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HomeMy WebLinkAbout0920 . . ~ . . ~ ~ . If' Lender required mor~gage insurance as a condition oP making the loan secured by this Security Instrument. Borrower shall pay the prtmiums roquired to maintain the insurance in eRect until such time as the requirement for the insurance terminates in accordance with Bonower's and Lender's written agrament or applicable law. e. InspecHoa. Lender or its agent may make reasonable entries upon and inspections of the Propcrty. Lender ~ shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Coademnation. The proceeds of any sward or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property~ or for conveyance in lieu of condemnation. are hereby assignod and shall be paid to I.ender. In thc cvent of a total taking of the Propeny. the proceeds shall bc applied to the sums secured by this Security Instrument, whether or not then due, with any eacess paid to Borrower. In the event of a partial taking of the Property, unless Bonower and Lender otherwise agree in writing, the sums secured by this Security Instrument shalf be reduced by the amount of the procoeds multiplied by the foilowing 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 Borrower. If the Property is abandoned by Bonowtr, or if~ aRer notice by Lender to Borrower that the condemnor offers 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 givtn~ Lender is authorizod to collect and apply the proceeds. at its option~ either to restoration or repair of the Property or to the sums secured by this Socurity Instrument, whether or not then due. Unless Lender and Bonower otherwise agrce in writing, any application of proceeds to principal shall not extend or pc~stpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of such payments. 10. Borrower Not Releaaed; Forbeamace By Lender Not a Waiver. Extension of the time for payment or modi6cation of amortization of the sums secured by this Security Instrument grantcd 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. I.ender shall not be roquired 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 Instrument by reason of any demand made by the origina! 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 eaercise of any right or remedy. il. Successors and AasIgna Bouad; Joint and Several Liability; Co-signers. The covenants and agreements of this Socurity Instrument shall bind and bene6t 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 Bonower who casigns this Security Instrument but does not execute the Note: (a) is co-signing this Security 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 Borcower 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. Loaa C6nrges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan chazges, and thaf law is finally interpreted so that the interest or other loan charges collected or to be collected in ~ connection with the loan excad the permitted limits, then: (a) any such loan charge shaU tie reduced by the amount necessary to reduee the charge to the permitted limit; and (b) any sums already collected from Bonower which ezceeded 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 Bonower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. Le~slation A![eeting Lender's Rights. If enactment or expiration of applicable laws has the efi'ect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender. at its option, may roquire immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies permittod by paragraph 19. If I.ender exercises this option. I.ender shall take the steps specified in the second paragraph of ~ paragraph 17. ; 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by f mailing it by first class mail unless appiicable law requires use of another method. The notice shall be directed to the s ' Property Address or any other address Borrower designates by notice to I.ender. Any notice to I.ender shall be given by ~ ~ first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice ' ! providod for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided ~ i in this paragraph. ~ ~15. Gorerning I.Aw; Severability~ This Security Instrument shall be governed by federal law and the law of the j ~ jurisdiction in which the Property is loeatod. In the event that any provision or clause of this Security Instrument or the ~ ~ Note con8icts with applicable law~ such conRict shall not affect other provisions of this Security Instrument or the Note which can be given effxt without the conflicting provision. To this end the provisions of this Security Instrument and the Note are dxlared to be severable. 16. Borrower's Copy. Bonower shall be given one conformed copy of the Note and of this Security Instrument. . 17. Transfer o! the Property or a Beaeficial Interest in Bonower. If all or any part of the Property or any interest in it is sold or transfened (or if a beneficiaf interest in Borrower is sold or transferred and Bonower is not a natural person) without I.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 I.ender exercises this option, Lender shall give Bonower 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 faits to pay these sums prior to the expiration of this period. Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borroner's RIg6t to Reinstat~. If Bonower 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 appGcable law may spocify for rtinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgmtnt enforcing this Security Instrument. Those conditions are that Borcower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occuned; (b) cures any default of any other covenants or agroements; (c) pays all expenses incurrod in enforcing this Security Instrument, lncluding, but not limited to, reasonable attorneys' fees; and (d) takes such action as L.ender 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 Socurity Instrument shall continue unchangod. Upon reinstatement by Borrower, this Sccurity 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 cas~ of acceleration under paragraphs 13 or 17. g~oK 554 FACE 918 - - - - _ _ _ . -`z . . _