HomeMy WebLinkAbout2528 If l.rn~ler reyuirrd ~nurc~;a~;r insuranre ~s a~un~litiun uf m~kin~ ~he lu:~n serurr~l b~~ chis Securic~• In-
~erumrnt, Hurruwrr shall pa~~ thr prrmiums rrqu~reJ tu rnaintain ehe insuranir in rffect until such timr ~s ~ rryuircment fi~r
~hr in,urancr termin~trs in :?riurdance w~ith Bcirruw•er~s and l.en~ler's writtrn ,~Krermene ur applicable law.
8. Inspection. l.en.ler i~r ics a~;ent may makr reasunablr entries uExm and insExrtiuns uF the Prupert~. 1_rn~lrr shall
~;ivc I~urruwrr nutiie at the time uf ur priur tu an in~rxcciun specifyink reasunable cawe (ur the inspecti~~n.
Condemnation. Thr pnx~rr~s uf any :~w~ard ur rlaim fur d~m~ges, direct ur cunsrquencial, in iunner[iun wich an}•
iun~lrmnatiun ur uther t~kin~ uf an~• part uf thr Yn?perey, ur fur cunveyanre in liru uf cundemna[iun, ~re hereb~• ~ssikned ~nJ
sha11 tx pai~ tu l.en~ler.
In thr e~•enc uf a cucal takin~; uf the Pruprrt}•, chr pnxcrds shall be applie-~i cu the sums srrurc~l b~~ this Seruriry
Inserument, w~hether ur nur chen due, w•i~h any~ rx~ess paid cu Burruwrr. ln thre~•ent ~~f a parcial takinKuf che Yrupercp, unless
Burruw~rr and Ixndrr ucherw-ise akrrr in writin~;, the sums serured b~~ this Stcuricp Instrument sh:~ll be reduced b~• che amuunt
uf ~hr pr~xceds mulciplird by thc fulluwin~; Fractiun: (a) the tutal amuunc uf the sums serured immedi~tely befure takinK,
.fi~~i~1r~! b}• 1b? the fair market value uf the Pruperty immediarely~ befure the takin~;. An}~ balance shall be paid tu B~~rruwer.
lf che Pruperty is ~banduned by Hurruwer, ur if, after nutire by Lender w Burn~wer cha< <he a>ndrmnur uffers tu mske
.~n 3~~~r.f ur sc~cle a rl~im fur dama~es, Burruwer f:~ils tu resp~~nd tu Lender W~ithin 3U day~s after the date chr nutire is Kiven,
t_endrr is au~hurized tu ce~llect and apply the pnxeeds, at ics opcion, either tu resaxatiun ~?r repair uf the Pn~pert~• nr cu che
sums secered by~ this Securit}' Instrument, whether ur no~ then due.
Unless Lendrr and Burruwrr utherwise agree in writinF, any applicatiun ~~f pr~xee~s tu principal shall n~~t extend ur
Ex,st~,ne the due dace uf the munthly payments referred to in par:~graphs 1 and 2 ur change the ~muunt uf surh pay~ments.
10. Borrower Noc Released; Forbearance By Lender Not a Waiver. Extensi~~n uf the time fur paymenc ur
m~xiiFic~ti~m uf amurtizatiun uf thr sums serured by this Securit~• Instrument Kranted by Lender tu any successor in inrerest uf
H~xn~w-er shall nue ~~peraee eu release che liabilic~~ ~~f the original Burruw•er ~~r B~xn~wer's successurs in interesc. Lender shall
n~?t be required [o rummenre proceedings ag3insc any successur in interest ur refuse cu excend time fi?r pa~~men~ ur utherw~ise
m~xlify am~~rtizztion uf the sums secured by this Security Instrument by ressun of any demand made by the ~~riginal B<~rruwer
ur Borruw•er's successurs in interest. Any furbearance by Lender in exercising any riKht ur remedy~ shall nut be a wai~~er uf ur
prrrlude the exerrise uf a~y rikht i~r remedy. ~
l 1. Successors and Assigns Bound; Joinc and Several Liability; Co-signers. The cuvenancs snd agreemencs uf chis
Securic}• Instrumrnt shall bind and beneFi~ the suciessurs and assikns uf Lender and Bunuwer, subject tu the pruvisiuns ~~f
parskraph 17. Burn~w•er's cuvenants and akreements shall be juint and several. Any~ Be~rruwer ~~hu cu-signs this Security
Inscrumenc but dues nut execuce che No~e: t a f is cu-siKninK this Security Instrument ~>nly tu murtgage, grant and cum•ey that
Hurruwer's interest in the Prupercy under the terms ~>f this ~ecurity Instrumenr, (b) is nuc persunali~~ ~~bligated to pay~ the
sums serured bp this Security Inscrumenc; and (c) agrres that l.ender and an~• ~?ther Be~rruwer may~ agree cu excend, mudify,
furbr~r ur m:~ke an~~ acrummixf3tiuns wich regard cu che cerms uf chis Security~ Instrument ur the N~~te w~ichuut that
B~>rruwer~s cunscnt.
