HomeMy WebLinkAbout0999 It 1 rn.lrr rryuire~l m~~r~g~~r imurancr a~ a r~,nditi~m ~,f m~k~ng the luun ucun~i h~ thi. Sccunt~ In.~rumrnt.
13urr~~~~rr .hall ~.i~ thr ~rrmium~ rryuired maint;~~n the insu~anre in rffctit unni tiurh timr a. thr rrywrrmrnt fur thr
in.ur;~n~r t~rn~~nate. ~n ar~urd:~nce w~th B~~rrc~wer's and Lender's N•ritten agrc~ment c~r ~pplirablr IaH. ~
8. Inspection. Lrncirr ~~r ~t. agrnt m~~ makr rrasunable entrieti u~n ~nd in.Fxrh~?m ut thr Pro~rrt~. l.rndrr
.hall ~;nr Be~rr~~w;r nun~r at the nm~ uf ar pnor t~~ an ins~ction s~if~~ing rea~un:~ble ~ause f~~r thr ~nspr~tiun.
9. Condemnation. Thr ~nxrrd. af ~n~ ;~Hard or claim for damages, dire~t ~~r ~im.ryurntial, in ronncYti~,n with
an~ ~~~n~irmnati~~n i~r ~~ther t.iking ~~f ~n~ ~art of the Pro~rty, or for cun~e~ance ~n lieu ~~f rundemnan~~n, ,irr herrM
ci„iFnr.l ~nd ~hall tx~ ~~i~i tu Lrnd~r '
In ?hc e~cnl ~~f a t~~tal Iakntg ~~t~ Ihc !'mperl~, the pr~kertls shdll he appl~td to lhe .um, .rcurrd h~ this Se~urit~~
In.~rumrnt, tihethrr ~~r nut thrn dur. ~~uh ~n} exec~~ p:~id to Borrow~er. In the r~ent of ~ partia) taking c~f the Pruprrt~,
wil~,~ R~,rri~~cer and Lendre ~~ther~ i~e :~gr~e in w•riting, the sums secured by this Sc~:unt}~ Instrur.:~nt shali he redurrd hv
the .im~~unt ~~i thr pnxred~ multi~+lird by the fiillowing fraction: (a) the total amount ~~f the tiums serurrci immed~atrl~
hefurr thr taking, di~~ided h~ (b) the f~ir market ~~alue of the Property immediatel~• before the taking. An~• balance thal! be
paid t~~ B~~rrower.
If the Prupert~ iti abandoned b~ Burrower, or if, after notice b}~ Lender to Borrower that the rnndemnc~r oflen to
makr an a~c:~rd ur ~ettlr a claim fur damages, Borr~w~er fails ro respond to Lender H~ithin 30 day~s aRer the date the notire is
gi~en. Lender iti auth~~rired t~~ collect and apply the proceeds, at its opiion, either to restoration or repair of ~he Pro~ert~~ or
t~~ the,ums tiecured M thi~ Securit~~ Instrument. w~helher or not then due.
L'nlesti I.~nder and I3orrow~er othen~ ise agree in w~riting, any application of proceeds to pnncipal shall not extend o~
~~~st~~~nr the due ~iate ~~f the monthl} pa~~ments referred to in paragraphs 1 and 2 or change the amc~unt of sueh pa}~ments.
10. Borrow~er \ot Released; Forbearance By Lender Not a Waever. Extension of the time for pa~~ment or
mcxiific:~ti~n ~t amc~rtitatiun :~f the sums secured b}~ this Securit~~ Instrument granted b}~ Lender to any successor in
~nterest of Be~rrower shall not operate to release the liability of the original Borrower or Borrow~er's succelsors in interest.
I.ender ~hall not he reyuired t~~ rommence proceedings against any successor in interc~t or refuse te~ extend time for
~a~ n?ent ~~r c,thern itie m~xiif~ amortizatinn of the sums secured by this Securit}~ Instrument b}~ reasnn of any demand madr
h~ thc original B~~rrow~er or Borrower's surcessc~rs in interest. An~• fortxarance b~• Lender in eYerri~ing an~• right or remrd~~
`hall n~t he a~ca~~er c~f or prerlude the exercise c~f an~~ right or remed}~.
