HomeMy WebLinkAbout0953 . ' .
li l.rnder reyuirr~ »~~~rtgagr u}~uran~r a~ a c~~nd~tu~n ~~f making thr I~,an .rtured b~ thi~ Secunt~ Imtrumrnt.
Burm~~er .h~ll ~a~ thr ~rrm?um+ rrywred to ma~ntai~~ the in+urzncr in effr~t unisl wrh tim~ ati thr reyu~remrnt f~~r th~
in.ur.iii~e trrminate. in .icrurclanre W ith BormW ec'ti and Lend:r'ti wnt;en agreernent or appltra~le law.
8. lnspection. Lea~~ier ur i[ti :igent n~:~~ make rea~onahle en,rie~ u~c~n ~nd inc~ctions of the f'ru~rrt~. l.rncl~r
.h:~il gh: t3c~rra~~rr nourr ~t the nme ~,f ~~r ~nc~r to an ~ns~ctiun s~rifcing reationable ~au~,e for the inspert~un_
9. Conde~nnation. Th~ pr~~eedti uCan~ aHard ~r claim for dam:igc~, direct or c~~ntieyuential, in ronnecti:~n tiith
an~ ~on~irmnat~on ~r ~~ther t:~king of an~ part uf the Pro~rt~•, or for r<~n~r~ance in lieu <~f c~mdemnahc~n, are hereh~
a~,ignrd and shall he paid tc~ Lender.
In the e~en~ of a t~~tal takin¢ ol the Yropert~. the pr~red..hall t~ uppiird tu thr sum~ ~ecured b~ thi, Secunt}
?n~trunzent, whrth~r .~r not th~n due. ~ith any cticetis pa?d ta Borrowe~. In thr e~rnt of a partial taking e~l thr Propert~,
unle~~ Be~rro~~er and Lender otherwi~e agrer ?n ~~riting, the 1uml.ecured b~ this Securit~ Instrument tihall be reducrd b}
th: am~,unt of thr pnkeed~ multiplied h} the follo~~ing fraruon: ta) the total amc~u~t of ihe sums secured immediatel~
bef.~re the tak~ng, di~i3_d b~ Ib) ihe iair market ~alue of the Propert}• immediatel} briare the taking. An~~ balanre ~h~ll be
paid to Barruwer.
If the Propc:rt~• i. abandoned b~~ Borrower, or if, after nohrr b~ Lender to Bc~rruµer th~' the condemno: otier~ t~~
make an a~ard ~~r ~ettie a cla~n: for damages. B~~rroHer fails to rrspemd t~ Lender ~ ithin 30 dayti after the da?e tht nouce i~
gi~en. Lender i~ authc,riz~d to rolle~t and apph the proceeds, at its ~~ption, either t~~ re~tosati~m c~r repair of th~ Pro~ert~ c~r
t:~ the su~is s.currd b~ this Securit~~ Inslrument, w hether or not then d:ie.
l; nlc~ti Lendrr and B~~rrower otherW ise agree in w nting, an~ application of pr~xerd~ to ~nne~pal sh~ll not et~enc! ~~r
putt~ne the du? date of the monthl}~ payments referred to in paragraphs 1 and 2 or rhan~e the am~~unt of.uch pa~ ment~.
10. Borrower \ot Released; Forbear$nce B}~ Lender \ot a!i'aiver. Ex!encion c~f the time for payment or
mod~ficatic~n ~~f amo~t~zahon ~~f tl-~e tiums secured b~ ihis Securil~~ Instrument granted b~~ Lender so an~ success~r in
interest oC Bormwer shali not o~rate to release the liabilit~~ of the origin~l Borrower or Borrower's successors in interest.
Lerder shall n~t be required to a•rnmence proceedings aga~nst an}~ successnr ~n interc~t ~~r refuse to eztend time for
payment ar otherwise mcxjif~ amartization of the sums secured b~~ this Securit~ Instru?nent b~ reaton of an}~ demand made
b} the origiral Borrower or Borrower's s~ccc~ssors in interest. Am~ forbearanre b~ l.ender in exerrising an~ right or remed~
>hall n~~t t~e a wai~ rr of ~r preclude thr exerri~e oi an~~ right or remed~~.
