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HomeMy WebLinkAbout1265 If Lender required mortgage insurance as a condition of making the loan secured by this Sc~urity Instrument, Borrow~er shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the insurance tercninates in accordance with Borrower's and Lender's wrstten agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Propert}~. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause Cor the inspectiun. 9, Condemnation. The proceeds of any award or claim for damages, direct or ronsequential, in connection with any condemnation or other taking of any par~ of the Property, or for conveyance in lieu of condemnation, are hereby assignecl and shall be paid to Lender. !n the event of a total taking of the Property, the proc;eeds shall be applied to the sums secured by this See;urity Instrument, whether or not then due, with any excess paid to Borrower. In the cvent of a partial taking of the Property, uniess Borrower and I.ender otherwise agree in writing, the sums secured by this Security lnstrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount i~f the sums secured immediately befort the taking, divided by (b) the fair market value of the Property immec:iately before the taking. Any balance shall be paid to Bonower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notire is given, Lender u authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Pro~rty or to the sums secured b} this Security Instrument, whether or not then due. Unless I.ender and Borrower otherwise agree in writing, any application of Proceeds to principal shall not extend or postpone the due date of the monthly payments refened to in paragraphs ! and 2 or change the amount of such payments. 10. Borrower Not Releastd; Forbearance By Lender Not s Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Le~der to any successor in interest of Borrower shall not operate to release the liabitity of the original Borrower or Borrower's successors in interest. Lender shall not be required to commence proceedings against any successc~r in interest or refuse to extend time for payment or otherwise modity amortization of the sums secured by this Security lnstrument by reason ~f any demand 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. Successors and Assigns Bound; Joint and Sereral 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 covenants and agreements shall be joint and several. Any Bocrower who co-signs this Security ' Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and com•ey ! ihat 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 lnstrument; and (c) agrees that L,ender and any other Borrower may agree to extend, modify, forbear or make any accommodations wiih regard to the terrns of this Security lnstrument 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 connection with the loan eaceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount ' necessary to reduce the charge to the perrpitted limit; and (b) any sums already collected from Borrower which eaceeded ~ permitted limits wil) be refunded to Borrower. Lender may choose to make this refund by reduring the principal owed ' j 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. c 13. Legisiation Affecting Lender's Rights. If enactment or expiration of applicable laws has the eflect of s 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 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of ~ paragraph 17. 14. Notices. Any notice to Bonower pro~•ided for in this Security Instrument shali be given by delivering it or by mailing it by first dass mail unless applicable law requires use of another method. The notice shall be directed ro the ~ Property Address or any other address Borrower designates by notice to I_ender. Any notice to Lender shall be given by ' first class mail to Lender's arldress stated herein or any ather address [.ender designates by notice to Borrower. Any notice f provided for in this Security Instrument shaU be deemed to have been given to Borrower or Lender when given as provided ~ in this paragraph. E 15. Governing Law; Severability. This Security Instrument shall be governed by f'ederal 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 ~ Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the tiote + F 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. ; ~ 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Ins!rument. ~ 17. Transfer of t6e Pro E perty or A Beneficial Interest in Borrower. If a!1 or any part of the Propcrty or any ~ interest in it is sold or transferred (or if a beneficial interest in Borrower is sold ~r 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 shal) not be exetcised by Lender if exercise is prohibited by ~ federal 1aw as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. ?he 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 i this Security Instrument. 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 Borrower. 18. Borrower's Right to Reinstste. If Borrower meets certain conditions, Borrower shafl have the right to have ~ 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 specify for reinstatement) before sale of the Property pursuant to any power of saie contained in this Security Instrument; or (b) entry of a j~dgment enforcing this Se.:urity Instrument. Those conditions are that I3orrower: _ (a) pays L.ender 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 reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation ta pay the sums secured by this Security Instrument shall continue unchanged. iJpon reinstatement by Bonower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. BOGI( 6~5 PAGE~~~ _ - ...~.~W_ ~ n_. ~ =~~z~..~~ ~ ~