HomeMy WebLinkAbout0934 • Any amuuntti di~burud by Leixier unJcr thi. paragraph 7 vhaU brcuni~ a~ditbnal debt ol~ &?rruw~r x~ure~ by ihi~ Sc.c:irity
In+trun~nt. Unles.. Borrower arni Lender agr~~ to cxher terms of paym~:tu, the~e amcwnt> >h:~l) bear inlcn:st fn~m the ~ate uf ~li~bursement
3t the Nc~te rate and shaN be payable, Cviih interest, up~m nolire from l.incler to Borruwer feyucuing ynknt. !
!f l~nder reyuired mortgage insur~nce as a ronditior~ uf making the loan secured ~y-lt~s Securiry,~Wainxnt. Borruv~•er .h~ll i
~~y the prcmiu?ru reyuired t~~ maintain the insurarxe in efTect until surh time a.~ tM: requirement for the in~ur~rx~ terniin:3tes i~ a4rurJ:?rke
ith Borrower's and L.encler's written agrcement or applirable law.
8. Inspection. Lender ur its ag~nt may make reason:~ble entries upon and inspecti~~ns of the Prupc rty. l.~ncler ~hall give &>rrower
nutice at the time of or prior to an inspection specifying reasonable cause for the inspectiun.
9, Co~demnatan. The proe.~eeds of any awerd or claim for ciamages, direct or cunsequential, in ronnc~tiun with any cun~lemrwtiun ~
ur other takiag of any part of the Property, ar for ronveyancc in lieu of condemnatiun, are hereby assigned anJ shall be paiJ to LenJer.
In the event ~~f a total taking of the Prop~:rty, the proceeds shall be applied to the sums secured by ~his Security Instrument.
whrther or ncx then du~, with any excess paid to Borrower. ln the event o~ a partial taking of the Propeny, unless Borrower and
Lender ~xherwix agree in writing, the sums secuR~i by this Security ln~trument shall be reducc~i by the am~wnt of the pnxeed, muttiplied
by the following fraction: (a) the total amount of thc sums secured immediately befi~re the tai;ing, divideJ by (b) the fair market
value ~f the Property immediately bcfore the taking. Any balance shall be paiJ to 8orrower.
If the Property is abandoned by Borrower, or if, after notice by l.e~er to Borrower thdt the rondemnur uffcr~ ~o make an
award ar settie a claim for damages. Borruwer fails to respe~nd ro Lender within 30 days after ttx: date the n~xice is given, Lender
i, authorized to collect and apply Ihe procceds, at its opti~m, either te~ restoration ~~r repair of the Property or t~~ the sums secured
by this Security Instrument, whether or not then due.
' ' =-•r=s:nn .e..nl:....ti.~n .~f nr~vr~
Unies~ t..ender a~~u nu~~vw~~ - ; e~c tn nrincinal shall not extenci or postpone
E..,.. ....o. _r ~ - .
the due date of the monthly payments referred to in paragraphs I anci 2 ur change the amount uf such payments.
l0. Borrower Not Released; Forbesrance By Lender Not a Waiver. Extension of the time for payment or mcxiification of
amorti2atian of the sums secured by this Secu~ity instrument granted by i.ender to any successor in interest of Borrower shall not
operate to release the liability of the origina! Borrower or Borrower's successors in interest. l.ender shall not be required to commence
proceedings against any successor in interest or refuse to extend time for payment or otherwise ~qflf.fj~~mo~iization of the sums secured
by this Security Instrument by reason of any demand made by the original Borcower or B~rmwe~'s sl~ccessocs~in,inte~st. Any forbeararx.-e
hy Lender in exercising any right or remedy shall na be a waiver of or preclude the exercise of any right or remedy.
