HomeMy WebLinkAbout0925 If Lrnder required mortgtge insurance u a condition of making the loan xcurod by this Security lnstrument,
Borro~er shall pay the.premiums roquired to maintain the insurance in eRect until such time u the requirement for the
i~sunnce termin~tes in accordance with Borrower'a and L,ender'a written agramrnt or applicable taw. .
S. Isspectlon. Lmder or its agent may malce reasonable entries upon and inspoctions ot the Propcrty. L,ender
~1u11 give Borrower notia at the time of or prior to an inspection spocitying rusonable cause for the inspection.
9. Coedemnadoa. The proce~ds of any awud or claim for damages, dirxt or consoquential, in connectian a~ith
u?y condemnation or oth~r taking of any part ot the Prop~erty. or for conveyance in lieu of condemnation, are hereby
atsi~ned snd ahall be paid to I.ender.
In the evrnt of a total talcing of thc Property. the proceais ahal! be appliod to the sums securcd by this Security
lastrumrnt. w~hetber or uot then due, writh aay excess paid to Bomower. In the event of a partial taking o! the Proptrty.
unkas 8orrow~er and La~der otherwise ~gree in ~vriting, the sums accured by this Socurity lnstrument stual be reduccd by !
the amount of the proooeds multiplied by the fo~lowing fractio~: (a) the total amount of the wma serurod immediately ~
'before the taking, divided by (b) tht fair market value of the Property irnmediately before the taking. Any balance shatl be
paid to Borrower. ~ :
If the Property is abandoned by Bonower. or it~ after notice by Lender to Borrower that the condemnor offers to }
nsalce an awud or settle a eLim for damsges. Borrower fails to respond to L.ender within 30 days aftcr the date the notice is
given, Lender is authorizrd to oolloct and apply the proceods, at its opcion. athtr to restoration or rcpair of the Property or
to the aums s~ured by this Security lnstrumrnt, whether or not thrn due.
Unles: Lender and Horrower otherwise agree in w~riting. any appGcatioa of proceeds to principal shall not eatend or
poetpmje the due date of the moathly payments referred to in puagnphs 1 u~d 2 or change the amount of such payments.
f0. Borrower N~t Reks~ed; Forbearasa By Leader Not a Wai~er. Extrnsion of the time for payment or
modiBcation d amortization of the suma secured by this Security Instrumrnt grantai by Lender to any successor in
interat of Barrowu shall not opemtt to release tbe liability of the original Borrowu or Bonower's successors in interest.
Laider ahall not be roquirod to comma~c~e procxedings sgainst any suocessor in interest or rcfuse to extend time for
p~yment or otherwise modify amortization of the sums aocurod by this Socurity Instrument by reason of any demand made
by tht original Borrowtr or Honowu's sucas.iors in intaest. My forbearance by Lrnder in ea~rcising any right or remaiy
shall not be a waiver of or proclude the eacercise of any right or remedy.
11. Snoceswrs and Asdps Bouad; Joint aoi Se~eral I3abilfty; Co-si~en. 'The covenants and agrocmrnts of
this Secwity Instnunent ahall bind and bet~eSt the suocasors and assigns of L.ender and Bonower. subject to the provisions
of puagraph 17. Borrower's oovtnants and agramenta shall b~ joint and several. Any Borrower who co-signs this Security
Inatrument but does not execute the Note: (a) is oo-si~ning this Security Instrument only to mortgage, grant and convey
that Borrower's intertst in the Propetty undec the terms of this Socurity Instrumrnt; (b) is not personally obligated to pay
tht sums secured by this Security Instrument; and (c) agras tbat Lender and any other Borrower may agree to extend,
modify. forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without ~
that Horrower's consent.
I2. Loan C3arga. If the loan securod by this Socurity Instrument is subject to a law which sets maaimum loan ~
charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collccted in
conneetion with the loan excxod the peimittod limits. thtn: (a) any such loan eharge shall be rcduced by the amount '
necasary to reduce the charge to the permittod limit; and (b) any sums already collected from Borrower which e~ceeded i
permittod limits will be refunded to Borrower. I.ender may choase to make this refund by reducing the principal owed j
, under the Note or by making a dirxt payment to Borrower. If a refund roduces principal, the roduction wiil be treated as a - ~
partial prepayment without any prepaymrnt charge under the Note. `
13. Legisistion Alfecting Lender's Rig6ts. If enactment or expiration of applicable laws has the effect of
rrndering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option,
may require immodiate payment in full of sU sums secured by this Sccurity Instrument and may invoke any remodies
~ permitto~ by paragraph 19. If L,ender eaercises this option. Lender shall take the steps specified in the second paragraph of
~ paragraph 17.
P 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
Property Address or any other address Borrower designates by notice to Lender. Any notice to L,ender shall be given by
first class mail to Lender's addeas stated henin or any other address Lender designates by noticc to Borrower. Any notice
providod for in this Security Instrument shall be deemod to have been given to Borrower or Lender when given as provided
in this paragraph.
1S. Go~eroing Lw; Se~erability. This Security Instrument shall be governed by federal law and the law of the
jurisdiction in which the Properiy is located. In the event that any provision or clause of this Security Instrument or the
Note conflicts with applicable law, such conflict s}:all not atfect other provisions of this Security Instrument or the Note
~ which can be givrn effoct without the conflicting provision. To this end the provisions of this Security Instrument and the
~ i+tote are dxlared to be severable.
~ 16. Borrower's Copy. Borrower shaU be givrn one conformod copy of tht Note and ot this Security Instrument.
~ 17. Tranater of the Property or a Benefici~l Inttrest In Borrower. lf all or any part of the Property or any
interest in it is sold or transfened (or if a beneficial interat in Borrower is sold or transferred and Borrower is not a natural
person) without Lender's prior written consent, Lender may. at its option, require immediate payment in fuil of all sums
secured by this Security Instrument. However, this option shall not be exercistd by Lender if exercise is prohibited by
~ federal law as of the date of this Security Instrumrnt.
If Lender exercises this option, l,ender shali give Bonower notice of acceleration. The no[ice shall provide a period
~ of not less than 30 days from the date the naticc is delivered or mailed within which Be~rrower must pay all sums secured by
this Security Instrument. If Borrower fails to pay these sums prior to the txpiration of this period, l.ender may invoke any
€ rem~dies permitted by this Securiry Instrument without further notice or demand on Borrower.
~ l8. Borrower's RIg6t to Reinstate. If Borrower mcets certain conditions, Borrower shall have the right [o have
~ enforcement of this Security Instrument discontinuod 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 ot sate contained in this
Security Instrument; or (b) entry of a judgmtnt enforcing this Security Instrum~nt. Those conditions are that 8orrower:
(a) pays Lender al! sums which then would be due under this Security Instrument and the Note had no acceleration
occurrtd; (b) cura any default of any oiher covenants or agreements; (c) pays all expenses incurrcd in enforcing thi~
Socurity Instrument, including, but not limited to, reasonable attorneys' fea; and (d) taka such action as Lender may
teasonably reguirt to assure that the lien of this Socurity Instrument, Lender's rights in tht Property and Borrower's
~ obligation to pay the sums secured by this Security Instrument shall continut unchanged. Upon reinstatement by
Borrower, this Security Instrume~t and the obligations secured hereby shall remain fulty effective as if no acceleration had
occunod. Horxever, this right to reinstate shall not apply in the case otaccelerstion under paragraphs 13 or 17.
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