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HomeMy WebLinkAbout1027 If Lender required mortgage insurance as a rondition of making the loan secured by this Security Instrument, Burruwer shall pa}~ the premiums required to maintain the insurance in effect until such time as the requirement for the insuranre terminatrs in arcordance with Borrowe~'s and Lender's written agreement or applicable IaN. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Propert}~. Lender shall gi~ e BorroH~er notice at the time of or prior ro an inspection specify~ing reasonable cause for the inspection. 9. Condemnation, The proceeds ot~ any award or claim for damagc~, dire~t or conseyuential, in rnnnec~ion w~ith an~~ condemnation or other taking of any part uf the Property, or for comeyance in lieu af rondemnation, are hereby ass~gned and shall be paid to Lender. In the e~~ent of a total taking of the Property, the prcxeeds shall be applied to the sums secured by this Security lnstr~ment, ~~hether or not then due, w•ith any excess paid to Borrower. In the event o( a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, the sums secured by lhis Security lnstrument shall be reduced by the amuunt 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 market value ~~f the Property immediately befi~re 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 to make an aw~ard or settle a cl3im for damages, Borrow~er laits to res~nd to Lender within 30 days after the date the notice is gi~~en, Lender is authorized to coilect and ~pply the proceeds, at its option, either to restoratiun or repair of the Property or to the sums secured by this Security Instrument, w~hether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or ~stpone the due date of the monthly pa}•ments referred to in paragraphs 1 and 2 or change the amount of such payments. 10. Borrower Not Released; Forbearance By Lender Not a~~'aiver. Extenston of the time for payment or modification of amortization of the sums secured b}• this Secunty Instrument granted b}• Lender to an~• successor in interest of Borrower shall not operate ro release the liability of the original Borrower or Borrow~er's successors in interest. Lender shall not be required to commence proceedings against an}~ succe~sor in interest or refuse to extend time for payment or otherwise modify~ amortization of the sums secured by this Serurit~~ Instrument by reason of any demand made by the original Borrow~er or Borrower's successors in interest. Any forbearance b}~ Lender in exercising any right or remedy shall 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 Securit}• Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrow•er's co~•enants and agreements shall be joint and several. Any Borrow•er who co-signs this Security ! Instrument but dces not execute the ?`ote: (a) is co-signing this Security lnstrument only to mortgage, grani and con~•ey inei Horrower's interes~ in tne Property under the terms of th~s 5ecurity Instrument; (b) is not personally obligated to pay the sums secured b~~ this Securit}~ Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make an~~ accommodations with regard to the terms of thi~ Security Instrument or the Note w~ithout that Borrow•er's consent. 12. Loan Charges. If the loan secured b}• 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 w~ith the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount ' ~ecessary to reduce the charge to the permitted limit; and (b) an}• sums already collected from Borrower which exceeded ' permitted limits w~ill be refunded to Borrow•er. 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 red~ction will be treated as a ~ partial prepayment without any prepayment charge under the Note. ~ 13. Legislation Afiecting 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 full of all sums secured by this Securit~~ Instrument and may invoke any remedies ~ permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in ihe second paragraph of ' ! paragraph 17. 14. tiotiees. Any notice to Borrower provided for in this Security Instrument shall be gi~~en b}~ delivering it ar 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 b}~ ~ first class mail to Lender's address stated herein or an}• other address Lender designates by notice to Borrower. Any~ notice ~rovide~ for in this Securit}~ Instrument shall be deemed to ha~e been gi~en to Borrower or Lender w~hen given as provided ~ ~n this paragraph. ~ 15. Governing Law; Severabilit~•. This Securit~• Instrument shall be gu~~erned by federal law and the law of the ~ ; jurisdiction in w~hich the Property is located. In the event that any prz>~~ision or clause of this Security Instrument or the I ~ tiote confiicts with applicable law, such conflict shali not afTect other provisiorm of this Security Instrument or the Npte which can be gi~•en efTect without the conflicting provision. To this end the provisions of this Security Instrument and the ~ tiote are declared to be sevcrable. 16. Borrower's Copy. Borrower shall be given one confo.-med copy of the Note and of this Security Instrument. ~ 17. Transfer of the Property or a Beneficial Interest in BorroKer. If all or any part of the Property or any ~ mteresi in it is sold or transferred (or if a beneficial intere~t 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 fufl o(all sums secured by this Se.urity 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. If Lender exercises this option, Lender shall give Horrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed w~ithin w~hich Borrower must pay all sums ~ecured by this Security~ Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may imoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrow•er's Right to Reinstate. [f Borrower meets certain conditi~ns, Borrower shall have the right to have eriforcement o;'~his Seeurity [nstrument discontinued ai any~ time prior to the earlier of: (a) 5 days (or such other period as : ap~licaole law~ may spec~fy for reinstatement) before sale of the Property pursuant to any power of sale contained in this ~ Securit}~ Instrument: or (b) entry of a judgment enforcing this Se:.urity Instrument. Those conditions are that Borrow~er. ~ (a) pa}~s 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 in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may F reasonably reyuire t~~ assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pa}~ the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. Now•e~~er, ;his right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. ao~675 ~~E1027 ' ~ ~ ~ "