11. Successors and Assigns Bound; Joint and Several [,istbility; Co-signers. The covenants and agreements of this Security
Instrun~ent shall bind and benefit the successors and assigns of L.ender and Borrower, subjert to the provisioru of paragraph 17. Borrower's
cuvenants and agreements shall be joint and severat_ Any Borrower who co-signs this Security Instrument but dces not execute the
(Vote: (a) is co-signing this Security tnstrument only to mortgage, grant and convey that Borrower's interest in the Property under
th~ terms of this Security Instrument: (b) is not per~onalty obligated tc~ pay the sums u~ured by this Security tnstrument; and (c)
agrees that Lender and any other Borrower may agree to extend, mociify, forbear or make any accommodations with regard to the
terms of this Secu~ity Instrument or the Note without that Borrower's cunsenL
12. Loan Charges. lf the loan secured by this Seeurity Instrument is subject to a law which sets maximum loan charges, and
that law is ~nally interpreted so that the interest or ather loan charges coliected or ta be coilected in connection with the loan exceee!
the permitted limits, then: (a) any such loan charge shall be reduced by the amo~nt necessary to reduce the charge to the permitted
limit; and (b) any sums atready collected trom lforrower wnicn rxcrc,ird pzrmitted fimits w~ill be refunded to Borrower. Lender may
choose to make this refund by reduciRg the principa! owed under the Note 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 Note.
13. Legislation Affecting Lender's Rights. If enactment or expiration af applicable laws has the effect of rendering any provision
of the Note or this Security Instrument unenforceable according to its terms, l.ender, at its option, may require immediate payment
in full of all sums secured by this Security Instrument and may invoke any remedies permitteci by paragraph 19. If Lender exercises
this option, Lender shall take the steps specified in the serond paragraph of patagraph 17. .
14. Notices. Any notice to Borrower prov+ded for in this Security Instrument shali be given by delivering it or by mdiling it
by first class mail unless applicable law requires use of another method. The natice ~hall be directed to the Property Address or any
other address Borrower designates by notice to Lender. Any notice to Lender shall be given by fi~t 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 Securiry Instrument shall
t~ deemed to have been given to Borrower or Lender when given as provided in this paragraph.
15. Governing Lavv; Severabiiity. This Security Instrument shall be governed by federal iaw and the law of the juriuiiction
in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note contlicts with applicable
law, such conflict shal( not affect other provisions of this Security Instrument or the Note which can be given effect withaut the ronflicting
provision. To this end the provisions of this Security Instrument and the Note are declared to be severable.
~6. Borrowet's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument.
I7. Transfer of the Property or a Beneficiat Interest in Borrow~er. If all or any part of the Property or any interest in it
i, sold or tranferred (or if a beneficial interest in Borrower is wld or transferred anci Borrower is not a natural person) without Lender's
prior written consent. Lender may, at its option. require immediate payment in fufl 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 Lender exercises this option. Lender shall give Borrower notice of acceleration. The notice shall provide a period of not
less than 30 days from the date the notice is defivered or mailed wilhin which Borrower must pay all sums secured by this Secu~ity
lnstrument. if Borrower fails to pay these sums prior to the expiration of this period. Lender may invoke any remedies permitted
by this Security Instrument without further notice or demand on Borrower.
18. Borrower's Right to Reinstate. [f Borrower meets certain conditions. Borrower shall have the right to have enforcement
o{' this Security Instrument discontinued at any time prior to the eariier of: (a) 5 days (or such other period as applicable iaw may
.pecify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry
of a judgment enforcing this Security Instrument. Those conditions a~e that Borrower: (a) pays Lender al! sums which then would
be due under this Securiry Instrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or
agr~ements: (c) pays ait expenses incurred in eoforcing this Security Instrument. including, but not limited to, reau~nable att~rneys'
fees; and (d) takes such action as Lender may reasonably require to assure that the lien of this Security Instrument, Lender's rights
irz the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon
reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration
had occurred. However, this right to reins~ate shall not apply in the case of acceleration under paragraphs i 3 or 17.
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