HomeMy WebLinkAbout0941 • Ang• ~muunti di~hur~ed b}• Lend~r under thi~ paraKrapt~ 7,hall brcun~~ :~Jditiun~l ~lebt ~~f ~urrow~r .~:urrJ by thi. Secur~ty
l~l.trumc:nt. Unle~., &~rruwer and L~:rnie~ :~gr~e tu ~Khcr tPrn~s ol payment, tik,e anwunt~ ahatl bc:ar int~~~,t frum the Jate ui~i.bu~xnx:nt
at the N~ue rate and shall be payable, with int~res~, up~m nutice from L.r~xier to Befrrower reyuc~[ing payment.
If Lender required murigage in~ur~nce as a rundition uf making the Ie~an serur~J by thi~ Scru~ity In.trumcnt, Burruw~r ~hall
~y the prcmiums reyuired to mainwin tt~ imuranc~ in effc~t until ~uch time th~ reyuirenier~t f~t the inwrarx; y• te~n+n;ite~ in ar~urd;in~•c
ith &~rrower's ancl Lencier's written agreentent or applirable law. ~ r~ j~ ~
8. [nspection. Lender ar its sgem may make reas~nabie cntriea up~m anel inspertions of the Pru~e`rty. 1..~;n~icr ~hi?f( giv~ &~rruw~~
m?tire at the lin~e of or prior to an inspecticro spzcit~ying reasonable cause for the impe.tion.
9. Condentnation. Thc pnxti~,-c1s of any award or claim for dan~gcs, Jirc,~ct ur cunsc,•yuential, in conn~.~tiun with any curxicmnatiun
ur other taking of any pan of the Pruperty, or for conveyanre in lieu oirondrmnation, are hereby ~s~igned and tih:~ll tx: paid tu Lcnder.
In the event of a total taking of the Property, the pmce.:ds sh:~ll be applied to the sums serured by thi, Serurity tnstrument,
H hether or not then due, with any cxcess p:iid to Borroa•er. !n the evem uf a parti~l taking of thc Property, unle~s Borruwer and
l,e?xler ~xherwi~e agn,~e in writing, the sums ~ucc~i by this Securiry Inatrument shall be reduceci by thc; anxwnt of the pnxeed~ multiplie~l
by the fullawing fraction: (a) the tota! amo~nt ~~f the sums ~ecured imnx;diately before the taking, divided by (b) the lair market
~ alue of the Property immediately betore the taking, Any balancc shall be paid ta Borrower.
1f t~.. P~aperty is a~aneio~eci by Borrower, or if, ai'ter notice by Lcnder to Borruwer that the condemnur o~l~ers to make an
:e~vard or setde a claim for damages, &~rrower fails to respund to Lc:nder within 30 days aiter the date the nc~tirc is givcn, Lendcr
i, ;~uthorized to collect end apply th~c ~,:c:~~.~~~:, ~r• „M~~,n. either tt~ resior:ttiun or repair ut~ the Propc;Ry or t~i tfie sum~ ~c~ured
t?y this Securi~y Instrument. wneii?Ci v~
Unless I.ender and Borrower cxherwise agree in writing, any appliration of pnx~eds to principal shall nut exterxl or pustpone
the due date of the monthly payments referred to in pa~agraphs 1 and 2 ar change the amoum of surh payments.
10. Borrower Not Released; Forbearance By l.ender Not a Waiver. Extcnsion oi the time for payment ur modific:~ti~m o1'
amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Sorn~wer shall not
uperate to release the liability of the origir~al Borrower or Borrower's succes~rs in interest. L.ender sh;~ll not be required to commence
prcxeedings against aoy successor in interest o~ refuse to extend time for payment or otherwise modify amortization of the sums secured
hy this Security lns~rument by reason af any demand made by the origina! &xrower or Borrower's successors in intem~t. Any forbearar?~~c
hy L,cnder in exerci~ing any right or remedy ~ha!! not be a waiver of or preclude the ezercise of any right or remedy.
