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HomeMy WebLinkAbout0989 If Lender required mortgage insurance as s condition of making the loan secured by this Sccurity Instrument~ - Borrowcc shall pay the p~emiums requircd to maintain the insurance in etFect until such time as the requirement for the insurance tecminates in accordance with Borrowet's and Lcnder's written agreement or applicable law. 8. Iaspection. Lender or its agent may makc rcasonabl~ entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonabie cause for the ins;xction. ~ 9. Condemnattoa. The proceeds of any award or claim tor damages, direct or consequential, in connection with ` any condemnation or other taking of any pert of the Property~ or for conveyance in lieu of condem~ation, are hereby assigned and shal) be paid to Lender. !n the event of a total taking of the Propeny, the procads shall be applied to the sums secured by this Sccurity Instntment. whether or not then due. with any cxcess paid to Borrowcr. In thz event of a partia! taking of the Prapehy~ unless 8orrower and Ltnder otherwise ag[ce ia writing. thc sums secured by this Security Instrument shall be reduced by the amount of the procceds 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 immediately beiore thc tak~ng. Any balancc shall be paid to 8onowcr. ' ~ If the Property is abandoned by Borcower~ or if, after notice by I.ender to Borrower that the condemnor offers to make an award or settle a claim for dainages, Borrower fails to respond to I.ender within 3Q days after the date the notice is given~ Lendcr is authorized to colloct and apply the procceds, at its option. either to restoration or repair of the Property or to the sums secured by this Security lnstrument~ whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragrapbs 1 and 2 or change the amount of such paymcnts. 10. Bo~eower Not Relased; Forbeanace By Lender Not a Watver. Extension of the time for payment or modification of amortization of the sums securcd by this ~ecurity Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liabitity of the original Borrowe~ or Borrower's successors in interest. Lender shall not be required to commence prceeedings against any successor in intere~t or reCuse to extend time for paymtnt or otherwise modify amnnization of tha sums secured by this Security Instrument by reasbn of any demand made by the original Borrower or Borcower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercisc of any right or remedy. ' 11. Successors aad Assigna Bound; Joint and Several Ltabillty; Co-signers. The covenants and agreements of this Security Instrument shatl bind and benefit the successors and assigns of Lender and Borrower. subject to the provisions of paragraph l7. Borrower's covenants and agreements shall be joint and several. Any Borrower who casigns this Security Instrument but does not execute the Notec (a) is co-signing this Security Instrument only ta mortgage~ grant and convey that Bonower'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 Instrsiment; and (c) agrees that I.ender 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. Loan Charges. If the loan secureci by this Security lnstrument 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 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 permitted limit; and (b) any sums already collected from Borrower which excceded 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 Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. " 13. Legislation Afrtecting Lender's~Rights. If enactment or expiration of applicable laws has the effect of I~ rendering any provision of the Note or this Security Instrument unenforceable according to its terms. L.ender. at its option. _ may requare immediate payment in `ull of all sums secured by this Security Instrument and may invoke any remedies permittod by paragraph 19. If Lender eaercises 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 I.ender. Any notice to Lender shall be given by first dass mail to Lender's address stated herein or any other address i.ender designates by notice to Borrower. Any notice provided for in this Securily Instrument shail be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 1S. Governing I.ar?; Severability. This Security Instrument shall be governed by federa) law and !he law of the jurisdiction in which the Property is located. In the event that any pra~ision or clause of this Security Instrument or the - Note conflicts with applicable law~ such conflict shall not aftect other provisions of this Security Instrument or the Note which can be given eff'ect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be sevcrabte. ~ 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of !he Property or a Beaeficial Interest in Borcower. If all or any part of the Property or any interest in it is soid or transferred (or if a beneRcial 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 ~ption shall not be exercised by Ixnder if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises this option. l.ender 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 Borcower must pay all sums secured by this Security Instrument. If Borrower faifs to pay the3e sums prior to the expiration of this period, I.ender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borcower. 18. Bonower's Rig6t to Reiastate. If Borrower meets certain conditions. Borrower shall have thc right to have enforcement of this Security Instrument discontinued at any time prior to thi eartier of: (a) S days {or such other period as applicable law~ may spec+fy 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 I,ender aU sums which then would be due under this Security Instrument and the Note had no acceleration oczurred; (b) cures any default of any other covenants or agrcements; (c) pays all eapenses ineuned in enforcing this Security Instrument~ inciuding~ but not limited to, reasonable attarneys' fees; and (d} takes such action as Lender may y reasonably require to assure that the lien of this Securiiy Instrument. Lender's rights in the Property ~and Borrower's k obtigation to pay the sums socurcd by this Security Instrument shali continue unchanged. Upon reinstatement by Borrower, this Security [nstrument and the obligations secured hereby sha{1 remain fully effective as if no acceleration had occurred. However, this right to reinstate shaU not apply in tht case of acceleration under paragraphs i 3 or 17. ~oox 563 PacE ~988 Y .