HomeMy WebLinkAbout0920 qgy amuun~s di~bursed by L.ende~ under thi~ paragr~ph ~~au becun~ additiunal Jebt of &xrow•er u:rured by thi~ Security
In.trunk:nt. Unlea~ Borruwer and Lender ~gree to ~xher ternu af Payment, tF~sc: amcwnts shall bear interest f~cxn the Jate uf di~bursemc:nt
3t tF?e Ptote rate and shall be payable, ~vith intcrest, upan notire from I.erxler t~~ Borruwer ~equeuing Rayment.
If l.ender reyuired mortgage insurance as a rondition uf making the luan sc.~urc~i ~y-thjs Security; ~sStvment, &~rruw~er shall
pay the premiunu required to maintain the insurance in effect until such time a~ the requireme.nt for the imuran~.r term ~n;~te~:~?:+ccu~~iarxe
~vith Borrower's and Lenclz~'s written agreement or applicable law. Kj~
8. Ins~eMion. l.epder or its agent may mai~e reasonable entrie~ upnn and inspectiuns of the 'Lenekr ~~~II give &~rmwer
n~xire at the time of or priur to an inspection specifying reasonable cause for the inspection. .
9. Cond~emt~tion. 'The procec~ls of any award or claim fcx dan~ages, direct or consequential, in rnnnc,~tion with any curxiemnation
or atf~er taking of any part uf the Propeny, or for conveyance in lieu of cond~mnation, are hereby :~ssign~.~d anJ shall be paid to Lender.
In the event of a total taking of the Property, the proceeds shall be applied to the sums ~ecured by this Security Instrument,
whetl?er or not then due, with any excess paid to Borrower. !n the event of a partial taking of the Propeny, unleu Borrowcr and
Lender otherwise agree in writing, the sums secured by thu Security Irutrument shail be rc.duceci by the amount c~f the proceed~ multiplied
by the following fraction: {a) the totai amount of the sums secured immediately before the taking, divided by (b) the fair market
~~alue of the Property immediately before the taking. Any balance si~all be paid to Borrower.
!f the Property is abandoned by Borrower, or if. after nolice by Lender to Borrower that the condemnor offers to make an
award or settle a claim for damages. Borrower fails to respond to L.ender within 30 days after the date the notice is given, Lend~
is authorized to collect and apply the proceeds, at its option, either to restaration or repair oi'tt~ P~operty ~~.io theLsums secured
' by this Security [nstrument, whether or not then due.
Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall n~K extenci or postpane
the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments.
10. Borrower Not Rekased; Forbesraace By [.ender Nat a Waiver. Extension of the time for payment ar modifiration of
amortization of the sums secured by this Security Instrument granted by Lrnder to any successor in interest of Borrower shall not
operate to release the liability of the original Borrower or Borrower's successors irt interest. L.ender shall not be required to commerxe
proceedings against any successor in interest or refuse to extend time for payment or ottterwise rt~ot~fj~'~mo~tizetion of the sums secured
by this Securiry Instrument by reason of any demand made by the original Borrower or Borrowes s s~pc~esso4s,~,interes~. Any forbearance
by Lender in exercising any right or remedy shal! not be a waiver of or preclude the exertise of a~y right or remedy.
11. Successors and Assigns Bound; Jant and Several l.iability; Co-signers. The covenants and agreements of this Security
Inurument shall bind and benefit the successors and assigns of L.ender and Borrower, subject to the priivisioac of paragraph 17. Borrower's
cavenants and agreements shall be joint and several. Any Borrower who co-signs this Security [nstrument but does not execute the
Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under
the terms of this Security lnstrumeot: (b) is not petsonally obligated to pay the sums secured by this Security lnstrument; and (c)
agrees that l.ender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the ,
tenns of this Security instrument or the Note without that Borrower's consent.
I2. Loan Charges. [f the loan secured by this Security Instrument 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 colletted in connection with the loan exceed
the pennitted 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 already collected from Borrower which excceded permitted limits will be refunded to Borrowe~. Lender may
choose to make this refund by reducing the principal owed under the Nate or by making a direct payment to Borrower_ If a refund
reduces prin~ipal, the reduction will be treated as a partial p~epaytnent without any prepayment charge under the Note.
t3. L.egislation Affecting Lender's Rights. lf enactment or expiration of applicable laws has the effect of rendering any provision
of the Note or this Security Instrument unenforceable according to its terms. Lender, at its option, may require immediate payment
in full of all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph l9_.If L.ender exercises
this option. Lender shaU take the steps specified in the second paragraph of patagraph 17.
14. Notices. Any notice to Borrower provided for in this Security Instrument shall 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 to the Propeny Address or any
'f other address Borrower designates by notice to Lender. Any notice to Lender shall be:given by first class maii ta.l,~nder's address
~ stated herein or any other address Lender designates by natice to Borrower. Any notiee provided for in this Security Instrument shall
be deemed to have been given to Borrower or L.ender when given as provided in this paragraph.
i 15. Governing Law; Severability. This Security Instrument shall be governed by federal 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 Note conflicts with applicable
I law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting
provision. To this cnd the provisions of this Security Instrument and the Note are declared to be severable.
16. Borrower's Copy. Borrower shall be given one confurmed copy of tiie Note and of this Security tnstrurr~nt.
17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any paR of the Property or any interest in it
is sold or tranferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender'~
prior written consent, lxnder may, at its option, require immediate payment in fuli 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 notice shall 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. [f Borrower fails to pay these sums prior to the expiration of this period. Lender may invoke any remedies pecmitted
by this Security Instrument without further notice or demand on Borrower.
- t8. Borrower's Rfght to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement
of this Security Instrument discontins~ed 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 Property pursuant to any power of sale contained in this Security lnstrumenr, or (b) entry
of a judgment enforcing this Security Instrument. Those conditions are thac Borrower: (a) pays Lender all sums which then would
~ be due under ti~is Security [nstrument and the Note had no acceleration occurred; (b) cures any default of any other cover~ants or
~ agreements; (c) pays all expenses incurred in enforcing this Security Instrument, inrluding, but not iimited to, reasonable attorneys'
fees; and (d) takes such action as Lerder may reasonabty require to assure that the lien of this Security [nstrument, l.ender's rights
in the Property and Borcower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon
reinstatement by Borrower, this Security Instrument and tt~ obligations ~ecured hereby shall remain fully effective as if no ecceleration
had occurred. However, this right to reinstate shall not apply in the case of acceleration under psragraphs 13 ot f 7.
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