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HomeMy WebLinkAbout0962 , ~ ' . ` ' . If Lender requi~ed mortgage insurance as a candition of making the loan srcured by tliis Security Instrument. Borrowe~ shall pay the premiums r~quirrd to maintain the insurance in eMect until such time as thc requirement for thc insurance terminates in accardance with Horrower's and Lender's written agreement or applica~lle law. 8, lnspection. Len~er or its ag~nt may make reasanable entries upon and inspections of the Property. Lende~ shall give Bonowe~ notice at the time of or prior to an inspection specitying rt~.sonable cause for the inspectian. 9. Coddemastion. The proceeds of any award or claim for damages, direct or consequerttial~ in conneciion with any condemnation or other taking of any part of the Propeny, or for conveyance in lieu oF condemnation~ are hereby . asssigned and shatl be paid to Lender. In the event of a toial taking of' the Property, the proceeds shaU be applied to the sums secured by this Security Inslrument, 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 otherwix agree in writing, the sums secured by this Security Instrument shall be reduced by the amount oC the proceeds maltiplied by the foltowing fractian: (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 Borrower. IF the Property is abandoned by Borrower, or if, after notice by I.ender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrowe~ fails to respond to Lender within 30 days after the date the notice is . given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of'1he 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 ihe due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payment~. , 10. Borrower Not Relessed; Forbeartince By I,ender Not a Waiver. ExtensiQn of the time for payment or maiification 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 shaU not be required ~o commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modiPy amortization of the sums secured by this Security Instrument by reason of any demanJ 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 ezercise of any right or remedy. ~ 11. Successors and Assigas Bound; Joint and Several Liablllty; Casigners. 1 iie covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower. subject to the provisions = oi paragraph I7. 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 casigning this Security Instrument only to mortgage, grant and convey ; tnat Borrower's interest in the Property under the terms of this Security Inssrument; (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 Bonower'sconsent. 12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximam loan Y: charge~, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in ~ connection v?ith the loan exceed the permitted limits, then: (a) any suc~, ioan charge shall be reduced by the amount i 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. L.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 princepal, the reduction wiit be treated as a partial prepayment without any prepayment charge under the Note. 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable iaws has the ef~ect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, L.ender, 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 sh~ll take the steps specified in the second paragraph of Faragraph 17- ~ 14. Notiees. Any notice to Borrower provided for in this ~ecurity Insiru~~~e~~i s~ a;; gi•.•~n tz~ ~~livesi[~o i[ ~r hy ~ mailing it by first class mail uniess appticable !aw requires use of another method. The notice shall be directe~ to ihe Property Address or any other address Borrower designates by notice to I.ender. Any notice to Lender shall be gi~en by first class mail to Lender's address stated herein or any other address Lender 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 r in this paragraph. 15. Coverning Law; Severability. This Security Instrument shall be governed by tederal law and the law of 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 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 provisions of this Security Instrament and the Note are declared to be severable. - ; 16. Bonow~r's Copy. $orrower shail be given one c~nformed copy of the No:e and of this Security Instrument. ~ 17. Transfer of Qhe Property or a Benefici$1 Interest in Borrower. If all or any part of the Property or any 3 interest in ii ~t sold or iransferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural ~ person) without Lendtr's prior wsitten consent, Lender may, at its option, require immediate payment in full of all sums ~ cecured by this Security Instrument. However, this option shatl not be exercised by I.ender if exercise is prohibited by 4 federal law as of the date of this Security Instrument. ` If Lender exercises this option, Lendet shall give I3orrower notice of acceleration. The notice shall provide a pericxi # of not less than 30 days from the date the notice is delivered or mailed within whicli i3orrower must pay all sums secured by ~ this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this pe: icxi, Lender may invoke any ; remedies permitted by this Security Instrument without further notice or demand on Borrower. - 18. Borrower's Right to Reinstate. If $orrowtr meets certain conditions, Borrower shall have the right to have ` enforcement of this Security Instrument discontinued at any time prior to the earl~er of: (a) 5 days (or such other pericxi as applicable law ma~• specify for reinstatementj before sale of the Property pursuant to any power of salz containecl in this Security lnstrument; or (b) entry of a judgment enPorcing 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 enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonabiy require to assure that the lien of this Security tnstrument, Lender's rights in the Properi~r and Borrower's obligation to pay the sums secured by this Security Instrument shall continue un~hanged. Upon reinstatement by - Borrovver, this Security Instrument and the obligations secured hereby shall remain fuliy effective as if no acceleration had orcurred. How•ever, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. ~ aocK ~J52 Pase 96~. . _ . ~ar.~.~_ - - ~