HomeMy WebLinkAbout0925 lf Lender reyuired mortg:~ge insuranre as a rondition of m;~king ihe tuan securrd by thiti Srrurit~• Instrument,
E3urr~~~~er ,hall pa} the premiums required to maintain the insurance in eflect untit surh time as the reyuirement for the
insuran~r terminatrs in acrord:~nce w•ith Borrow~et'~ and Lender's written agreement or applicable laN.
8. Inspection. 1_ender or its agent may make reasonable entries u~n and inspection` of the Yroperty. Lender
shsll gi~~e B~~rro~~ rr notice at the time of or prior to an insprction specify~ing reason~hle ~ause for the inspectic~n.
9, Condemnation. The pr~eeds of any aw~ard or claim for damages, :iirect ur runsequential, in ronnertian with
an~~ ~ondemnation or other taking of an~ ~art ~~f the Yropc:rty, ar for com~e~an~e in lieu of condemnati~~n, are hereb}•
assigned and shall t~ paid to Lrnder.
In the e~ent nf a total taking of the Property, the prcxeeds shall be applied to the sums secured b}• this Serurity
Instnlment, whcther or not then due, w•ith any excess paid to Qorrower. In the event of a partial taking of the Propc:rtp,
unless BcxruH•er and Le~zder otherw~ise agree in w~riting, the sums secured b}~ this Security lnstrument shall be reduced by
the amount of the prcx~eeds multiplied by the follow~ing fraction: (a) the total amount of the sums secured immediately
t~efore the taking, di~•ided by (b) the fair market ~•alue of the Propert~~ imnnediately before the taking. Any balance shall be
paid to Borrow~r. ~
If the Propert~ is abandoned b~• Borrow~er, or if, after notice by Lender to Borrow~er that the condemnor offers to
make an aw~ard or settle a claim for damages, Borrou~er fails to respond to Lender N•ithin ZO da}~s after the date the notice is
gi~•en, Lender is authorized to collect and appl~• the proceeds, at its option, either to rest~~ration or repair c~f the Property~ or
t~~ the sums secured by this Security lnstrument, whether or not then due.
Unless Lender and Borrow~er otherwise agree in writing, an}• application c~f pr~xecds t~~ principal shall not extend or
~ostpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such pa~•ments.
10. Borrower \ot Released; Forbearance By I,ender tiot a~~'aiver. Extensicm of the time for pa}~ment oc
mcxiification of amortization of
the sums secured by this Security~ Instrument gr~ntrd b}• Lender to an}~ successor in
interest of BorroH~er shall not operate to release the liability of the ~riginal Borr~~w•er ~~r E~orruw~er's succrssors in interest.
Lender sha(1 not be required to rommenre proceedings against an~ succesti~~r in interc~t ar refusr t~~ extend time for
~:a~~ment or other~~~ise modif~~ amortization of the sums serured b}~ this Securit}~ Instrument b~~ reason ~~f an~~ demand made i
b}~ the original Borrower <~r Borrow•er's surcessors in interest. An}~ forbearanre b~ Lender in exerci~ing an~~ right or remedy
shall not be a«~ai~•er of or preclude the exercise c~f any right or remed~~.
11. Successors and Assigns Bound; Joint and Several I.iabilitS; Co-signers. "The covenants and agreements of
this Security Instrument shall bind and benefit the successors and ass~gns of (.ender and f3orrower, subject to the pro~ isions
t~f paragraph 17. Borrower'~ co~•enants and agreementi shall be joint and se~~eral. An~~ Borro~~~er w~hc~ co-signs this Securit~~
Instrument but does nc~t esecute the \ote: (a) iti rc~-signing this Serurit}~ lnstrument onl}~ t~ mortgage, grant and ronve~
that Borrow~er's intere~t in the Propert~ under the terms of this Serurit}~ Instrument; (b) is not ~rsonall}~ obligated to pa}~
the ~ums secured h~~ this Securit}~ Instrument; and (c) agrec~ that Lender and an~~ <~ther f3orrow~er ma}• agree to extend,
modify, forbear or m:~ke an~ acr~~mmodations w~ith reg:~rd to the terms of this Securit}~ Instrument or the tiote w~ithout
that Borrow•er's con~ent.
12. I.oan Char~es. !f the loan tiecured b} this Security Instrument is subjert to a lati• w•hirh sets maximum lo~n
rharges, and that IaH i, finall} interpreted so that the interest or other toan ch~rges rullected or to t~e ~ollected in
remnection uith the Ic~an esceed the permitted limit~, then: (a) am~ surh loan charge shall be reduced b} the amount
n«essar~~ to redu~e the charge to the permitted limit: and (b) an~~ tiums alread~~ rnllected from E3arroti•er w~hirh exceeded
~ermitted limits w•ill be refunded to Borrow•er. Lender ma}• rhoose to make thiti refund b}~ reducing the principal ow~ed
under the Note or by~ maRing a direct pa}ment t~~ Borrower. If a refund reduceti ~rinripal, the redurtion ~~ill be treated as a
~artial prepayment ~cithout any prepayment charge under the tiote.
