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HomeMy WebLinkAbout1138 An~ am~~unls disburs~_d by Lencier tlncfer thi5 para~raph ? sh: !1 bec~me addieiotta! deht af Bi~rro~+rr ~~cured by [his ~~curit~~ Instrument. Unless Borrouer anu Lender agree to uth~r trrms of pa~~ment, these amounis ,hail brar in- ~erest irom the date of disbursement a~ the Notr rate and shall be pa~able, Hith intrre~t, upun noti~e from 1_end~r to B~~rmwer requecting naymenl: If Lender required martgage insurance as a rondition of~ making thr loan secured 5~° this Security Instrument, f3orro~~er shall pay~ the premiums required to maintain the insurance in et~fect until such tirr.e as th~ r:quirement for the insurancr terminates in accordance with Borrower's and Lender's written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections ~f the P:operty. Lender shall give Borrower notice at the time of or prior to an inspc~tion specifying reasonabte causr for the inspection. 9. Condemn~tion. The proceeds of any aH~ard or claim for damages. direct or consequential, in cnnnection with any condemnation or other taking of any part of the Pmperty, 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 pruceeds shall be applied to the sums secured by this Security In- strument, whether or not then due, witk any excess paid to Borrowee. In the event of a partial taking of thc Property, unless Borrower and Lender other~ise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds r^ultiplied by the follow~ing frartian: (a) the total amount of the surns secured im- mediately before the taking, divided by (b) the fair market 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 oflers to make an aw•ard or seule a claim for damages, Borrower fails to respond to Lender H~ithin 30 days after the date tt~e notice is given, Lender is authorized ro collect and appiy the proceeds, at its optio~, either to restoration or repair of the Property or ta the sums secured by this Security instrument, whether 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. Sorrow~er Not Released; Forbearance By Lender Nol a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrow~eer shall not operate to release the liability of the origina! Borrower or Borrow•eer's successors ir. in- terest. 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 Instrument by reason of any de- mand made by the original Borrower or Borrower's successors in interest. Any forbearance by- Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Sucressors 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 pro- f visions of paragraph 17. Borrower's covenants and agreements shall be joint anr! several. Any Borrovver who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not per- I' sonally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Bor- i rower may agree to excend, modify, forbear or make any accommodations with regard to the terms of this Security In- i strument or the Note without that Borrower's consent. i 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 con- ~ nection with the loan exceed the permitted limits. then: (a) any such loan charge shall be reduced by the amount ~ neeessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceed- ed 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 partial prepayment without any prepayment charge under the Note. ~ 13. Legislatien Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of E rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its ' option, may require immediate payment in ful! of all sums secured by this Security Instrument and may invoke any~ remedies permi!ted 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 3 mailing it by first class mail unl:ss 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 3 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. c 15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the ~ urisdiciton in which the Pro rt is located. In the event that an y ~ J pe y y provision or clause of this Securit Instrument or ~ the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the a ~ Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instru- ~ ment and the Note are declared to be severable. ~ 16. Borrow~er's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of the Property or s~ Sene~cial Interest in Borrower. If al! or any part of the Property or any in- te:est 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 nption, require immediate payment in full of all sums secured by ihis 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. If 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 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 period, Lender ~ may invoke any remedies permitted t,y this Security Instrument without further notice or demand on Borrower. 4- 18. Borrower's Right to ReinstAte. If Borrower meets certain conditions, Borrower shall have the right to have ~ ~ enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) S days (or such other ! period a~ applicable law may specify for reinstatement) before sale of the Property pursuant to any porver of sale con- ~ tained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are ~ that Borrower: (a) pays Lender all s~~ms 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 en- ~m forcing this Security [nstrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as ~ r ~r--,~--~a:~,-~ ~ : ~c • ~ - ti~::,-~-~