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HomeMy WebLinkAbout2418 - . • _ . ~ . , ; • If Lender required mortgage insurance as a rondition of making the loan secured by this Secunty Instrument, Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the insurance terminatrs in accordance with Borrowe~'s and Lender's w•ritten agreement or applicable law. 8, lnspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrow~er notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnation. The prc~ceeds ot'any award or daim for damages, direti;t or consequential, in connection with any rondemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shal! be paid to Lender. ln the e~~ent of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security InstrUment, w~hether or not then due, with any excess paid to Borrower. In the e~~ent of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, the sums secured by this Serurity lnstrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the totai 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 &~rrow~er. If the Property is abandoned by Borrower, or if, afler 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 gi~~en, Lender is authorized to collect and apply the pra:eeds, at its option, either ro resroration or repair ~if the Property or to the sums secured by this Security Instrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing, an~~ application ol proceeds to principa) shall not extend or postpone thz 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 b}~ Lender to an}• 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 a~ny 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 Borrow•er or Borrow~er's successors in interest. Any forbearance b}• Lender in eYercising any right or remedy shal! 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 provisions of paragraph 17. Borroa~er's co~~enants 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 com~e}• 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 Se~urity Instrument; 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. 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 finally interpreted so that the interest or other loan charges collected or to be collected in connection w~ith the loan exceed the permitted limits, then: (a) any such loan charge shali be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already coUected 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 i partia) prepayment without any prepayment charge under the Note. f 13. Legislation AtTecting I.ender's Rights. If enactment or expiration of appiicable laws has the efi'ect 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 full of all sums secured by this Secunty Instrument and may invoke any remedies I 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 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 maii to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice , provided for in this Security Instsument shall be deemed to ha~~e been gi~~en to Borrower or Lender when given as provided ~ in this paragraph. 15. Governing Law; Severability. This Securit~• Instrument shall be governed by federal law and the law of the 5 jurisdiction in which the Property is I~cated. In the event that an}~ pro~•ision or clause of this Security Instrument or the i Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note ~ which can be given ef~ect without the conflicting provision. To this end the provisions of this Security Instrument and the ~ Note are declared to be sevcrable. ~ 16. Borrower's Copy. Borrower shall be given one conto. med copy of the Note and of this S~curity 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 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 `:i , federal law as of the date of this Security Instrument. ' If Lender exercises ihis option, Lender shall give Borrower notice ot 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. I!' 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 ~3orrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have ~ enforcement of this Securit~~ Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as ~ applicable law• may spec~fy 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 Borrow•er: ~ (a) pays Lender all sums which then would L+~ due under this Security Instrument and the Note had no acceleration ~ occur*ed; (b) cures any default of any other covenants or agreements: (c) pays all eapenses incurred in enforcing this ~ Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may ~ reasonably reyuire t~ assure that the lien of this Security Instrument, Lender's nghts in the Froperty and Borrower's obligation to pay the sums secured by~ this Security lnstrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceJeration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. ~ BOOKV7~ PAGE2418 BOOK~7Q PACf2~ ~ ~ ~ . , ,fg~~~,~,~x'~s'.~-1`"` a- -:~s~~ q~K~~:~ ~-'K`~" -