.ender required mortgage insurance as a condicion of making the loan securecl by this Sc~rity In- strumenc, Horcuwer shail pay che premiums required co maincain che insurance in effect uncil such time as a requirement for the insurance cerminaces in accordance with 8orrower's and l.ender's writcen ag~eeme~c or applicable law. ~ S. lnspection. Lende~ or ics age~t may make reasonable entries upon and inspeccions uf che Propercy. I.ender shall give Borrowec notice at the time of or prior cu an inspettion spetifying reasunable cause fur the inspection. 9. Condemnation. The prcxeeds of any award ur claim fur damages, direcc or consequencial, in wnnection with a~y cundemnation or other taking of any part of the Property. or for conveyante i~ lieu of conder~?hacion, are hereby assigned and shall be paid co I.ender. In ct~e evenc of a cucal caking of che Propercy, che pr~xeeds shall be applied co the sums secured by chis Sec~ricy lnscrumenc, whethec or noc then due, with any excess paid co Borrower. ln ~he event of a par~ial cakingof the Frc~percy, unless Borrower and Lender othe~wise agree in wricing, the sums setured by this Secvrity Inscrument shall be reduced by che amount of the procecds r~wltiplied by che folluwing fraction: (a) che cotal amount of the sums secured immediately before taking, divided by (b) chr fair market value of the Property immediacely before the taking. Any balance shal) be paid to Borrower. lf the P; operty is abandoned by Borrower, or if. afcer nucice by Lender cu Borrower thac che condemnor uffers to make an award or sectle a claim fur damages, Borrower fails to respond co l.cnder withi~ 30 days afcer che date the nucice is given, Lender is authorized to collect and apply the proceeds, ac ics option, either cu rescoration ur repair of che Property ur co the sums sectired by this Secu~icy Inscrumenr, whether or not then due. Unless Lender and Borruwer ocherwise agree in writing, any applicacion of prcxeeds to principal shall noc ex~end or ~ poscpone che due date of the monthly paymen~s referred co in paragraphs l and 2 or change che amuunc uf such payments. 10. Borrower Not Reteased; Forbearance By I.ender Not a Waiver. Extension of che ~ime for payment or modification ~f amorrzatiun of the sums secured by this Security Inscrument granced by I.ender to any successur in interesr of Borrower shall noc operate co release che liability of the original Borrower or Borrower's successors in interest. Lender shall noc be required tocommence proceedings against any successur in incerescor refuse toextend cimefor payment orotherwise mudify amurtization of ~he sums secured by rhis Security lnstrumenc by reason of any demand made by cheoriginal Borrower . or Burrower's successors in interesc. Any forbearance by Lender in exercising any right or rem~y shall noc be a waiver of or preclude the exercise of any right ur remedy. 11. Successors and Assigns Bound; Joinc and Several Liability; Co-signers. Thecovenants and agreemencs of this Securicy Instrumenc shall bind and benefic the successors and assigns uf Lender and Borrower, subjecc co the provisions u~ paragraph 17. Borroaer's covenants and agreements shall be joint and several. Any Bc~rrower who co-signs this Securicy Inscrument but dces not execute the Note: (a) is co-signing this Securicy Inscrument only co morcgage, granc and convey that Borrower's interesc in the Propercy under che cerms of chis Securicy tnscrumenc; (b) is noc personally ubligaced co pay the sums secured by this Securicy lnscrument; and (c) agrees thac Lender and any other Borrower may agree to excend, mc~dify, furbear or make any accommodacions with regard co che cerms uf this Security Inscrument or the Note withouc chac Borrower's consenc. 