HomeMy WebLinkAbout0966 If l.~nd~r reyuir~d mi,rtgagr in~uranrr a. a cundition uf making the luan ~erured by thi~ Securit~ Imtrument,
l~urr~~~~rr ~hall thr {~~~mium~ reyuired to maintain the ~nsurance in etTect until such time as the rryuirrment fur the
~n.uran~~ t~rminat« ~n a~c~~rciancr ith Burmwer's and Lender's H~ritten agreement or applicable law•.
8. Inspection. Lendrr ~~r its ;tgent m3~ make reasun;~ble entries u~n and inspectiuns uf the Prupert~. Lrnder
,haU gi~e B~~rn,~?rr n~ni~e.it the ume c,f ur ~nor to :in ~nspc:ction s~cifying rea,onable rausr for the ins~ctic~n.
9. Condemnation. Th~ pnxred. ~f any a~~ard or rlaim for damages, direct or co?~sequenti:?i, in r~~nnection with
an~ ~~>iiclrm~~.+t~on ur other taking of a~~~~ part uf the Yro~rt5, or for conve~anre in lieu of rondemnauun, are hereb~
ati,iRne~l and ~hali be ~a~c1 tc, Lender. .
In the e~rnt uf a tot;il taki?tg ~~f !he Yroperty, the pnxeeds shall be applied to thc tums secured b} this Securit~~
!n~trument. ~tihether ur m~t then due, ~~ith an~• ex~ess paid to Borrow~er. In the event of a~artial taking af the Yropert}~,
unle,s R~~rro~~~r and L.rnde~ otherw•itc agrze in N•nting, the sums secured b~~ this Serurity Instrument shall be reduced b}~
the amount of the pnxeeds multiplied by the folioHing fractiun: (a) the tolal amount of the sums secured immediately
heti~re the taking, di~ ided b~ (b) the fair market ~•alue of the Fro~rty immediatel}• before the taking. Any balanre shall be
paid t~• Borro~~ er.
if the Yropert}~ is abanduned b}• Borru~+er, or if, after notice b}~ Lender to 13~~rroµ~er that the condemnor oflers to
?nake an aw ard or settie a claim for damagc~. Borrow~er fails ro respond to 1 ender w~ithin ?0 da~•s after the date the noti~e i`
ei~en, l.ender is authorized to callect and apply~ the prcx:eeds, at its option, either to restoratic~n or repair of the Propert}• or
t~~ the tiumti secured ht~ this Securit~~ Ins[rument, whether or not then due.
t'nless Lender and BorroH•er otherwise agree in writing, any applicatian of prckeeds to principal shail not extend or
~~titpone the due date of the monthl~• payments referred to in paragraphs 1 and 2 or change the amount of such payments.
10. Borrower \ot Released; Forbearance By Lender Not a N'aiver. Extension of the time for pa}~ment or
m~~ification of ~mortization of the sums secured by this Security Instrument granted by Lender to an~~ successor in
~nterest of Borrow~er shall not operate to release the liability~ of the original Borrow~er or Borr~wer's surcessors in interc~t.
I.ender shall n~~t be required to commence proceedings against any successor in interest or refuse to extend time for
pa~~ment ur otherw i:e moiiify amortization of the sums secured b}~ this Se~:urity~ Instrument b}~ reason of any demand made
b~ the original Borro~er or Borrow~er's successors in interest. An}~ forbearance b}~ Lender in exercising an}~ right or remedy~
~hail not be a~rai~er oPor preclude the exercise of an}• right or remed}~.
i1. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The co~rnants and agreements of
th:s Securih~ Instrument shall bind and benefit the successors an~ assigns of Lender and Borro~~•er, subject to the provisions
uf p~+ragraph 17. Borrower's co~enants and agreements shall be joint and several. An}~ Borrow~er w~ho co-signs this Secunt}~
. Instrument but does not execute the tiate: (a) is co-s~gning this Security Instrument only~ to mortgage, grant and com•e}
that H:~rre~~rer's interest in the YroFwrty~ under the terms of this Security Instrument; (b) is nc~t ~rsonall}~ obligated to pa}~
the sums secured b}~ this Serurit~ Instrument; and (c) agrees that Lender and an}~ other Borrow•er may agree to extend,
maciif}~, forbear or mak~ an} accommociations with regard to the term5 of this Securit~~ Instrument or the Note H~ithout
th~t B~~rroH~er's consent.
12. Loan Char~es. If the loan secured b}~ this Securit}~ Instrument is subject to a law~ w~hich sets maximum loan
~hargr~, and that ]aH is finall~~ interpreted so that the interest or ather toan charges collected or to t~ collected in
ronnection ~~~ith the luan exceed the permitted limits, then: (a) any such loan charge shall be reduced b} the amount
necessar} to reduce the charge to the ~ermitted limit; and (b) any sums niread~~ collected from Borrow~er w•hich exceeded
i ~,ermittcd limits w~iil be refunded t~ BorroH•er. Lender may choose ro make this refund by reducing the prinripal aw~ed
under the tie~te or b}• making a direct pa~~ment ro Borrower. Ifa refund reduces principal, the reduction will Ue treated as a {
~ partial prepay~ment w ithout an}~ prepa}~ment charge under the Note.
