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HomeMy WebLinkAbout0539 ~ If Lender reyuired mortgage insuranre as a c~nd?ti~m of making the loan secured by this Serurity~ Instrument, Hurro~~er shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the insurance terminatrs in accordance with Borrow~e~'s and Lender's w~ritten agreement or applicable law. 8. Inspection. 1_ender or its agent may make reasonable entries upon :~nd inspections of the Pro~rt}•. Lender ,hall give Burrower notice at the time of or prior to an inspection specify~ng reasonable cause for the ins~ctiun. 9. Condemnation. The prcxeeds of any award ur cfaim for damages, direct or consequential, in connection w~ith any amdemnation or other taking of an}~ part of the Yroperty, or fi~r conve}~ance in lieu of rondemnation, are hereby a,signed and shall be paid to Lender. In ihe e~ent of ~ total taking af the Propert~~, the pruceeds shall be applied to the sums serured by this Security Instr~lment, whether or not then due, w~ith any excess paid to Borrower. ln the e~~ent of a partial taking of the Propert}~, untess Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument 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 taV~ing, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrow~er. If the Praperty is abandaned b~~ Borrower, or if, a`ter notice by Lender to B~~rrower that the condemnor offers to make an aH~ard or settle u claim for damages. Barrow•er fails ta res~nd to Lender w•ithin 30 days after the date the notice is gi~~en, Lender is authorized to collect and apply the prcx:eeds, at it~ option, rither t~~ restoration or repair of the Yroperty or to the sums secured by this Securit~~ Instrument, w~hether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proreeds to principal shall not extend or postpone the due date of the monthl~~ pay~ments referred to in paragraphs 1 and 2 or change the amount of s~+ch papments. 10, Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for pa~~ment or modification of amortization of the sums secured by this Security Instrument granted by~ Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borruw~er or Borrow•er's successors in interest. r 'L_n . t__ _ ct ccnr ~n infv~v~f nr ~Pf11CP f~l PYfP(1[~ 11(Tl£ Pnr LCltuct JliQfi IIVt ut 1Cyiiiitu i~~ ~V~i:~i~i.ii~i: ~~i:ri.a.a.a~~u6S a~ibu;iiaa a~ziij - pay~ment or otherwise modify amortization o~the sums secured by this Security Instrument b~• reason of any demand made by the originaf Borrow~er or Borrow~er's successors in interest. Any forbearance b~ Lender in exercis:ng an}~ right or remedy ,hall not be a w~asver 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 ~his Security Instrument shall bind and benefit the successars and assigns of Lender and Borrow~er, subject to the provisions of paragraph 17. Borrow~er's co~•enants and agreements shall be joint and severaL Any Borcower who co-signs this Security Instrument but dces nat exc~iute the ti~te: (a) is co-signing this Security Instrument only to mort~age, grant and com~ey ~ that Borrower's interest in the Yro~?erty under the terms of this Security Instrument; (b) is not personally obligated to pay + the sums secured b~~ this Securit~ Instrument; and Sc) agrees that Lender and any other Borrower may agree to extend, ~ modify, forbear or make an} arrommodations ~~ith regard to the terms of this Securit}• Instrument or the Note K~ithout t that Borrower's consent. ~ 12. I.oan Charges. If the loan secured by this Security Instrunjent 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 ~ ce~nnection w~ith the loan exceed the permitted limits, then: (a) any such loan charge shal! be reduced by the amount ~ necessar}• to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded { permitted limits w•ill be refunded to Borrower. Lender may choose ro make this refund by reducing the principal owed ~ under the Note or by making a direct payment ro Borrower. If a refund reduces principal, the reduction will be treated as a j ' ~artial prepayment without any prepayment charge under the Note. ! j 13. Legislation AtFecting Lender's Rights. If enactment or expiratiun of applirable laws has the efi'ect of ~ f rendering any provision of the Note or this Securit}~ Instrument unenforceable arcording to its terms, Lender, at its option, ~ f ma}~ reyuire immediate payment in full of all sums secured by this Security Instrument and may ~m~oke any remedies permitted b}~ paragraph 19. If Lender exercises this option, Lender shall take the steps sperifi~d in the second paragraph of ~ paragraph 17. 14. Notices. An}~ notice to Borrow•er pro~•ided for in this Security Instrument shall be given by delivering it or by ~ mailing it b}~ first class mait unless applicable law requires use of another method. The notice shall be directed to the ` Property~ Address or an}~ other address Borrower designates by° notice to Lender. An}~ notice to Lender shall be given b}~ ~ tirst class mail to Lender's address stated herein or any other address Lender designatet by notice to Borrower. Any~ notice ~ pro~~ided for in this Security Instrument shall be deemed to ha~•e been gi~en to f3orrc~w~er or Lender when given as provided ~ in this paragraph. 15. Governing Law; Severability. This Securit}~ Instrument shall h<: g~,~~erned by federal law and the law of the ~ ~urisdiction in which the Property is located. In the event that any pro~~ision or clause of this Security Instrument or the ~ Note conflicts with applicable law, such conflict shall no! afiect other provisions of this Security Instrument or the Note ; w~hich can be given effect w~ithout the conflicting pro~ ision. To this end the prov~sions of this Security Instrument and the ~ 'vote are declared ro be severable. 16. Borrower's Copy. Borrower shall be given one confo~ med cop}~ of the Note and uf this Security Instrument. ~ 1'I. Transfer of the Property or a Beneficial [nterest in Borrower. If all or any part of the Yroperty or any ~ interest in it is sold or transferred (or if a beneficial interest in Borrow~er is sold or transferred and Borrower is nat a natural ~ ~ person) w~ithout Lender's prior written consent, Lender may, at its optson, require immediate payment in full of all sums secured by this Security Instrument. Nowever, this option shall no? be exercised by Lender if exercise is prohibited b}~ federal law• as o(the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrow~er notice of acceleration. The notice shall pro~ ide a period c~f~ not less than 30 day~s from the date ihe notice is delivered or mailed ~~ithin a~hich I3orrow~er 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 imoke any remedies permitted b}• this Security Instrument without further notice or demand on Borrow~er. 18. Borrower's I2ight to Reinstate. If Borrower meets certair~ c~nditi~ns, Borrow~er shall have lhe right to have enf~~rcement of ihis Security Instrument discontinued at any- time prior to the earlier of: (a) 5 days (or such other period as ~ ~ppl~cable la~~ ma}~ spec~fy for reinstatement) before sale of the Yroperty pursuant to any power of sale contained in this ; Securit}~ Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrow•er. ~ (a} pay~s Lender all sums a•hich then would be due under this Security Insirument and the Note had no acceleration k occurred; (b) cures any default of any other covenants or agreements; (c) pays a!I expenses incurred in enforcing this ~ Securit}• Instrument, including, but not limited to, reasonable attorney~s' fees; and (d) takes such action as Lender may ~ reasonably reyuire to assure that the lien of this Security it?strument, Lxnder's nghts in the Property and Borrower's ~ obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by ` Borrow~er, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had oc:curred. How~e~er, this right to reinsta.e shall not apply in the case of acceleration under paragraphs 13 or 17. 6ooK 675 P; ~t 539 - _ r~~,;~ ^ ~ j, ~,~,;,y":`~-,`~;.:^~`~'".