HomeMy WebLinkAbout0925 !f Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument,
Borrower shall pay the premiums required to maintain the insurance in etTect until such rime as the reyuirement fur the
insurance terminates in accordance w•ith Borrower's and Lender's w~riiten agreement or applicable law•.
8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender
shall gi~~e Borrower notice at the time of or prior to an inspection sperifying reasonable cause for the inspection.
9, Condemnation. The proceeds of any award or claim for damages, direct or consequentia!, in connertion with
any condemnation or other taking of any~ part of the Property, or for con~~eyanre in lieu of rondemnation, are hereby
assigned and shall be paid to Lender.
In the event of a total taking of the Propert~•, the pra;eeds shall be applied ro the sums secured b~• this Security
Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Propert}•,
unless Borrower and Lender otherwise agree in w~riting, the sums secured by this Se~;urity Instrument shall be redured by
the amount of the proceeds multiplied by the following fraction: (a) the total amuunt uf the sums secureei immediately
before th~ taking, di~ided by (b) the fair market value of the Property immediatefy before the taking. Any balanre shail be
paid to Borrower.
If the Property is abandoned by Borrower, or if, after notice b}• Lender to Borrow•er that the cundemnor offers to
make an award or settle a claim for damages, Borrow~er fails to respond to Lender ~~~ithin i0 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 Pro~rty or
to the sum~ secured by this Security Instrument, whether or not then due.
Unless Lender and Borrower otherwise agree in writing, any application of prcxeeds to principal sha(I 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 Released; Forbearance By Lender Not a R'aiver. Extension of the time for payment or
modification of amortization of the sums secured by this Security Instrument granted by Lender tu an~~ successor in
interest of Borrower shall not opeeate to release the liability of the original Borrower or Borrower's successors in interc~t.
Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time Cor
payment or otherwise modify amortization of the sums secured by this See:urit~• Instrument b~~ reason of any demand made
by the original Borrower or Borrower's successors in interest. Any forbearance b~~ Lender in exercising any right ur remedy
shali not be a waiver o(or preclude the exercise of any right or remedy.
11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The co~ enants and agreements of
this Secur:ty Instrument shall bind and benefit the successors and assigns of Lender and Borrow~er, subject to the pro~~isions
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-~igning this Security Instrument onl~• to mortgage, grant and conve~~
that Borrower's interest in the Propert}• under the terms of this Security Instrument; (b) is not personally obligated ta pa~~
the sums secured b}• this Security Instrument; and (c) agrees that Lender and any other Borrow~er may agree to extend,
modif}~, forbear or make any accommodations w~ith regard to the terms of this Sec:urity Instrument or the Note w~ithout
that Borrower's consent.
12. Loan Charges. If the loan secured by this Secunt}• Instrument is sub~ect to a law~ u~hirh sets maximum loan
charges, and that law is finall}~ interpreted so that the interest or other loan charges collected or to be coltected in
connection w~ith the loan exceed the permitted limits, then: (a) an~• such ioan charge shap be reduced by~ the amount
nece:sary to reduce the charge to the permitted limit; and (b) any sums already collerted from Borro~cer which exceeded
permitted limits will be refunded to Borrower. Lender may chc~se to make this refund b~~ reducing the prinripal ow•ed
und~r the Note or by making a direct payment ro Borrow•er. If a refund reduces principal, the reduction w~ill be treated as a
partial prepayment without any prepa}~ment charge under the Nate.
13. Legislation Affeeting Lender's Rights. If enactment c~r expiration of applicable laws has the effect <~f
rendering any pro~~ision of the Note or this Securit}~ Instrument unenforceahle arcording to its terms, Lender, at its o~tion,
may require immediate pa}~ment in full of all sums secured b}~ this Security~ lnstrument and may in~~ke an}• remedies
permitted by paragraph 19. If Lender exercises this option, l.ender shail take the step~ specified in the sec~~nd paragraph uf
i paragraph 17.
