HomeMy WebLinkAbout0998 If i,.aw~,- ~c~~tuc~: uri,~~c :a:L,-a~.s :s Z ~~'u.~ii'~~C',t of ms~i~= s~r i^~S2 ~-~±ttd !+y r!!es Ccrurisy l~~t!+!mtnt,
Botrowrer slWl pay the praniums required to a~tinuin tbe insurance in diert untii sucn time as cae rcquiremrnc for ~ne
insurancc tefmiaates in acoordana ~vitb Hocr+ow~er's and Le~der's w~rittea aarammt or applicable IaM.
S. Ia~eetio~. Lr.~dcr or its aaeat may make reasonabk entria upoa and inspections of t6e Property. I.ender
s6sll pve Borta~ra aotia at the tia~e of or pcior to aa inspectaa specifyina rasazabk cause for thc iaspxtion. _
9. Co~dssdatto~. T~e proceeds of aay a~rud or clsim for ~amaga. dirtct or consequential, in connection with
.,,y co,~,o,aoa or o~ c.~n~ ct .,,r ~ oc c~ ~o~rcy. or for oonveyance in lieu of condemnation. ue hercby
auigned and shaU be paid co Lmcler. ~
In tLe eveat of a totsl takiag of the Propaty. the praceeds shall be applied to the sums socured by this Security
Insirumtn~ ~?hether or not thea due. w?ith any eacest paid to 8omoaer. In the evait of a putial uking of the Property.
unless Borrow?er aad I,ender ottter~vise a~r~ee iR writin~. tbe sums secured by this Secwity Instrumeat shaq be reduced by
the amount of the prooeeds multiplied by the foUow?ing frsction: (a) the total amount of the suuLS socurad ia~mediacely
~befon tbe taldt~. divided bY (b) the fiir muket value c+f the Propaty immodiately before the talcing. Any bzlance shaU be
psid to Botm.v~.
If tbe Propaty i~ sb~ndoned 6y Borro~ver. or J. aRer aotioe by La~der to Borrower that the condannor o~ers to
malce sn a~rard or scttk a cWm for dams~a, Bomwva faits w respond W La~der within 30 days aRer the date the noticx is
givec, I,eader is auti~oriud w oolkct and apply the prooeeds, at its option, dther to restoration or repair of the Propaty or
W the sua~ axured by tlu~ Security Inswment, Mhetha or not t6ea due.
Unkss La~dt~ aad gorro~ra other~rise a~roe in ~vritin~~ any application of proceods to principal shall not eatend or
postpoAe the due date af the moathly paymeats referred to in peraaraphs 1 ud 2 or change the amount of such payments.
i0. 8o~rower Not Relere~ Focbear~aaoe B~ I.eaiet Not a wai~er. Faccrosion of the cime for paymei~t or
modiIIcation of amottizstioa af the sums secured by t~is Security Inswmeat granted by Ltnder to any succasor in
inta+at of Borro~vet sball not opecate w rda:e tbe liability of the original Borrowa or Borrower's successors in interat.
t'e4w~ P~ ~~Y ~r in interest or refuse to ea~trnd time for
P~Y~t oc otherwrise modify amortiutioa of t6e suma aecurad by this Security Inswmrnt by resson of any demand made
by t1~ ocianal Horro~rer or Horrowa's suocaiors ia intaest. Any for~earancje by L,ender in extrcising any right or remedy
st~su not be..vaiver ocar pr~ctude che ex«rix of any right or remeay.
11. S~a~ors ~i Asd~uu Ho~ Joi~t sed Senral I3sWUt~, Co~dpera The covrnants and igrxmrnts of
this Socurity Instrumeat shall biad aed beaeflt t6e snoce~ors aad atisigos of Lea~er and Borrowa~ subject to the pmvisions
of pars~aph 17. Borroaer's coverunts aa~d a~r'eemmis shali be joiat ind several. My Borrower ~vho co-signs this Sccurity
Iaswmeat but doa not e:ecute the Note: (s) a oa-ai~ing this Securitp Instruinent only to mortgage, grant and oonvey
that Bo~ro~rer's interat in the Praperty under the terms of this Security Instnunent; (b) is na persocully obligated to paY
the snms sacured by this Securit~r Iostrumeat; and (c) agras tbat La~der and any other Borrower may agrce to extend,
modify` fotbesr or make my aocommodations with regard to the tenns of this Secarity Instrumrnt or the Note wit~out
that Horro~rds conam~
12. I,ou C6~r~a. If the loaa sxured by this Socurity Instrumeat is subjoct to a law which sets maximum loan
chargea. and that Lw is ftnally intapceted so thst the interest or otha toan charges collected or to be colkcted in
~nnection w?ith the loan eaoeed tbe pamitted limits, the~: (a) aay such loan charge shaU be reduced by the amount
ne~aaary to raduce the charge to the pataitted limit; and (b) any s~ms alrrady callected from Borrower which exceedad
permitted (imits will be rdunded to Borro~+er, Lender may choose t~ make t6is refund by reducing the principal owed
under the Note a by making a direct paymeat W Botrowtr. If a rd'und reduas principal, the reduction will be trnted u a
P~~ Pie~Ymmt without aaY P~Y~t ~hu8~ unda the Note.
