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HomeMy WebLinkAbout2763 ~ ~ If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, HorroH~er shall pay the premiums required to mai~tain the insurance in efTect until such time a~ the reywrement for the ~nturance terminates in accordance with Borrower's and Lender's written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable emries upon and inspections of the Property. Lender shall gi~e Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemaation. 'The proceeds of any award or claim for damages, direct or consequ~ntial, 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 proceeds shall be applied to the sums secured by this Security Instrument, 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 agree in writing, the sums secured by this Security Instrument shall be reduced by ~he amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the laking, 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, aRer notice by L,ender to Borrower that the condemnor offers ta 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 the sums secured by this Security Instrument, wheiher 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 I.ender Not s Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Securiry Instrument granted by Lender to any 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 any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Se~urity Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shaU not be a waiver of or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Several Liability; Casigners. The covenants and agreements ot this Security Instrument shall bind and benefit the successoES and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who casigns this Security ' Instrument but does not execute the Note: (a) is casigning this Security Instrument only to mortgage, gran[ 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 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 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 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 wil) be treated as a ~ panial prepayment without any prepayment charge under the Note. i 13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the efTect 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 Security Instrument and may invoke any remedies ~ permitted by paragraph 14. If Lender exercises this option, I.ender shall take the steps specified in the sccond paragraph of E paragraph 17. . t 14. 1~iotices. 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 iaw 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 shal) be given by i first class mail to Lender's address stated herein or any other address L.ender 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. Governing Law; Severability. This Security Instrument shall be governed by tederal 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 ~ Iv'ote conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note ~ which 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. ~ l6. Borrower's Copy. Borrower shall be given one conformed copy of th~ Note and of this Security lnstrument. 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 eaercise is prohibited by federal law as of the date of this Security Instrument. } lf 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 delrvered or mailed within which Borrower must pay all sums secured by this Security lnstrument. 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 Borrow~er. < 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall ha~•e the right to have 3 enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as ~ applicable law may speci(y for reinstatement) before sale of the Property pursuant to any pow~er of sale comained in this ~ Securit}~ Instrument; or (b) entry of a judgment enforcing this Securit~ Instrument. Those conditions are that Borrower: ~ (a) pay~s Lender all sums which then would be due under this Security Instrument and the Note had no acceleration ~ occurred: (b) cures an}• default of any other covenants or agreements; (c) pays al) expenses incurred in enforcing this Security~ Instrument, including, but n~t limited to, reasonable attorneys' fees; and (d) takes such action as Lender may ~ rea~onabl}~ reyuire m assure that thc lien of this Security Instrument. Lender's nght. in the Property and Borrower's ~ obligation t~ pa~~ the sums secured by this Security Instrument shall continue unchanged. Upcm reinstatemem by ~ Borrc~wer, thiti Secunt~~ Instrument and the obligations seeured hereby shall remain full~• e~feeti~~e as if no aeceleratian had ~ occurred. }i~Ne~er. this right to reinstate shall not apply in the case otaccelerati~n under paragraph~ 13 or 17. ~ BaoK674 PAGE2~~~ _ _ Jsc"s"~-~;-:.,.e~ ~a r~:;,^y--+`'.~ ~°4_ Y4z "(~.y4' :s.. ~~5=?~~-~'[.e~' ta..:; ',~,~,,.ai.~.°. ~P. ~ 9a~C+e. F ~