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HomeMy WebLinkAbout1353 Any amounts disbursed by Lender u~der t¢ie~arag~aph =~gl p~.a6ditional debt of Borrpwer secured by this Security Instrument. Unless Borrower and Lender agreE t~ o:fier terms of ~ay~~ th~se amounts shall beaz interat from the date oi disbursement at tho Note rate and shall be~ payable, with inte~at, upon notice from Lender to Borrower requesting payment. lf Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument. Borrower shali pay th~ premiums required to mai~tain the insurance in effect until such time as the requiremont for the insurance terminatrs in accordance with Borrower's and Lender's written agrcement or appiicable law. 8. tnspectioo. Lender or its agent may make reasonable entria upon and insaections of the Property. Lender shall give Bor- rowe~ notice at the time of or prior ro an inspection specifying reasonable cause for the inspcction. 9. Condennnatlon. The proceeds of any award or claim for damages, direct or consequential. in connection with any condem- nation or other taking of any pan of the Property. or for conveyance in lieu oC condemnation. are hereby assigned and shat! be paid to Lender. In the event af a total taking of the Property, the proceeds shail be apptied ta the sums secured by this Security lnstrument, whether or not then due. with any excess paid to Borrower. !n the event of a partial taking of the Property, unless Borrower and Lender otherwise agrce in writing, the sums secured by this Security lnstrument shall be reduced by the amount of the proceeds multipGed by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immrdiately before tht taking. Any bala~ce shall be paid to Borrower, !f the Proporty is abandoned by Borrower. or if, after notice by Lender to Borroxer that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender withia 30 days after the date the notice is given, Lender is authorized to collect and apply the proceeds. at its option, either to ratoration or repair of the Property or to the sums secured by this Security Instrument. whether or not then due. Unless Lender and Borrower otherwise agrce in writing. any application of procecds to principat shail not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or zhange tht amonnt of such payments. 10. Borrower Not Rekased; Forbearance by Leodsr Not a Walver. Extension of tht timt for payment or modificadon of amonization of the sums seeured 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 Bonower's successors in interest. Lender shall not be roquired to commence proceedings against any successor ~n interest or refuse to extend time for payment or otherwise modify amonization oP the sums secured by this Sccurity Instrument by reason of any dcmand made by the original Borrower or $orrower's successors in interest. Any forbearance by I.ender in exercising any right or remedy shall not be a waiver of or preelude the exercise of any right or remedy. 11. Succes,cors and Assigns Bouad; Joint aad Sevenl I.tabflity; Co-signers. The covenants and agreements af this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agrcements shall be joint snd several. Any Borrower who easigns this Stcurity Insirument but does not execute the Note: (a) is co-signing this Security Instrument only to mongage, grant and convey that Bonower's interest in the Property under the terms of this Security Instrsment; {b) is not personally obGgated 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 regazd to the terms of this Security Instrument or the Note without that Borrower's consent. 12. Loan Cbuges. If the loan secured by this Security Instrument is subject to a law which 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 loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already co(iected from Borrower which ezceeded 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 refupd reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. Legislation Affecting Lender's Rights. lf enactment or expiration of applicable laws has the effect of rendering any provi- 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 invoke any remedies permitted by paragraph 19. If 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 clazs mail unless applicable law requires use of another method. The notice shall be directed to the Propeny Address or any other address Borrower designates by notice to Lender. Any notice to Lender shatl be given by ~rst class mail to Lender's address st~ted herein or any other address Lender designates by nvtice 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 pazagraph. 15. Governing Law; SeverabUity. 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 Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Iastrument 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 severable. 16. Borrower•s Copy. Borrower shall be given ons conformed copy of the Note and of this Security Instrument. l7. Tnnster ot the Property or a Beneficial Interest in Borro~ver. If all or any part of the Propeny or any interest in it is sold or transferred (or if a beneCcia! 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 fu11 of all sums secured by this Secarity Instrument. However, this option shali not be exercised by Lender if exercise is prohibited by federal !aw as of the date of this Security tnstrument. 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 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 Instrament without further notice or demand on Borrower. 18. Borrower's Right to Re[nstate. If Borrower mats certain conditions, Borrower shall have the right tfl have enforcement of this Security Instrument discontinued at any time prior to the eazlier of: (a) S days (or such other period as applicable Iaw may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borcower: (a) pays Lender all sums which then would be due under this Seeurity tnstrument and the Note had no acceleration occurred; (b) cures any default of any oiher covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable at- torneps' fees; ar~d (d) takes sach action as Lender may reasonably require to assure that the lien of this Serurity [nstrument, Lender's rights 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 Instrument and the obligations secured hereby shall remain fully effective as if no aa:.elcration had occurred. However, this right to reinstate shall not apply in the case o[ accxleration under paragraphs 13 or 17. ~ooK674 ~135~3 _ _ . ~::~..~~~~.a~ ~ :