HomeMy WebLinkAbout0975 lf Lender required mortgage insurancc as a condition of making the loan secured by this Security Instrument,
Borro~~•er shall pay the premiums required to maintain the insurance in eRect until such time as the requirement for the
insuranre terminates in accordance with Borrower's and Lender's written agreemtnt or applicable law.
8, Inspection. Lender or its agent may make reasonable entries upon and inspections ot ihe Property: Lender
shall give Borrower notice at the time of or prior to an inspection specifying reasonable causc for the inspection.
9, Condemn~tion: The proceeds of any award or claim for damages, direct or consequential, in connection with
any condemnation or other taking of
any part oP the Property. or for conveyance in lieu of condemnation. are he~eby
assigned and shall be paid to Lender.
In the event of a total taking of' the Property, the proceeds shall be applied to the sums secured 'oy this Security
Instrument, whether or not then due, with any excess paid to Borrower. In the event ota partial taking of the Property,
unless Borrower and Lender othenvise ~gree in writing, the sums secured by this S..°~urity Instrument shall be seduccd by ;
the amount of the proceeds multiplied by ihe following traction: (a) the total amount of the sums secured immediately ;
before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be =
paid to Borrower.
if the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor ofi'ers to
make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days aRer the date the notice is
given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or
to the sums secured by this Security Instrument. whether or not then due.
Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments.
10. Borrower Not Released; Forbearance By Lender Not s Waiver. Extension of the time for payment or
modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in
interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. ~
Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time fo~ ~
payment or otherwise modiPy amortization of the sums secured by this Security Instrument by reason of any demand made ~
by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy
shall not be a waiver of or preclude the exercise of any right or remedy.
11. Successors and Assigns Bound; Joint and Seversd Liabitity; Co-signers. The covenants and agreements of ;
this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions
of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Horrower who co-signs this Security
Instrument but dces not execute the Note: (a) is casigning this Security Instrument only to mortgage, grant and convey
that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay
the sums secured by this Security Instrument; and (c) agrees that 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 Borrower's consent.
12. Loan Charges. If 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 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 collected frorr, Borrower which exceeded
permitted limits will be refunded to Borrower. Lender 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 treated as a
partial prepayment without any prepayment charge under the Note.
13. Legislation ABecting Lender's Rights. If enactment or ezpiration of applicable laws has the eflect ot
rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option,
may re uire immediate a ment in full of all sums secured b this Securit Instrument and ma invok
9 P Y y y y e any remedies
, rmitted b ara ra h 19. If Lender x r"
i ~ y p g p e e cises this optwn, Lender shall take the steps spec~fied ~n the second paragraph of
; paragraph 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
~ Property Ad~ress or any other address Borrower designates by notice to Lender. Any notice to Lender shal) be given by
first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrowec. Any notice
provided fqr in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided
in this paragraph.
l5. Governing Law; Severability. This Security Instrument shall be governed by feueral law and the IaH~ of the
jurisdiction in which the Property ss located. In the event that any provision or claUSe of this Security Instrument or the
Note conflicts with applicable law, such conflicl shall not aflect 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 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 Beneficial Interest in 8orrower. It all or any part of the Property or any
interest in it is sold or transterred (or if a beneficial interest in Borrower is sold or transterred and Borrower is not a natural
person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums
secured by this Security Instrument. However, this option shall not be eaercised by Lender if exercise is prohibited by
federal law as of the date of this Security Instrument. ~
It Lender 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. If Borrower tails to pay these sums prior to the expiration of this period, Lender may invoke any
remedies permitted by this Security Instrument without further notice or demand on Borrower.
18. Borrower's Right to Reinstate. If Borrower meets certain conditinns, Borrower shall have the right to have
enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) S days (or such other pericxi as
applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this
Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower:
(a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration
occurred; (b) cures any default of any other eovenants or agreements; (c) pays all expenses incurred in enforcing this
Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may
reasonably require t~ assure that the lien of this Security Instrument, Lender'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 Instrument and the obligations secured hereby shall remain fully efl''ective as if no acceleration had
occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17.
oR0534 P~GE0973
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