HomeMy WebLinkAbout0986 Am anwunt. ~i~huj x.l by L~ndcr un~~r thi~ paragrsph 7~h~ll tx~runk addiliunal ~~ht uf &~rn?w~r ti~rur~J b~ thi+ S:curity ~
In,trunknt. Unl~.. &yrrultrr arxl Len~er agrc~ tu ~xhrr trrnu ul paynxnt, tix:xx aiia?unts.hall tkar int~re.t fr.~m tFk ~fate uf'~l~.hur.rnxnt
.<< thc Nute ~ate anJ ~h:,ll tk p:~~ahl~, with int~r~~t, up~m nuti~e frum LenJer tu Borf~wer rcyue~ting paym~nt.
lf Lcnd~r r~yuircd murtg:~gr in.urancc as a ionuitiun uf m:~ing thc luan ~c*~:urc~ by thi~ Sccurity Intitrum~nt. Burm~~~r .hall
;}a~ ttk pr~miums reyuire~ to n~intain the imur:~rke in ett~~t unti! tiuch tinn: a. ttx; reyuirenxnt tiir ttx: in,urance t~rminates in a~r~~rJaix~
iih Rurmwer's and Lende~'s wrin~n agreement or applirabk I;~w. . ,
8. lacpt~tion. Lcnder ur its ~gcnt may make reaw~abic entrics upun lrxl in,Fx;ctiuns;uf thc Prup~rty. ~en~er shall gi~c &~rruH~r
nutir~ at the timc uf or priur t~~ an in~pcctiun spc:rilying rca~on~hlc rau.~ ti~r thc impcrtion.
9. Condemnution. The pnxeeel. of any ~ward or rlain~ fi~r dan~ges, dir~Yt ur coatieyuentisl, in cunrxtiti~~n ~~ith any curxien~nati~?n
ur uther taking of any part of the Property, ur tor rom~eyance in lieu of condemn:~tiun, are hereby ~s.igned an~ .hall he paid to l.~nder.
In the event of a tutal iaking ot~ the Propc:rty, the pr~xecds shall be applie~! to the sur.~s sccur•~d by this Serurity Imtrument.
~~h~ther ur not then due, with any cx~ess paid to Borrower. In the event of u panial takin~t ~if the Prope.rty. unless B~~rrower ~nd
l.~ndc:r ahc:rw~i,e agre.~: in H•riting, the sums k~cur~~l by thi~ Sc.~curity In;trunxnt stwll be rcduc~~l by thc: am~wnt uf ttx; pnxc.tiJs multipli~~d
i~~ the ti~llowing fractiun: (a) the tutal amount of the sum~ secureJ immediately be:fore the taking, di~~idrd by (b) the fair m:~rket
~ ~luc of the Propert}~ inuncdiately tx;ti~re the taking. Any balanre shall bc: p~id to Borrower. ;
It the Property is abandoneJ by Borrow~er, or if, aftcr natice by Lr;n~er to Borro~~er that the cu~demnor oft~rs to m~ke an ~
:~~~ard or settlc rlaim for damages. BorroH~er tails to respond to Le~der within,i0~~iaZ,~.afte.[.the ~.~t ~rhe~notice is givcn. Lender
i~ authorized to cultect and apply the pnxeeds, at its option, eithcr to «+toration or• re,~?;tir'nf.the,Pr}~per'jy~[itc~ the sums secured ~
h~ this Security ln~trument, whether ur not then due. i; .
Unle.~ Lender and BorroK•er other~•i~e agree in writing, any ~pplication uf•pnxeeds Co'prtncip:~l shall not extend ur pustExme ;
th~ Jue datc of the monthl}~ payments refcrred h~ in paragraphs 1 and 2 or change the amount ~f sucf~ p~yments. t
10. 8orroN~er Not Released; Forbearance B~~ Ixnder ;~iot a N~'ai~~er. Extension of ~thc time tiir paymcnt or m~~itiration ot~ ~
anwrtization of ~he sums sc:cured by this Security Instrument granted b~~ L,ender to any successur in interest oi Borrower shall not ~
uJkrate to release the liability of the original Borrower or Borrower's succe~wr, in interest. L.enJer ~hall not be required to commence ~
~~r~keedings again~t any sucressor in interest e~r refuse to extend time ti~r payment or utherwise m~xiify ~mortitation uf the sum. u:cured s
h~ thiti Security Instrument by reason of any denwrxl macie by thc~ origin:il &~rrower or &~rrower's suc~~csu~rs in interest. Any forbe~ranre ~
h~ Lender in exercising any right or remedy ~hall n~it be a waiver of or preclude the exercise uf any right or rcmedy. ~
11. Successors and Assigns Bound; Joint and ~;e~•eral Liability~; Co-sigpers. The co~~en:~nts unci agreements of this Security ~
I n,trunxnt shali birxi arxi he:nefit the suc~~~+ur~ and a.w~igns af Lcnder anci Borrower, ~ubject to ttx: pro~~isions of p:sragraph 17. &~rruw•er', ~
~c~~enants and agreenients shall be joint and sevcral. Any Borrower who co-signs this Security Instrument but d~xs not execute the ~
\~zte: (a) is ro-signing this Sccurity Instrument only tu mortgage, grant and come~~ that Borrow~er's intere~t in the Property under e
th~ term~ of this Se~urity Instrument; (b) is nut pc:r.onally obligated to pay the sums secured by this Security Instrument; ~nd (rl ~
.~~~rnes that Lender and ~ny c~ther Borro~~er may agrce to extend, modify, forbear or make any aecommuciations with reg:~rd to the ~
t~rnu of thi~ Sccurity lnstrument or the Note w~ithout that Borrower's conu:nt. ~
12. Loan Charges. !f the loan secure~ by this Security Inctrument is subject to a I~w• whirh sets m~ximum loan charges, and ~
that iaw is tinally interpret~d s^ ~4!:~t the interest or other loan charge~ collected or to tk collected in connection with the loan exeeed ~
ch~ permitted limits, then: (a) any such loan ch;~rge shall be reduced by the amount necessary to reduce the charge to the permilted ~
iimir, :~nd (b) any sums already ce~llected from Beirrower which exceeded permitted limits will be refunded to Borrower. L.ender may
~ h~x~se ta make this refund by reducing the principal owed under the Note or b~~ making a direct payment ro Borrower. If a refund
r~ciuces principai, the reduction will be treated ati a partial prepdyment without :~ny prepayment rh~rge under the Note.
