HomeMy WebLinkAbout0952 If [.ender required mortgage insurance as a conditic~n nf making the loan secured hy this Srcurity Instrument,
f3~~rru~~•e~ shall pa}~ the premiums required to maintain the insurance in etiect unt~l surh tii~jc a; th~~ requirement for the
insurinre terminatrti in accordance H~ith Rorrowe~'s and l.ender's H•ritten agrcemcnt or applirable law~.
lnspection, Lender or its agent may make reasonable entries upon and inspections of the Property~. l.ender
shall gi~•c Borro~•~r noUce at the time of or priar to an inspertion s~cifying reasunabte rautie for the inspecuon.
9, Condemnation: Ti~e prc~ceeds ot~ an}• aH~ard or ciaim for damages, direct or contieyucmial, in ronnection w•ith
an~~ condemnation or other taking of any part of the Property, or for ronveyance in lieu of condemnatioji, are herebp
assigned and shall be paid to Lender.
In the e~~ent of a total taking of the Property, Ihe procre:~; ~haN hc applied t~~ the sums Securrd by this Srcurity
InstrUment, whether or nat then due, with any excess paid to Borrower. in the event of a partial taking of the Aroperty,
unless f3orrc~w•er and Lender otherw•ise agree in writing, the sums s~~ured by this Security ]ntitrument shall be r~duced by
the amount af the proceeds multiplied by the foUawing fraction: (a) the total amount c~f the sums secured immediately
before the taking, divided by (b) the fair market value of'the Pmpert}~ immediatcl~~ hefure Ihe taking. Any balance ~hall bc
paid to Borro~~~er.
If the Property is abandoned bp t3orroH~er, or if, afler notice ba~ Lender to i3c~rroN•er that the r~~n:iemnor oflers to
makr an a~•ard or settle a claim for damages, I3arreswer fails tc~ respcmd to I_ender within 30 days after the ~fate the nouce is
given, Lender is authorized to collect and appl~• the prcxeeds, al its option, either to restorati~~n or re{~air of the Property or
to the sums secured by this Securit~~ lnstrument, «•he~her or not ~hen due.
Unless Lender and Borro~ver otherwise agrre in writing, any application of Proceeds to principai shall r,c?t extend c~r
~stpone the due date of the monthly p~}•ments referred to in paragraphs 1 and 2 or change tt~e ~~monnt of'such pa~~ments.
10. Borrower tiot Released; Fur'aearance By l.ender Not a 1~'ai~~er. Extensiun uf the time for payment or
mociificatian of amortization of' the sums secured by this Sccurit~• Instrumcnt granted b~~ Lendcr to any s::~;essor in
interest ~f I3orrow~er shall not aEx:rare to release the liability of ~hc original Borrow•er or I3orro~~er's successors in interest.
Lender shall not be required to comme~ice proceedings against an}~ surcessar in interest c~r refuse lo extrnd time for
paymenl o~ other~~~ise modify amortization of the sums sccured by this Serurity Instrurn~nt b+~ reason of an}~ demand made
by the original Fiorrow~er or E3orro~~~er's surcessors in interest. Any forbearance by l.ender in etercising any right or remedy
shall not be a w•aiver of or prt~-lude the exercise of any right or remedy.
I1. Successors and Assigns Bound; Joint and Seve~al I.iability; Co-signers. "Che ~ro~~enants and agreements of
this Security lnstrument shall bind and benefit the successors and assigns of Lrnder and E3orrower, tiu~ject to the prorisions
of paragraph 17. Borro~~•er's co~~enants and agreements shall t~e joint and severat. Any l3orrower H~ho c~i-signs this Security
Instrument but does nut execute the Note: (a} is co-signing this Security Instrument only to mortgage, grant and convey
that I3arrow~er's i~iterest in the Yropert~~ under the terms of this Security lnstrument; (b) iti not personally obligated to pa~~
the sums secured bv thic Secorit~ lizstrunzent; and (c) agrees that Lender and any other Horro~~er may agree to extend,
mociify, forbear or make an~~ accommodations ~~ith regard to the terms of this Serurit}• Instrumrnt or the Note without
that [3orrow•er's consent.
12. I.oan Charges. tf the loao serured by this Security Instrunient is ~ubjert to a IaH~ ~~•hich sets maximum loan
charges, and that ta~+~ is finally interpreted sa that the interest ar other loan charges collected or to be co1le~:ted in
connection ~?ith the luan exceed the permitted limits, then: (a) any such loan charge shall be reduced b}• the amount
necessar~~ to reduce the charge to the permitted limil; and (b) an}~ sums already callerted from Qorrower w~hich exceeded
permitted limits w~ill be refunded to Barrower_ I.ender may choose to make this refund by reducing the {~rincipa) ou~ed
under the Note or b}~ making a direct paynzent ro t3c~rro~cer. Ifa rei'und recluces principal, the re~iuction ~ i11 tk t~e~ted as a
partiat prepayment ~sithout any prepa~~mcnt rharge undcr thr Nc>te.
