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HomeMy WebLinkAbout0950 r , . • If Lender required mortgage insurance as a condition of making the loan secur~d by this Sccurity Instrument, Bonower shall pay the premiums roquired to maintain the insurance in effxt until such time as the requirement for the insurance terminates in accordance with Borrower's and Lender's written agrament or applicable law. 8. Iaspecdoa. I.ender or its agent may make reasonable entries upon and inspoctions of the Property. Lender shall give Borrower notice at the time of or prior to an inspcction spocifying reasonable cause for the inspection. 9. Condemnanon. The procotds of any award or claim for damages~ dirxt or consequential, in conncction 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 I.ender. ~ In the event of a total taking of the Property~ the proceeds shall be applied to the sums secured by this Security Instrumcnt. whether or not then duc, w?itb any excess paid to Borrower. In the event of a partial taking of the Property~ ~ unless Borrower and Lendcr otherwise agra in writing, the sums securod by this Security Instrument shall be reduced by ~ the amount of the procads multiplied by the following fraction: (a) the total amount of the sums securod immodiately before the taking, divided by (b) the fair market valuo of the P~operty immediately before the taking. Any balance shall be paid to Bonower. If the Property is abandonod by Bonower~ or if, aRer notice by Lender to Bonower that the condemnor offers to mske an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given. Lender is authorized to collcct and appiy the proceods, at its option~ either to restoration or repair of the Propeny 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 prococds to principal shal! not extend or postpone the due date of the monthly payments refenod to in paragrnphs 1 and 2 or change the amount of such payments. 10. Borrower Not Relessed; Forbeara~ace By Lender Not ~ w'ai~er. ~ Exttnsion of the time for payment or modification of amoriization of the sums secured by this Security Instrument grantod by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Bonower or Borrower's successors in interest. I.ender shall not be required to commence proceedings against any saccessor in interest or refuse to extend time for ~ payment or otherwise modify amortization of the sums socurod by this Security Instrument by reason of any demand made by the original Bonower or Bonower's succ.essors in interest. Any forbearance by Lender in eaercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remody. 11. Suceessors aad Assigos Bonnd; Joint and Seveml Liabillty; Caslgners. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Bonower~ subject to the provisions of paragraph 17. Bonower's covenants and agreements sha11 be joint and several. Any Borrower who co-signs this Security Instrument but does not executt 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 that Borrower's consent. 12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets mazimum 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 excced 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 coltected from Borrower which eaceeded b reducin the rinci 1 ovyed permitted limits w~tl be refunded to Honower. Lender may choose to make thts refund y g p pa 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[ecting Lender's Rlg6ts. If enactment or expiration of applicable laws has the effect of r~ndering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender. at its option, may require immediate payment in full of all sums secured by this Se~urity 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 Bonower 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 ~ first class mail to I.ender's address stated herein or any other address L.ender designates by notice to Bonower. Any notice ~ provided for in this Security Instrument shall be deemed io have been given to Borcower or Lxnder when given as provided ~ in this paragraph. ~ 1S. Governtng Law; Severabillty. 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 Securety 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 lnstrument and the a Note are declared to be severable. ~ 16. Borrower's Copy. Bonower shall be given one conformed capy of the Note and of this Security Instrument. ~ 17. Transfer of t6e Property or a Beneficial Interest in Bonower. If all 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 transfened and Bonower is not a natural person) without Lender's prior written consent, Lend~r may. at its option, require immediate payment in ful) of all sums secured by this Security Instrument. However. this option shall not be exercised 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 shaU provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay aU sums secured by this Security Instrument. If Bonower 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 Reinstate. If Bonower meets certain conditions, Borrow,er shali 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 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 Bonower: (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 eapenses incurred in enforcing 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 the lien of this Security Instrument, L.ender's rights in the Property and Bonower's obligation to pay the sums secured by this Security lnstrument shall continue unchanged. Upon reinstatement by Borrower. this Security Instrument and the obligations sscurod hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in thccase of acceleration under paragraphs 13 or t 7. BooK 55fi ~E 949 , _