11. Successors and AssiRns Bound; Joint and Several Liability; Co-signers. The co~•enantti and agreementti ~~f
~ thiti Secur~t~~ Instrument tihall hind and benefit the successors and assigns of Lender and Borr~~~,er, tiuhject to the pro~ ~si~m.
~ c~f ~aragra~~h 17. B~rraw•er's covenants and agreements shall be joint and several. An~~ Borro~~er w~h~~ co-signs thi~ Securit~
! I~:.trumrnt but dcxs not exerute the tiote: (a) is cu-signing this Securit~~ Instrumrnt onl}~ to mortgage, grant and com~ey
I th~t Bc~rmwer's interrst in the Prei~erty under the terms of this Security~ Instrument; (b) is not ~rsonallt~ ~blig3ted to ~a~~
~ the tiumti secured b~ this Securit~ Instrument; and (c) agrees that Lender and an}~ other Qorrow~er ma}~ agree to extend.
~ m~x:~f~, fe~rbe~r ur make an} aca~mmc~datiun, with regard to the terms of this Securit}~ Instrum~nt ~~r the Note withuut
j that Bc~rrower'sc~mtient.
; 12. (.oan Char~es. It~ th~ I~~~n ~ec~rrd b~ thiti Serurit}~ In.trument iti sub~ert tu a law w•hich setti maximum Icr~n
rhargr~. ~nd that la~c is tinall} ~nterpreted u~ that the interest or other loan charge~ collerted or t~~ br collected in
r+mnertiun with the I~~an e~reed the ~erniitted limits, then: (a) an}~ such loan charge sh:~ll be reduced b~ the amount
~ nc~etitian to reduce the charge to the permitted limit; and (b) an~~ sumt alrrad~~ colle~ted fre~m Borrow~er ~hich exceeded
~~ernsitted I~mitt wil) t~ refunded to Borrow•er. Lender may~ chaose to make this refund h}~ reducing the ~rincipal e~wed
~ under the ~c~te ur b} making a direct patmrnt to Borrower. If a refund reduces principal, the redurticm wil! l~ tre~ted ati a
~ ~arti~il rre~~~~ment H ithout an~ prepa~ ment charge under the Note.
~ l3. Legislation AfieetinR I,ender's Ri{~hts. If enactment or expirah:m c~f applicahie 1a«s hati the effr~t c~f
€ rendenng an} ~rc~~ isicm ~~f the ti~,te or this Securit~~ Instrument unenforreable according t<~ its term~, Lender, at it~ o~tic~n.
~ ma~ reyuire immediate ~a~mrnt in full of all sums secured b~ this Securit}~ In~trument and ma} invuke any~ remedieti
~ P~rmitted h~• paragra~h 19. If Lender ~xercises this option, Lender shall take the steps tiperified in the tiecond paragraph of
' ~arigraph ! 7.
i 14, tiotices. An~ ninire te~ Borro~~er ~,ro~~ided for in this Securit}~ Instrument tih311 be gi~~en b}~ deli~~rring i~ ur h~
f mailine it b~ fint rla~s m.iil unletiti applirable law• reyuires use ~f another m~[hod. The notice shall br direrted tc~ the
~ Pm~ert~~ Addre>ti c~r an~ ~ther addrns Borrow~er dc~ignates b~ notice to Lender. An~ notire to Lender tihall be gi~en h~
~ fir~t clatis nzai] tc~ [_ender'ti addretit titated herein or an}• ~ther address Lender designate, b~ n~~tice tc~ Bc~rr~uer. An} nc~tire
~ ~:c~~ided for in thiti Secunt~ Instrument shall be deemed to ha~e heen gi~en to B<~rr~~w•er c~r I_ender w~hen gi~rn as pro~ ided
; i,i thiti paragraph.
~ 15. Goveroing I.aK; Severabilit~~. Thiti Securit} intitrument shall be go~erned h~ federaf law~ and the law• c~t~ thr
~ juritidirti~~n in which the Propert}~ iti loc:at~d. [n the event that any pro~~isi~n or clautie of thiti Securit~~ Instrument e~r the
~ `nte rnnFlirt~ ~ith applicable faw, tiunc ~onflict shall not atTect other provisions of this Secunt~ Instrument c~r the'~e~te
~ uhirh ran h~ g~~en effect withriut the ~einflicting ~rrn~ision. Tci this end the pro~isi~ns i~f th~ti Securit} In~trument ~nd the
~ ti~,te ~ire derlared t~ be tie~~erable.