13. Legislation AfiectinR Lender's Rights. If enactmen; c~r ex~ira[i~~n ~,f ap~lic~ble I~WS has the effect of
rrndering an~ ~ro~~ision of the N~te or this Se~urit}~ lnstrument unrnf~~rceable arrc~rding te~ its terms. Lender, at its option,
may require immediate pa~ment ~n full of all tums tiecured b~ thi~ Se~urit~ Instrument and ma}~ in~oke an~~ remedies
~ermitted b~~ paragraph 19. If Lender exercises this o~tion, l.ender shall take the ste~ti s~ecified in the tiecond paragraph uf
~aragraph 17.
14. \otices. An} n~~tice te~ Borrc~wer ~ro~•ided for in ihis Serurit} Instrument tihall tk gi~~en h~ deli~ering it or b}~
mailing it b} first class mail unlesti applicahle law• reyuireti use c~f an~~ther meth~~d. The nc~tice shall be directed tc~ the
Yropert} Addretis or am~ other address BorroHer designates b} nc~tire tci [.ender. An} n~ure ta Lendrr shall be gi~~en b}
firtit class mail to Lender's ~ddretis s[ated herein or an~• ~~ther addre~~ l.endrr designate~ b~ notire tc~ Be~rrow~er. An} notice
~r<nided for in this Securit~ Instrunzent ~hall be deemed te~ ha~e been gi~cn t~~ Bcirm~cer ~~r Lender when gi~•en as provided
E in this paragraph.
; I5. Governing I.aw; Se~~erabilit3~. Thi~ Securih Instrument ~hall he gc~~erned b~ federal I~cw~ and the laa of the
` ;urisdiction in which the Propert}~ is Icx;ateci. In the e~~ent that an~~ pr~~.isi~n e~r rlause c~f this Securit}~ Instrument or the
\ote conflict, w~ith applicable la~~•, such rnnflict tihall nc~t affect other prc~~isions c~f this Security~ Instrument or the Note
«hich can be gi~en efTect w~ith~~ut the conflicting }~rcni~ion. T~ this end the }~renisi~~ns of this Securih~ Instrument and the
tie,te are declared to be tie~~erable.
16. Borrower's Copy~. Borrower tihall be gi~en c~ne conformed cc~p~~ ~~f the Nc~te and of this Securit~~ Instrument.
17. Transfer of the Property or a Beneficial Interest in Borrower. If all c~r an~ part c~f the Yropert}~ or an~
E interest in it is sold or transferred (or if a be:neficial interest in Borrower is sold or transferred and Borrower is not a natural
~~rson) without Lender's prior wntten consent. Lender ma}. at its c~ptic~n, require immrdiate pa~ment in full of all sums
' 1~ ~ecured by~ this Securit}~ Instrument. How~e~~er, this c~pti<m shall n~r be~ exerrised b} Lender if exercise is prohibited b~~
federal law~ as ~~f the date of this Securin• Instrument.
!f Lender exerci,es this option, Lender shali gice Borrow~er notice of ~cceleration. The notire shall pro~~ide a period
<~f not Irss than 30 da}•s from the date the notice is delivered or mailed within w~hich Bc~rruwer must pa}~ all sums secured b}~
t~~is Serurit~~ Instrument. If Borrow~er fails ro pay~ these ~umi prior to the expiratie~n of t'~i, ~ericxi, Lender may in~oke an}
remedies ~rmitted b~~ this Security Instrument without further notice or demand on Borrower.
r 18. Borrow~er's Riy,ht to Reinstate. If Borrower meets certain conditic~nti, Borrower shall have the right to ha~e
e~5fe~rcement of ~his Secunty instrument discontinued ~t an}~ time prior to the earlier of: (a) 5 days (or such other period as
a~plicanle la~t may~ tipe~~~f~• for reinstatement) before sale of the Propert}~ purtuant to any power of sale contained in th~s
Security~ lnstrument; or (b) entn~ of a judgment enforcing this Security Instrument. Those conditions are that Borrower:
(a) pa~s Lender all sums which then w~ould be due under this Security Instrument and the Note had no acceleration
:~ccurred; (b) cures an}~ default of an} other co~enants or agreements; (c) pays all expenses incurred in enforcing this
Securit~~ Instrument, including, but nat limited to, reasonable attorney~s' fees; and id) take, such action as Lender may
~ reasonabl}~ reyuire t~ assure that the lien of this Secunty Instrument. Lender's rghts in the Property~ and Borrower's
` c~bligation to pa} the sums secured b~• this Securit~~ Instrument ~hall continue unchanged. Upcm reinstatement by
~ Borrow~er, this Secunt} Instrument and the obligations cecured hereby shall remain full}~ effective as if no acceleration had
£ <~ccurred. How~e~er, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17.
~ ~54 P~~~E ~23
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