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HomeMy WebLinkAbout0573 •Any amounts disbursed by Lender under this para~,raph 7 shall become additiona! debt of,BorrQwer secured by this Securit~ Ins[rument. Unless Borrower and Lende~ agree to other terms ol payment, these amounts shall bear interest from the date of di.bur,ement at the Note rate and shail be payable, with inrerest, upon notice from Lender to Borrower nquesting payment. If I_ender required mor[gage insurance as a con.iition of making the loan secured by this Security Instrument, Borrower shall pa~• the premiums required to maintain the insurance in efCect until such time as the requirement for the insurance terminates in accordance with Borrower's and Lendet's written agreement or applicable law. 8. Inspectioa. Lender or its agent ma~° make reasonable entries upon and inspections of the P~opertp 4r~gr shall ~~•e Bor- rower notice at the time of or rior to an ins tion s p pec pecifying reasonable cause for the inspecj~o ~ t 9. Condemnatioa. The proceeds of any award or claim for damages, direct or consequential, in connection with any condem- nation or other taking of any part oC the Property, or for conveyance in lieu of rondemnatian, are hereby assigned and shall be paid to Lender. In the e~~ent of a total taking of the Property, the proceeds shall be applied to the sums secured bp this Security Instrument, Whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Froperty, unless Borrower and Lender otherwise agree in w~riting. the sums secured by this Security lnstrument shall be reduced by the amount of the proceeds multiplied by the follovving fraction: (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 Borrow•er. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower Cails 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 resroration or repair of the Property or to the sums secured by this Security lnstrument, whether or not then due. Unless Lender and Borrower otherw~ise agree in w~r~ting, 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 1\ot Released; Forbearauce by Lender Not a Waiver. Extension of the time for payment or modification of amortezation 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 Instrument by reason of any demand made by the original Borrower or Borrovver's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a w~aiver of or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint xnd Several Liability; Co-signers. 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 who 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 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 ertend, modify, forbear or make any accommoda- ~ tions with regard to the terms of this Security Instrument or the Note without that Borrow~er's consent. { 12. Loan C6arges. If the loan secured by this Security Instrument is subject to a law w•hich sets maximum loan charges, ~ and that law• is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the loan exceed the permitted limits, then: (a) any such ioan 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 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 will be treated as a partial prepayment without any prepayment charge ~ under the Note. ~ 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of rendering any provi- R sion of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may require immediate a payment in full of all sums secured by this Security Instrument and may im•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. ~ 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing ~ it by first class mait 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 F address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security~ Instru- g ment shall be deemed to have been given ro Borrower or Lender when given as provided in this paragraph. ~ 15. Governing Ls~w; Severability. This Security lnstrument shall be governed by federal law• and the law• of the jurisdiction ~ in which the Property is located. ln the event that any provision or clause of this Security Instrument or the Note conflicts w~ith ~ applicable law, such contlict shall not affect other provisions of this Security Instrument or the Note which can be gi~~en effect i without the contlicting provision. To this end the pro~~isions of this Security lnstrument and the Note are declared to be severable. ~ 16. Borrower's Copy. Borrower shall be given one conformed copy~ of the Note and of this Security tnstrument. ~ 17. Tmnsfer of ihe Property or p Beoeficial Interest in Borrower. If all or any part of the Property or any interest in it is , sold or transferred (or iE a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without 5 Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Securitp ~ Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law~ as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrow~er 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 sPcured by this Security lnstrument. 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 Borrow•er. 18. Borrower's Rig6t to Reinstate. If Borrower meets certain c~nditions, Borrower shall have the right to have enforcement of this Security Instrument siiscontinued at any time prior te the earlier of: (a) 5 days (or such other period as applicable law may specii~• for reinstatement) beFore sale of the Property pursuant to any power of sale con~ained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borroa•er: (a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any deCault of any other covenants . or agreements; (c) pays all expenus incurred in enforcing this Security Instrument, including, but not limited 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 [nstrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall r.ot apply in the case of acceteration under paragraphs 13 or 17. eoa~7~ ~cE ,~~3 ~ _ ~.y... - . . ~ ~ ~-~~-~h`~~~ ~;-a '