HomeMy WebLinkAbout0960 Any amoiuits disbursed by Lader ta~der this paragraph 7 shall become additinnal debt of Barrowpx sea?red by
this Security Instnmoeat. Unless Borr~er ad I.ender agree to o[her terms of payment, theae anwcits ahall bear
interest from the date of disbursenent at the Note rate and shall be payable, with interest, upon ndice fram
I.ender to Borna+er requesting payment.
If Layder required mort~age ineurance as a candition of making tt~e lo~as sewred by this Seaurity Inetn~men[,
Borra,ler shall pay the pr~iuma requir~d to maintain d~e insurance in effect ~til euch time as t~e requirement
far the ineurance tecminates in accardaice ~ritfi Borraier's a~d Lender's`rritten agreanFnt ar applicable laa.
8. Insprction. Le~der or ita agent may make reaaa~able aitries upm aa~d inapectioas of the Property.
La~der shall give Barra~er notice at the time of or prior to an inspectian specifying reasa~able ca~~se for tfie
insp~t ioa.
9. Cmde~sati,en. 'IItie proceeds of any awani or claim f~ damages, direct or ca~sequantia2, in cannection
with ary caade~atian or other taking of aQy part of ~e Property, or for conveyance in lieu of conde~atia~,
are hereby assigned ad shall be paid to I.end~x.
In the evmt of a total taking of the Propexty, the procee~s shall be applied to the sums seoured by this
Seourity Instnnent, Whether ar not then due, with auy exceas paid [o Borra~er. In ti~e e~at of a pertial taking
of the ProQerty, iatless Bocraaer aod Lender odieiwise agree in writ~c~g, the s~s seoured by this Security
Inatcwioent ahall be re~uced by the a~amt of the prooeeda m?iltiplied by t3~e follaWing fraction: (a) the total
aaouc:t of the ams seaired i~diately before the taking, divided by (b) d~ fair maz~ket value of the Property .
imnediately befare t~?e takir~g. Acry bala~ce shall be paid to BorroWer.
I~ the Property is abanda~e~d by Barrower, or if, after notice by Lendex to BarroWer that the caodemo~ offera
to make an award or settle a claim for dan~es, Harra~rex fails [o respoad to Le~der within 30 days after the date
d~e noti~ce is given, Lender is suthorized to collect and apply the pmceeds, at its option, either to reataarati,on
or repair of the Property ar to the aims seaured by Chis Secaarity Instnmo~ent, whed?er or not thaa due.
Unless Ladec aad Barcv~r otherwise agree in vriting, a~ry applicetiAn of proceeds to principal st~all nat
extead or postpone the due date of the monthlq psyments referred to in paragraphs 1 ad 2 or chaage the anamt of
such pSymec~tB.
10. Hoes+arer liot liele~oed; Foc6eanoACe bj I~der lid a Wii~ar. F~tension of the time for paymesit or
modificatian of amrtizati.on of the aIIOS secured by thia Sec~sity Instn~ment granted by L~der to ary successor
in interest of &xrarer ehall not opexate to release tfie Iiability of the original Barro~r or Borxnwer's
successo~rs in interest. La~der ahall not b~ required to c~ammence proceedings ag,ainst ary a~ccessor in interest
Qr refuse to extad time for pnymeat ar othetwise modifq aaortizatiai of the s~mos seaired by this Sewrity
Instnanent by reasan of any dena~d made by the original Borra~er or Borraiez's successars in interest. Any
forbear~ce by Lender in exercising any right or r~mdy shall not be a waivex of or preclude the eacerci.se of any
right or reaedy.
11. S~ooessors aod AtsigQS Boa~rl; Joiat and S~eral Liability; Co'-sig~as. Zhe cova~ants and agreenents
of this Seairitq Instnmopnt shall biad and be~efit the successors and assigps of La~der and Bo~c~aaer, s~ject to
the prwisia~s of paragrapi-~ 17. Barro~+~ex's cova~ants aaci agreenaita shall be joint mnd severaZ. Aay Barrawer
who co-sig~ns this Security Instnaaeat but does not ewecute tfie Note: ta) is o~sig~ning this Security Instnnment
anly to mort~age, grant ad canvey that Borrower's i.nterest in the Prapc~sty ~ the. te~s of this Seairity
Instnimecit; (b) is trot personally obligated to paq the auus secured by this See~rity T.nstru~me~nt; and (c) agrees
that Lender ~nd aary other Barra+er may agree to extend, modifq, fvrbear ar make any acoommodatinns Srith re~rd to
the t~ma of this Seourity Instnuuent or the Note without that &~rrow~' s consmt.
' 12. Lo~a If the loan seaired by this Seourity Instru~nt is subject to a law which sets m~cimum
; lo~ charges, and that law if finally interpreted ao that the intexeat or oti~ex loan charges collected or to be
` collected in cau~ectinn ~rith the loan ~cceed the peimitted limits, tha1: ~a} ary such loan charge shall be
¢ re~uced by the amount recesaary to reduce the c~rge to tfie pern?itted limit; ad (b) any amae already collected
~ fram Bacrw~er vhich ~ceeded peYmitted limite will be refunded to Barrwex. Le~der may choo~se to make this
~ re£imd by reducing the principal ~w~ed under d?e Note or by making a direct payment to Barrower. If a refimd
~ re~uces principal, the reduction ~rill be treated as a partial prepayment ~ithvut any prepayuoec?t charge under the
~ Note.
~ I3. Legislatian Affectiag Lerr]tr's 8ig~ats. If a~actrnent or expiratian of applicable lais has the effect of ~
~ rendering any provisim of the Note or this Seasrity Instniment unenforceable according to its tetms, Lender, at
F its opti,on, msy require immediate psyment in full of all sums seoured bq this Seourity Ir.stn~nL and may invotce
~ ~y r~edies pezmitted heraa~der or as are pelmitted at 1~ or in equitq. If Lender exerci.ses this option,
; Lender shall take the steps specified in the secood paragraph af paragraph 17.
' 14. 1#otices. Atry notice to Barrower prwided for in this Securfty Iasttument shall be given by delivering
it or by mailing it by firat class mail unless applicable law requires use of anather method, 'Ihe notice ahall
be directed to the Property Address or any o[her a3dress Barza~er designates by notice to Leoder. Any noti,ce to
La~der ahall be giva~ by certified first class mail to Lender's address stated herein or aay other address Laider
designates by notice to BarroWer. Atry notice provided far in tt:ia Sewrity Instniment shall be deaned to have
bea? given to Borrw~er or Lender s,ihen given as prwided in this paragraph.
uR`,~461 PQ~E 959
' .~4~; ~ ~'r~
~ ~
~-~s