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HomeMy WebLinkAbout1501 , i . If Lender required mortgage insurance as a condition of making the toan securqd by this Security Instrument, Borraw~er shall pay the premiums required to maintain tht insurance in eftect until such time as the requirement for the insurance terminates in accordance with Borrower's and l.ender's written agreement or applicable iaw. 8. Inspection. [.ender or its agent may make reasonabte entries upon and inspertions of the Property. Lender shaii give Borrower notice at the time ofor prior to an inspection speciPying reasonable cause Cor the inspection. 9. Condemnation. The proceeds ot any awarcl 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 assigneci and shall be paid to Lender. In the event of a total taking of the Propeny, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due,-with any ezcess paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrdment shall be reduced by the amount of the proceeds multiplied 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 Propcrty immediately before the taking. Any balance shail be paid to Borrower. If the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower that the condemnor offers to make an award or settle a ciaim for damages, 8orrower fails to respond to Lender within 30 days aRer the date the notice is given, Lender is authorized to tollect 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 a~plication of proceeds to principat shall not extend or postpone the due date of the monthly payments referred to in paragraphs i and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By Lender Not a Waitier. Extension of the time for payment or modi6cation oC amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Bonower 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 Borrower's successors in interest. Any forbearance by I.ender in eaercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. ll, Successors and Assigns Bound; 3oent stnd Several Liability; Casigners. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of L.ender and Borrower, subject to the provisions , of paragraph 17. Borrower'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 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 lnstrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. I2. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that law is finalty interpreted so that the interest or other loan charges collected or to be coltected in connection with the loan exceed the permitted limiis, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted iimit; 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 Borcower. If a refund reduces principai, the reduction wi11 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 provision of the Note or this Security Instrument rnenforceable 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 shap take the steps specified in the second paragraph of paragraph 17. 14, Notices. Any notice to Borrower provided for in this Security tnstrument 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 t~ 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 Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 15, Coverning I.aw; Severability. This Securit}• Instrument shall be governed by federal law and the law of the jurisdiction in whieh 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 w~hich can be given effect without the conflicting Provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shatl be given one conformed copy of ihe Note and of this Security Instrument. 17, Transfer of the Property or a Beneficial 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 'ss not a natural person) without Lender's prior writien 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. If Lender exercises thrs option, Lender shall give Borrower notice of acceleration. The notice shal) provide a period of not less than 30 days from the date the notice is delivered or mailed within whi~h Borrower must pay all sams 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 meets certain conditions, Borrower shalt have the right to ha~~e enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as appiicable taw may specify for reinstatement) before sale of ihe 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 Borrower: (a) pays Lender all sums which then would be due under 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, reasonable attorneys' fees; and (d) taices such action as L.ender may reasonably require tn assure that the tien of this Security Instrument, Lender's rights in the Property and Borrower's abligation to pay the sums secured by this Security Instrument shal) 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 not apply in the case of acceleration under paragraphs 13 or 17. °soo~674 P,~cE15Q1 - - , ° i ~ . ~ ` ~ ~