HomeMy WebLinkAbout0918 If Lender rrywred mongagc ~nsurance as a condiui~n of mak?ng the luan scYUrrd b~ thu ~unty In~trumrn~,
Borrov?er shall pay the premiums required to ma~nta~n the insurance in tffe~:t unhl surh ume at ihe requirement (br the
~nsurance terminates in accordance w ith Borrowrr's and Lender's written agrermrnt or applicable law.
8, Insptetion. Lender or its agent may~ make reasonable entries u~n and ins~hons of the Pruperty. Lrnder
shall givt Borrower notice at the time of or pnor to an inspection specifying reasonable cau~e for the ins~tion.
9. Condemnation. The proceeds of any award or cla~m for damages, direct ur conseyuential, in connc~tion K ith
any condemnation or other taking of any part of the Pcoperiy, or for cunveyance in lieu of condemnatiun, are her~by
assigned and shall be paid to Lender.
In the event of a total taking of the Propert~•, the pra;eeds shall be applied to the sums serured by this Sec:unty
Instrumtnt, whether or not then due, with any excess paid to Borrower. ln the event of a partial taking of the Property,
unless Borrower and Lender otherwise agree in writing, the sums se~rured by this Security lnstrument shall be reduced by
the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately
before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be
paid to Borrower.
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrow•er that the condemnor offers to
make an award or settle a claim for damages, Borcower fails to respond to Lender w ithin 30 days after the date the notice is
givtn, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or
to the sums secured by this Security Instrument, whether or not then due.
U~!ess Lender and Bonower otherwise agree in writing, any application of proceeds to principal shall not extend or
postpone the due date of the monthly payments referred to in paragraphs f and 2 or change the amount of such payments.
10. Borrower Not Released; Forbearance By Lender Not a Waiver, Extension of the time for payment or
modification of amortization af the sums secured by this Security lnstrument granted by Lender to any successor in
interest of Borcower shall not operate to release the liability of the original Borrower ar Borrower's successors in interest.
Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for
payment or otherwise modif~ amortization of the sums secured by this Security lnstrument by reason of any demand made
by the origi~al Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy
shall not be a waiver of or preclude the exercise of any right or remedy.
11. Successocs and Assigns Bound; Joint and Several Liability; Co-~igners. The covenants and agreements of
this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisi~ns
of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security
'f Instrument but does not execute the Note: (a) is co-signing this Security Instrument only~ to mortgage, grant and com~ey
that Borrower's interest in the Property under the terms of this Security [nstrument; {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 to extend,
modify, forbear or make any accommodations with regard to the terms of this Security Instruenent or the Note wethout
that Borrower's consent.
ll. Loan Charges, If the loan secured by this Security Instrument is subject to a law which sets maximum loan
i charges, and that law is finall} interpreted so that the interest or other loan charges collected or to be collected in
~ connection w~ith the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
~ necessary• to reduce the charge to the permitted limit; and (b) any sums already collected from Borrow~er which exceeded
~ permitted limits a•ill be refunded to Borrower. L:.nder may choose ro make this refund by reducing the pnncipal oH~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. Legislation Affeeting Lender's Rights. If enactment or expiratwn of applicable laws has the rffect of
~ rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its o~tion,
! may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies
~ permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragrapn of
r paragraph 17.
~ 14. liotices. Any notice to Borrower provided for in this Security Instrument shall be gi~~en b}• delivering it or by
mailing it by first class mail unless applicable law requires use of another method. The nutice shall be directed to the
~ Property Address or any other address F3orrower designates by notice to Lender. Any notice to Lender shall be gi~•en b~
first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrow~er. An}~ notice
~ provided for in this SecuritS~ Instrument shall be deemed to ha~~e been gi~en to Borrow~er o~ Lender when gi~~en as pro~ idcd
~ in this paragraph.
~ 15. Governing Law; Severability. 7~his Securit}~ Instrument shall be governed h} federal law• and the law• of the
ju:isdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the
Note confl~cts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Nnte
which can be given effect without the confticting provision. To this end the prrn•isions of this Security lntitrument and the
~ tiote are declared to be severable.
~ 16. Bonower's Copy. Borrower shall be given one conformed copy c~f the Note and of this Securit} Instrument.
~ 17. Transfer of the Property or a Beneficial Interest in dorrower. If all or any part of the Proprrty or an~
~ interest in it is sold or transferred (or if a beneficial intere~t in Borraw~er is sold or transferred and Berrower iti nc~t a natural
person) without L~nder's prior written consent, Lender ma}•, at its option, require immediate pay~ment in full oC all sums
~ secured by [his Security Instrumeni. However, this option shall not be exercised b}~ Lender if exerrise ~ti prohibited h}
~ federal law as of the date of this Security Instrument.
If Lender eaercises this option, Lender shall give Borrower nohre of accelerati~n. ~The notice shail ~rcn ide a J~eric~d
of not less than 30 days from the date the notice is delivered or mailed within w~hich Borrow~er must pa}~ a!I tiumti tecured h}
this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this peri<~d. Lender may in~~~ke ~n~ .
remedies permitted by this Sec~rity Instrument without further netice or demand on B~~rrower. '
18. Borrower's Right to Reinstate. If Borrow~er meets eertain c<~nditi~ns, B~rmw~er shall ha~e the right tc~ ha~e
enfarcement of th~s Security Ir~strument discontinued at any time prior to the earlier of: (a) 5 da}~s (or such other ~ricad ati
applicable law~ mag~ specify ~or reinstatement) before sale of the Property pursuant t~ an}• ~wer ~~f sale ronta~ned in thi~
Securit}~ Instrument; or (b) entr}• of a judgment enforcing this Security Imtrument. Th~~e cond~hons ~re that Borrower.
- (a) pays Lender all sums which then wouid be due under this Securit}~ Instrument and the Note had n~ acceleraUc~n
occurred; (b) cures any default of any~ other covenants or agreements; (c) payti all expenSeti ir,curred in enforcing this
Security Instrument, including, but not I?rnited ro, reasonable attorne}t' fees, and (d) takei tiuch actiim ati Lender may
reasonably require !c; assure that the lien ~f this Security Instrumeni. Lender's nght~ in the Preipert~~ and H<~rrciwer's
obligat~on to pay the sums secured by this Securrty [nstrument shall c~ntinue unchanged. Upcm reinstatement b}
8orrower, this Security Instrument and the obligations secured hereby shall remain fully efTect~ve as if nc~ acceleratum had
occurred. However, this nght to reinstate shall not appl} m the cate ~f acceleranon under paragraphti 13 <~r 17
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