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HomeMy WebLinkAbout0961 If Lender required mortgage insurance as a condition of making the loan secureci by this Security Instrument, ~3orroH•er shall pay the premiums required to maintain the insurance in efi'ect until snch time as the requirement for the insurance terminates in accordance with Borrower's and Lcnder's written agreement or applicable law. 8. Inspectiort. Lender or its agent may make reasonable entries upon and inspections oP the Property. Lender shall gi~•e Borrower notice at the time oPor prior to an inspection speciPying reasonable cause for the inspection. 9, Condemnation. The proceeds of any award or claim for damages. direct or consequential, in connection with any condemnation or other taking of any part oP the Froperty, or for conveyance in lieu of condemnation, are hereby . assigned and shatl be paid to Lender. In the event of a toial taking of the Property> the proceeds shall be applied to the sums secured by this Security Instrument, w~hether or nat then due, with any excess paid to Borrower. In the event of a partial taking of the Property. ~ unless Borrower and Lender otherwi~e ag~~~ in u~iiiittig, ihe sa~z3 sc~urz€i the~ Ser~~tv lnctrument shall be reduced by the amount of the proceeds multiplied by the foliowing fraction: (a) the total amount of the sums secured immediately ~ ~ft~r? the takine, 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, aRer notice by Lender to Borrower that the condemnor offers to make an award or settte a claim for damages, Borrower Pails to respond to Lender 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 Inst~ument, whether or no! ihen due. Unless Lender and Borrower othenvise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By Lender Not s Waiver, Extension of the time for payment or modification of amortization of the sums secured by this Security tnstrument _granted by Lender to any successor in interest of Borrower shali not operate to release the liability oP 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 Borrower 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. Successors and Assigns Baund; Joint and Several Liability; Casigners. The covenants and agreements of I this Security Instrumeni shall bind and benefit ?he successors and assigns of Lender and Bc,rrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security lnstrument but dces not execute the Note: (a) is casigning 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 ather 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 taw 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 permittrd limit; and (h} any sums alre?dy collected from Borrower which exceeded permitted limits wil) be refunded to Borrower. Lender may choose to make this refund by reducing the principal ovved under the Note or by making a direct Qayment to Borrower. If a refund reduces principal, the reduction will t;e treated as a partial prepayment without any prepayment charge under the Note. 13. Legislatian Affeeting Lender's Rights. If enaciment or expiration of applicable laws has the effect of rendering any ~.~='s3evn of the Note or this Security Inslrument unenforceable according to its terms, Lender, at its option, may require immecliate payment in fuU of all sums secured by this Security Instrument and may invuke A~~y reme~:es permiited 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 Lender shall be given by i first class mail to Lender's address stated herein or any other address Lender designates by notic~ to Borrower. Any notice f 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; Severabiiity. This Security Instrument shap be governed by federal law and the law of the jurisdiction in which the Praperty is lceated. In the event that any provision or clause of this Security Instrument or the Note con8icts with applicable law, such conflicl shall not afTect 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 tfie k Note are declared to be severable. I 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 Beneficial Interest 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 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 shatl not be exercised by Lender if exercise is prohibited by , federal taw as ofthe date of this Security Instrument. If Le~der exerrises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period ~ of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all surris secured 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 Inslrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument diseontinued at any time prior to the earlier of: (a) 5 days (or such other period as appiicable !aw 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) 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 enForcing this Security Instrument, including, but n~t limited to, reasunable attorneys' fees; and (d) takes such action as Lender may reasonably require 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 unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shatl remain fully effective as if no acceleration had `'i occurred. Nowever, this right to reinstate shall not apply in the case of acceleration under paragraphs l 3 or 17. ~ gooK 5~S PaGE 959