HomeMy WebLinkAbout0928 Any amount+ di,huruJ by Le~der unJer this paragraph~7 ,h~ll berunx ~Jdiuunal d~bt ui l3urru~er ,c~urrd hy thi. Serurity
ln~+trWncnt. Unlesx Borruwer arxl Lerxicr agre~ to uther tenns of~ paymcnt, thex'anxwnts .hall tx.ar int~rc~t frum the datc uf di~burkiiknt
:~t the hote rate and shall bc payabk, w~ith interest, upon notire frum l.ender tt~ Borruwe~ reyucstin~p~?)(~tint. .
If Lcnder requireJ mortgage insurance as a con~iition of making the I~~an xcured by this Sc~ufity ln.trwne4t~,Bui~ruwcr .hall
p;iy the prcmiunu reyuire:l to n~aintain the in~urarx~e in effec! until surh tinx: ;ts the n.~uirenxnt fur the in.urance trrminate+ in arcurJ~rx~
with Borrower's and txrxier's written agreement or applicable law.
8. Inspertion. Lender or its agent may make reason:~bic eritric, up+3r~ a~~l inspectiuns of the P~up~;rty. Lrnd~r ~hall giv~ &~rruH•~r
notire at the time of or prior to an inspection specifying reas~~nable rause fur the inspectiun.
9. Condemnation. The prcx~~is uf any award or claim for damages, dirc~t or conseyuential, in conrktitiun with any rurxiemrwti~xi
ur other taking of any part of the Propeny, ar ior conveyance in lieu of cundcmnation, are hereby :~~signeJ anJ .h:~ll tx. peid to l.endcr.
In the event af a total taking of the Property, the proceeds shall he applied to thc ,ums s~.cured by this Security Instrument.
whether or not then due, with any excess p:iid to Borrower. In thc event of a partial taking of the Pmpc:rty, unless Burrower arxi
L.ernler ~xherwi~ agn.~e in writing, the sums securi.~c1 by this Securiry In,trument shall be n.~ciuceci by the um~wnt af the: pr~c.~cd~ multipli~~i
by the foHowing fraction: (a) the tcHal amount ot~ the sums secured immediately before the t:~king, divided by (b) the fair market
value of the Property immediately befure the taking. Any balance ~hall be paid to Borruwer.
If the Property is abandoncd by Borrower, or if, after ncxice by l.ender to Borruwtr that the rondcn~nor aifer~ tu mak~ an
award or settle a claim for damages, Borrower fails to respund to Ixrxler within 30 days after the date the notire is given, l.cnder
i~ authorized to collect and apply the proceeds, at its option, either to restvratiun ur repair of the Property ur to the ~:ums serured
by this Security Instrument, whether or not then due.
Unless Leixler and Borrower otherwise agree in writing, any application i~f pnxeeds ta principal shnll not extend ur pu.tpone
the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of surh paymentti.
10. Borrower Not Released; Forbearance By Lender Not a V~`aiver. Extentiion af the time for p~yment ur m~xiit7cstiun of
:~mortization of the sums secured by this Securiry Instrument granted by Le:nder to ;~ny successor in interest of Borrower shall n~x
uperate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall ncx be rcquired to cc~mmence
proceedings against any successor in interest or refuse to extend ti~rte for payment or otherwise maiify amortizat~on of the sums securcd
by this Securiry Inswment by reason of any demand made by the original Sorrower or Borrawer's successors in interest. Any forbeararx-e
hy Lender in exercising any right or remedy shall not be a waiver of or preclude the ezercise of aiiy right or remedy.
11. Successors and Assigns Bonnd; Joint and Severai•Liability; Casigners. The corenar?ts and agroen~ents uf thi~ Security
Instrument shall bind and benefit the successors and assigns of Lender and Sorrower, subject to the provisionS of ~ragraph 17. i'surrower's
covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not ex~cute the
Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the ProRerty under
the terms of this Security Instrumenr, (b) is not personally obligated to pay the sums ucured by this Security (nstrument; and Ic)
agreec that Lender and any other Borrawer may agree to extend, maiify, forbear ar make any accommodations with regard to the
terms of this Security Instrument or the Note without that Borrower's ron~nt.
t2. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges. ~nd
that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with thc loan exceed
the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to recluce the charge to the permitted
limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refuncied to Borrower. Le~der may
rhoose ro make tfiis refund by reducing the principal owed under the NcHe or by making a direct payment to Borrower. If a refund
reduces principal. the reduction will be treated as a partial prepayment without any prepayment charge under the N~ite.
13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of rendering any provision
of the Note or this Security Instrument unenforceable according ta its terms, L.ender, at its option, may reyuire immediate payment
in full of all sums secured by this Security Instrument and r*~ay invoke any remedies permitted by para~raph 19. If Lender exercises
this option. Lender shall take the steps specified in the second paragraph of paragraph 17.
14. Notices. Any notice to Borrower provided for in this Security Instrument shail be given by delivering it or by mailing it
by first class mail unless applicable law requires use of another method. The notice.shall be directed ro the Property Address or any
other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to L.ender's address
' stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Serurity lnstrument shall
~ be deemed to have been given to Borrower or Lender when given as pro~•ided in this paragraph.
f 15. Governing Law; ~everability. This Security Instrument shall be governed by tederal 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 N~xe contlicts with applicable
law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the ccmflicting
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 Serurity Intitrument.
17. Transfer of the Property or a Beneficisl Interest in Borrow~er. If all or an~• part of the Property or any interest in it
is sold or tranferred (or if a beneficial interest in Borrower is u~ld or transFerred arxi Borrower is ncx a natural person) without Lender's
prior written consent, Lender may, at its option, require immediate payment in full of all 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 Instrument.
If l.ender exercises this option, Lender shall give Borrower notice of acceleration. The ncxice shal! provide a period of not
less 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 s~ms prior to the expiration of this period. I.ender may invoke any remedie~ permitted
by this Security Instrument without funher notice or demand on &~rrower.
18. Borrnwer's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement
of this Security Instrument discontinued at any time prior to the earlier of: {a) 5 days (or such other period as applicable law may
specify for reinstatement) before sale of the Propeny pursuant to any power of sale contained in this Security Instrument; or (b) entry
~ of a judgment enforcing this Security instrument. Those conditions are that Borrower. (a) pays Lender al! sJms which then would .
' be due under this Security Instrument an~ the Note had no acceleration occurred; (b) cures any default of any other covenants or
~ agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to. reasonable anorneys'
fees: and (d) takes such action as Lender may reasonably require to assure that the lien of this Security Instrument. Lender's rights
in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon
reinstatement by Borrower, this Security [nstrument arsd the obligations secured hereby shall remain fully effective as if no acceleration
had occurred. HowevPr, this right to reinstate shall not apply in the case of acceleration under paragraphs i 3 or 17.
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