HomeMy WebLinkAbout0921 ' • If Lender required mortgage insurance as a condition of making the loan securod by this Security Instrument~
~ Borrower shall pay th~ ~remiums requued to maintain the insurar?ct i~ etfoct until such time as the requirement for 1hc
insurance terminates in accordance with Horrower's and I.ender's writte~ agrament or applicable law.
• 8. Inspecttoa. L.ender or its agent may make reasonable entries upon and inspoctions of the Property. Lender
shall give Bonower not ice at the time of or prior to an inspection spocifying reasonable cause for the inspoction.
9. Coademaadon. The procceds of any award or claim for damages~ direct or conseyuential~ in connection with
a~y condemnation or other taking of any part of the Property. or for conveyance in lieu of condemnation, are hercby
~ assigned and shall be paid to Lender.
In the event of a total taking of the Properiy. the proceeds shall be applied to the sums securod by this Security
Instrument. whether or nat then due, with any excess paid to Horrower. In the event of a partial taking of the Property~
uniess Bonower and Lender otherwise agrce in writing, the sums secured by this Sacurity Ihstrument shall be reducod by
the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately
before the taking, divided by (b) the fair market value of the Properiy immodiately before tfie taking. Any balance shall be
paid to Borrower.
If the Property is abandoned by Borrower. or if. aRer notice by Lender to Bonower that the condemnor offers to
make an award or settle a claim for damages. Borrower faiis to re~spond to Lender within 30 days aRer the date the notice is
given, Lender is authorized to collect and apply the prooeeds, at its option, either to restoration or repair of the Property or
to the sums secur~d by this Security Instrument~ whether or notlhen due.
Unless Lender and Borrowtr othetwise agra in writing~ any application of proceeds to principa) shall not extend or
postpone the due date of the monthly payments referrod to in paragraphs_1 and 2 or change the amount of such payments.
10. Borrower Not Released; Forbear~nce By Lender Not a Wairer. Extension~ of the time.for payment or
modification of amortization of the sums securod by this Security Instrument granted by Lender to any successor in
interest of Borrower sha11 not operate to release the liability of the original Borrower or 8orrower's successors in interest. ~
Lender shall not be roquirod to commence proceodings against any suocessor in interest or refuse to extend time for ~
payment or otherwise modify amortization of the sums securod by this Socurity Instrument by reason of any demand made
by the original Borrower or Bonower's successots 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 remody.
il. Successors and Assigas Bound; Joint aad Se~enl LiAbillty; Co-stgaers. The covenants and agreements of
this Security Instrument shall bind and benefit the succes.gors and assigns of Lendar and Borrower~ subject to the provisions
of paragraph 17. Bonower's covenants and agreements shaU be joint and several. Any 8orrower who casigns this Security
Instrument but ~ces not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey
that Honower'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) agrces that Lender and any other Borrower may agree to extend,
rr?odify~ forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without
that Bonower's consent. _
12. Loan Charges. If the loan secured by this Security Instrufnent is subjcct to a law which sets maximum loan
charges. and that law is ftnally interpreted so that thE interest or other loan charges collected or to be collected in
connection with the loan exceeai 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 collectal from Borrower which exceeded
permitted limits will be refunded to Borrower. I.ender 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 wiil be treated as a
partial prepayment without any prepayment charge under the Note.
13. I.egislation AfYecting I.ender's Rights. If enactment or eapiration of applicable laws'has the etTect of
rendtring any provision of the Note or this Security Instrument unenforcrable according to its terms. Lender, at its option, _
may require immediate payment in ful! of all sums secured by this Security lnstrument and may invoke any remedies .
h nd ra ra h of
r shall take the ste s ified in t e seco
xereises this o tion Lxnde Pa B P
perm~tted by paragraph 19. If I.ender e p , PS P~
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 !aw requires use of another method. 1'he notice shall be directed to the
Property Address or any other address Horrower designates by notice to I.ender. Any notice to Lender shall be given by
first class mail to Lender's address stated herein or any other address Lender designates by notice to Bonower. Any notice
provided for in this Security Instrument sha1) be deemed to have been given to Borrower or I.ender when given as provided
in this paragraph.
15. Coverniag Law; Severablllty. This Security Inswment shall be governed by federal law and the law of the ~ ~
jurisdiction in which the Property is located. tn the event that any provision or clause of this Security Instrument or the ~
Note conflicts with applicable law, such conflict 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 t
Note are declared to be severable. • }
l6. Borroner's Copy. Borrower shali be given one conformed copy~of the Note and of this Security Instrument. I
17. Transfer of the Property or a Beneflcial Interest in Borrower. If all or any part of the Property or any ~
interest in it is sold or transferred (or if a beneficial interest 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 full of all sums
secured by this Securi[y Instrument. However, this option shal) not be exercised by Ixnder if exercise is prohibited by
federal law as of'the date of this Securiry Instrument. .
If I.ender exercises this option, I.ender shal! give Borrower notice of aeceleration. The notice shall provide a period
of not less than 30 days from the date the notice is delivered or mailed within which Bonower must pay all sums secured by
this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, I.ender may invoke any
remedies permitted by this Security lnstrument without further notice or demand on Borrower.
18. Borrower's Right to Reinstste. If Bonower meets certain conditions. 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 ~eriod as
applicable law may specii'y for reinstatement) before sale of the Property pursuant to any power of'sale contained in this
Security Instrument; or (b) ~ntry of a juslgment enforcing this Security tnstrument. Those conditions are that Borrower. ~
(a) pays Lender all sums which then would be due under this Security I.nstrument and the Note had no acceleration ~
occurred; (b) cures any default of any other covenants 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 I.ender may ~
reasonably require to assure that the lien of this Security fnstrument, I.ender's rights in the Property and Borrower's ~
obfigation to pay the sums secured by this Security lnstrument shall continue unchanged. Upon reinstatement by ~
Borrower, this Security Instrument and the obligations secured hereby shall remain fully efFective as if no acceleration had
occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17. 3
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