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HomeMy WebLinkAbout0545 An~ atnounts disbursed by Lender undcr this paragraph 7 shall brcome additional debt of Borroaer secured by this Seeuri[y In,trument. Unless Borrow~er and Lender agree to other terms of payment, these amounts shall bear interest from the date ot disbursement at the Note rate and shall be payable, w•ith interest, upon notice from Lender to ~orrower requesting payment. lt Lender required mortgage insurance as a condition of making the loan secured by thi~ ty_ trt~,iZnt, Bo ONer shall ~ pa~~ the premiums required to maintain the insurance in effect until such time as the req~nr ~e f~ the insurance terminates in accordance with Borrow•er's and Lender's written agreement or applicable law. 8. laspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall gi~e Bor- rower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnrtfon. The proceeds of any award or claim for damages, direct or consequential, in connection with anp condem- nation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. ln the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, w~hether or not then due, with any excess paid to Borrower. In the event of a nartial taking of the Property, unless Borrow•er and Lender otherwise agree in w•riting, the sums secured by this Security Instrument shaU be redu~ed by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, di~•ided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. If the Property is abandoned by BorroH•er, or if, after notice by lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender withi~ 30 days after 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 Securiry Instrument, whether or not then due. Unless Lender and Borrow•er 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 paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearaoce by Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security lnstrument granted by Lender to any successor in interest of Borrower shall not operate to release.the liabitity of the original Borrower or Borrower's successors 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 amonization of the sums se~:ured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance b}• Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. ~ 11. Successors aod Assigas Bouad; Joint and Several Liabllity; Co-sigaers. The covenants and agreements of this Security Instrument shall bind and benetit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's co~~enants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but dces ~ not execute the Note: (a) is casigning this Security Instrument only to mortgage, grant and convey that Borrower'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 ~ Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommoda- tions with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 12. Loan C6arges. !f the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, 'i and that law is finally interpreted so that the interest or other loan charges collected ar to be collected in connection with the j 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 atready rollected from Borrower which exceeded 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 wil! be treated as a partial prepayment without any prepayment charge under the Note. R 13. Legislation Affecting [.ender's Rights. If enactment or expiration of applicable laws has the effect of rendering any pro~~i- ~ sion of the Note or this Security Instrument 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 in~~oke any remedies permitted by paragraph 19. !f Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. l4. lVotices. Any notice to Borrow•er 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. 7'he notice shall be directed to the Property Address or any other address Borrow•er designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's ~ address stated herein or any other address Lender designates by notice to Borrow~er. Any notice provided for in this Security Instru- ' ment shall be deemed to have been given to Borrow•er or Lender when given as provided in this paragraph. ~ 15. Governiog L9w; Severability. This Security Instrument shall be governed by federal law and the law of the jurisdiction ~ in which the Property is located. In the event that any provision or clause of this Security lnstrument or the Note conflicts with E applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect ~ without the conflictin ~ g provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. ! 16. Borrower's Copy. Borrower shall be given orse conformed copy of the Note and of this Security Instrument. ~ j 17. Trans[er of the Property or A Beneficial Ioterest in Borrower. If all or any part of the Property or any interest in it is soid or transferred (or if a beneficial 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 ~ lnstrument. However, this option shall not be exercised by Lender if exercise is prohibited by federa! law as of the date of this ~ Security Instrument. f !f Lender exercises this option, Lender 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 Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may~ invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower m~ets certain conditions, ~3orrower shall have the right to have enforcement of thds Security lnstrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law~ may specify for reinstatement) tzefore sale of the Property pursuant to any power of sale contained in this Security Instr~ment; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security tnstrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays ail expenses incurred in enforcing this Security Instrument, including, but not lir!i:ted to, reasonable at- torneys' fees; and (d) takes such action as Lender may reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. ~ Upon reinstacement by Borrower, chis 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 1', . ~40f~7~ p~ ~r'tOJ . a~ _ _ . k ~ - ~ ~ ° ~