HomeMy WebLinkAbout0962 lf Lender rey~;:w :::~~gege insurance as a cona~tion of making the loan securod by this Secu~ty lnstrument,
Bonow~er ahall pay the premiums required to mainta~n the insurance in effect until such time as the requiremcnt for the
~nsurance terminata in ucordance w•ith Bonower's and Lender's written agreement or applicable law~.
S. laspectioa. Lender or its sgent may make teasonable entries upon and inspections ot the Propert~~. l.ender
shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
9. Caade~aaadoa. The proceeds of any award or claim for damaga, direct or consequential, in connection w•ith
any condtmnation or othtr taking of any part of the Property, or for conveyanct in lieu ot condemnation, are hereby~
assignod and shall be paid to I.ender.
ln the evrnt of a total taking ot the Property, the proceeds shall be applied to the sums secured by th~s 5ecurity
Instrument. whether or not then due, with any eaass paid to Borrower. In thc event oi a partial taking ot the Property,
unless Borcower and Les~der otherwise agra in writing. the sums socured by this Security lnstrument shall be reduced by
the unount of the proceeds multiplied by the following fraction: (s) the total amount ot the sums secured immediately
~befon the taking, dividod by (b) the fair cnarket value of the Property immediately before the taking. Any balance shal! be
paid to Borrower.
If the Property is abandoned by Borrower, or if. aft~r notice by I.ender to Borrower that the condemnor oRers to
make an award or settle a claim for damaga, Horrower fails to respond to I.ender within 30 days after the date the notice is
given, L,ender is authorized W oollect and apply the proceods. at its option, tithfr to nsto[ation or repair of the Property or
to the sums securod by this Socurity lnstrument. whether ur not then due.
Unless Lender and Borrower otherwix agrce in writing, any spplication of proceeds to principal shall not eatend or
postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such paymerts. .
10. Borrowu Not Released; Forbearance By I.ender Not a Walrer. Extension of the time for paymeat or
modi6cation of amortiiation of the sums socured by this Security Instrument granted by Ltnder to any successor in
interest of Borrower shaU not opetate to releate the liability of the original Bonower or Borrower's successors in interat.
I.endet shall not be required to commencx proceodings against any successor in interest or refuse to eatend time for
paymrnt or otherwise modify amortization of the sums securod by this Security Instrument by reason of any demand made
by t6e original Borrower or Borrower's successors in interest. Any forbearance by I.ender in eaercising any right or remcdy
shall not be a waiver of or preclude the exercise of any right or remedy.
lI. Suceeuoc: aad Asd~s Bonnd; Joint and Se~eral Liability; C.o-sigoers. The covenants and agreements of
this Security Instrumrnt shall bind and ben~fit the suoassors and assigns of Lender and Bonower, subject to the provisions
of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security
Iastrumrnt but does not eaecute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey
that Bonower's interest in the Propecty under the terms of this Security Instrument; (b) is not personally obligated to pay
the sums securod by this Security Instrument; and (c) agrces that Lender and any other florrower may~ agree to extend,
modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without
that Borrower's consent.
12. Loan Gbarges. If the loan securesd by this Security Instrument is subject to a!aw which sets maximum loan
charges> and that law is finally interpreted so that the interest or other loan charges collected or to be collected in
cannxtion with the loan excxd the permitted limits, then: (a) any such loan charge shall be reduced by the amount
necessary to reduce the chargt to the permitted limit; and (b) any sums already collected from Borrower which exceeded
pertnitted timiis will be refundod to Borrower. I.ender may choose to make this refund by reducing the principal owed
under the Note or by making a dirxt payment to Borrower. If a refund roduces principal, the reduction will be treated as a
partial prepayment without any prepayment charge under the Note.
~ 13. ~Le~slation Aifecting Lender's Rights. If cnactment or eapiration of applicable laws has the effect of
` rendering any provision otthe Note or this Security Instrument unenforceable according to its terms, Ixnder, at its option,
may requirt immediate paymrnt in full of all sums secured by this Securit}• Instrument and may invoke any remedies
permitted by paragraph 19. It Lender txercises 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 Sxurity Instrument shal) 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
Property Address or any other address Borroaer designates by notice to I.ender. Any notice to L.ender shall be given by
firat class mail to I.ender's address stated herein or any other address I.ender designates by notice to Borrower. Any notice
provided for in this Security Instrument shall be dcemed to have been given to Borrower or Lender when given as provided
in this paragraph.
13. Go~ernbtg Lw; 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 laa, such conflict shall not afPect 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 dxlared to bt xverable.
16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument.
17. Transfer of t6e Property or a Beneficial Interest in Borrower. If all or any part of thc Propeny or any
interat in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural
ptrson) without ~I.ender's prior written consent, Lender may, at its option, require immediate payment in full of all sumc
secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited b}~
federal iaw 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 las than 3~ days from the date the notice is d~liver~ or mailed w•ithin which Borrower must pay all sums secured b;
this Security Instrument. If Borrower fails to pay these sums prior to the ezpiration of ihis period, L.ender may invoke an~~
temedies permitted by this Security Instrument without furthtr notice or demand on Borrower.
18. Borrower's Rigl?t to Reiostate. If Borrower mcets certain conditions, Borrower shall have the right to have
enforcement of this Security Instrument discontinued 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 any pc~wer of snle contained in thi~
Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those condit~ons are that Borrow~er.
(a). pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration
occurred; (b) cura any default of any other corenants or agreements; (c) pays all expenses incurred ~n enforcing this
Security lnstrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may
reasonebly require to atsure that the lien of this Security Instrumrnt, L.endcr's rights in the Property and Borrower's
obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by
Botrower, this Security Instrument and the obl~gations sec4red hereby shall remain fully effective as if no acceleratian had
occurred. However, this rig'ht to reinstate shall not apply in the case of acceleration under paragraphti 13 or 17.
~ooK504 F~~~ ~62
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