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HomeMy WebLinkAbout2963 + If L.ender rcquirtd mortgage insurance as a candition of making the loan secured by this Sccurity Instrument, Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the insurance terminates in accordance wiih Borrower's and Lender's written agreement ot applicable taw. 8. Inspeetion. L,ender or its agent may make reasonable entries upon and inspectians of the Property. Lender shall give Borrower notice at the time of or prior to an inspection spe~ify~ing reasor,able cause for the inspection. 9. Conde~nnation. The proceeds of any award or claim for damages, direct or consequential, in connection w-~th any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. 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 I.ender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately beforc the taking, divided by (b) the fair market value of the Property immediately before the taking. Any baiance shall be paid to Bonower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offer~ t:~ 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, L.endtr is suthorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this ~'~oc~rity Instrument, whether or not then due. Unless Lender and Bonower otherwise agree in writing, any application otproceeds to principal shall not extend or postpone the due date oP the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. I0. Bormwer Not Relea~ed; Forbearance By I.ender Not a Waives. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Le~der to any surcessor in interat of Borrower shall not optrate to release the liability of th~ original Borrower or Borrower's successors in interest. Lender shall not be required to commence proceedings against any successor in interest or retuse to exiend time for 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 ~r remedy shall not be a waiver of or preclude the ezercise 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 provis~ons E of par2&raph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security ~ tnstrument but dces 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 personally obligated to pay ; the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree ta extend, f modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without f that Borrower's consent. ~ 12. Loan Charges. If the loan secured by this Security [nstrument is subject to a law which sets maximum loan I j charges, and that !aw is finally interpreted so that the interest or other loan charges collected or to be colle~ted in f connection with the loan eaceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount j necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower w~hich exceeded ~ permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal ow~ed ~ 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. Ixgislation AfTeeting Lender's R~ights. If enactment or exFiration of applirable laws has the eflect of € rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its opti~n, i may require immediate payment in full of sll sums secured by this Security Instrument and may invoke any remedies ` permitted by paragrap:~ 19. If Lender exercises th~s option, Lender shall take the steps specified in the second paragraph of I paragraph 17. ~ 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be givcn by delivering it or h~~ mailing it by first class maii unless applicable law requires use of another methc~d. The notice shall be directed te~ the ~ Property Address or any other address Borrower designates by notice to Lender. An~~ notice to I.ender shall be given hy ~ first class mail to L,ender's address stated herein or any other address Lender designates by notice to Borrower. Any nc~tice ~ provided for in this Security Instrument shall be deemed to have been given to Borr~wer cir Lender when given as pro~ idrd g in this paragraph. ~ 15. Governing I.aw; Severability. This Security Instrument shall be governed hy federal law and the law~ ~~f the ~ jurisdiction in which the Property is tocated. In the event that any proE•ision or clause of this Sec;urity Instrument ur the E Note conflicts with applicabie law, such conflict shall not affect other provisi~ns of this Secunty Instrument ~~r thr tic~te a which can be given effect without the con8icting 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 Serurit}• Intitrument. ` 17. Transfer of t6e Property or a Benefici~l Interest in Borrower. If all or any part ~f the Yrc~pert}~ or eny ~ interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrow~er iti nc~t a natural ~ person) without Lender's prior written consent, Ixnder may, at its option, reyuirr immediate pay~ment in fuli c?f all tiumti r secured by this Security Instrument. However, this option shall nor be exercised by I ender ~f exercise i~ prc>hihiteci hy federat law as of the date of this Security Inst~ ument. Ii Lender exercises this option, Lender shall give Borrower notice of acreleration. The notice shall pr~?vide a peric~d of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all tium, tiecured by this Security Instrume~it. If Borrower fails to pay these sums prior to the expiration of this peri~d, Lender ma~' im•oke 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 ha~c the right tu ha~e enforcement of this Security Instrument discontinued at any time prior ro the earlier of: (a) 5 day~ (or such cnher ~n~ci as applicable law may specify for reinstatement) before sale of the Property purtiuant to an} pow~er o~ ,ale contained in thiti Seeurity Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditiz~ns are that Borrower: (a) pays Lender all sums which then would be due under this Security lnstrument and the Note had no accelerati<~n occurred; (b) cures any default of any other covenants or agreements; (c) pays all expentes incurred in enforcing thiti _ Socurity Instrument, including, but not lim;ted to, reasonable attorneys' fees; and (d) takes such artion a~ Lender may reasonabiy require to assure that the lien of this Security Instrument, Lender's rights in the Property and Horrc~wer's obligation to pay the sums secured by this Security Instrument shafl cc~ntinue unchanged. [Ipon reimtatement hy Borrower, this Security Instrument and the obligations secured hereby shall remain fully efTective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. eo~x 675 F~,~E2963 x r~~..=.__r , ..,_u~..