11. Successors and Assigns Bound; Joint and Several Liability; Casigners. The covenants and agreements of this Security
[ntitrument shall bind and benefit the successurs aixi assigns of l.ender and Borrower, subject to the provisiau of paragraph 17. Bcfrrower's
rov~nants and agreement~ shall be joint and several. Any Borrower who co-signs this Securiry instrument but does not execute the
vote: (a) is co-signing this Security lnstrument only to mortgage. grant and convcy that 8orrower's interest in the Propeny under
the_terrns of this Seearity Instrument; 1b) is not pe~sonall,y obligated to pay the sums secured by this Security Instrument; dnd (c)
agret~ that l.ender and any other Borrower may agree to extend, modify, forbear cir make any accommcxiatians with regard tU the
tern~ of this Security Instrument or the Note without that Borrower's consent.
~~~[2. Loan Charges. 1f the loan secured by this Security Inswment is subject to a law which sets maximum (oan charges, dnd
that taw is ~nally inierpreted so that the interest or other loan charges cullected or to be collected in connection with the ioa,n exceed
the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted
limit; and (b) any sums atready coltected t'rom Borrower which exceeded permitted limits will be refur~ded to Borrower. Lender may
' chcwse to make this refund by reclucing the principal owed under the Note ar by makir~g a direct payment to Borrower. If a refund
reduce+ principal, the reduction ~will be treated as a partial prepayment without any prepaymem charge under the Note.
13. I,egislation Af'fecting L,ettden's Rights. If enactment or expiration of applicable (aws has the effect of rendering any pro~~ision
uf the Note or this Seeurity lnstrument unenforceable according to its terms. Lender, at its option, may require immediate.payment
in fuil of all sums secured by this Security lnstrument and may invoke any ramedies permitted by paragraph 19. If L.ender 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 frtstrument ~halt be given by delivering it or by mailing it
by first ciass rnail unless appl~cable !aw requires use of another method. The natice shal) be directed to the Property Address or any
other address Borrawer designates by notice ro[,ender. Any notice to ~ender shall be given by first class mail to ~Lende~'s addres~
~tated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security lnstrument shall
he deemed to have been given to Borrower or Lender when given as provided in this paragraph.
~n4+prnltie t.aw; Severabilit~~. This Security Instrument shatl be governed by federal !aw and the law of'the jurisdiction
in which the Property is located. In the event that any provision or clause of this ~ecurity Instrw~~rii o~ ,h„, caz!~i:ts W[rh annl~cahle
law, such conflict shall not affect other pr~visions of th+s Security Instrument or the Note which can be given effect without the conflicting
provision. To this end the provisions of this Security Instrument and the IYote are dectared to be se~erable.
t6. Borrower's Copy. Borrower shall be given ane conformed ropy of the Nnte and of this Serurity [nstrunx:nt.
17. Transfer of the Property or a BeneCcial Interest in Borrow~er. If all or any part of the Property ~r any interest in it
is sold or tranferred (or if a beneficial interest in Borrower is sold or transferred anci Borrower is ncu a natural per.wn? without Lender's
prior written consent, Lender may, at its option. require immediate payment in full ~f aN sums secured by this Security Instrument.
However, this option shall not be exercised by Lender if exercise is prohibited by federai !aw as of the date oFthis Securiry Instrument.
!f Lender exercises this option. Lender shall give Borrow~er notice of acceleration. The notice shati provide a peric~d of nat
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. !f 8orrower fails to pay these sums prio~ to the expiration af this period. Lender may invoke any remedies permitted
hy this Security Instniment without further notice or demand on 8orrower.
18. Borrower's Right to Reinstate. if Borrower meets cenain canditions, Borrower shal[ have the right to have enforcement
of this Security [nstrument discontinued at any time priar to the earlier of: (a) 5 days (or such other period as applicable law may
specify for reinstatemenU before sale of the Property pursuant to~any pawer of sale contained in this Securiry Instrumenr, or (b) entry
of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays L.ender all sums which then would
be due under this Serurity Instrument and the Note had Ro acceleration occurred; (b) cures any default of any other covenants or
agreements; (c) pays all expenses incurred in enforcing thi~ Security Instrument, including, but not limited to, reasonable attorneys'
fees; and (d) takes such action as l.ender may reasc~nabiy require to assure that the lien of this Security lnstrument, l.ender's rights
in the Property and Borrower's obtigation to pay the sums ucured by this Security Instrument shall continue unchanged. Upon
reinstatement by Borrower, this Security lrtstrument and the abligatiUi~s secured hereby shail remain fully effective as if no acceleration
had occurred. However, this right to reinstate shall not apply in the case of acceleration ur?der paragraphs 13 or 17.
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