HomeMy WebLinkAbout0916 li l_rnder required mortgage ii~surance as a condition of making the loan ~ecure~i b~~ thiti Srcunty In~trumrn~.
f3orrower ~hatl pay Ihe premiums required t~ maintain the insurance in effect until such timr a~ ihc: reyuirement ior th~
insuranc~ Ierminates in accordance with Borrower's and Lender's written agreemen~ ar appli~ablr law.
8, Inspection. Lender or its age~t may make reasonable entries u{x~n and incpcxtions of the Property. l.ender
shall g~ve Aorrower notice at the time of or prior to an inspection specify ing reasanable cause for the inspectiun.
9. Condemnation. The proceeds of any award or claim for damages, direct or cc~nsequential, in r~nnect~on H ith
any rondemnaiion or other taking oi' any pari oi'the Praperty, or iar con~•eyance in lieu c~f c~~ndeinnatiui~, are her~b~
assigned and shall be paid to Lender.
In the event of a totzl taking of the Prope~ty, the proceeds shall be applied to the sums ~crured hy th~~ Security
Im~rumrnt, whether or not then due, with any excess paid to Borrow~er. In the e?~ent ~~f a parU~l takiitig of the Pro~xr~y,
unlrss Borm~•er and Lender otherwise agree in w~riting, the sums securecl by Ihis Security lnslrument shall he reduced h~~
the amount of the proceeds multiplie.~ by the fallow~ing fraction: (a) the total amount of the ~ums secured immrdiately~
hefure the taking, divided by (b) the fair market value of the Properry immcdialely t~fore the taking. Any b.ilanrr sh;~ll he
pai~! to Borrower.
If Ihe Property is abandoned by Aorrower, or i~, aRer natice by Len~ler t~~ I3orrower that the condemnor offen to
make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date thc notice is
given, Lender is authorized to collect and apply the proceeds, wt its option, either to restoration or repair of the 1'roperty or
to the sums secured by this Security lnstrument, whether or not then due.
L'itiiess Lender and t3arrawer ~iherwise agree in writi~g. as~y applica.io~ af ~re~eP~, t~ ,^.~:~c's~a! sha!! _•xtcr~!
pos~pone the due date of the monthl~~ payments referred to in paragraphs l and 2 or change the amount of such payments.
10, Borrower Not Released; Forbearance By I.ender Not a N'aiver. Extension of the time for payment or
modification of amortization of the sums sect~red by ihis Security lnstrunnnt granted by Lender to anp tiuccessor in
interest of
Borrower shall nut 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 extenci time for
payment or otherwise modify amortization of the sums secured by this Sccurity lnstrument by reason of any demand made
by the original Borrower or BorrowePs successors in interest. Any forbearance by Lender in exercising any right or reined~~
shall not be a waiver of or preclude the exercise of any right or remedy.
11. Successors and Assigns ~ound; Joint and Several Liability; 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 Borrow•er who co-signs this Security
[nstrument but dces not execute the Note: (a) is eo-signing this Security lnstrument only to morlgage. grant and convey
that Borrower's interest in the Property under the terms of this Security lnstrument; (b) is nc~t personally obligated to pay
the sums secured by this Security lnstrument; and (c) agrees that Lender and any other E3orrow•er may agree to eztend,
modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note u~ithout
that Borrower's consent.
12. Loan Charges. If the toan 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 colle~:ted or to be cullected in
conneciion with the loan exceed the permitted timits, then: (a) any such loan charge shall be reduced b~~ the amount
necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded ~
permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed
under thr Note or by making a direct payment to Borrower. If a refund reduces principal, the reducuon will he treated as a
partial prepayment without any prepayment charge under the Note.
13. Legistation Affecting Lender's Rights. If enactment or expiration of applicablr laa~s has the efTect of
rendering any provision ot the Note or this Security lnstrument unenforceable according ta its terms, Lendcr, a! iis ~~pti<~n,
may require immediate payment in full of all sums secured b~~ this Security- Instrument and may im-oke any remedies
permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps sE~ecified in the second paragraph uf
paragraph 17.
! 14. Notices. Any notice to Borrower provided ('or in this Security Instrument shafl he given by deli~~ering it or b~~
~ mailing it by first class mail unless applicable law requires use of another methcxi. The nutice shall !~e directed tu the•
Propeny Address or a~y other address Borrower designates by nohce ro Lender. An~~ notice to I_ender shall be given b}~
i first e)ass mai) to Lender's address stated herein or any other address Lender designates bp nutice t~ I3<~rr~~wer. An,~ nneice
~ provided for in this Security Instrument shalf be deemed to have been given ro AQrrow•er or Ler~der w~hen gi~~en as prov~ded
in this paragraph.
l5. Governing Law; Severability. This Security~ lnstrumenl shall be governed b~~ federal lar~~ and the law~ c~f the
~ jurisdiction in which the Property is located. In the event that an~~ provision or clause of this Secunty Instrument ~r thr
Note conflicts with applicable law, such conflict shall not afiect other provisions of this Security lnstrument ~ir the Note
which can be given effect witfiout the conflicting provision. To this end the provisions of this Serurity Instrument and the
Note are declared to be severabie.
16. Borrower's Copy. Borrower shal) be given one conformed copy of the Note and of thi~ Securit}• Ins~rument.
17. Transfer of the Progerty or a Beneficisl Interest in Borrower. If all ~r an~• part ~~f the Yropert~~ or an~
interest in it is sold or trans(erred (or if a beneficial interest in Borrower is sold or transferred and Borruw•er is not a nawral
person) without Lender's prior written consent. Lender may, at its option, require immediate pa}~ment in full of all tiuniti
secured by this Security Instrument. However, this option shall not be exercised by Lender ~f exercise iti prohibited h~
federal law as of the date of this Security Instrument. ~
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The n~~tice tihall pro~ idr a pencx! ~
of not less than 30 days from the date the noiice is delivered or maifed within which Borrow~er mutit pa} ail ~um~ tiecured b~ '
, this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this pencxi, Lr.nder may in~~~ke an}
~ remedies permitted by this Security Ins~rument w~iihout further notice or demand on I3orrower.
18. Borro~er's Right to Reinstate. If Borrowcr meets certain conditi~ms, f3orrower shall havc thr right t~~ ha~r
enforcement of this Security Instrumer.t discontinued at any time prior to the earlier of: fa) 5 dayti (nr ,urh other peri~xi
applicable law may speci~y for reinstatement) before sale of the Property pursuant Io any ~wer of sale contained ~n thi.
Security Instrument; or (b) entry of a judgment ~n(orcing this Security Instrument. Those conditions are that Borrower.
(a) pays Lender all sums which then wauld he due under this Security Instrument and the Note had no acceleration
a:curred; (b) cures any default of any <~ther co~~enants or agreements; (c) pays all expenses incurred in enforcing ~his
Security Instrument, including, but n~t limited to, reasonable attorneys' fees; and (d) takes such action as l.ender ma}~
reasonably rcquire to assure that the lien of this Security (nstrument, Lender's nghts in the Property and E3orrower's
obligation to ~ay the sums secured by this Securiry Instrument shall continue unchanged. Upon reinsta~cment by
Borrower, this Security Instrument and the ubligations secured hereby shall remain fully eflective as if no accelerdtion had
occurred. Nowever, this right to reinslate shall not apply ~n the case of acceleratio~ under paragraphs 13 c?r 17.
aocr.572 Pnr~E ~~E
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