13. l,egislation Affecting I.ender's Rights. If enactment or e~rirahun ~~f .?prlicable la~~ti has the eiTect of
rendering an}• provision o~the Note or this Serurit~• Instrument unenfurce.?bl~ acri~rding t~ itx terms, t.ender, at its <sption, ,
ma~~ reyuire immediate pa~~ment in full of all tiiim5 tiecured b~~ thi~ SrcuriC)~ (nstrurner~t ~tnd ma}• in~oke an~~ remedies '
permitted b~• paragraph 19. If Lender rxerciseti this opticm, I.ender shall take the strp~ ~pccilied in the sec~nd paragrarh of
paragraph 17.
14. `otices. An}~ notire tu Bt>rrow•er pm~•ided for in t}iiti Securit~~ 1tltitrutnent tihall tx~ gi~~en h}- deli~~ering it ot h~~
rnailing it h~~ first rlasti mail unlrst applirable la~~~ reyuireti uxe of ani~ther melhoef. 'I~he nc~tire tihall be direrted tu the
' Pre~~ert}~ Address or an~~ c~thrr addretis BorrciHer designates b}~ notiie tc~ [.rnder. An~ ~u~tiee tc~ Lender shal! bc gi~~e~~ b~~
firtit clatiti mail to Lender's addre.s st:~lyd herrin ~~r am~ other addre~s l.rnc~er dr,igi~ates hy~ notire to 13c~rro~~•er. An~' notire
I ~~rovidcd for in this Srcurity Instrum~nt tihall hr cire?~~ed t~~ ha~e hern gi~en l~~ Bi~rrow•er ur I.ender when gi~•en at provided
j ~n this paragraph.
I 15. Governing I.aw; Severabilit~~. "I'his Srcurit~ Instrument ~hall hc g~~~rrned hy federal la~~• and the law~ e~f the
~ jurisdiction in w~hich the }'roperty is I~rated. In the e~~ent that an~ rr~~••i~ion ~~r ctautie of this Security Ir~strurnent or the
j. Note cunflicts w~ith applicable law~, tiuch rcmflict tihatl nc~t aflert c~ther pr~~visions ~i` thi~ Seruril~~ lnstrument or ihe Ncite
w~hich can be given efTect without the r~nflicting pren~isie~r3. To thiti end the rrc~~~isi~~ns e~f this Se~urity Instrument and thr
~ Note are declared to t?e tie~~erable.
16. I3orrow~er's Copy~. (3orrow~er ~hall be gi~•en cme ronf~rmed ce~p}~ ~~f the '.v~~te and c~f this Securi~y Instrunzent.
17. Transfer of the Yropert~• or a Qene6cial Interest in liorrower. If all cir ari~~ part c~f the Pro~crty- or an~•
interest in it iti ~cild or transferred (or if a beneficial interest in Rc~rrow~rr is sc~ld or transferrec! and Borrow~er is not a nawra!
penon) withcwt Lender'ti prior written contient, l.rndrr nza~~, at its option, reyuirs, immediatc paymenl in full of all sums
se~ured b~~ this Serurity itistrument. Hutive~•rr, this optinn ~hall nor ~ rxercisrd b~~ Ixnder if excrcisr iti prohibited by
feciera! !aw as of the date of this Security Instrument.
' If Lender exercises this option, l.ender shall gi~e F3orrc~wer notice e~f acceleration. The notice shaU provide a pericxi
c~f not less than 30 days from the date the nntice is delivered ar mailed within which f3orro~cer niust pay all sums securec! by
thiti Serurit}~ Instrument. If Borrower fails ro pay these sums prior to thc expiration of shis pericxi, l.rnder may invoke an}•
remedieti permitted by this Securiiy [nstrt~ment withnot further notice or demand on I3cirrow~er.
18. Borrower's Right to Reinstate. If Borrow~er meet~ certain conditi~ns, f3orrow•er shail ha~~e the right to have
enforcement ot' ~hi~ Securl~~ I~strument discontinued at an}' time prior to the car(ier of: (a) S days (or such other periocl as
ap{~licanle laa n~a}• spec~fy for reinstatement) before tiale of the Pr~perry pursuant to any power of sale contained in this
~ Security Intitrument; or (b) entr~~ of a judgment enforcing this Security Instrument. Those ronditions are that Borrower:
~ (a) pa)~s Lender all sums t~'f11CfT ~I1Cfl would be due undrr this Security~ Instrument and the Note had no acceleration
occurred; (b) cures an}~ default of any other covenants or agreements; (c) pays all expenses incurred in enfc~rcing this
' Security Instrument, including, but not limited to, reasonable att~rneys' fees; and !d) takes such action as Lender may
reasonably reyuire to assure that the lien of this Security Instrument, Lender's rights in the Property and Aorrower's
obligation .o pa}~ the sums secured by this Security (nstrument shaN rontinuc unchanged. U~n reinstatement by
Borrower, this Security In~trument and the obligations secured hereb}• shal) remain Cully~ efTective as if no acceleration had
cxcurred. Hoµ~ever, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17.
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