11. Su.^cessors and Assigns Bound; Joint and Severai Liability~; Co-signers. The ro~enaml and agreementti of
this Securit~ Instrument shall bind and benefit the successors and a~sigm of Lender and Horre~wer, subject to the pro~~itiu%ns
uf ~araeraph i7. Borro~~er's ro~enanh and agreements shall be joint and se~eral. Am B~~rrawer h~ ro-.igns this Securit~
[n~trument but de~e~ n:~t execute thr \ote: ja} is cc~-s?gnin~ thi. Securit} Imtrument c~nl~ te~ mrrtgage, grant and «,me}
that ~3~~rm~?er's intere~t in the Yro~ri~ under the term~ ~~f thi. Serurit~ Imtrumenr, Ibl i~ nc~t ~ersc~nall~ c~bhg3ted to pa~
th~ tium~ ~ecured b~ thi~ Securit~ Imtrumriit: snd (r) agrees that Lender :~nd am ~~ther B~.~rr~~~er ma} agree t~~ e~tend.
modif~~, f~~rbear or make an~ scc~~mm~xiat~~~m ~~ith reeard m the term. c~f thi~ Serurit~ ln~trumeni c,r the tiotr ~~ithc~ut
that B~~rrc~wer'tiroment.
Z2. I.oan CharRes. If the I~~an ~erured b~ this ~erunt~ in.trun:ent i~ ~uhje~t t~~ a la~~ ~+hich ~rt~ ~na~imum li~.~n
charge~. and that la~~ i~ finall~ interpreted ~c, that the interett ~,r other I~an ~harge~ coilected ~,r to he r~llecied in
connerti~~n ~~ith the Ic~an etceed the permitted limits, then: (a) ~m ~~ch I~~;~n rharge shall be reduced b~ the amount
ne~e~sar~ to redurr the charge t~ th~ permitted limit: and (b) an~ wm~ alread~ r~llerted (re~::. Bc~rmaer ~~hich exceeded
permilted hnuh ~ril! be rrfunded t~~ E3c~rrc~aer. Len~ier ma~ :h~~~e tc~ make th~~ refund h} reduring Ihe ~nnri~al rn~ed
under the \otr ~r b~ mak~ng a direct pa}ment t~ Be~rro~cer. If a refund redu~r. prin~~~al. the reductii~n will he treated a~ a
partia{ prepa~ment ~ithout am pr~pa~me~it charge under the \ote.
13. I,egisiation AffectinR Lender's RiRhts. If enartment <~r rx~-~irane,n e~f a~~lirahle iaati ha~ the efTect ~~f
rendering am pra~ ision of the \ote or ihiti Secunt~ Imtrument unenti~rceable ~rc~~rding c~~ it~ term~. I.ender. at ~tti ~~~uc,n.
~ ma} reywre immediate ~a~ment in full e~f all wm~ tie~ured b~ thi~ Secunt~ ln~trument and ma~ ~n~c~kc• an~ remedie~
; ~rrmitted b~~ p:~ragraph 19. If Lrnder exer~i.e~ this opti~n. Lender.hall take the ~ter~ tipe~~fied in the tier~md ~ar:?gra~h ~~f
's r~ragraph 17.
14. \otiees. .Anc ne~tice t~ Borro~er prenided for in thi, Serurit} Ir~titrument ~hall be gi~cn br deli~ering it ~~r h~
~ mailing it firtit rla~~ ma?i unle~~ a~plicable ia~~ reyuireti utie ~~f an~,cher methc~d. The nc~hce ~hall b: direcled te~ the
~ Pm~ertc Addreti~ c~r am ~ther addre~~ B~~rrc~~rer devgnate~ h~ nc~ure tc~ Lender. .4m n~,tirr ti~ Lender ~hall be gi~en h~
fir~t class ma~l te~ Lender', :iddre~t titated herein e~r ;~n~ c~ther ai;dre,~ L~nder deti~gnate~ hc n~~tic~ tc, R~,rr~n~rr. Am nc~tire
~re~~ided fc~r in thi~ Se~urit~ ln~trument ~hall be dezmed t<~ ha~e heen ei•rn t~.~ Bc~rrc~~+rr ~~r Lender ~.hen gi~en ~rc~~ ~dtd
i~ th~ti ~aragraph.
15. Go~~erning I.aw~; Ser~erabilit}. "Thi~ Sc~unt~ In~trument ~hall he ~~nerned h~ f~~:eral la« and t~;e la~~ c,f the
junsdi~tion ~n Mhich the Pr~~pertc is Ic~ated In the e.ent that ant ~rc~~itiu~n ~~r clautie c~f thn Se.urit~ In~trument i~r the
\c~te e~n~lirtti with appli~ahle la~~, tiurh ec~nfliet ~hall ne~t affert ;~ther prcni~i~~nti ~f thi~ Serur~t~ Intitrument c~r the \i,te
ti~hich ~an be gi~en effect ~ithout the e~nfl~rnr.g prc~~itiion. Tc~ th~` :nd thr ~r~n~,i~mti ~~f th~~ Secunh ln~trument ~nd thr
`~~tc are declared to he 5e~erahle.
