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HomeMy WebLinkAbout0709 . . ' ~ ' ~ ~ . Any amounts disburs~d by lender under t~iis parearaph 7 Shall~~become additiunal debt of Borrower ~ecurrd by ~ this Securiry lnstrument. Unless Borrower and Lender agree to other terms of payment, thesN amounts shall bear in- terest from the date of disbursemrnt at the Note rate and shall be payable, with interest, upon notice from 1_rnder to ~3orro~~•~r requesting payment. If Lender required mortgage insurance as a condition of making thr loan secured by this Sc~,urity Instrument, ± Borrower shall pa~ the premiums required to maintain the insurance in effect until such time as the requirement for a thE insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. ~ 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender ~ shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the insp~ction. ~ 9. Condemns~tion. The proceeds of any aH~ard or claim for damages, direct or consequential, in connection with ~ any condemnation 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. ~ In the event of a total taking of the Property, the pruceeds shall be applied to the sums secured by this Security In- strument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, ! unless Borrower and Lender other~ise agree in writing, the sums secured by this Security lnstrument st~all be reduced i by the amount of the proceeds r.~ultiplied by the fo!lowing fraction: (a) the total amuunt of the sums secured im- ' mediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. ' lf 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 fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to colle~:t 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 extend or postpone the due date of the monthty payments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By Lender Not a R'aiver. 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 Borroweer shatl not operate to release the liability of the originai Borrower or Borroweer's successors in in- terest. 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 de- mand 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 and Assigns Bound; Joint and 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 pro- visions of paragraph 17. Borrower'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 lnstrument; (b) is not per- sonally obligated to pay the sums secured by chis Security Instrument; and (c) agrees that Lender and any other Bor- rower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security !n- strument or the Note without that Borrower's consent. 12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that law is ~nally interpreted so that the interest or other loan charges collected or to be collected in con- ' nection with the loan exceed the permitted limits, then: (a) any such loan charge shalt be reduced by the amount ~ necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceed- ; ed 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. E 13. Legislatien Affecting Lender's Rights. lf enactment or expiration of applicable laws has the effect of ~ rendering any provision of the Note or this Security [nstrument 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 exercises this option, Lender shall take the steps speci~ed in the second ~ paragraph of paragraph 17. ~ l4. Notices. Any notice to Borrower 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. 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 ~rst 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 [nstrument shall be deemed to have been given to Borrower or Lender when given ~ as provided in this paragraph. ~ 15. Governing I.aw; Severability. This Security Instrumeret shall be governed by federal (aw and the law of the jurisdiciton 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 shali not affect other provisions of this Security Instrument or the ~ Note which can be given effect without 1he conflicting provision. To this end the provisions of this Security Instru- ~ ment 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 Instrument. 17. Transfer of the Propeny or a Bene~cial Interest in Borrower. If all or any part of the Property or any in- terest 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. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. C7~ ~ If I,ender 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 Borrawer 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 Bor~ower. a,,, ~ 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have ~ enforcement of this Security Instrument discontinued at any time prior to the eariier of: (a) S days (or such other ~ period as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale con- ~Q tained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are ~o that Borrower: (a) pays Lender all sums which then would be due undet this Security Instrument and the Note had no o°m acceleration occurred; (b) cures any default of any other eovenants or agreements; (c) pays all expenses incurred in en- forcing th~s Security [nstrument, including, but not limited to, reasonable attortteys' fees; and (d) takes such action as ~