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HomeMy WebLinkAbout0982 If Lender roquired mflrtgage insurance aa a condition of making thc loan r~ecurod by this S~curity Inatrument~ Borrower ahall pay the prea~iwns required to maintali? the iagurana in ed'xt until such time aa the requarement for the ~ insurana termfnstes in sccordAncx with HornoMer's and Lender's written egrament or applicabk law. . 8. Iu~pecdon. _ Lertdar or its sgmt may malce res~sonable entries upon and inspections of the Proparty. Lender shall give Borrower noticx st the time of or prior to an inap~tion apecitying n~aonable cause for the inspoction. 9. CondemnaHo~. The prooeoda of any ~?w~rd or claim for damagea, diroct or consoqueatial. in connection with any condemnation or other taking of any part of the Property, or for conveyanoe in lieu of cond~mnatioa~ are hereby essignod and ahall be paid to Lender. In the event of a total taking of the Property, the pmoceda ahal! be appliod to the sums secured by this Security Iaatrument. whether or not then due, with ~ny e~ccesa paid to Horrower. In the event of a partiAl talcing of the Property. unless Borrower and Lender otberwise agra in writ~ng~ the sums securad by this 5ecurity Instrument shall bc reduced by the amount of the proceeds multipUed by the following fraction: (a) the total amount of the sums securod immediately ,'before the taking~ dividod by (b) the fair market value of the Property immediately beforc the taking. Any balana shal! be paid to Barrower. . If the Ptoperty is abandonod by Borrower~ or if~ after notice by Lender to Bonower that the condemnor otfers to make an awaM or settle a claim for.daraagea, Borrnwer fails to rapond to Lender within 30 daya utter the date the~notice is given, Lender ia authorizod to collect and apply the proceeds, at its option. either to restoration or re~sir of the Property or to the aums aecured by thia Security Instrummt, whether or not then due. Unlaa Lender and Bornower otherwise agree in writing~ any application of procoeds to principal shall not extcnd or postpone the due date of the a~onthly paymrnts rd'erred to in peragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Rele~e~; Forba~rana By I.eerda Not s Wat~er. Extension of thc time for payment or modi&~tion of amortizstion of th~ aums aaured by this Sectuity Instrument grante~6y I.ender to any succ.essar in inter+eat of Horrower shsll not operate to rdeaae the liability of the originat Borrower or Horrower's aucc~ssors in interest. I.ea~der al~ail not be required to oommence proceedinga against any sucaasor in intereat or refuse to extend time for psyment or otherwise modify amortization of the awna securod by thia Security Inatrume~t by reason of any demand made by the origlnal Horrower or Borrower'a auoassora in interest. Any forbearance by Lender in eaenising any right or rem~dy ~ ahall not be a waiver ot'or proclude the exercise of any rigbt or ranedy. 11. Saoe~oPS asd A~t Bennd; Jaint ~d Se~ual Lhblltty; CA-d~eas. 'The covenants at~d agroemmts of - thlu Security Inatrument shall bind and beaeAt the suocessora and sasigna of I.ender and Borrower. subject to the provisions of pangraph 17. Horrowes'a covenauts and agreementa ahall be jouit and seversl. At~y Borrower who ca-signa this Security Inatrume~t but das not execute the Note: (a} is co-aigning this Secusity Instrument only to mortgage, grant and convey • that Horcowtr'a interest in the Propaty under the terms of this Security Instrument; (b) is not personalty obligatod to pay tbe auma secured by thia Security Inatrument; and (c) agras that La~der and any other Borrower may agree to eatend, . modify~ forbear or make Any acooramodatiuns with regard to the terms of this Security Inatrument or the Note without that Horrower's consent. 12. Laaer (~as~a. If the lo~n securai by this Socurity Instrument is subjoct to a law which sets maximum loan • charges, and that law ia finally iaterpretod so that the interest or other loan charges collectod or to be ooUected in connection with the loan ea~oood the permitted limits, then: (a) any auch lasn chsrge shall be reduced by the amount neeessary to rodua the charge to the permitted Gmit; and.