16. Borroµer's Cop~'. Borr~~~~er tihall he gi~en one cc~n(~rmed r~~~ ~~f th~ \~,t~ .?nd c~f thi, Se~~nt~ Intitrum~n±.
17. Transfer of the I'~opert~ or a Beneficial Interest in Borrower. If ail ~~r an~ ~.?rt c~f the Prc~~ert~ rr an~
~ intere~t ~n rt iti 4old ~~r tran~ferred (~~r if a heneficial ~nterest ~n E3c~rn,wer i~ ~~~ld ur trsn~ferred and [3i~rr~~~~er i~ ne~t a natural
~r~~m) ~~i[h~~ut Lende~'~ pri~~r ~~nttrn con~ent. Lend:r ma~, at ~tti ~~~tie~n. reyuirr immediat~ F~::~ment in full i~f ail ~Lm~
~ tierured b~ thi~ Securit~ In,trumrnt. Hu~s~~er. thi~ c~ntic~n tihall nc~~ hr e~er~i~rd hc Lrndrr if e~er~~~~r iti n~~i4~ih~icd b~
~ fcderal la~~ a~ c~f ihe date of thiti Securit~ In~trument.
~ If Lendr: ex~~rci~e~ thi. ~~ption. Lender tihali ei~e ~3orn,~~er n~~t~~r c,f a~~~l~rati;}i~. The n~,t~ce ~.h~i!! ~+r~,~ ide a~~n~,d
~ ~~f n~~t le,~ than 3~ da~ti from the date the notire is deii~ered c~r mailed within wh~~h Bc~rr~~~~~r n~u;t ~a} ~ill ~umti.ecureci h~
~ thi~ Secunt~ In~trument If B<~rrc,uer fa?1~ t~~ ~a~ thetie wms ~ric~r te~ the ~x~~ratic~n nf th~~ ~rric~d. Lender m:~c ~r~<<~kr an~
~ remedie~ ~ermitted b} thi~ Secunt~ Imtrumer~t without (urther n:~tire c~r demand cm Eie~rr~,~~er.
~ 18. Borrower's RiKht to Reinstate. (f Burr<~wer meetti certa~n cemditic,n~., R~~rr<+~.er ~hal1 ha~r !h~ nght tc~ ha~e
rn(~~rccment c~f thiti Serurit~ Intitrumrnt ditcc~ntinued at an} tinte ~+nor tc~ the rarlier c~f: (a) S (~~r,~~h uther ~+en~~cl a~
~ a~~lirabie la« ma~ s~erif~ f~r reintit~tement) b~fc~re tiale <~f the Yrc~~ert~ ~ur.uant tc~ am ~~~~~~rr c:f ~a!r ce~nt~ined in th~~
Serunt} In~trumcnt: ~,r (bl entr< <,f a judgment enfc~rcine thiti Serurit~ In~trum~nt. 7 hu~r rc~r.diu~~~~ arr ;hat Bc~rr~~~~er:
- (a) ~;~~ti [.rnder .?11 ~umti :+hich thrn ~+uulJ he c:ue under tnis Seru;i[c I~~trumeni anc: the \e~t~ had n~~ acrrieratic~??
orcurred; ih) curc~ :~nti drfault c~f ~n~ c,ther r~~~enant, o~ :,grerment~: (cl ~a~~ sll <<rcn.e~ inrurrrd in enfnr~tne th~~
Secunt~ inurument. ~n~luding. hut n~~t I~mited to, rea~cmahle att<~rne~ti' f~r~: and ~di takc~ ~urh acuc~n a~ i_ender rna~
~ reati<mabl~ require t~: :~«ure that thc I~en o( this Secunt~ Inttrument. Lender'~ nchtti in the Pre~~ert~ and B:~rrc~uer'i
~ ob{~gan~~n tu , a~ ~he ~,umti ~e~urrd b} thi~ Securit~ In~trument ,hall ~•~~ritmu~ unrhanged. l'rem rcir~~tatrn~ent h~
Bnrr~~~er. thi~ Srrurit~ Intitrument and the ~bGg~t~~m tiecured hereh} ~hall errnam full~ efTe~ti~e a~ ~f nc~ a~~eleratic~n h;~d
ekcurred. H~~He~er. thiti nght t~ rein5tate tihail n~t ap~l~ tn the ca~e ~~f a~celerati~m under ~;~ragra~h~ 1? c~r 17.
~DQpK510 ~A~E 953
.
- ~~z:.: ~ ~
!
~ _