HomeMy WebLinkAbout0928 ~ ~(~ny amount~ di~bursed by Lendc~~,:ide~ this paragraph 7 shall becxm~e ~dditie+na~__~ of &xrowrr .erured hy thi. Serurity
, Ir~.trurnent. Unles~ Bar~uwer arxi L.ender agref to other tetnu ol~pa~ynlent, these anxwnt, shall bear interest from the date of di~bur~ement
~+t the Note rate anci shall be payable. with interest, v~n rxHice from Lerxier to Bo~rower requesting payment.
' If L.ensier requireci mortgage insurarxe as a cornlitiun of making the luan secured by this Security Instr~me~c; ,~rruwer .hall
pray ~he premiums required to maintain the insurance in effect until such tin~ u.? tt~ requiremeht fpr t~e in~~ranca terminates in :Kruniarx-e
with Borrower's and l.ender's written agreement or applicable law. •
S. Inspeetion. L.ender or its agent may make reasont~ble entries upon ~nc1 inspectiuns of the Property. d.~xte~ shall give &irrowe~
notice at the time of ar prior to an inspection specifying reasonable caux: for the inspection.
9. Condemnation. The pra~eds of any award or claim for damages, direct or consequential. in ~iun with a t~tpemrwtion
or other taking of any part of the Property, or for conveyarxe in lieu of condemnation, are hereby ass~riediand shall bt~~ tv Lencler.
In the event flf a total taking of tbe Propeny, the proceeds shall be apPlied ta the sums secured by thi~ Security Instrument,
whether or not then due, with any excess paid to Borrower. In the event of a partial taking ~~f the Propeny, unless Borrower and
Lender otherwise agree in writing, the sums secured by this Securiry lnstrumeM shall be recluceci by the anxwnt of the proceedx multiplicxl
by the folluwing fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market
~alue of the Praperty immediately before the taking. Any balanre shall be paid to Borrawer.
If ihe Property is abandoned by Borrower, or iE, after no~icc by Lender ta Sorrower that the conelemnor offers to make an
award or settle a claim for damages, Borrower fails to respond to Lerxier within 30 days after the date the notice is given, Lender
is authorized to collect and apply the proceeds, at its option, either to resturation ur repair of the Property or to the sums secured
by this Securiry Instrumf:nt, whether or not then due.
Unless Lender and Borrower cxherwise agree in writing, any application of proceeds to principal shal! not extend or pe~stpone
the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of such payments.
10. Eiorrnwer Not Released; Forbearance By l.ender Not a N%aiver. Extension of the time for payment or modification of
amortization of the sums secured by this Security instrument granted by I.ender to any successor in interest of Borrower shatl nUt
operate to release the liability of the original Borrower or Borrower's successors in interest. l.ender shall not be required to comnience
proceedings agains~t s~ny successor in interest or refuse to extend time for payment or othenvise modify amortizaticm of tfie sums secureci
by this Security lr~strumeut by reason of any demand made by the oripinal Borrawer or Borrower's successors in intenest. Any forbearance
by Lender in exercising ~ny right or remedy sha11 not be a waiver of or preclude the exercise of any right or remedy: '
11. Sucse~sors and Ass~gns Bound; Jant and Several Listbility; Co-si~r~rs. The covenants artd agreements of this Security
lnurument sha11 bind and beaefit the successors an~ assigns of L.ender and Botmwer, siiD~eci to the provisioris'of ~aragraph 17. Borrower's
rovenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but dces not exerute the
Note: (a) is co-signing this Security lnstrument anly to~ mortgage, grant and convey that Borrower's interest in the Property under
th~ terms of this Se.ct~ritjr Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c)
agrees that L.erlder and any other Borrower may agree to extend, mc~dify, forbear or make any accommodations with regard to the
terms of ihi~ Security Instrument or the Note without that Borrower's consent.
12. Loan C6arges. If the loan secured by this Securit~ Instrument is subject to a law whici~ sets maximum loan charges, and
that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the loan 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 already collecte~i from Borrower which exceeded permitted limits will be refunded to Borrower. l.encler 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 will be t~eated as a partial prepayment without an~• prepayment charge under the Note.
13. L.egislstion Affectitsg Lender's Rigtits. If enactment or expiration of applicable Iaws has the effect of rendering any provision
of the Note or this Security lnstrument unenforceable according to its terms. Lender. at its optian, may require immediate payment
in full of all sums secured by this Security Instrument and may invoke any remedies permined by paragraph !9. If Lende~ exercises
this option, I.ender shall take the steps specified in the second paragcaph of paragraph 17.
14. Notices. Any notice to Borrower provided for in this Security Insuu~nent shail be given b~+ delivering it or by mailing it
by first class mai) unless applicable law requires use of anoth:r methc~d. The•notice. shall be directed tu the Property Address or any
~ other address Borrower designates by notice to L.ender. Any n~ice to Lendar~ shall be given by first class mail to l.ender's address
~ stated herein or any other address Lender designate~ by notice to Borrower: pny notice provided for in this Security Instrument shall
~ be deemed to have been given to Borrower or [.ender when given as provided .in this paragraph.
15. Governing Law; Sevtrability. This Security Instrument shall be governed by federal law and the law of the jurisdiction
in which the Property is located. [n the event that any provision or clause of this Security tnstrument or the Note conflicts with applicable
~ 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 e~~d the provisions of this Security Instrument and the ,Yote are declared to be severable.
16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument.
17. TrAnsfer of the Property or a Beneticial Interest in Borrower. If all or any part of the Propeny or any interest in it
is sold or tranferted (or if a beneficial interest in Borrower is s~ld or transferred arxl Borrawer is not a natural person) without Lender's
prior written consent, Lender may, at its eption. require imrnediate 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 [.ender exercises this option, i.ender 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. tf Borrower iails to pay these sums prior to the expiration of this period. Lendec may invoke any remedie, permitted
by this Security Instrument without funher notice or demand on Borrower.
18. Sorrower's Right to Relc~tr. If Borrower meets certain conditions. Borrower shall have the right to have enforcement
of this Securiry Instrument disc~ntinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable iaw may
specify for reinstatement) before sale of the Property pursuant to aay power of sale contained in this Security tnstrument; or (b) entry
of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays L.ender all sums which then woufd
be due under this Security Instrument and the Note had no acceleration occurced; (b) cures any ciefault of any other covenants or
agreerr~nts; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not iimited to, reasonable attorneys'
fees: and (d) takes such action as L.ender may reasonably require to assure that the lien of this Securty Instrument, txnder'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 lnstrument and the obligations secured hereby shall remain fully effective as if no acceleration
had occurred. However, this right to reinstate shall not apr!y in the case of acceleration under paraeraphs 13 or 17.
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