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HomeMy WebLinkAbout1559 ~ ~ It L~n~ier required murtgage insurance as a condition of making the loan secured by this Security~ Instrument, ~ t3~~rn~~~rr ,hull pay the premiums required to maintain the insurance in efi'ect until such time as the reyuirement for the ~n~urin~e terminatc~ in a~~ordance with Borrower's and Lender's written agreement or applicable law~. ~ 8. lnspection. Lender or its agent may make reasonable entries upon ar.d ins~ctirn~s of the Pro~rt}~. Lender .hall gi~ e Horrow~er notice at the time of or prior to an inspection specifying reasonable cause (or the inspection. ~ 9. Condemnation. The proceeds of an}~ aw~ard or claim for damages, direct or consequential, in connection a~ith ~ :~ny ronciemnation or c~ther taking of anp part of the Pm~erty, or for com~e}~ance in lieu of condemnation, are herebp ~ atisigned and shall be paid ro Lender. ~ In the ~~~ent of a total taking of the Property, the proceeds shatl be applied to the sums secured by this S~.urity ~ In~trument, w•hether or not then due, with any excess paid to Borrower. ln the event of a partial taking of the Property, ' unless Borrow•er and Lender otherw~ise agree in writing, the sums secured by this Security Instrument shall be reduced by ; the amount of the proceeds multipiied by the following fraction: (a) the total amQUnt of the sums secured immediately , before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any t~alance shall be ; paid to $orrower. 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 notice is ' gi~~en, Lender is authorized to collect and apply the proceeds, at its option, e~ther to resroration or repair of the Property or to the sums se~:ured 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. Borrower l~iot Released; 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 Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortizat?on of the sums secured by this Security Instroment by reason of any demand made by the original Borro~~er or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy ~hali not be a w~aiver of or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Several Liability; Co-si~ers. The covenants and agreements of this Security Instrument shal) bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shalt be joint and several. Any Borrawer who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security lnstrument only to mortgage, grant and convey that 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 Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. ll. 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 exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) aay sums already collecied from Borrower which exceeded permitted limits will be refunded to Borrower. Lende* 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. Legislation Affecting 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 a^.cording to its terms, Lender, at its option, 'i 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 i paragraph 17. 14. Notiees. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by ; mailing it by first class mail unless appli~able law requires use of another method. The notice shaf) be directed to the Property Address or any other ad~ress 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 ; provided for in this Security Instrument shall 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 federal 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 ' tiote conflicts with applicable law, such conflict shali not affect other provisions of this Security Instrument or the Note ~ w hich 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 Ue given one conformed copy of the Note and of this Security Instrument. ~ 17. Transfer of the Property or $ Beneficial Interest in Borrower. 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) w~ithout 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 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 acceferation. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed wiihin which Borrower must pay all sums secured b}~ ,his Security (nstrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender ma}~ invoke any rem~dies permitted by this Securit}• Insirument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall ha~e the right to ha~e rnforcement of this Security Instrument discontinued at any~ time prior to the earlier of: (a) 5 days (or such other period as applicable law ma}~ specif}~ for reinstatement) before sale of the Property pursuant to any power of sale contained in this = Securit}~ Instrument; or (b) entr}~ of a judgment eniorcing this Security Instrument. Those conditions are that Borrower: _ (a) pa}~s Lender all sums w~hich then would be due under this Security Instrument and the Note had no acceleration ' ~ccurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this z Securit} Instrument, including, but n~t limited to, reasonable attorneys' fees; and (d) takes such action as Lender ma}~ ~ reasonabl}~ reyuire t~ assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligatie~n tc~ pa~ the sums secured by this Security Instrument shall continue unchanged. U~n reinstatement by E3orr~~wer, thiti Securit} Intitrument and the oblibations secured hereby shall remain fully effecti~e as if no acceleration had c~ccurred. Hc~we~er. ttiis right to reinstate shafl not appi}~ in the case of accrleration under paragraphs 13 or 17. sooK675 PACE1559 ~ _ _ _ _ ~ _ _ti~=~.~ ~ . , ~