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HomeMy WebLinkAbout0922 ti i Any amount~ di~bur.eJ by l.en~ler unJer ihis paraQraph ?~ball becomc aJditiunal ~cbt uf &~rn?WCr ,~rured by ihi, Serunty ' In~trumcnt. Unlc~.. Borrower and l.enikr;tgrc~; u~ uther terni~ uf paynknt, thc~c:~~mwnt~ shall bcar interr,t irom the Jstc ui dirburknx:nt ? at thr Ivwe rate and shall be payable, with interesl, up~m natice from Lendcr tu Barrower reyue.ting payment. 5 If Lender required nwngage insur:~rxe :~s a cundition of making the I~~n ~rurrd by this Serurity In.trumcnt, Burruw•Cr ~hall ~ ~y the premiunu required to maintain the insurerxe in effect until such timc; as the reyuirenxnt f~~ttK insuranc~ ~tgroilnate~ in ;~rcord:~ncr a ith Borrower's and l.ender's written agreement or applicablc law. ' 8. Ir~spection. Lender or its agent may make reaxin~ble entries up~m and inspe.~cticros ut thc Pruperty. L.erxlcr sh:~ll givc &~rruwcr nutire at the time of or prior to an inspection specifying reawnable rause for the inspection. 9. Condetnnatiwn. The prorc~,~cis uf any award or claim for ciamages, direct ~x con.~eyuential, in conr?e,~ction with ;~ny condemn:?tiun ~~r other taking of any part uf the Pruperty, ur for conveyanre in lieu of condemnation, ere hereby assigneJ ~n~ ~h:~ll be paiJ to l.ender. In the event of a total taking of the~ Pruperty, the procec:Js shall be applied tu the sums secured by this Sc~curity Instrumcnt. H~hether ur not then due, with eny excess paid to Borruwer. In the cvent ~~f a partial taking of the Property, unle~s Borruwer and la;rxic:r cKherwise agree in writing, the ~unu ~ureci by this Securiry Instrament shall be reduced by the 3nxwnt of the pnxc~:Js multiplieei hy the following fraction: (a) the total amount oF the sums sc,~ured immediately before the taking, divided by (b) the fair m;~rket v:~lue ot' the Property immediately before the t:~king. Any balsnre ~hall be paid to Borrower. If the Property is abandoned by B~~rruwer, ur if, after notice by l.eixier to Borruwer th~t the condemnur uffer. tu make an .iward or settte a claim for damages, Borrower fails to respe~nd to Lender within 30 Jays after th~ date the notice is given, L.ender i, 3uthorized to collect :~nd apply the proceeds, at its option, either to restoration or repair of the Propeny ur ro the sums secured by this Securiry instrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of prexee.ls to principal shall n~x extend or pu~tpon~: the due date of the monthly payments referred to in paragraphs I and 2 c~r changc the amount of surh payments. l0. Borrnwer Not Released; Forbearance By Lender ~iot a V1'ai~~er. Extension of the time for p:~yment or mociifiration of amortization of the sums secured by this Security Instrument granteJ by Lender ro any successor in interest of Borrower shdll ncu ~~perate to release the liability of the original Borrower or Borrower's successors in interest. Lerxler shall not be reyuired to cc~mn~ence pnxeedings against any succeswr in interest or refuse to extend time for payment or otherwise mcxlify amortizdtion of the sums secureci hy this Security Insuvment by reason of any demand made by the original Borrower or Borrower's successon in intere~t. Any forbeararxe hy Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Sueeessors iad Assigas Boun~; Jant and Several Liability; Co-sigt~ers. The covenants and a~reements of thi~ Security instrument shalt bind and bene'fts the successors and a~.signs of l.ender and Borrower, silbject to the provisions of paragraph 17. Borrower's ~ovenants and agreements shal! be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing tbis Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under [he terms of this Secariry ~nstrumenr. (b) is not personally obligated to pay the sums secured by this Securiry instrument: and Ic) agrees that C.ender and any other Borrower may agree to extend, mcxlify, forbear or make any accommodations with regard to the terms of this Security lnstrument or the Nute without that Borrower's consent. 12. Loan Charges. lf the loan secured by this Security Insirurr~nt is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connec!ion with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount n~cessary to reduce the charge to the permitted f imit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may chcwse to make this refund by reducing the principal owed under the Ncxe or by making ~ direct payment to Borrower. !f a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 13. I.egislat:on ARecting Lend~'s Rights. If enactment or expiration of applicable laws has the effect of rendering any provision ~~f the Note or this Security [nstrument unenforceable according to its terms. Lender, at its option, may require immediate payment - in full of all sums secured by this~Security lnstrument and may invoke any remedies permitted by paragraph 19. If Lender exercises , this option, txnder shall take th4 steps specified ia the second paragraph of paragraph 17. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it h} first class mail unless applicable\law requires use of another method. The notice shall be directed to the Property Addre~s or any uther address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address ,tated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall En deemed to have been given to Borrower or Lender when given as provided in this paragraph_ 15. Governing Law; Severability. This Security Instrumeot shall be governed by federal law and the law of the jurisdiction ~n which the Property is located. In the event that any provision or clause of this Securiry Instrument or the Ncxe conflicts with applicahle law, such conflict shatl na affect other provisions of this Securiry Inswment or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security 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. Trans[er of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any intere,t in it is sold or tranferred (or if a beneficial interest in Borrower is sold or transferred arxi Borrower is not a natural person) without [.ender's prior written consent, Lender may, at its option, require immediate payment in full of alt sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security lnstrument. If Lender exercises this option. L.ender shall give Borrower notice of acceleration. The notice shall provide a period of not le,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. lf Borrower fails to pay these sums priur to the expiration of this period. Lender may invoke any remedies permitted hy this Security Instrument without further notice or demand an Borrower. 18. Borrower's Right to Reirestate. If Borrower meets certain conditions. Borrower shall have the right to have enforcement c~f this Security lnstrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law may tipecify for reinstatemenq before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry uf a judgment enforcing this Security Instrument. Those conditions are that Borrower. {a) pays Lcnder all sums which then N-ould tk due under this Securiry Inswment and the Note had no acceleration occurred; (b) cures any default of any cxher covenants or ~greements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reauwnable attorneys' tees; and (d) takes such action as L.ender may reasonably require to assure that the lien of this Security Instrument. Lender's rights ~n the Property and Borrower's obligation to pay the sums secured by this Security [nstrument shall continue unchanged. Upon reinstatement by Borrower, this Security lnstrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the cas~ of acceleration under paragraphs 13 or 17. $QOK ~~1 P~GE c~15 . - - - - - ~