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HomeMy WebLinkAbout2370 ~ ~ ~ ~ ~ . ~ If Lender required mortgage insurance as a condition of making the lean secured b}~.this Security lnstrument, BorroH•er shall pay the premiums required to maintain the insurance in eflect until such time as the requirement for the insurance terminates in accordance with Borrower's and Lender's written agreement or applicable IaK~. 8. Inspectic,n. L.ender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspec tion specif~~ing rrasonable cause for the inspection. 9. Condemnation. The proceeds of an}• award ar claim for damages, direct or consequential, in ronnertion with any condemnation or other taking of any part of the Propeny, or for com~eyance in lieu of condemnation, are hereby assigned and shall be paid to Lendzr. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security~ Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise 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 amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately beiore the taking. Any balance shall be n_ jiaiu iO nviitiwci. ~ If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor ofi'ers to make an award or stttie a claim for damages, Borrower fails to respond to Lender a•ithin 30 days after the date the notice ~s given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Propert}• or to the sums secured by this Security Instrument, whether or not then due. Unless Lender and Bonower 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 Not Refeased; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security lnstrurnent granted by Lender to any successor in interest of Borrower shall noi operate to release the liability of the ~riginal 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 tor payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of 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 Several Liability; Co-signers. The covenants and agreernents 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 Borrower who casigns this Security ~ Instrument but does not execute the Note: (a) is co-signing this Secnrity Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Sec+irity Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower rnay agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Not;, witFout that Barrower's consent. 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 coflected in connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be r.duced by the ama~nt ~ necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this ret~und 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. 'i 13. Legislation Afieeting Lender's Rights. If enactment or expiration of applicable laws has the efiect 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 ~ pecmitted by paragraph 15. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of ~ paragraph 17. ` v 14. \otiees. Any notice to Borrow•er provided for in this Security [nstrument shall be given by delivering it or by maiiing 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 b~~ notice to Borrow~er. Any notice provi~ed for in this Security Instrument shall be deemed to ha~~e been gi~en to Borrow~er or Lender when gi~•en as peovided ~ in this paragraph. ? ; 15. Governing Law; Severability. This Securit}~ Instrument shall be go~~erned by federal IaH~ and the law of the ~ jurisdiction in which the Property is located. In the event t~hat any provision or clause of this Security Instrument or the ~ Note conflicts wsth applicable law, such conflict shall not affect other provisions of this Security~ Instrun~ent or the Note ' which can be given efi'ect without the conflicting provision. 7'o 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 cop}• of the N~te and of this Security [nstrument. ~ 17. Transfer of the Property or a Beneficia) Interest in Borrower. If all or any part of the Property or an}' interest in it is sold or transferred (or if a beneficial interest in Borrow~er is sold or transferred and Borrower is not a natural ~ person) without Lender's prior written consent, Lend~r may, at its option, require immediate pa}~ment in full of all sums ; secured by this Security Instrument. However, this ~~ption sha!! not be exercised by Lender if exercise is prohibited hy ~ 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 pro~ide a period ~ of not less than 30 days from the date the notice is delivered or mailed within which Bcrrower must pa}~ all sums secured by this Security Instrument. If Borrower fails ro pay these sums prior to the expiration of this period, Lender may~ im~oke an}• remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Bo:rr,wer meets certain conditions, Borrawer shall ha~e the right ta ha~e enforcement of this Security lnstrument discontinued at any time prior to tne earlier of: (a) 5 days (or such other period as a applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Securit~~ Instrument; or (b) entry of a judgment en~orcing this Security Instrument. Those conditions are that Borrow~er: {a) pays Lender all sums which then would.be d~e under this Secunty Instrument and the tiote had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all ~xpenses 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 nghts in the Property and Borrower's obligation to pay 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 eftective as if no accelerati~n had ; occurred. However, this right to reinstate shail not appiy in the case of acceleration under paragraphs 13 or 17. BOC~ 675 FAGE 2370 ~ _ ~ - ~a~..