HomeMy WebLinkAbout0941 . Any amcwnts disbur..rd by Lernfkr und~;r ihis.paragraph 7 Shall become ~dditional debt ~~f Barrower,secured by ~'r~i,r Sc~urity
ln.trurrKnt. Unle» Barrower and t.zrxier agree to exher terms of payment, these am~wnu shall btar in~~~ ihe ~disbursement
. ~t the Note rate arxi shall t~e payable, with interest, upon notice from lxnder to Borrower requ yment.
lf l.ender required mortgage insurance as a conJition of making ti~e loan secured by this Securiry lnstrument, Borruwer shall
E~y thc; premiums req~ired to maintain the insura~x~e in effect until such time a~ the reyuirement fc~r the insurance terminates in accY~rcidnc:e
with Borrower's aRd L.ender's written ag~mertt or applicabie law.
inspectton. L,ender or its agent may make reasorwble entries upon anci inspections of the Property. L.encier shalt give &~rrower
nutice at the time oi or prior to an inspection specifying reawnable cause for the inspection.
9. Condemnation. The proceeds of any award or claim for damages, direct or can~equential, in connttition with any corxlemnation
ur ~xher taking oi any part of ~he Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to (.erxier.
In the event of a totai taking of the Propcrty, the Qroceeds shall x applied to the sums secured by this Security [nstrument,
u~hethcr or not then duc, with any excess paid co Borrower. In the event of a partial taking of the Property, unless Borrowe~ and
Lerxie.r cxherwise agree in writing, the sums secured by this Security Instrument shall be recluced by the arriount of the praeecis multiplied
by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market
~:tlue of the Property inamediately before the takiAg. Any balance shall be paid to Borrower.
If the Property is abandoned by Borrower, or if, after notice by L.ender to Borrower that the condemnor offers ta make an
.~ward or settle a claim for damages. Borrower fails ro respond to Lender within 30 days after the date the notice is given, Lender
i~ authorized tu collect and apply the proceeds, at its option, either tn restoration or repair of the P~operty or to the sums secured
hy this Security lnstrument, whether or nat then due.
Unless Lender and Borrower otherwise agree in writing, any appiication of proceeds to principa! shall not extend or pnstpone
~he due date of the monthly payments referred to in paragraphs ! anci 2 or changP the amount of such payment~.
10. Borrower Not Released; Forbearance By Lender Not a tii'aiver. Extension of the time for paymcnt or moditication of
.,mortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not
uperate to release the liabiliry of the original $orrower or Borrower's successors in interest. L.ender shall not be required to commence
proce~dings against Any successor in int$rest or refuse to extend time far payment or otherwise modify amortization of the sums secured
by this Securiry 7nstrument by~ reason of any demand rnade by the original Borrower or Borrower's sucressors in interest. Any forbearancc
hy Lender in exercising any righe or remedy shall not be a waiver of ar prec3ude the exercise of any right or remedy.
I 1. Successots and Assigns Bound; ,loint and Se~•eral Liabilety; Co-signers. The covenants and agreements af this Security~
(nstrument shall bind and benefit t1~e successors and assigns o~ Lender and Borrower, subject to the provisions of paragraph 17. Borrower's
rovenants and agreements shaU be joint and several. Any Borrower who casigns this Security lnstrument but dces not execute the
\ote: ~a) is ~o-signing this Secvrity Instrument on{y to mortgage, grant and convey that Borrower's interest in the Property ~nder
thc terms of ~hi~ Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c)
agrces that LenciCr and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard ro the
ierms of this Security Instrument or the Note without that Borrower's consent.
I2. - I.oan Charges. if the loan secured by this Security Instrument is subject to a!aw which sets maximum loan. charg~s, and
that taw is finaltx interpreted so that the inreresZ or othet laan charges rollected or to be collected in connection with the loan exceeci
the permitted limits, then: (a) any such loan charge shall be ~educed by the amount necessary to reduce the charge to the permitted
limit; and (b) any sums already collecied from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may
thcx~se to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund
reduces principal, the reductio~ will be treated as a partial prepayment without any prepayment charge under the Note.
13. Legislation At'fecting Lender's Rights. If enactment or expiration of applicable taws has the effect of rendering any provisi~n
~ft tht Note or this Security Instrument unenforceabte according to its terms, Lencler, at its option, may require immediate payment
in fuli of alt sums secured by this SeLUrity Instrument anci may invoke any remedies permitted by paragraph ~9. If Ixnder exercises ~
chis optian, Lender shal! take the steps specified in the second paragraph of paragraph 17. ,
14. Notices. Any nc~tice ro B~r~ower provided for in this Security.lnstrument shall be given by delivering it or by mailing it
h~ tirst class mail unless applicable law requires use of another method. Tf~e notice shall be directed ta the Property Address or any
~~ther address Borrower designares by notice to Lender. Any notice to L.ender shall te given by ~rst class mail to I.ender's address
~tated herein or any other address Lender designates by notice to Bc,rrower. Any notice provided for in this Security Instrument shall
he deemed to have been given to Borrower or Lender when given as provided in this paragraph. ~
15. Coverning Law~; Severabiiity~. This Secur+ty Instrumeni shal! be governed by federal law and the law of the jurisdiction
in which the
Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable
la~+ , such conflict shall nat affect cxher provisions of this Seeurity Inswment or the Note which can be given effect without the conflicting
, r~~vision. To this end the provisions of this Securiry Instrument and the Note are declared to be severable. ~
16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security instrument. , ~
17. Transfer of the Piroperty or a Beneficia! Interest in Borrow~er. [f al( or any part of the Property or any interest in it ~
i. ~old or tranferred (or if a beneficial interest in Borrawer is sold or transferred and Borrower is n:~t a natural per.u~n) with~ut l.ender's ~
pnur written consent, Lend~r may, at its option, require immediate payrr~at in fu!! of all sams secureci by this Security lnswment. ;
He~wever, this option shall ncx be exercised by Ler~der if exercise is prohibited by federal law as of the date of this Sec~rity Inswment.
If Lender exercises this option. Lender shall give BorroHer notice of acceieration. The notice shall provide a period of not
f~s, than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Security
Instrument. If Borrower fails to pay these sums prior to the expiration of this period. Lender may invoke any remedies permitted
h~~ this Security Instrument without further notice or demand on Borrowcr.
18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrowe~ shall ha~•e the right to have enforcement
~~1 this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable !aw may
~~:cify for reinstaterrient) before sale of the Property pursuant to any power of sale contained in this Seeurity Instrument: or (b> entry
~~i a judgment enforcing this Security Instrument. Those condit6ons are that Borrower: (a) pays Lender all sums which then would
he due under this Sc:curity Instrument and the Note had no acceleration occurred: (b) cures any default of any other covenants or
a,.*.reements; {r) pays all expenses incurrcd in enforcing this Securiry Instrurnent, including, but not limited to, reasonable at.orneys'
tees; and (d) takes such action as Lender may reasonably require to assure that the lien of this Security tnstrument, Lender's rights
in the Property and Borrower's obligation to pay the sums seeured by this Security Instrument shail continue unchan~ed. Upczn
re~nstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration
had occurred. However, this right ro reinstate shall not apply in the case of acceleratioo under paragraphs 13 or 17. ~
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