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HomeMy WebLinkAbout0949 Lender shall not be required to commence proceedings against any successor in interest or re~use ~o e~c~enu ume ~vr payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the arigina) 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 ar remedy. 11. Successors and Assigns 8ound; Joint and Several I.iability; Co•signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of t.ender and f3orrower, subject to the provisions of paragraph 17. Borrower's co~enants and agreements shall be joint and severaL Any Borrower w•ho co-signs this Security Instrument but 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 Sc~:urity Instrument; (b) is not personally obligated ro pay the sums secured by this Security~ Instrutnent; and (c) agrees that Lender a~d 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 conser~t. ll. Loan Charges. If ihe 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 collerled or ro be collected in connectian with the loan exceed the permitted limits, then: (a) an~~ such loan charge shall be reduceci by the amount necessary to :eduee the charge to the permitted limit; and (b) an~~ sums already collected from 13orrower w~hich exceeded permitted limits will be refundecl to Borrower. Lender 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 tx treated as a • partial prepayment without any prepayment charge under the Note. 13. Legislation APfecting Lender's Rip,hts. If enactment or expiration of applicable laws has the eflect of rendering any provision of the Note or this Security [nstrument unenforceable according to its terms, Lender, at its option, may require immediate payment in full of all sums secured by this Security Instrument and may invc~ke 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 mait unless applicable law reyuires ~se of another method. The notice shall be directed to the Property Address or any other address Borrower designates b~~ notice to l.ender. Any notice to I.ender shall be given by I first dass mail to Lender's address stated herein or any ~ther address Lender designates by notice to E3orrower. Any nolice provided (or in this Security lnstrument shall be deemed to ha~~e tx:en gi~~en to Borrower c~r l.eoder w•hen gi~~en as provided in this paragraph. 15. Governing I.aw; Severability. Tnis Securit}~ Instrument shall Ix governcd b}~ federal law~ and the law of the jurisdiction in which the Yroperty is located. In the event that any provision or clause of this Security Imtrument or thc Note conflicts with applicable law, such conftict shall not afi'ect other provisiom of this Secarity instrument or the Note ' which can be given effect without the conflicting provision. To this end the provisions c~f this Security Instrument and the Note are declared to be severable. I 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Secunty Intitrument. i 17. "I'ransfer of tMe Property or a Beneficial Interest in Borrower. If all ~r any part of the Propcrty 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 natur:~l person) without Lender's prior written consent, Lender may, at its option, reyuire immediate payment in full of all s~~ms secured by this Security Instrument. How2ver, this option shall not be exercised by I.ender if exercitie iti proF~ibited h}~ ~ federal law as of the date of this Security [nstrument. If Lender exercises this oplion, Lender shall give Borrower notice of acceleration. The nolice shall pro~~ide a per~exi ; o(not less than 30 days from the date the notice is delivered or mailed within which Borro~~er must pay all tumt ucured hy ~ this Security Instrument. If Borrower fails to pay these sums prior to the expiration of thi~ penod, Lender may- invokc any remedies permitted by this Security Instrument without further notice or demand on Borrower. F 18. Borrower's Right to Reinstate. It Borrower meets certain conditions, f3orrow~er shall ha~~e the right to ha~~e enforcement of this Security [nstrument discontinued at any time prior to the earlier of: (a) 5 days (or such other pericxi as applicable law may specify for reinstatement) before sale of the Property pursuant to any ~wer of sale contained in this Security tnstrument; or (b) entry of a judgment enforcing this Security lnstrument. Those conditions are that Borrow~er: (a) pays Lender all sums which then would be due under thi~ Security Instrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses ~ncurred in en~orcing this Securiry Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably require to assure that the lien of thi~ Security Instrument, Lendcr's rights ~n the Property and f3orrower's obligation to pay~ the sums secured by this Security Instrument shall continue unchanged. U~n 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. ~ L R 561 r''A[,~ J4 80GK ~ - - _ ---..e.e.. If Lender required mortgage insurance as a condition of making the toan secured by this Sc~urity Instrument, Borrower shafl pay the premiums required to maintain the insurance in effect until surh time as the reyuirement for the insurance terminates in accordance with Borrower's and I_ender's written agreement or applicable law.