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HomeMy WebLinkAbout0965 lf ! ender required mortgage insurance as a condition of making the loan secured by thi~ Sc~curity Instrument, Barrower shall pay the premiums required to maintain the insurance in effect unti) such time as ~he requirement for the insurane~ lerminates in accordance with Sorrower's and Lender's written agreement or appli.:abie law. 8, Inspection, l.ender or its agent may make reasonable entries upon and inspections of the Property. Lender shall gi~•e Bo~rower notice at the time of or prior to an inspection specifyi~g reasonable cause for the inspection. 9, Condemnntion. The proceeds of any award ar claim for damages, direct or consequential, in connection w•ith any condemnation o~ other taking of any pan of the Property, or [or conveyance in lieu of condemna~ion, are hcreby assigned and shal! be paid to Lender. In the event ot a total taking of' the Property, the proceecis shall be applied to ~he sums se~:ured by this Security ~ lnstrument, whether or not then due, with any excess paid to Bor~ower. In ihe event of a partial taking c~f tiie An~perty, unless Borrower and Lender othe~wist agree in writing, the sums secured by this Security tnstrumcnt thall be reduceci by the amount ot the praceeds multiplied by the foltowing fraction: (a) the total amouRt of the sums secured immcdialely beCure ihe taking, divided by (b) the fair market value of the Property immeciiately before the taking. Any balancc shall be paid to Borrower. If the Property is abandoned by $orrower, or if, aRer notice by Lender to 13orrower that the condemnar oflers to ; make an award or settle a claim for damages, ~3orrowcr fails to respond to Lender within 30 days aRer the date the notice is ~ given, Lender is authorized to cotlect and apply the proceeds, at its option, either to restoration or repair of !he Property or to the sums srcured by this Security Instrument, whether or not then due. Unless Lendet and Borrower otherwise agrce in writing, any application of proceeds to principal shall nat extend or postpone the due date of tht monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Bormwer Not Released; Forbeamnce By I,eeder Not a~4'aiver. Extension of the time for payment or ~ modification of amortization ot the sums secured by this Security lnstrument granted by Lender to any surcessor in ~ intetest of Borrower shal! not oporate to release the liability of the original Darrower or Borrower's successors in interest. ' Lender shall not be requirod to commence proceedings against any successor in interest or refuse to extend time Por ~ payment or othtrwise modii'y amortization of the sums secured by this Security lnstrument 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 remeciy ` shai! not be a waiver of or precludt the exercise of any right or remedy. 1!. Successots artd Aasigt~ Bound; 3otnt and Several I.iabllity; Casigners. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Bonower's covenants and agrcements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is casigning this Security Instrument only to martgage, grant and convey that Borrower's interest in thc Property under the terms of this Security lnstrument; (b) is r~ot personally obligated to pay { the sums secured by this Socarity Instrument; and (c) agrees that Ixnder and any other Borrower may agree to extend, modity, forbear or make any accommodatians with regard to the terms of this Security Instrument or the Nate without that Borrower's consent. 12. Loan Cliarges, If the loan secured by this Security Instrument is subject to a!aw which sets maximum loan charges. and that law is finally interpreted so that the interest or ather loan charges collected or to be collected in ~ connection with the loan exceed the permitttd limits. then: (a) any such loan charge shall be reduced by the amount ; necessary to reduce the charge to the permitted limit; and (h) any sums already collected from Borrower which exceeded $ permitted limits will be refunded to Borrower, I,ender may choose to make this retund by reducing the principal owed under the Note or by making a direet payment to Borrower. If a refu~d reduces principal, the reduct;on wiil be treated as a partial prepayment without any prepayment charge under the Note. Z3. i.egislatloe Affeetiag I.eeder's Rfghts. If enaetment or expiration of applicable taws has the efi'ect of ~I rendering any provision of the Note or this Security lnstrument unenf~rceable according to its terms; Lender, at its option, may require immediate payment in full of all sums secured by this Security 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. , t4. Notices. Any notice to Borrower provided for in this Security instrurrient 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 ~j 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 Borrower. Any nc?tice ~ provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided ~ in this paragraph. lS. Gorernibg Law; Seretability. This Security Instrument shall be governed b~ federal law and the law• of the ~ I jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the ~ ~ ' Note conflicts with applicable law, such conflict sfiall not affect other provisions of this Security Instrument or the Note ~ which can be given effect without the conHicting provision. "I'o this end the provisions of this Security Instrument and the ~ Note are declared to be severable. ~ 16. Borrower'~ Copy. Borrower shall be given one conformed copy of the Note and of thi~ Security lnstrument. f i - 17. Transfer of t6e Property or a Beneticial Interest in Borrower. If all or any part of the Property or any ' i interest in it is soid or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natura( ; , person) without L,ender's prior written consent, L.ender may, at its option, require immediate payment in fult of all sums ~ secured by this Security Instrument. Nowever, this option shall not be exercised by Lender if exercise is prohibited b~• ; C federa! !aw as of the date of this Security Instrument. { ~ If I.ender exercises this option, I,ender shall give Borrower notice of acceleration. The notice shall provide a perioci ' oF not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by ~ this Security Instrument. L!'Borrower Pails to pay these sums prior to the eapiration of this period, I.ender may invuke any remedies permitted by this Security Instrument without further notice or demand on Borrower. I8. BorroNer'a Ri~ht to Reinstate. ~ If E3orrouer meets certain conditions, Borrower shall have the right to havc enforcement of this Security Instrument discontinued at any time prior to the earlier af: (a) 5 days (<~r such other period applicable law may sptcify 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 tnstrument. Those conditions are that Borrower: (a) pays Lender all sums whie6 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, reasonable attorneys' fees; and (d) takes such action as Lender may ` rtasonably require t~ assure that the lien of this Security Instcume~t, Lender's rights in the Property and Borrower's ~ obligation to pay the sums ucured by this Security [nstrument shal! continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall rtmain fulty efiective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case ofacceleration under paragraphs 13 or 17. i 574 ?~:~E 9fi6 ~onK . ; r--. ~ . _ .