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HomeMy WebLinkAbout2634 ~ ; ~ ~ lf l.eiider rryuired morigage insurance as a condition of making the loan secured by this Security lnstrument, ~ t3~~rr~n~er shall pa~~ the premiums reguired to maintain the insurance in effect until such time as the reyuirement for the ~ imuranre ternunat~~ in accordance with Borrow~er's and Lender's w~ritten agreement or applicable 1aw. 8. Inspection. Lcnder or its agent may make reasonabte entries upon and inspections of the Property. Lender ~ ,hcill gi~ e Borrow~er notire at the time of or prior to an inspe~:tion specifying reasonable cause for the inspection. ' 9. Coe~demnation. '1'he prcx:eeds ot~ any~ award or cla~m for damages, d~rec:t or con~quentiai, in connection w~ith ~ uny rondemnation or c~ther taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby ~ :?~,igned 3nd shall be paid to Lender. ; ln the e~ent of a total taking ot the Property, the proceeds shall be applied to the sums secured by this Security ; lnstrument, w•hether or not then due, with any excess paid to Borrewer. In the evem of a partial taking of the Property, unies, Borrc+Her a~~d l.ender otherwise agree in wriun~, the sums sc~u~-ed by this Sc~urity Instrument shati tae reduced by ~ the amount oi the proceeds multiplied by the following fraction: (a) the total amount of the sums secured ~mmed~ately ~ before the taking, divided bp (b) the fair market value af the Property immediately before the taking. Any batance shall be ~ ~aid to Borrow~er. ' If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an aw~ard or settle a claim for damages, f3orrower fails to respond to Lender within 3U days after the date the notice is ~ given, Lender is authorized to collect and apply the preceeds, at its option, either to restoration or repair of the Property or 3 to 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 oPthe monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. i 10. Borrower Not Released; Forbearance By Lender Not a Wsiver. Extension of the time for payment or 1 modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrow•er shall not operate to release the liability of ihe 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 ~ pa~~ment or otherwise modify amonization 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 ihe exercise of any right or remedy. 11. Successors 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 af Lender and Borrower, subject to the provisions ~ of paragraph 17. Borrower's covenants and agreerrients shall be joint and several. Any Borrower who co-signs this Security ; Instrument but does not execute the Note: (a) is casigning this Security Instrument only to mongage, grant and com~ey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obGgated to pa~~ the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to eactend, modify, forbear or make any accammodations with regard to the terms of this Security Instrument or the Nate without that Borrow~er'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 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) any sums already collected from Borrower which exceeded j 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 f 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 according to its terms, Lender, at its option, ~ may reyuire immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies ; permitted by paragraph 19. [f Lender exercises this option, Lender shall take the steps specified in the second paragraph of ! paragraph 17. 14. t~otices. Any notice to Borrow•er provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicat~le 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 nctice provided for in this Security [nstrument shall be deemed to have been given to Borrower or Lender when given as provided ~ in this paragraph. ~ 15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the ~ jurisdiction in w~hich 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 afTect 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 ~ 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. Traesfer of the Property or a Seneficial Interest in Borrower. If alf or any part of the Propert}• or any~ ~ interest in it is suld or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural ~ ~rson) 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 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. 7~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 alf sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this peri«3, 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 specify for reinstatement) before sale of the Property pursuant to any power of sale 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 Securiiy 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 f Szcurity Instrument, includ~ng, but not iimited to, reasonable attorneys' fees; and (d) takes such action as Lender may ' reasonably require to assure that the lien of tnis Security Instrument, Lender's rights in the Property ard Borrower's obl~gation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrowcr, this Security Instrument and the obligations secured hereby shall remain fully effective as if no aceeleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. s,szsso,~2ss ~8~~~ 0 R r- ~ > . ~ ~,ozo BOOK FaGE~634 340K ~V~ P,',!'; i`::- , _ - - z. - , -