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HomeMy WebLinkAbout1697 _ ; . ~ If Lender required mor!gage insurance as a condition of making the loan sc~:ured by this Se~;urity Instrument, Barrow~er shali pa}• the premiums required to ma~ntain the insurance in ef~ect until such time as the requirement for the ?nsurance terminates in accordance with Borrower's and Lender's written agreement er applirable law. 8. Inspection. Lender or its agent may make reasonable e~tries upon and inspections of the Pro~rty. L~nder shal! give Borrower notice at the time of or prior to an inspection specifying reasonable cause Cor the inspectiun. 9. Condemn~tion. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation o~ other taking of any part of the Property~, or for conveyance in lieu ef condemnation, are h~reby ass+g~tied and shall be paid to Lender. In the event oC a total taking of the Propert~•, the proceeds shall be applied to the sums secured by this Sezurit}~ Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partiai taking ot' the Property, unless Borrow~er and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced b}~ the amount af the proceeds multipiied by the following fraction: (a) the total amount of the sums secured immediatel~~ ~ before the taking, di~~ided by (b) the fair market value of the Property immediately beCore the taking. Any balance shall be paid to Borrower. If the Property is abandon:d by Borrower, or if, after notice b}~ t.ender to Borrower that the condemnoc otTers to . make an award or seitle a ciaim for damages, Borrower fails to respond to Lender w~ithin 30 days after the date the notice is ~ given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or ~o the sums secured by this Security Instrument, whether or not then due. Un!ess t,ender and Borrower otherwise agree in writing, any application of proceeds to principal shail not extend or _ postpone the due date of the monthly payments reCerred to in paragraph$ 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 Security Instrument granted by Lender to any successor ~n 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 againsl any successor in interest or refuse to eatend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by season of any demand made by the original Borrow~er or Borrower's successors in interest. Any forbearance by Lender in eaercising any nght or remedy shall not be a waiver of or preclude the execcise of any right or remedy. 11. Successocs and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this Security Instrument shafi 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 Borrower 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 personaily obligated to pay the sums secured by this Secunty 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. 12. Loan Charges. If the loan secured by this Security Instrument is sub}ect to a law which sets maximum loar. charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection a~ith the loan exceed the permitted limits, then: (,a) any such loan charge shall be reduced by the amount necessary to reduce the charge to tfie permitted limit; and (b) any sums already collected from Borrower which exceeded ~ permitted limits will be refunded to Borrower. Le~der may choose to make this refund by reducing the principai owed under the Note or by making a direct payment to Borrower. If a refund reduces pnncipal, the reduction will be treated as a pariial prepayment without any prepayment charge under the Note. 13. Legislation Affecting Leader'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 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. tiotices. Any notice to Borrower provided for in this Securty Instrument shall be given by delivering it or b~~ maifing 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 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. 15. Governing Law; Severability. This Security It~strument shall be governed by federal lass~ and the laa~ of the jurisdiction in which the Property is {ocated. In the event that any provision or clause of this Security Instrument or the ;~Iote confiicts with applicable law, such conftict shall not afl'ect other prov+sions of this Security fnstrument or the N~te wh:ch can be given effect without the conflicting provision. To ehis end the provisions of this Security [nstrument and the tiote 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 Beneficisi Interest in Borrower. If all or any part of ihe Property or any interest in it is sold or transferred (or ii a beneficial interest in Borrower is sold or transferred and Borrower is not a na[ural person) without Lender's pnor written consent, Lender may, at its option, reguire 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 b}~ federal law as of the date of this Security Instrument. If Lender exercises this option, Lender shali give Borrower notice of acceleration. The notice shall provide a perioci of not less than ?0 days from the date the notsce is delivered ar mailed within which Borrower must pay ali sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiratian of th'ss period. Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 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) 5 days (or such other period as applicable law may specsfy for reinstatement) before sale of the Property pursuant to any power of saie contained in this Security Instrument; or (b) entry of a judgment 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 I~Iote had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security lnstrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as L.ender may reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unehanged. Upon rei~stateme~t by Borrnwer, this Security Instrument and the obligations secured hereby shall remain fulty etTective as if no acceleratian had occurred. However, this right to reinstate shall noi a~ply in the case of acceleration under paragraphs 13 or f 7. 60GK 675 FAGf ~ - ~ - - - - - - ~ ~ u~.~~