HomeMy WebLinkAbout0959 Afiy amaunts di~buned by Lender unJer this paragraph 7.h~ll tx~~~ik aJ~iiUunal Jeb~ uf &~rruH~r u~ured hy thi~ Srrurity
h~+trunknt. Unless Burruwer arxi L.ender agree to ~xtxr'terms ol:paynx;nt, tix.+e anxwn~s.hall bcar interc~t from ttx J3t~ uf ~li~hur,er;:; c;
at the Ncx~ rate a~x1 shall be payablc, with int~rest, upun notice f'rom LenJer ta Borrower r~ uc~+tjng paymen~. :
If L.ender reyuired mortgage inwranre as conditiun uf making thc k~an secured by thh~unty In~truth~~ &~rruwcr ~halt
pay tfk: premiums r~yuired to maintain the insursrke in ef7ect unti! such time;u the reyuiren~nt for tt?e in,urarxe tcrminate~ in accurJ:inre
with Borrawe~'s and L.ender's written agreemem ur applicable law.
8. lnspeclion. l.ender ur its agenl may make reasonable entries upun anci inspectiuns of th~ Pro~ny. l.,rnder sh:+ll givc &?r~oHCr
notice at the time of or prior ro an inspection specifying reasunable cauu; fur the inspection.
9, Condemneiion. The pr~eeds uf any award or claim for damages. dircct or curueyuer?tial, in cunrk-~tiun with any ru~xle~tm:itte?n
ur othe~ taking of:~ny part af the Propeny, or fo~ comeyance in lieu of'condemnation, are hereby ~ssigned ~nJ shall be paiJ to l,cnder.
In the event of a total taking of tfie Property, the prc~ceeds shall be applied to the sums sc;cured by this S~;curity Instrument.
whether ar n~u then due, with any ezress p:iid to Borrower. !n the event of a p:iriidl taking of thc Property, unless Borruwer and
Lencier cxherwise agree in writing, the sums x~ureci by this Security Inst?vment shall be r~~iuceci by ttx aiix~m ot the. prcx:eed~ multipli~~i
by the fi3llowing fraction: (a) the total amount of the sums secured imn~diately before the t:~king, divided by (b) the fair m~rket
value of the Property immediately before the taking. Any balarxe shall be paid to &~rrow~er.
If the Property is dbandoned by Sorrower, or if, after mKire by l.eruicr ro Burrower that the rondcmnur uffers tc? make an
award or settle a claim for damages, Bormwer faifs to resp~md to [xnder within 30 days after the d:?te the notice is given. l..ender
i~ autharized to collect and apply the prcxeeds, at its opti~m, either to restoratioo or repair of the Propeny ur ro the +ums secured
by this Security Instrument, whether or not then due.
Unless Lender and Borrower otherwise agree in writing, any application of prcxeeds ta principal shall nut extcnd or po~tpone
the due date of the mornhly }~ayments referreci to in paragraphs I and 2 or change the amount of such payments.
I0. Borrower Not Released; Forbearance By Lender Not a Wai~~er. Extension of the time for payment or m~~ification uf
amortization oC the sums secured by this Security Instrument granted by L.ender to any successor in interest of Borrawer shall not
operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall nat be required to commence
proceedings against any successor in interest or refuse to exrend time for payment or otherwise maiify amortizati~~n of the sums securcYi
by this Security Instrument by reason of any demand mack by the original Borro+?~er or Borrower's successors in intereu. Any forbearance
by Lender in exercising any right or remedy.shal! no~ be a wai~er of or preclude the ezercise of any ~ight or remedy.
11. Suecessors and Ass~gns Bqund; Jant aqd Severa! Liabilitv; Co-sigt~ers. The covenants and agreements of thi~ Security
Inswment shall bind and benefit the su~-cessors and assigns of l.encier arxi Borrower, subject to the provisions of paragraph 17. Borrower's
covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but dces nW execute the
Ncxe: (a) is co-signing this Set:urity lnstrument only to mongage, grant and convey that Borrower's interest in the Property under
the terms of this Security Instrument; Ib} is not personaliy obtigated tu pay the sums secured by this Security lnstrument: and {c)
agrees that Lender and any other Borrower may agree to extend, mociify. forbear or make any accommaiations with regard ro the
terms af this Security Instrument or the Note without that Borrower's consent.
i2. Loan Charges. !f the loan securecl by this Security lnstrument is subject to a law which sets maximum loan charges, and
that law is finally interpreted so that the interest or other loan charges cal{ected or to be callected in connection with the loan exceed
the permitted limits, then: (a) any such loan charge shaii be ~ed~c~u iry a~sivu~~t r~~e:sary to reduce the charge to the permitted
limit: and (b) any sums already collected from Borrower whirh exceeded permitted limits wili be refunded to Borrower. i.ender may
choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund
reduces principal, the reduction wilt be treated as a partial prepayment wiihout any prepayment charge under the Ncxe.
I3. 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 unenfarceable according to its terms, Lender, at its option, may reyuire immediate payment
in full of all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If L.ender exercises
this option, Lender shall take the steps specified in the second paragraph af paragraph I7: ~
14. Notices. Any notice to Borrower provided for in this Security [nstrument shall be given by delivering it or by meiling it
by first class ma41 unless applicable law requires use of another method. The notice shalt be directed to the Property Address or any
other address Bo~rower de~ignates by no~ice to i.ender. Any notice to l;ender sha1F be giverrbY first c)ass mai! to Lender's address
stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall
be deemed to have been given to Borrower or Lender when given as provided in this paragraph.
15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law- ot the juriuiiction
in which the Property is located. In the event that any provision or clause nf this Security Instrument or the N~xe conflirts with 3pplicable
law, such conflict shall ncx affect other provisions of this 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 Note are declared to be severable.
16. Borrower's Copy. Borrower shall be given one canformed copy of the Note and of this Security lnstrument.
17. Transfer of the Property or a 8eneficial Interest in Borrower. !f al! or any part of tl~e Propeny or any interest in it
is soid or tranferred (or if a beneficial interest in Borrower is ~old or transferred arul Bo~rower is ncx a natural penon) without Lender's
prior written consent. Lender may, at +ts option. require immediate payment in full of all sum~ secured by this Securiry 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 sha(I 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 sums prior ro the expiration of this period. LerEder may invoke any remedies permitted
by this Security Instrument without funher notice or demand on Borrower.
18. Borrower's Right to Rtinstate. If Borrower meets certain conditions. Borrower shall have the right to have enforcement
of this Security [nstryment discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law may
~perify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry
of a j~dgment enforcing this Security Instrument. Those condition~ are that Borrower: (a) pays Lender all sums which then would
be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any defau(t of any other covenants or
agreements: (c) pays all expenses incurred in enforcing this Seeurity Instrument, inciuding, but nat limited to, reasanable attorneys'
fees; and (d) takes such action as Lender may reasonably require to assure that the lien of this Serurity lnstrument. Lencier's rights
in the Property and Borrower's obligation to pay the sums secured by this Security Instrumeot shall continue unchanged. Upon
reinstatement by Borrower, this Security Instrume~t and the obligations secured hereby shall remain fWly effective as if no acreleration
had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17.
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