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HomeMy WebLinkAbout0928 ~ If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument~ Borrower shall pay th~ premiums requirod to maintain the insurance in effect until such time as the requirement for the insurance terminates in accordance with Borrower's and I.eRder's written agreement or applicable law. ~ ~ 8, Iaspecdoa. Lender or its agent may make reasonable entries upon artd inspoctions of ihe Propeny. Lender shall give Bonower notice at the time of or prior to an inspection specifying rcasonable cause for the inspection. 9. Coademn~tion. The proceeds of any award or claim for damages, direct or consequentiai, in connection with any condemnation or other taking of any part of thc Property, or for conveyance in lieu of condemnation, are hcreby assignod and shall be paid to I.ender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security ' Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of thc Property, unless Bonower and Lender otherwise agra in writing, the sums socured by this Security Instrument shall be reduced by the amount of the procoeds 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 Property immediately before the taking. Any balance shaU be paid to Borrower. If the Propetty is abandoned by Bonower~ or if, after notice by L.ender to Borrower that the condemnor off'ers to maka an award or settle a claim for damages~ Borrower fails to respond to I,ender within 30 days aRer the date the notice is given. Lender is authorized to collect and apply the proceeds, 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 Borrower otherwise agree in writing, any appiication of proceeds to principal shap not extend or postpone the due date of the monthly payments referrect to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Rele~tsed; Forbes~raace By Le~der Not a Wai~er. Extension of the time for payment or ~ modification of amortization of the sums socured by this Security Instrument granted by Lender to any successor in ~ interest of Borrower shall not optrate to release the liability of the original Borrowec or Borrower's successors in interest. ; Lender shall not be roquired to commence proceedings against any successor in interest or refuse to eatend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Bonower's successors in interest. Any forbeacance by I:ender in exercising any right or remedy shall not be a waiver of or preclude the eaercise of any right or remedy. I1. Successors ~nd Asai~s Hound; Joint and Several Liability; Co-slgners. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of I.ender and Borrower, subject to the provisions of paragraph 17. Bonower's covenants and agreements shall be joint and several. Any Borrower who co-signs 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 nat 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 Bonower'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 collected or to be collected in connection with the loan eacad the permitted limits, then: (a) any such loan charge shall be reduced by the amount 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. I,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 principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. Legislatlon Affeeting Lender's Rights. If enactment or expiration of applicable laws has the effect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, ' may roquire immodiate 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. L.ender shall take the steps specified in the second paragraph of ; paragraph 17. ~ 14. Notices. Any notice to Borcower provided for in this Security Instrument shall be given by delivering it or by ~ ~ mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by flrst class mail to I.ender's address stated herein or any other address L.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 ; in this paragraph. ` ~ 15. Governing I.~w; Severabflity. 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 of this Security Instrument or the ' Note contlicts with applicable law~ such con8ict shall not affect other provisions of this Security Instrament 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 declarod to be severable. 16. BorrnRer's Copy. Borrower shall be given one conformed copy of the Note and of ihis Security Instrument. - y~ 17. Transfer of the Property or a Bene8cial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transfened (or if a bcneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lsnder'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 L.ender if exercise is prohibited by fcderal law as of the date of this Security Instrument. If L.ender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days fram 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 eapiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Rig6t to ReinsUtte. If Horrower meets certain conditions, Borrower shall have the right to have enfore~ment of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law may spocify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Socurity 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 : occuned; (b) cures any default of any other covenants or agrcements; (c) pays all expenses incurred in enforcing this Security Instrument, including~ but not limited to~ re~sonable attorneys' fces; and (d) takes such action as I.snder may reasonebly roquire 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 unchangod. Upon reinstatement by Bonower, this ~ecurity Instrument and the obligations secured hereby shall remain fully etfective as if no acc~teration had occuned. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. aooK 554 PACE 926 _ _ - ~ _ . _ --1