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HomeMy WebLinkAbout2226 Any amounts disbursed by Lender under this paragraph 7 Shall be~ome additional debt uf Burrower sc~ur~d by this Security Instrument. Unless Borro~er ana l.ender agree to o[her terms oi' payment, these amounts shall bear in- terest from the date of disbursement at the Note rate and shall be payable, with intcrest, upen notice from Lender to Bor~ower requesting payment. If Lender required mortgage insuranee as a conditiun of making thr loan secured by this Security Instrument, ~ Borrower shall pay the premiums required to maintain the insurance in effec.t until such time as the requirement for the insurance terminates in accordance with Borrower's and L,ender's written agreement or applieable law. ' 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender i shall give F3orrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. ~ 9. Condemnatio~. The proceeds of any award 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. ln the event of a total taking of the Property, the pruceeds shali 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 Instrument shall be reduced by the amount of the proceeds r^ultiplied by the following fraction: (a) the tota! amount 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 Propeny 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 collect and apply the proceeds, at its option, either to restoration or repair of the Property or to ihe 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 monthly payments referred to in paragraphs 1 and 2 or change the amount of such ~ ~ payments. ~ 10. Borrower Not Released; Forbearance 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 Borroweer shall not operate to retea$e 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 shatl 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 sha~l 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 Instrumen[ 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 Instrument; (b) is not per- sonally obligated to pay the sums secured by this 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 In- strument or the Note without that Borrower's consent. 12. Loaa Chs~rges. 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 con- nection 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 collected from Borrower which exceed- ed permitted lirnits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal I 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. j 13. Legislatien 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 unenforceable according to its terms, Lender, at its option, may require immediate payment in ful! 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 class mail unless applicabte law requires use of another method. The notice shall be dire~ted to the ~ Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shalt 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. Coveming Law; Severability. This Security Instrument shall be governed by federal law 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 shall not affect other provisians of this Security Instrument or the ~ Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instru- ~ ment and ihe 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 Property or a Beaeficis~l Interest in Borrower. If all or any part of the Property or any in- teres[ in it is sold or transferred (or if a beneficiaf 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 f of all sums secured by this Security Instrument. However, this optiun 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 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, l,ender ; 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 shall have the right to have ~ •~1 enforcement of this Security Instrument discontinued at any time priot to the earlier 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- ~ ~ tained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are ; °~o that Borrower: (a) pays Lender aU sums which then would be due under this Security Instrument and the Note had no °i° acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays ali expenses incurred in en- a forcing this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as ~ ~ ~ ~ ~.~.r f :~'r~.„ - - - ~'S . r~...Y... ~