14, tiotices. An} notice tc~ Borrow~er prrnided for in this Securit}~ Instrument tihail be given b~~ deli~rring it ~~r b}
mailing it by first class mail unless applicable law requires use of another meth~+ci. The notice shall be direrted tc~ the
Property Address or any other address Borrow•er designates by no!ice t~ Lender. An~~ notice t<~ I.ender shcill tk g~~en b}
` first class mail to Lender's address stated herein or any other address Lender designates b~~ noti~e tc~ Born~wer. Ari~ n~~ti::e
? provided for in this Securit~• Instrument shall be deemed to ha~e been gi~en tc~ Borrow~r c~r l.ender w~hen gi~en as pre~~id~d
~ ~n this paragraph.
F 15. Governing La~; Severability. This Securit}• Instrument shall be gu~erned h}~ federal l~w :~nd the law c~f the
{ jurisdiction in which the Property is located. In the event that any provision or clause ~f thiti Securit}~ Imtrument or the
~ tiote conflicts w~ith applicable law, such conflict shall not affect other pro~isions of this Security~ In~trument c~r the ?~~~e
~
w•hich can be given effect without the conflicting provision. To thi; end the pro~isions of thiti Securit} Instrument and the
~ tiote are declared to be severable.
~ 16. Borrower's Copy. Borrower shall be given one conf~rmed co~}~ c~f thr .'`ote and of this Se~unt} Instrument.
17. Transfer of the Property or a Beneficial Interest in $orrower. !f al! c~r an~~ ~art c~f the Pro~ertti• or an~
interest in it is sold or transferred (or if a beneficial interest in Borr~wer is 5old <7r trantiferred and E3orr~~wer iti nc~t natur,il
~ person) without Lender's prior written consent, Lender ma}•, at its optic~n, require immediate pa}men[ in full c~f all sum~
secured b}~ this Security Instrument. Now~ever, this option shall n<~r he exerci~ed b~ Lender ~f exerci~e i~ ~rc~hihited h~
; federal law as of the date of this Security [nst~ ument.
If Lender exercises this option, Lender shall give Borrow~er noh.e of acrelerati~n. The ncitice tihall ~m~ ide ~~encxi
of not less than 30 days from the date the notice is delivered or mailed withir~ whieh Borr~~wer must E~a~ all ~um; ~rrurrd h`
this Security lrstrnment. If Borrower faifs to pay~ these sums nrior to the espirati~n nf thit peric~d. [.ender ma~ imukr an~
remedies permitted by this Security Instrument w~ithout further notice e~r demand cm Bc~rr~~µer.
1$. Borrower's Right to Reinstate. If B~rrower meets certain c<~ndin~~nti, I3c~rmker shall h~~e the nght te~ ha~r ~
enforeement of this Security Instrument discontinued at an}~ time prior to the earlier of~ (a) 5 da~ti (cir tiuch c~ther ~eric~d a~
applicable law may specify~ for reinstatement) before sale of the Propert} punuant tc~ an}• pc~wer of ~ale ccintained in thiti
Security Instrument; or (b) entry of a judgment enforcing this Secunt~ In~trument. Th<~se cc~nditi~n~ are ihat f3~~rrci~~er.
(a) pay~s Lender all sums which then w~ould be due under this Secunt} In~trument and the ti~te fiad nc~ accelerati<~n
occurred; (b) cures any default of any~ other ~oti~enants or agr°ements: (c) pa~s all ex~e~~es incurred in enf~rcing this
Security Instrument, including, but not limited to, reasonable attorr.e}s' fees; and (d) takes tiuch acti<m a~ Lender ma~
reasonably require to assure that the lien of this Security Instrument, Lender's nghtti in the Yreipert~ and I3~~rrc~w~er'ti
obligaticn to pa}• the sums secured by~ this Securit}• Instrument tihall c~ntinue unchanged. lJ~cm re~nstaten~ent h}
Borrow~er, this Secunt} Instrument and the obligations secur~d hereby shall rema~n fully effective ati if no accelerau~r had
occurred. Hou~ever, this right to reinstate shall not appl}~ in the case of acceleration under paragraphs 13 or 17.
~ ?r~`~~452 ~~t;E ~2~
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