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HomeMy WebLinkAbout0971 . ~ ' • ~ ' • . . ~ ~ , 1 If Lender required mongage insurance as a condition of making thc loan secured by this Security Instrument. ~ Borrower shall pay the premiums required to maintain the irisurance in cffect until such time as thc requirement for the insurance terminates in accordance with Borrower's and Lender's writttn agreement or applicable law. 8. Inspection. Lender or its agent may make reasonabte entries upon and inspections of thc Property. Lender shall give Borrower notice at the time ofor prior to an inspection specifying reasonable cause for the inspection. 9, Condemnatlon. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation oc other taking oP any part of the Prope~ty, or for conveyance in lieu of condemnation, are f~ereby _ assigned and shall be paid to L.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 nqt then due. with any excess paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds 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 immediatety before the taking. Any balance shal! be paid to Borrower. If the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower that the condemnor ofCers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date zhe notice is ~ given. Lender is authorized to collect and apply the praceeds, 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 application of proc~eds to principal shall not extend or postpone the due date of the montt~ly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest oi' Borrower shall not operate to release the liability of the original Borrower 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 Bonower 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 exercise of any right or remedy. 11. Suceecsors and Assigns Bound; Joint and Several L~ability; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and 8orrower. subject to the provisions of paragraph 17. Borrower's covenants and agreemenis shall be joint and several. Any Borrower who casigns this Security Instrument hut does not execute 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 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 trat Borrower's consent. 12. Loan C6arges. 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 coltected in connection with the loan exceed the permitted limits, then: (a) any such loan charge shaU be reduced by the amount ~ ~ necessary to reduce the charge to the permitted limit; and (b) any sums aiready collected frorr~ Borrower which exceeded permitted limits witl be refunded to Borrower. Lendcr 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. Legislation Af~'eeting Lender's Rig6ts. If enactment or eapiration 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 o~tion, may require immediate payment in futl of ail 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. Notiees. Any notice to Borrower provided for in this Security Instrument that) be given by delivering it or by mailing it by first class maii unless applicable law requires use of another method. The notice shal! be direcied to the Property Address or any other address $orrower designates by notice to Lender. Any notice to Lender shall be given by first cfas's mail to L.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 Law; Severability. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is locateci. In the event that any provision or clause of'this Security Instrument or the Note confticts with applicable taw, such conHict shal) not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provisian. To this end the provisions of this Security Instrument and the ~ Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. , 17. Transfer oE the Property or a Be~eficial Interest in Borrower. If al) or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender'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 exetcised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises this option, Lender sha(1 give Borrower notice of acceteration. The notice shal! provide a period ~ of not less than 30 days Gom the date the notice is de~ivered or mailed within which Borrower must pay all sums sec;ured by ' this Security Instrument. If Borrower fails 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. Borrower's Rigt~t to Reinstate. If Borrower meets certain conditions, [3orrower shali 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 Instroment; or (b) entry of a judgmeni 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 occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in entorcing this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as i.ender may reasonably require to assure that thc lien of this Security I'nstrument, I.ender's rights in the Property and Borrower's obtigation to pay the sums secured by this Seeurity Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security 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 case of acceleration under paragraphs 13 or 17. ' gooK 555 PAGE 969 ~