12. Loan Chacges. If che toan secured by chis Security Inscrumenc is subject to a law which sets maximum loan charges, and chat law is finally incerpreted so thac che interesc or other loan charges coltected or cobe collecced in conneccion wich che luan exceed che permitted limits, chen: (a) any such loan charge shall be reduced by the amounc necessary to reduce - che charge to che permitced limit; and (b) any sums already collected frum Borrower which exceeded permitted limics will be reEunded to Burrower. Lender may choose to make chis refund by reducing che principal owed under the Note or by making a direcc paymenc to Bc~rruwer. IE a refund reduces principal, the reduccion will be created as a parcial prepaymenc wichuut any prepaymenc charge under che Note. 13. Legislation Affecting Lender's Rights. If enaccment or expiracion of applicable laws has che effecc of rendering any provision of the Note or chis Security Instrumenc unenforceable according tu its cerms, Lender, ac its c~ptiun, may require immediaie paymenc in fu{I of all sums secured by this Securicy Instrumenc and may invuke any remedies permitced by paragraph 19: lf Lender exercises this option, Lender shal) take che steps specif ied in the second paragraph of paragraph 17_ 14. Notices. Any notice to Borrower provided fnr in this Secvrity lnstrument shall be given by delivering ic or by mailing it by first class mai) unless applicable law requires use of anocher me~hod. The nocice shall be direcced to the Pr~~percy Address or any other address &~rrower designates by nocice co Lender. Any nocice to Lender shall be given by first class mail to l.ender's address scated herein or any other address Lender designates by notice co Borrower. Any notice provided for in rhis Securicy lnscrument shall be deemed co have been given co Borrower ur I.ender when given as provided in this paragraph. 15. Governing Law; Severability. This Security Instrument shall be governcd by federal law and the law uf the jurisdiction in which che Propercy is located. In che evenc chac any provision or clause uf chis Security Instrumenc ur che Note confliccs with applicable law, such conflicr shall not affecc other provisions uf ihis Securicy Inscrumenc or che Nute which can be given effect withuuc che conflicting provision. To chis end che provisions of this Serurity Instrument and che Nute are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed cupy of the Note and of chis Securicy Inscrumen~. 17. Transfer of the Property or a Beneficial lnterest in Borrower. If all or any parc of che Property or any interesc in it is sold c~r transferred (or if a beneficial inceresc in Borrower is sold or cransferred and Borrower is not a nacural person) wichout Lender's prior writcen consent. I.ender may. ac its opcion, require immediace paymenc in full of all sums secured by this Securicy Inscrument. However, chis option shall noc be exercised by l.ender if exercise is prohibi~ed by federal law as of the date of chis Security Instrumenc. If l.ender exercises this optiun, Lender shall give Horrower notice oi acceleration. The nocice shall provide a period uf nuc less than 30 days from che dace che notice is delivered or mailed within which Borrower musc pay all sums secured by chis Security Instrument. If Borrower fails tu pay these sums prior to the expiration of this peric~d, Lender may invoke any remedies permitted by this Securicy Instrument wichout furcher nocice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets cercain conditions, Borrower shall have the righc co have enforcemenc oE this Security Instrument discontinued ac any cime prior to the earlier of: (a) 5 days (or such ocher period as applicable law may specify for reinstatement) before sale of the Propercy pursuanc co any power of sale cuntained in chis Se- curity Instrument; or (b) entry of a judgment enforcing this Securicy Instrumenr. Those condicions are that Borrower: (a) pays I.ender all sums which chen would bedue under chis Securicy Inscrumene and che Note had no acceleration occurred; (b) cures any default of any other convenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including. buc ooc limited to, reasonable attorneys' fees; and (d) takes such action as I.ender may reasonably require to as- sure chat the lien of this Security Instrument, Lender's rights in the Property and Barrower's obligation to pay che sums secured by this Security Instrument shal) concinue unchanged. Upon reinstatement by Borrower, this Security Instrumenc and the obligations secured hereby shall remain fully effective as if no acceleracion had excurred. However, ehis right to reinstate shall noc apply in the case of acceleration under paragraphs 13 ur 17. sooK 549 ~AcE 936 . _,_,....~~..Y~~ r. .