HomeMy WebLinkAbout0948 If Lendrr required mortgage insut~nce u a oon~iition of making the loan securcd by this Serurity Instniment,
Borrower shall pay the premiums requircd to caaintain the insurarn:e in eA'ect until such tune as the requireme!!t for the
insurance tern~inates in aa~ordance with 8orrower's and Lrnder's writta~ agroement or applicable Iaw.
Ia~pectloa. Lrnda or its sgrnt m~y make rca.4onable entries upon and inspections ef the Property. L,ender
sl~all give Borrower i~oti~e at the time of or prior to an inspc~ction specef~ing reasonable cause for the inspoction.
9. Co~deaoadoa. The proceods of any award or clxim for damages, dirxt or rnnsequential, in connection with
aay condemrution or othu taking of any pari of the Property. or for conveyanc~ in tieu of oondemnatiu~?, are hereby
assignai and shall be paid to Lender.
in the zvent of a total taking of tht Property. the proceoc~.s shaU be applied to th~ sums secured by this Security
Iastrument. w~hether or not thtn due, with any exc~.ss paid to Borrower. In the event of a partial taking of the Property.
unlas Borrower and Lendct otherwise aga in writing, the sucns secured by this Socurity Instrument shall be roduced by ;
tht amount of the procxeds multiplia: by the following fraction: (a) the total amount of the sums socured immediatdy {
bdore tbe taking. dividod by (b) the fai, market value otthe Property immodistely before the taking_ Any balance shall be
paid w Borrower.
If the Pc~operty is abandoned by Bonower. or if. after notice by Lrnder to Borcowv that the condemncr o6ers to
malce aa award or settle a claim for damages, Borrower tails to respond to I.ender wiihin 30 days aRer the date the notice is
givert~ Leqder is authocized to collect and apply the proooods, as its option. either to restoration or repair of the Property or
to the cums securod by this Socurity Instrumcnt, whether or not thrn due.
Unless I.~nde~ aad Borrower otherwise agroe in writing. any application of proceeds to principal shall not extend or
postpone the due date of the monthly paymtnts refened to in parsgra~hs 1 and 2 or change the amount of such payments.
10. Borrower Not Releaae~ Forbearaece By Leade~ Not a Wai~er. Extension of the time for payment or
modi6cation of amortization of the sums secwod by this Secwity Instrument granted by Lender to any successor in
intenst of Borrower shail not operate to nlease the liability of the original Borrower or Borrower's successors in interest.
Lendtr shall not be required to commenoe procsodings against any succeuor in interest or refuse to eatend time for
paymrnt or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made
by the original Borrower or Borrewer's successors in interest. Any forbc~rance by Lendr; in eaercising any right or remedy
shal! aot be a waiver of or preclude the exercise of any right or remedy.
11. Sncceeaors and As~igQS Boand; Joiat and S~~era! I3abillty; Co-si~ers. The covenants and agrcemrnts of
this Secwity Instrummt shall bind and benefit the sucttssors and assigns of Lendtr and Borrower, subject to the provisions
of paragtaph 17. Borrower's covenants and agrotments shall be joint and several. Any Borrawer who co-signs this Sxurity
Instrumart but does not execut~ the Note: (a) is co-signing this Sxurity Instrumrnt only to mortgage, grant and convey
that Bornower's interest in the Property under the terms of this Socurity Instrument; (b) is not personally obligated to pay
the sums socured by this Security Instrument; and (c) agrees that L,ender and any other Borrower may agree to extend,
modi~fy. forbear or make any aocommodations with regard to th~ terms of this Security Instrumrnt or the Note without
that Borrower's conseni.
12. I.o~n C~arges. If ihe loan sxurod by this Security Instrument is subject to a law which sets maximum loan g
efiarges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in
connection with the loan excad the permitted limits, then: (a) any such loan charge shall be re~uced by the amount
nece.csary to roduce che charge t~ the permitted limit; and (b) any se?ms already collected fr~m Sorrower which excee~ed ~
permittod limits will be refunded to Honower. Lender may choose to make this refund by reducing the principal ovved - =
under the Note or by making a direct p~yment to Borrower. If a refund roducts principal, the reduction will be treated ac a
partial prtpayment without any prepayment charge under the Note.
13. Le~slation Afieehng I,ender's Rig6ts. If enactment or expiration of appiicable laws has the elfect of
rendeting any provision of the Note or this Socurty Instrument unenforceable according to its terms, Lender, at its option.
~ may require immediate ~yment in full of all sums securod by this Security Instrument and r~~ay ir.voke any remedies
; permitted by paragraph 19. If Lender exercises this option. Lender shall take the steps specified in the socond paragraph of
P~B~Ph 17.
~ 14. Notices. Any notice to Bonower provided for in this Security Instrument shall be given by delivering it or by
mailing it by first class mail unless applicable 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 not?ce to Lender sha11 be given by
~ 6; st class mail to I.ender's address stated herein or any other address I.ender designates b~ notice to Borrower. Any notice
providal for in this Socurity Instrument shall be deemed to have been given to Borrower or Lerder when given as provided
~ in this paragraph.
~ 1S. Go~erning Law; Se~erability. This Security Instrument shall be governed by federal law and the law of the '
c jurisdiction in which the Property is located. In the event that any provision or ciause of this Security Instrument or the
Note conflicts with applicable law, such conflict shall not affect other prc,visions of this Security Instrument or the Note
~ which can be given effect without the conflicting provision. To this end the provisicns of this Security Instrument and the
Note are daciarcd to be severable.
~ 16. Eorrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument.
r 17. Transfer of the Property or a BeneScial Interest in Borrawer. If all or any part of the Property or any
intertsi ir it is sold or transfened (or if a beneficial interest in Borrower is sold or transferred and ~orrcwer is not a natural
person) without Lender's prior written consent, Lender may, at its option, require imme~iate pavment in full of ail sums
secured by this Security Instrument. However. this option shali not be exercised by Lender if ezercise is prohibited by ~
g federal iaw as of t~e date of this Security Instrument. ~ ~
If Lxnder eaercises this o~tion, Lendei shall give Borroaer notice of acceleratian. The notice shall provide a period ~
~ of not less than 30 days from the date the notice is delivered or mailed within which Burrower must pay all sums secured by
' this Socurity Inswment. IiBorrower fails to pay these sums prior to the eapiration oithes period, L.ender may invoke any ~
~ remedies germitted by this Security Instrumtnt without further notice or demand on Borrower.
~ 18. Bo.-rower'~ Rjg6t to Re:rtstate. If Borrower mcets certain conditions, Bonower shall have the right to have
' enforcemeat of this Security Instr~unent 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 ihe Property pursuant to any powPr of sale contained in this
€ Socurity Instrument; or (b) entry of a judgment enforcing this Secarity Instrument. Those con~itions are that Bonower.
~ (a) pa~s Lender all sums which then would be due under this Security Instrument and the Note had no acceleration
; occurrod; (b) cures any default of any other covenants or agreements; (c) pays all eapenses incurred in enforcing this
~ Socurity Instrumrnt, including, but not limited to, reasonable attorneys' fees; aad (d) takes such action as i.ender may
~ reasonably require tn assure that the lien of this Security Instrument, Lender's cights in the P*operty and Borcower's
obligation to pay the sums secured by this Security Instrument shall cont~nue unchanged. Upon reinstatement by
~ Borrower, this Security Instrament and the obligations securod hereby shall remain fuliy effective as if no acceleration had
€ ovcurrod. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17.
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