13. Legistation Affectin~; Lender's Rights. If enactnknt or expiration of applic~ble la~vs has the effect of rendering any pro~~isi«n
~~1 th~ Note or this Seruriry Instrument unenforce~'h1e ~ccording to its terms, l.cnciGr. at its opticm, m:~y reyuire immediate pa}~ment '
ir~ full of all ~ums ucured by this Security Instrument and may invoke any remedies permitted by p:~r~gr~ph 19. If Lender exercises
ciii> ~iption, Lender shall take the stepti .pc:citied in the sec~md paragraph oi paragraph 17. ~
14. Notices. An~- notice to Burrow~er pro~~idcd ti~r in this Seruriry In~trument shall be given by deliverin~ it or b~~ mailing it
h~ tirst cla.~ n~ail unles~ applicable law requires use uf :~nother methaf. The nvtice sh:~ll bc: dirccted to the Pruperty Addre,s or any }
' ~~ti~er address BorroH~er designates by notice to Lender. An}~ notice to Lender shall be gi~en by first rlass mai) to L.ender'~ address
; .,ated herein or 3np other ~ddre~s Lender designates hy notire to BorroH~er. An~• notice pro~~ided tiir in this S~curity Imtrwnent sh~ll ;
:~eemed to h:~ve hecn given to Borrower or Lendcr when ~iren a~ pruvided in this par~graph. j
~ I5. Go~~erninK LaH; Se~~erabilih~. Thi~ Serurit~~ In,trun~ent sh:~ll be gc~~~rrned by feder;~l la~~~ and the la~~~ oF the jurisdiction
in ~~hirh the Property is I~xated. In the event that any provisi~m or clause of this ScYUrity Instrument ur the Noie contlicts ~ith applicable ~
la« .~unc ~ontlict sh:~ll nut affect other provisiuns of this Securit}~ Inswment ~~r the Note w~hich can bc gi~~en effect without the ro.^.tlirting ~
~n~~ i;iun. To this end the prc~visiuns of this Serurity Instrument and the Note are declared to be severable. ~
16. Borrower's Cop}. Borrowcr shall tx: given onc ronformcd rop~ of the Note and uf this S~rurit~• Instrument. ~
17. Transfer af the Propert~ or a Beneticial Interest in Borrower. If :~II or any p:~rt ~?f thc Pruperty or any intcrest in it =
,~~IJ ur tranferred (or if a bcncticiai interest in &~rrower. is u~ld or tran~(crred and Borrowcr is not a natural pc rson) ~ti~ithout I.crder'ti :
~~ri~~r tiritten sonsent. Lender ma~, ai its opti~m, reyuire immediate pa~'ment in ful) of all wms xcureJ by this Security lnstrument. _ ~
H~~wc~er, this opt~on shal! ni~t be exercised by i.ender if exercise is prohibited b~~ federal law as of the date of thi, Serurity Instrument. ~
If Lender excrcises this uption. Lender shall give Borrower notice of acceleration. The notice sh:~ll provide a peri~x! uf not
than 30 davs from the date the notice is delivered or mai!ed within which BorroHer must pay all sums ~ecured by this Security ;
In,crument. lf BorroH•er (ails ro pay these tiums prior to the cxpiration of this peri~~c1. Lender may imoke any remedies permitted
[his Securitv Instrument without further notice or demand on Barrower. ~
18. Borrow~er's Right to Reinstate. If Borrower meets certa:n conJitions, Borrower shall have the right.to have enforcement
~~f tris Security Instrument di~ontinued at any time prior ro the earlier of: (a) 5 day~ (or such other peri~xi ~is applicable law may ~
~~.rily' f«r rein~tatement) bef~~re safe of the Property pursuant tc~ any pow~er of sale contained in this Security (nstrumenr, or (b) entry {
:~i a judgment enforcing this Security Instrument. Thu~e conditions are that Borrower. (a) pa}~s Lender all sums which then would ~
~lue under this Security In~trument and the Note had no aceeleratian cxcurmd: (b) cures any Jetauh ~i any other ecivenants ur ~
.;s~r~ements: (r) pays all expenses incurred in enforcing this Security Instrument. incluJing, but n~~t limited to, reasunable attorneys' ~
t•:~,: and (d) takes such action as Lender may rra~onably reyuire to astiure that the lien uf this Security Instrument. Lender'~ rightti
~n the Property and BorruH~er'1 ubligation to pay the sum~ serured by this Scrurity lntitrumen[ shall rontinue unchanged. Up~~n
~ r~ in~tatement hy Borrowcr, this Securit}~ Instrument and the obligations secured hereby shall remain ~'ully effective as if no acrelerati~~n
h::~ cxcurred. Huwever, this right to r~in,tate shall nc~t apply~ in the c:~se of acceleration under paragraphs l; or l7.
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