(b) a~y sutns already collectod fmm Borrower which exceod~d perniitted iimits will be re,~'unded to Borrower. Lender msy choose to make this refund by reducing the princi~l owed under the Note or by making a direct paymrnt to Borrower. If a refund roduces principal, the reduction will be treatod as a pa~rtial preQayment without aay prepsymeat charge uader the Note. 13. L~ghlatlan A![ecting I.ead~er's Righb. If erisctment or expiration of applicable laws has the effoct of rendering any provision of the Note or this Security Iastrument unenforceable according to its terms~ Lender, at its option~ may rc+quine immaliate payment in full of all sums socured by this Socurity Instrument and may invoke any remodies permitted by paragraph 19. If Lrnder exercises this option, I.ender shall tak~ the steps spccifiod in the sabnd paragraph of ~I puagraP617. - 14. Ptodcee. Any Aotice to Borrower providod for in this Security Instrument shall be given by delivering it or by enailing it by flrst class mail unlesa applicable law roquires use of another method. The notice shall be dira,tcd to the ' Property Address or any other address Horrower designates by notict to Lender. Any notice to Lender shall be givsn by ~ 6rat class mail to Lender's address statod herein or any other address Lender designntes by notice to Borrower. Any notice ~ provided for in this Security Instrument shall be damed to have been given to Bonower or Lender when given as provided in thia P~S~Ph. !S. Gorerning Lw; Sevee~blllty. This Security Instrument shall be governed by foderal law and the law of the jurisdiction in which the Pro{rerty is located. In the event that any provision ar clause of this Socurity Instrument or thc Note con8icta wi~ih applicablt law, such conAict ahall not affect other provisions of this Security Instrument or the Note ahich csn be giv~n effect without the conflicting provision. To this end the provisions of this Socurity Instrument and the Note are declared to be severablt. 16. Borrower's Copy. ~ Borrawer shall be givcn one conformed copy of the Note and of this Security Instrument. ~ 17. Transter of ths Property or a Beueflctal Interest in Barrower. If all or any part of the Property or any mterest in it is told or transfemed (or if a beneRcia! interest in 8ornower is sold or transferral and Borrower is not a natural person) without I.ender's prior written consent, Lender may, at its option~ roquire immodiate payment in full of all sums sxurod by this Socurity Instrummt. However, this option sha11 nat be exercised by Lender if exercise is profiibitcd by foderal taw as of the date of thia Security Instrument. U Ler?der exercises this option, Ltnder shall give 8orrower noticx of acceleration. The notice shall provide a period ' of not leas than 30 days from the date the notice ia delivered or mailed within which Bonower must pay all sums soeurtd by thia Security Inatrument. If Borcower fails to pay these sums prior ta the expiration af this period. Lender may invoke any remedies permitted by this Security Instrument a?ithout Eurther notice or demand on Borrower. 18. Horrowe~'s Rlght to Rtinstatt. If Bonower mata oertain conditions, Borrower shall have the right to have _ enforcement of this Security Inatrument diacontinued at any time prior to the earlier of: (e) S days (or such other period as applicable law may apecify for ninstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgm~nt enforcing this Security Instrumrnt. Those conditions are that Borrower: (a) pa~n Lender all sums which then would be due under thia Security Instrument and the Note had no accelaetion occuned; (bj cures any dd'ault of any other covenants or agroements; (c) pays a!1 expenses incurred in enfotcing this Secwity Inatrument, including, but not limited to, reasor~able attorneys' fees; end (d) takes such action as Lender may raaonably require w aasure that the lien of this Security Instrument, I.ender's rights in the Property and Bonower's obligstion to pay the suma secured by thia Security Instrument ahall contlnue unchanged. Upon reinstatement by Borrower, thia 3ecurity Instrument and the obligationa socured hereby ahall rcmain fully effective as if no acceleration had oocurred. However, thu right to reinstste ahall not spply in the c~se of acoeleration under parsgraphs 13 or 17. ~ ~ BOOK ~~V PAGE 9/ U - - . - _ . _ _ _.__ir...F...:.