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HomeMy WebLinkAbout0969 . . ,,A If Lender requircd mortgage insurance as a condition of making the loan securod by this Security Instrument~ Borrower shall pay the premiums rcyuired to maintain the insurance in effect until such time as thc requirement for the insurance terminates in accordance with Borrower's and I.ender's written agrcement or applicable law. 8. Inapectioa. Lender or its agtnt may make reasonable entries upon and inspections of the Property. L.ender shaU give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Coadem~Hoa. The proceeds of any award or claim for damages, direct or consequentiai~ i~ connection with any condemnation or other taking of any part of the Property~ or for conveyance in lieu of condemnation~ are hereby assigned and shall be paid to ~.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 exce.cs paid to Horrower. In the event oP a partial taking of the Property~ unless Honower and I.ender otherwise agrce in writing, the sums secured by this Security Instrument shall be reduced by the amount of the procseds multiplied by the following fractio~: (a) the total amount of the sums secured immediately ~ ~befon the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shail be paid to Borrower. If the Property is abandoned by Borrower~ or if, after notice by Lender to Bonower that the condemnor offers to , make an award or settle a claim for damages, Bonower fails to respond to I.ender within 30 days after the date the notice is given, Lender is authorized to colloct and apply the proceeds~ at its option~ either to restoration or repair of the Property or to the sums secured by this Security Instrument, wh~ther or not then due. Unless Lender and Honower otherwise agrce in writing, any application of proceeds to p~incipal shall not extend or ~ postpone the due date of the monthly payments refened to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearxnce By I.ender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Socurity Instrument granted by Lender to any successor in interest of Bonawer shall not operate to release the liability of the original Bonower 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 Instrument by reason of any demand made _ by the original Borrower or Bonower'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 reme~y. 11. Succeasors sued Assigna Bound; JoinE aad Several Llablllty; Co-signers. The covenants and agrecments of this Sxurity 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 Borrower who casigns this Security Instrument but dces not eaecute the Note: (a) is co-signing this Security Instrument only to mortgage. grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums securtd 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 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 finally interpreted so that the interest or other loan charges collected or to be collected in connection with the loan exceed 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 permittod limits wiU 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 partia! prepayment without any prepayment charge under the Note. 13. Legislation Atteeting Lender's Rights. If enactment vr expiration of applicable laws has the efi'ect of rendering any provision of the Note or this Security Instrument unenforceabie 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, Lender 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 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 I.ender shail be given by first class mail to I.ender's address stated herein or any other address I,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.aw; Sererability. 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 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 Instrument and the Note are declared to be severa~le. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. ~ 17. Transfer of the Property or a BeneHcial Interest in Borrower. If all or any part of the Property or any interest in it is sold or tcansfened (or if a beneficial interest in Bonower is sold or transferred and Borrower is not a natural person) without I.ender's prior written consent~ I.ender 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 Lender exercises this option, Lender shali give Borrower notice of acceleration. The notice shall provide a~eriod of not less than 30 days from the date the notice is delivered or mailed within which Bonower must pay all sums secured by this Security Instrument. If B~rrower fails to pay these sums prior to the eapiration of this period, I.ender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. 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) 5 days (or such other period as applicable law may specify for reinstatement) 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) pa;s 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 agreements; (c) pays all eapenses incurred in enforcing this Sceurity Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably requirt 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 shalf continue unchanged. Upon reinstatement by Borrower~ this Security Instrument and the obligations secured hereby shall remain fally effective as if no acceleration had occurrod. However. this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. ao~ 5~4 P~~E 967 ~ _ _ r - . . _ . ~ _ _ _ _ _ ~ _ _