13. I.~dpi Affsetls~ I,eeder's Ri~ta. If atactment or expiration of appGcabk laws has the df~ct of
reudaing any provision of the Note or thia Securicy Instrument uneaforoeable according to its tmns, Lender. at iu option,
may requirt immediate paymmt itt full of all sums secured by this Security Instrument and may invoke any rcmedies
pttmitted by paragraph 19. If Ltada eaacisa this option, Lenda shall take the steps specifiod in th~ sa;ond paragraph of
paragnQh 17. '
14. Notioa. My notice to Horrower provided for in this Secvrity Instrumrnt shall be given by ddivering it or by
~ mailing it by 6ist clits mail unless ~plicabk law raquira use of another method. Thc notice shall be directed to the
Progaty Addras ~r any other addras Borrower designites by notice to Lrnder. My notice to Lender shall be givrn by
fust cliss msil to I.enaa's ad~dras stated henin or any other addras Lrnder daignates by nocice to Borrower. Any notice
provided for in this Secwity Instrument shall be detmed to have boen givea to Borrower or ~ender when givrn as provided
in this paragraph.
1S. Gwer~in~ Lw; Se~a~sbtl[ty. This Security ~Inswma~t shall b~ governod by federal law and the law of the
jurisdiction in w~hich the Pmperty is iocated. In the e~ent t6a~ any provision or clause of this Security Instrument or the
Note conSicu with applicable law, wch con8ict shall not affect other provisions of this Security Instrument or the Note
ahich esn be ~vae effect without the conBictinq provision. TQ thu ~nd the provisions of this Security Instrumrnt and the
Note are declared to be sevaable.
16. 8ortower's Copr. Bornowa shsll be givrn one confoRned copy of the Note and of this Socurity Instrument.
17. Tnmder of tbe Psopert~ or a Beaeflcial Iaterest [n Bocrower. If al! or any part of t~e Property or any
interest in it is sold or transferted (ar if s brne5cial intaat in Bernower is wld or transferred and Borrower is not a natural
pason) without Leadtr's prior writta~ conxat, La~atr may, at its option. rcq~ire immediate paymrnt in full of all sums
xcured by this Security Instru~gea~ Howtver. this option shaU ieot be ezercised by I.ender if eaercise is prohibited by
f~eral law at Qf the dau of this Security Instnunent.
~ If Lendrr exercises this opdon. Ltndtr shall give Borrower aotice of acxeleration. The noticz shall provide a period
~ of not las than 30 days from the date the notice is deliverad or maifed within which Borrower must pay all sums secured by
tr.:3 Sxwity Instrumtnt. If Borrower fails ta pay thae sums prior to the expiration of tFis psriod, Lender may invokG any
ranedies permittcd by this Security Instnunent without furthtr notice or demand on Borrower.
18. Borrower's Ri~6t 4o Rtia~Lte. If Sorrower merts certain conditions. Borrawer shall have the right to have
eaforetmeat of t~is SeGUrity instn~meat discontinu~ at any time prior to the earlier of: (a) S days (or such other period as
applicable Iarv may specify for rtins~tanent) befon sale of the Property pursuant to any power of sale contained in tbis
~ Sxurity Instrumeat; or (b) eatry of a jwigmrnt rnforcing this Socur:ty Instrumrnt. Those conditions are that Borrower:
(aj pays Leader all sums wtuch then would be due under this Sccu*ity Instrument and the Note had no acceleracion
occurred; (b) cura any defastlt ~f any otha covenants or agreemrnts; (c) pays all eapensa incurrcd in enforeing this
Secwity Instruma~t, including. but not iimited to, reasonable attorneys' fea; and (d) takes such action as Lender may
rps~nabfy require to auure that the Gea of this Secunry Instrument, Lender's rights in the Property and Bonower's
obGgalic.m to pay tbe sums securod by this Security Instrumrnt shall continut unchanged. Up~n .einstatement by
Borrower, this Security Instrumrnt and the obliga:ions secured hereby shall remain fully e~'ective as if no accelsration had
oocurred. However, this right to reinsute shall not appiy in the case o!'a~celeration under paragraphs ! 3 or 17.
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