HomeMy WebLinkAbout0994 suooessr~rs and assigns of Ler~der arxi eorro~rer, subject to the pravisior~ of
paragraph 14 belaw. Bor~x's ayverkvzts and agr~nents shall be joint and
several. Any Borrower who oo-signs this Security Instnm~nt but does not execute
the Note: (a) is oo--signirx~ th~.s Security Instnm~nt onl.y to morbgage, grant and
oorYVey that Borraw~r's internst in the Prapexty w~der the tenr~s of this Security
Instrw~nt; (b) is not pe~sonally obliqated to pay the sims secured b~y this
Security Instnm~ent: and (c) agre~s that Lerxier artid any other Borra~,t~r may agree
to extend, modify, fo~e,ar or mak,e any aoooamnodations with regan~ to the terntis oF ~
this Security Instnm~ent or the Note withaut that Bort~aw~er's oonse.n~. :
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9. IC~1N ~
If the laan securec~ by this security Instnm~ent is subject to a law which ~
sets maximum loan charges, aryd that law is finally inteYpreted so that the ~
interest or other loan charges oallected or to be oollect~~ed in oonr~ection with 2
the lcaan exceed the peYmitted limits, then: (a) any such loan charge shall be
reduced by the amount necessaYy to rechioe the charge to the pexmitted limit; and
(b) any stuns already o~llec.~t~ed from Borrawer which exceeded penti.tted limits will
be refunded to Borraw+er. L,er~der may choc~e to make this refltr~d ?~y reducir~g the
principal cywed w~der the Note or by makfng a direct payme.nt to BorroFrer. If a ;
refund reduoes principaZ, the reduction will be treated as a partial prepaym~..nt
without any p~~alty charge under the Note.
10. r~c,T~iATTC~I AI~~C1~iG IEN~I2'S RIGfII'S.
If enactznent or e.~piration of applicable laws has the effect of rendering
any pravision of the Note or this Security Instnm~_nt unenforoeable aooordir~g to
its ternts, IP_nder, at its option, may require i~nediate paym~lt in ivll of all ~
sums secured by this Secvrity Instnune.nt and may irnolc~e ariy remedies peYmi.tted by ~
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paragraph 16. If Iender exercises this option, Le,.nder stiall take the steps '
specified in the seoond paragraph of paragraph 14. ~
11. A1(7rIC~SS.
Any notice to Borrawer prwided for in this Security Instnm~~nt shall be
given by delivering it or by mailing it first class mail unle.ss applicab2e law
requires use of another method. 2he natice shall be direct~d to the Propeity
Address or any other address Borrvwer designates by notice to L~...nder. Any notioe
to Lender shall be given by first class mail to Ier~der's address stated herein or
any other address I~nder designates by r~otice to Borrawer. Any notice pravided '
for in this Security Instnm~nt shall be deemed to have been given to Borrvwer or ;
I,ender when given as pravided for in this paragraph. ~
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12. c~W~WIId1Il1~G LAW; - j
Zhe Security Instrtun~,nt shall be gwe.nned kyy federal l~w and the law of the I
jurisdiction in which the Property is located. In the event that ariy provision
or clause of this Security Instrwnent or the Note secured he.re.by oonflicts with
applicabie law, such oanflict shall not affect other provisions of this Security
Instrume.nt or the Note secured hereby which can be qiven effect without the
mnflictirx~ provision. Zb this end the prwisions of this Sec~irity Instnm~e.nt
ar~d the Note secured hereby are declared to be severable.
13. B~R'S ODPY.
; Borrawer shall be given one confoi~ned ca17y of the Note and of this Security
I Instrmt~x~t.
II I4. ~FER OF D-IE PROP~'Y ()R A ffi~IC~AL ~ IN B~4~II2. If all or
! any part of the Property or any intQxest in it is sold or transferred (or if a
~ b~neficial interest in Borrawer is sold or transferred and Forrow~x is not a
natural person) without Lender's prior written oonsent, Le,nder may, at its
~ option, require i~nediate gayment in full of all swris secured by this Security
~ Instnunent. Hawever, this option shall not be exercised l~y Lender if exer+cise i.s
prohibited by federal law as of the date of this Secu.rity Instnuneilt.
If Lender exercises this vption, L~~der sha1Z give Borrawer notioe of
aoceleration. Zhe notice shall pravide for a period of no less than 30 days frvm
~ the date t~he notioe is delivered or mailed within which Bonasaer must pay all
sim~.s securecl by th.is Security Instnm~ent. If Borrow~er fails to pay these stmts
prior to the expiration of this period, Ier~der may ir~voke ar~y remedies pennitted
by this Security Instrwn~_nt withvut further riotiae or demand on Borrowex.
1.5. B~WII2'S RI(ZiI' 'PO ~TE.
t If Borrower meets certait~ oonditions, Bon~nwer shall have the ric~t to have
~ enforcement of this Security Inst.t~m~e.nt discontinued at ar~y time prior to the
earlier of: (a) 5 days (or such other period as applicable law may speci.fy for
reinstatement) before sale of the Property pursuant to any pvwer of sale
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