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HomeMy WebLinkAbout0918 If Lender required mortgage insurance as a condiiion oi niaKin~ i;-~~ ~..wr.-1 ~_~s~~~lty 1nclrt?ment, Rorrower shall pay the premiums required to maintain the insurance in eflect until such time a~ the requirement tor the insurance terminates in accordance with Borrower's and Lender's w~ritten agreement or appli~able law. 8. Inspection. Lender or its agent may make reasonable entries upon and insEx,ctions af the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasanable cause for the inspectic~n. 9, Gondemnation. The proceeds of any award ar claim For damages, direct or consequential, in ronnec;lion with any condemnatian or other taking of any part of the Property, or 1'or conveyance in lieu of condemnatian, are hereby assigned and shal) be paid to Lender. = In the event ot a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whethe~ or not then due, with any excess paid to Borrower. In the event af a partia! taking of the Property, : unless E3orrow~er and Lender otherwise agree in H~riting, the sums sec:ured by this Security Instrument shall be reduced by the amount oP ihe proceeds multiplied by the fallowing fractian: (a) the rotal amount of the sums secured immediately before the taking, divided by (b) the Pair market value of the Propert~• immediately beforc the taking. Any balance shall t~e • paid lo Borrower. If the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrowe~ that the condemnor offers to make an award or settle a claim for damages, Borrower fails 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 Instrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to princiPat shait not extend or post~ne the due date otthe monthly payments referred to in paragraphs t and 2 or change the amount of such payments. 10, Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or mcxii6cation of amortization of the suns seeured by ihis Security ]nstrument granted by Lender to any successor in interest of Bo~rower shal! not operate to release the liability ot'the original Borrower or Borrower's successars 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 origina! 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. ' tl. Successors and Assigns ~aun~~ ~~Ii3[ iiiii,i J~~a:iiYi LIA~:!ety; Co-sig~ers, 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. 8orrower's covenants and agreements shall be joint and several. Any Borrower who 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 Security ]nstrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and {c) agrees that Lender and 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 consent. ~:7 12. Loan Charges. If the loan secured by this Security Instrument is se~bject to a law which sets maximum loan ~ charges, and that law is finaily interpreted so that Ehe interest or other loan charges c~llected 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 coltected trom Borrower which exceeded permitted limits will be refunded to Borrower. I.ender may choose to make this refund by reducing ihe principal owed under the Note or by making a direct payment ta Borrower. If a refund reduces principal, the reduction will he treated as a ~ partial prepayment without any prepayment charge under the Note. 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicablc laws has the effect of .~.,P„fnrrPahle accordin¢ to its terms, Lender, at its option, rendenng any provision oi inc i~~~c _ , may require immediate payment in full of all sums secu~ed by this Security [nstrument and may ina•oke any remed~es ~ permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the sec-ond paragraph of paragraph 17. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or b}~ mailing it b~~ 6rst class mail unless applicable law requires use of another method. 7'he notice shall be directed to the ~ , Property Address or any other address Borrower designates by notice to Lender. Any notice to I_ender shall be gi~~en by i first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower_ Any notice provided for in this Security Instrument shatl be deemed to have been given to Borrower or Lender «•hen given as pro~~ided in this paragraph. 1S. Governing Law; Severability. This Serurity Instrument shall be governed by federal law and the la«• ot the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note confliets with applicable law, such conflict shall not affect other provisions of this Security instrument or the Note which can be given effect without t6e conflicting provision. To this end the ptovisions of this Securit}• lnstrument and the Note are declared to be severable. t6. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of thi~ Security [n.trument. ~ l7. Transfer of the Property or a Beneficial Interest in Borrower. I~ all ar an~~ part of the Property or an}~ ' interest in it is sold or transferred (or iCa beneficial interest in Borrower is so[d or transferred and Borro~~~er is not a natural person) without Lender's prior written consent, Lender may, at its option, require immecliate payment in full of all sum: secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited b~~ ~ federal law as oithe date of this Security Instrument. !f Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shati provide a perioci of not less than 30 days from the date the n~tice is deli~~ered or mailed within which Borro~~er must pa}• al! sums secured by~ this Security Instrument. If Borr~wer fails to pay these sums prior to the expiration ot this periai. 1_ender may im~oke an}~ remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. $orrower's Right to Reinsiate. If Borrower meets certain conditi~ns, Borrow~er shali have the right to ha~~c enforcement of this Securiry Instrument discontinued at any time prior to the earlier oE (a) 5 days (~~r such other period ati applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in lhis Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Bor~ower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occurred; (b) rures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attarneys' fees; and (d) takes such action as Lender may reasonably rcquire to assure that thc lien of' this Securiry Instrument, Lender's rights in the Property and Borro:ver's I obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obtigations secured hereby sha!! remain fully e~'ective as if no acceleration had occurred. Howe~•er, tt~is right to reinstate shall not apply in the ease of acceleration under paragraphs 13 or 17. gooK 575 PacE 916 ~ __.---r-.r,~..