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HomeMy WebLinkAbout0923 Any amouMa disburaed by Lender under this paragraph 7 shall become additiona'1 del~'t'~!D'o1'e~ower e~ce~r~d bj?~ thia Security Inatrument. Unlesa Botrower and Lender agree to other terms of payment~ theae amounts ahall beaT • interest from the date of diabursement at the Note rate and ahall be payable,with Intsreat~ upon notice from Lender to Borrower requeating payment. ` If Uerider requiced mortgage inaurance as a condition of making the loan secured by this Security Instrument, E3onower shall pay the premiums required to maintain the insurance in effect until such time as tl~e requirement for the insurance terminates in accordance with Borrower's and Lender $ written agreement or applicable law. 8. Inapectlon. Lender or ita agent may make reasonable entriea upon and inapections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inapection. 9. Condemnation. The proceeda of any award or claim for damages~ d'uect or conaequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in tieu of coridmenation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeda shall be applied to the aums aecured by this Security Instrument, whether or not then due, with any eacess paid to Bonowei.Iri the event of a partial taking of the Property, untess Borrower and Lender otherwise agree in writing, the sums secured by this Security Inatrument~ shall be reduced by the amount of the proceeds multiplied by the following haction: (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 Lender to Borrower that the condemnor offers to make an award or settle a claitn for damages, Borrower fails to reapond to Lender within 30 days after the date the notice is given, Lender ia authorized to coliect and apply the proceeds~ at its option, eiLher to restoration or repair of the Property or to the sums secured by this Security Instniment~ whether or not then due. Unless Lender and Borrower otherwise agree in writing~ any application of proceeds to principal ahall not e:tend or postpone the due date of the monthly payments referred to in paragrapha 1 and 2 or change the amount of such payments. 10. Borrower Not Aeleased; Forbearance by Lender Not a Waiver. E:tenaion of the time for payment or modification of amortization of the sums secured by this Security Instniment gran~ed by Lender to any successar in interest of Borrower shall not operate to release the Iiability of the original Borrower or Borrower's succeasora in interest. Lender shall not be required to commence proceedings against any euccessor in interest or refuse to e:tend time for payment or otherwise modify amortizetion of the aums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrawer's successors in intereat: Any forbearance by Lender in esercising any right or remedy shall not be a waiver of or preclude the eaercise of any right or remedy. 11. Successors and Assigne Bound; Joint and 3everal Liability; Co-slgners. The covenants and agreements of this Security Instrument shall bind and benefit the euccessors and assigns of Lender and Borrower, subject to the pmvisions of paragraph 17. Borrower's covenants and agreementa shall be joint and several. Any Borrower who co-signs this Security Instrument but does not e:ecute 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 Lhe a~ms aecured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to eatend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 12. Laan Charges. If the loan secured by this Security Instrument is aubject to a law which sets maxunum 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 limit,g, then: (a) any such loan charge shatl be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already coltected from Bormwer which exceeded 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 Horrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. I.egislation Affeeting Lender's Rights. If enactment or eapiration of applicable laws has the effect of ~ rendering any provision of the Note or this Security Inatrument unenforceabie according to its terms, Lender, at its option, may require immediate payment in fuA of all suma secured by this Security Instrument and may invoke any remedies pernaitted by paragraph 19. If Lender e:ercises thia option, Lender ahall take the steps specified in the second paragraph of paragraph 17. 14. Notices. Any notice to Bonower provided for in this Security Instrument shal! be given by delivering it or by ' mai[ing it by first class mail unless applicable law requries use of another method. The notice shall be directed to the ; Property Address or any other address Borrower designates by notice to Lender. Any noti~e to Lender ahall be given ~ hy first class msil to Lender's addresa ststed 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 Boreower or Lender when ~ given as provided in this parsgraph. , ~ 16. Governing Law; $everability. This Security Instivment shall be governed by federal law und the law of the . jurisdiction in which the Property is located. In the event that any provision or clsuse of this Security Inatrument 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 conRicting provision. To this end the provieions of this Security Instrument and the Note are dectared ta be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of thia Security Instr~ment. 17. 'I4~ansfer af the Property or a Beneficial Intereet in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Bosower ia sold or transferred and Borrower is not a natural person) without Lender's prior written conaent, Lender may, at ita option, require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be e:ercised by Lender if ezercise is prohibited by federal law as of the date of this $ecurity Inatrument. If Lender e:ercises this option~ Lender shall give Borrawer notice of acceleration. The notice shall provide s ~ period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all suma secured by this Security Inatrument. If Borrower fails to pay these sums prior to the ezpiration of this period, Lender may invoke any remedies permitted by thia Security Instrument without further notice or demend on Borrower. 18. Borrower's I;ight to Reinetate. If Borrower meets certain conditiona, Borrower ahall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 daya (or such other period as applicable law may apecify for reinatetement) before sale of the Property purauant to any power of eale contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instniment. Those conditions BOOK ~i'W P~ a~G~. ~ ~ _ - _ . . - - f - -