~
16. Borrower's Cop~~. Borrrn~er tih~ll be gi~en onr conf~rmed cop~ oi the ti~~te and ~~f thiti Secu*it~ Instrumrnt.
17. Transfer of the Yroperty~ or a Beneficial Interest in Borrow~er. If all ~~r an~ part ~~f th~ Prc~pert} cir an}
~ intere,t in it is tic~ld e~r transferred (or if a benehciaf ~nteretit in Burrow~er is s~ld or transferred and Bc~rruwer iti nc~t a natural
# E~<rum> ~~~the~ut l.ender's prit~r written ccinsent. Lender may, at its c~~tic~n, reyuire immediatr ~a~ment ~n full c~(afl tiumti
recured by this Securit}• Intitrument. H~w•ever, thiti opti~n shall not he exerrised b}• Lender i( exercitie iti ~mhihited h}
fe~leral {aw ati <~f the date ~f thit Security~ Instrument.
tf Lender exerci~eti this c~pticm, Lender shall gi~~e Bormw•er notice c~f acceiera:i~n. Th~ n<itice.hall prc~~ ide a~eric~d
~~f ne~t le,~ than 30 dacs from the date the notire is deli~~ered or mailed w ithin w~hich Borre~~?er mutit ~a~~ all tiumti ,ecurr~ hc
thi~ Ser~rity Intitrument. If Borr~wer fails t~ pa~~ these sums ~rior to the expiraticm ~~f thi~ peric~ci. l.er~dr~ m~~ ~n<<~ke ;:n}
r~medieti prrmitted h~ this Securit} Imtrument withc~ut further nc~tice ~r demand on Bc~rm~~er.
IA. Borrower's Riqht to Reinstate. If Ht~rrc~wer meets certain c~»diti~~nti, H~rrc~w~er shall ha~e the right t~~ h~~r
rnf~~rctmrnt ~~f thiti Secunt~ (ntitrumrrzt ditirc~ntinued at any time pri<~r tc~ the earlier c~f~: (a) 5 da}, (e~r ~uch uther ~eri~xl
~i~~lirahle law n~a~ ,~rrif} fur rcintitatement) hefc~re tiale <~f the Prc~~rty pursuant tc~ an~ ~e~~~er ~~f ~ale rcmtained in thi~
S~runt} In~trument: -~r (h) entr~ u( a ~udgment rnfc~rring this Secunty Inttrument. Thcnc ~~~ndi~icm~ arc th~t B<,rr~~wer
lal ~a)~ Lrnder all ~um~ which then ~<~uld be due under thi5 Seeurit, Intitrument and thr tinte h~d ni~ accelrrau~m
~~rrurre~: (h? rurr; an~ defsult c~f ~n~ ~~ther c<n~nants c~r agreementti: (r) ~a}~ all rx~enties incurrrd in enfc~rcing thi~
Sr~unt} Intitrumrnt, i~icluding, hut nnt IimiteJ t~~. rraticmahle attc~rne~ti' fee~: and (d) take~ wrh acti~m a~ Len:fer m:~~
rra,c,nahl~ rrywrr t~~ atiwr~ that thr lirr ir~ thi~ Serurit}~ Instrument. L~nder'ti nghtti in ~he F~f(1F)Cf1~ ~i{i(J R1~ff~1K'tf~S
~~hli~.it~~m tc~ ~,a~ thr ~um~ ~ecureel h~ thi~ Srcunty Intitrument ~h:~ll continue unchanged L'~~m rein~tatrnzent h}
Ri~rr~~Hrr, th~r S~runt~ In~tr;irr~ent ~nci ~h~ uhli~at:un~ ~erured hereb~ tihall ren~~in full} efierti~r ati ~f n<~ accrleranem h~d
, ~~~rurrrd H~~~r~cr, thi~ right t~~ rein.tatr.hall n~~t ~~rly tn thr ~~tie cif arreleraucm under paragra~h~ 1; c?r 17
.~:':K45~ .
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