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HomeMy WebLinkAbout0594 . . Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured b~~ this Security Instrument. Unless Borro«er and Lender agree to other terms of payment, these amounts shall bear interes~ from the date of disbursement at the Note rate and shall be payable, with inrerest, upon notice from Lender to Rorro~~er reqiiesting payment. If Lender required mortgage insuranc.e as a condition of making the loan secured bp this Security Instrument, Borro~~er shatl pay the premiums required to maintain the insurance in effect until such time as the requirement for the insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. 8. Inspecliun. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection ~+ith any condemnation or other taking of any part of the Property, or for conveyance in lieu of comdemnation, 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 b~• this Security Instrument, whether or not then due, w~ith any excess paid to Borrower. In the event of a partial taking of the Property, j unless 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 taking, divided by (b) the fair rt~arket value of the Property immediately before the taking. Any balance shall be paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers 'I to make an aw~ard or settle a ctaim for damages, I3orrower fails to respond to Lender within 30 days after the date I the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair I of the Property or to the sums secured by this Security Instrument, whether or not then due. I Unless Lender and Borrower otherwise agree in writing, any application of pr~xeeds to principal shall r~ot 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 Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Seeurity Instrument granted by Lender to any successor in interest ~f Rnrrnwer chall ncit nnPratP m rPiPacP thP liahilitv nf thP nrivinal RnrrnwPr nr Rnrrnu~vr'c c~~rr~+ccnrc ~r, - --•o----- 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 [nstrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in e~ercising any right or remedy shall not be a waiver of or preclude the exercise of any right ot remedy. 11. Successors and Assigns Bound; Joint and 5everal 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. Borrower's co~~enants and agreements shall be joint and several. Any Borrower ~u~ho co-signs this Security tnstrument but does not execute the Note: (a) is ca-signing this Security Instrument only to mortgage, grant and com~ey that Borrower's interest in the Property under the rerms of this Security Instrument; (b) is not personaliy obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower rr~,.~ agree to extend, modify, forbear or make any accomodations with regard to the terms of this Security Instrument or the Note without that Borrower's consen[. 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 ~ ronnection with the loan exceed the permitted iimits, then: (a) any such loan charge shall be reduced by the amount ; neces~ary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded i permitted limits will 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. [f a refund reduces principal, the reduction ~vill be treated ~ as a partial prepayment without any prepayment charge under the Note. i 13. Legislation Af[ecting 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 fuU of all sums secured by this Security Instrument and may invoke any remedies permitted f 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 maii 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 mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. ~ Any notice Frovided for in this Security [nstrument shall be deemed to have been given to Borrower or Lender when F given as provided in fhis paragraph. 15. Governing Law; Severability. This Security Instrument shall be governed by federal laws and the law of the E iurisdiction in which the Property is located. In the event that any provision or clause of this Security [nstrument ~ or the Note conflicts with applicable law, such conflict shall not affect other provisians of this Security [nstrument ~ or the Note which can be given 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 shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of the Property~ or a Beneficial Interes! in Borrow~er. 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) wi[hout Lender's prior written consent, Lender may, at its opiion, 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. I f Lender exercises this option, Lender shail give Borrower notice of acceleration. The notice shall provide a period t 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 periud, Lender ~ map invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. ~ 18. Borrower`s Right to Reinsiate. If Borrower meets certain conditions, Borrower shall have the right to have , enforcement of this Security Instrument discontinued at any time prior to the eariier of: (a) 5 days (or such other ~ ~eriod as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgement 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 go~K6~75 r~~~ 594 s „ ,~<y~.~ r ~t - F'f~~!:~~ ~-~~;~.u~7- ~"~,.~~-,~e -