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HomeMy WebLinkAbout0559 . ~ Am amounts di~bursed b~• l.end:r under this paragraph 7 shall berome addiponal debt of ~t~~~r~l~ th~~rit>' Instrument. Unless Borrower and Lender agree to other cerms of payment, these amounts shan bear i~t rest from the date of disbursement at the Note rate and shall be papabie, with interest, upon notice from Lender to Borrower requesting payment. If l.ender reyuired mortgage insurance as a condition of making the loan secured by this Securiry instrument, BorroNer shali pay the premiums required to maintain the insurance in effect until such time as [he requirement for [he insuranre terminates in accordance w~ith Borrow~er's and Lender's written agreemen[ or applicable law. 8. Inspeclion. Ler.der or its agent may make reasonable entries upon and inspections of the Property. Lender shall gi~~e Bor- row~~r notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condsmna~ion. The proceeds of any award or claim for dam2ges, direct or consequential. in connection w~ith any condem- nation or other taking of any part of the Propert~, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. !n the event oi a total taking of the Property, the proceeds shall be applied to the sums secured b}• this Security lnstrument, whether or not then due, v?~ith anp excess paid to Borrower. ln the event of a partial taking of the Property, unlas Borrower and Lender otherwise agree in w•riting, the sums secured by this Securiry Instrument shall be reduced by the amount of the pra.eeds multiplied by the following Craction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. U the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an aw•ard or settle a claim for damages, Borrower fails to respond to Lender within 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 Security Instrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not exten~ or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. t0. Borrower Not Rdesised; Forbearaoce by Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability 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 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 remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Successors snd Assigns SouAd; Joint and Sevrral Liability; Co-sigatrs. 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. Borrow•er's covenants and agreements shall be joint and several. Any Borrower v?ho co-signs this Security Instrument but dces 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 lnstrument; (b) is not personally obligated to pay the sums secured by this Security ~ Instrument; and (c) agrees that Lender and any other Bonower may agree to extend, modify, forbear or make any accommoda- tions with regard to the terms of this Srcuriry 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, ~ and that law is finaUy interpreted so that the interest or other loan charges cullected or to be collected in connection with the i 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 exceeded permitted limits wi11 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 f to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge I ~ under the Note. 13. Ixgislation Afiecting Lender's Rights. If enactment or expiration of applicable laws has the effect of rendering any provi- ; sion oi 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 invoke any remedies permitted by paragraph 19. If Lender j e~ercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17. f 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing E 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 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 Borrower. Any notice provided for in this Security Instru- ~ ment shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. ~ 15. Governiag Law; Se~•erability. This Security Instrument shall be governed by federal law and the law• of the jurisdiction ~ in w~hich 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 shall not affect other provisions of this Security Instrument or the Note which can be given effect without the contlicting provision. To this end the provisions of this Security Instrument and the Note are declared to be se~~erable. ~ 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. E 17. Trsmsfer ot the Property or a Beaeficiai Interest in Borrower. If all or any part of the Property or any interest in it is sold 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 Instrument. Nowever, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this ~ Security Instrument. g If 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 Securiry Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted b}~ this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement oP this Security Instrument discontinued at any time prior to the earlier of: (a) S days (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant ro any power of sale contained in this Se~:urity Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower. (a) pays Lender all sums which then w~ould be due undzr 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 not limited to, reasonabte at- ; tomeys' fees; and (d) takes such action as Lender may reasonably require to assure that the lien of this Security Instrument, Lender's tights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security [nstrument and the obligations secured hereby shall remain fully ef(ective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. aoaK s7~ ~ . , ~ ~ ~ _ ~ - - _ ~ .