` l3. Legislation 4ffecting Lender's Rights. lf enac[ment c~r expiration of applirable laws hati the efi'ect of
E rendering ~+ny prrnisiun ofthe tiote or this Securih~ Instrument unenforceable a.cording to its terms. Lender, at its o~tion,
y ma} reyuire immediate pa}~ment in full of all sums secured b~~ this Serurit}~ Instrument and ma}~ invuke an}• remedie,
a permitted by paragraph 19. If Lender exercises this option, Lender shalt take the steps sperified in the second paragraph of
r ~aragraph 17.
p 14. \otices. An~ nc~tice t~ 3orrouer pro~~ided for in this Securit~ Instrument tihaii be gi~~en b} deli~ering it or h}
~ mailing it b} first class mail unless applicable law~ requ~re1 use of another methcxi. The nntice shall be directed ti~ the
~ Yrc~~ert~• Addre~s or an}~ other address Borraw•er designates b} notice to Lender. An}~ notice to Lender shall be gi~en b~~
~ tir~t clas; mai] tu Lznder's sddress stated herein or any other address Lender designates b}~ notice to Borrower. An~~ nouc~
~ ~r~~~ ided for in thiti Secunt} Instrument shali be deemed t~ ha~e heen gi~en t~ Borrower c~r Lender «~hen gi~en as pro~ ided
~ in thiti paragraph.
15. Governing Law; Se~erability. This Securit} [mtrument shall he governed b} federal IaH• and the law~ of the
~ ~urirdiction in which the Pro~rty~ is ]c~cated. In the e~ent that an}~ pro~ision or clause of this Security Instrument or the
~ tiote conflirtti w~ith a~plicable law. such confl:et shall not affect ~ther pro~isions <~t~ this Security~ Instrument or the Note
~ ~~hirh ean be gicen efi~ect w•ithout the conflicting pro~~ision. To this end the pro~isic~ns ~~f this Secunty Instrument and the
~ \ote are derlare~ to be se~erable.
l6. Borrower's Copy. Borro~ver shall be given one r~mformed cop} of the Note and of this Serurit}' Instrument.
17. Transfer of the Property or a Beneficial Interest in BorroK~er. If all c~r an~ ~art i~f the Pre~~.rt} or an}
intere~t in it i~ sc~ld or tramferred (or if a beneficial interest in Borro:?~er is sold or tran~ferred and Borr<~wer is not a natural
~ ~enun) ~~Sthout Lender's prior w~ritten con5ent, Lender ma}, at it~ option, reyuire immediate pa~ment in full of all tiums
~ tierured b~ thi~ Securit~ (n~trument. How~e~~er, this option shail n~n c~ exrrcised b}• Len~er if exercise i~ pmhibited b}
feder_il la~~ as ~f the date of this Serurit~~ Instrument.
It Lencier e~~rcitieti this c~ption, Lrnder shall gi~ e Borrowrr notice e~f acceleratic~n. The nc~hce shall ~re~~ ide a~enc~d
rt n~~t le.s than ~0 da~ ~ Frc~m the date the n~tice is deli~ ered ~r mailed uithin which Borm~~er rnu5t ~a} all ~um~ ~ecured b}
th~~ Securit} Instrument. If Borr~~Her fails to pay~ these sums prior tc~ the ex~irati~~n ~f thi~ ~eric~d, I.ender may im~ke an}
remedie~ ~ermitted b}~ this Security Instrument without further n~tice or demand on F3orrower. ~
18. Borrower's RiRht to Reinstate. If Borrower meetti certain conditii~ns, Burmwer shall ha~~e the right ta ha~e ~
enfe~rt~rnent <~f thi~ Se~?irit~ In~trument ditrontinued at an~• time ~nor to the earlier of: (a) ` da}s (or such other periad at
a~Pl~~ahle law ma~ .~w~i(~ f~~r reintitatementl ~fc~re sale of the Pro~c:rt}• pursuant tc~ an~ ~uwer of sale contained in this
S«ur~t~ ?n~trun:ent; or Ib) entr~ ~f a judgmeni enforcing this Security intitrument. Tho~e conditicros are that I3orrower
{a~ ~;~~s I.endcr 31i ;um~ which then would be due under this Securit}~ Instrument and the ti~~te had n~ acceleration
occtirred: (h? cure~ an} default an} other ro~enants or agreementti; (c) pa}~ti all ex~enteti incurred in ent'c~rcing this
~ Se~unn [n~trument, includ~ng, but na! timited ta, rea4onable attorne}~' feeti: and (d) takes su~h action as Lender r~a}
~ reaticmahl} reyu~re t~~ a~~ure that th _ lien of this Securit} Instrument, Lender'ti r~ghts in the Propert} and I3~~rrower'~
& ~~bli~:iti«n t~~ the tiumti tiecure~l h~~ this Securit~~ Instrument shall continue unchanged. Upun reinstatement b~
F Rnrrc,«er, thi~ Se~unt~ Ir.~trument and the c~bligationti secured herehy shall remain fully~ et~ecti~e as if no acreleration had
i,~~urrecl. H~~~~e~ e~, t hit right to rc~n~tate shall nc~t ap~ly in the .a~e c~f accelerati~n under paragraphs 13 ~~r 17.
~44 P~~~ 964
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