HomeMy WebLinkAbout0982 Any amounts disbu!sed by Lender under this paragraph 7 shall become additional debt of Bor~ower secured by this Security
Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest tr~m the date oi
disbursement at the Note rate and shall be payabte, wiih interest, upon notice from Lender to Borrower requesting payment.
If Lender required mortgage insurance as a condilion of making the toan secured by this Security Instrument, Borrower shall
pay 1he premiums required to maintain the insu~ance in eftect until such lime as the requirement for the ir~surance terminates in ~
accordance with Borrower's and Lender's written agreement in applicable law.
8. lnapectlon. Lender or i1s agent may make reaso~able entries upon inspections of the Property. lender shall give Borrower ;
notice at the iime of or prior to an inspection specifying reasonable cause for the inspection.
9. Condemnatlon. The proceeds of any awa~d or claim tor damages, direct or consequentiat, in connection with any
condemnation or other taking oi any part of the Property, or for conveyance in lieu ot condemnation, are hereby 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 by this Security Instrument,
whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the P?operty, unless Borrower and
Lender otherwise agree in writing, the sums secured by this Security Inst~Ument shall be reduced by the amount of the proceeds
multiplied by the tollowing lraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) !he tair
markel value of the Property immediatety before the taking. Any balance shall be paid to 8orrower.
If the Prope~ty is abandoned by Borrower, or if, after noiice by Lender to Borrower that the condemnor oifers to make award or
seitle a claim for damages, Borrower tails to respond to Le~der within 30 days after the date the notice is given, lender is authorized
to collect and apply the proceeds, al its option, either to restoration or repair oi the P~operty or to the sums secured by this Security
Instrument, whether or not then due.
Unless Lender and Bor~ower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone
the due date of the monthly payments reterred to in paragraphs 1 and 2 or change ihe amounts oi such payments.
10. Borrower Not Releaaed; Forbearance By Lender Not a Walver. 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 ot Borrower shall not
operate to release the liability of the original Borrower ~f Borrower's successors in interest. Lender shall not be required to ,
commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modity amortization of ;
the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Sorrower's successors in 1
interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or reclude the exercise of any right or ,
remedy. ~
11. Successors and Asslgns Bound; .lolnl and Several Llablllty; Co-Slgners. The covenants and agreements of this Security {
Instrument shall bind and benetit the successors and assigns of lender and Borrower, subject to the provisions of paragraph 1T_ i
Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not
execute the Note: (a) is co-signing this Security tnst~ument only to mortgage, grant and convey thai 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, iorbear or make any accommodations
with regard to the terms oi 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 lhat the interest or other foan charges collected or to be collected in connection with theloan exceed the
~ermitted 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 collscted from Borrower which exceeded the'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. ,
i 3. Legislation Affecttng Lender's Rights. Ii enactment or expiration of applicable laws has the effect of ~endering any provision ,
of the Note or this Security Instrument uneniorceabte according to its terms, lender, at its option, may require immediate payment
in fuil ot alt sums secured by this Security Instrument and may invoke any remadies permitted by paragraph 19. If Lender exercises '
this option, Lender shaU take the steps specified in 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 unfess appticable law requires use of another method. The notice shal! be directed to the Property Address or any other
address Borrower designates by notice to Lender. 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 Borrower. Any notice provided for in ihis Security Instrument shall be
deemed to have been given to Borrower or lender when given as provided in this paragraph.
15. Governing Law; Severabillty. This Security Instrument shall be governed by federal taw and the law of the jurisdiction in which
the Property is located. In the event that any provisions or clause of this Security Instrument or the Note conflicts with applicable
law, such con(lict shall not affect other provis+ons of this Securtiy 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 shali be given one conformed copy of the Note and of this ~ecurity Instrument.
17. Tranafer of the Property or a 8ertet~cial lnterest In Borrower. If ali or any part ot the Property or any interest in it is sold or
transferred (or if a beneficial interest in Sorrower 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 Security Instrument.
However, this option shatl not be exercised by ~ender if exercise is prohibited by federal law as of the date of this Security
Instrument.
` If Lender exercises this option, Lender shall give Borrower notice oi 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
Insirument. lf 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 Rlght to Reinutate. If Borrower meets certain canditions, Borrower shall have the right to have enfor:ement of this
Security Instrument discontinued at any tirne prior to the earlier of: (a) 5 days (orsuch other period as applicable !aw may specify for
reinstatement) before sate of the Property pursuant to any power of sale contained in this Security Instrume~t; 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 accele~ation occurred; (b) cures any default of any other covenants or
agreements; (c) pays all expenses incurred in enforcing this Security Instrumert, including, but not limited to, reasonable attorneys'
fees; and (d) takes such action as Lender may reasonab(y require to assure that the lien of this Security Instrument. Lender's rights in
ttne 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 effective as ii no
acceleration had occurred. However, this right to reinstate shall ~ot apply in the case of acceferation under paragraph 13 or 17.
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fIOAtDA-SInpN fpnNyFNMA/FHIMC UNIFORM INlTRUYEXT
GF FL50025 12-a7 Form 3010 12/83
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