12. Loan Charges. If the luan serured by chis Securicy Inscrumen~ is subjert cu a law which secs maximum I~~an
r charkes, and chac law is finally inrerpreeed su thae the incerest ure>ther luan rharges cullected ur to brcullerced in cunnection
w•ich che lu~n exreeJ the permitted limits, then: t a? any such li>an charge sh~ll be reduced by the amuunc necess:~ry a? reduce
{ che charge tu che permitted limit; and Ib) an}' sums :~Iready cullecred frum Burruwer which exceeded permitted limits w~ill be
~ refunded to Hi~rruwer. l.ender may ehiwse tu make this refund b~• reducing the principal e>wed under the Nute ur by making a
~ dirert pa~~ment tu H~~rruw~er. lF a refund reduces principal, che reduc~iun will bc crea~ed as a pareial prepayment wichuut an~~
prepa~~ment charKe under che Nuce.
~ 1 Legislation Affecting Lender's Rights. If enaccmen~ or expiraeiun uf applicable laws has che effect ~~f rendering
~ an}' p«~~'isiun uf che Nuce ur chis Securicy Instrumenc unenfurreable accurding te~ its terms, Lender, at its c~ption, may require
immedi~te p:~~•ment in full uf all sums secured by this Security Instrument and may~ im~uke any remedies permitted by~
paraKraph 19. If Lender exercises chis uptiun, l.ender shall take the steps sperified in the sei~~nd paragraph uf paragraph 17.
1-~. Notices. Any~ nucice to Borr~wer pn~vided for in this Security Instrument shall be giren by deliverinK it ur by
~ mailink it by first class mail unless applic~ble law reyuires use ~~f unuther methud. The notire shall bedirected tu the Pre~perty
~ Address ~~r any ~~~her address Burruwer designares by nutice tu I.ender. Any nutice u~ Lender shalt begiven by first class mail
~ w I.ender's address s~a~ed herein or any e~rher address l.ender designates by nucice tu Borrower. Any n~~cire pru~•ided for in
chis Security Instrument shall be deemed re~ have been given tu B~~rrower or Lender when given ~s pnwided in this paragraph.
~ 15. Governing I.aw; Severability. This Securiry Instrument shall be gover~ied by federal law and the law of the
~ jurisdictiun in which the Pruperty is I~xated. In the event that any pruvision ur ilause ~>f chis Security Instrument ur the Noce
~ r~~nflicts with applicable law, such cunflict shall n~~t affect e~ther pn?visiuns uf this Security Instrument or the Ne~te which can
~ be ~;i~~en effect withewt the cunfliccing pruvisiun. Te~ chis end che prc~visiuns ~~f this Securic}~ Instrumenc and the Note are
declared tu be sever~ble.
~ 1G. Borrower's Copy. Burre~wer shall be given une confe~rmed ce>py uf the Noce and uf this Securic}~ Instrument.
~ 17. Transfer of the Properry or a Beneficial Inceresc in Borrower. If all ~>r any parc of the Prupert~~ e,r sn}~
~ncerest in ~e is suld ur cransferred (ur if ~ beneficial inceresc in B~~rruwer is s~~ld or cransferred and Burre~w•er is n~~c a natural
~ Exrsunl wichuuc l.ender's prior written cunsenc, I.ender may, ac ics ~~ptii~n, reyuire immediare payment in full of all sums
serured b}~ chis Securicy Instrument. Hiywever, chis up~iun shall nuc be exercised by Lender if exercise is pruhibiced by federal
law~ as uf thr dare uf this Security~ Instrument.
(f I.ender exercises this uptiun, Lender shall give Be~rruwer nutice~~f acceler3ti~~n.1'he nutice shall pruvide:~ periud i~f
nuc less chan i0days from chedare che nu~ice isdeliveredur mailed within which Aorn~wcr must pay all sums secured by this
s Securicy Instrument. If Born~wer fails tu pay chese sums pri~,r to the expiraciun c~f this peric~d, I.ender may im~e~ke any
rrmedies permitted by this Securiey Instrument with~~ut further nutice e~r demand un Be~rn~wer.
~ 18. Borrower's Right co Iteinscace. If Burn~wer meecs cercain cundiciuns, Borruwer shall have the right to have
~ enfurcemenc uf chis Securicy Instrument disa>ntinued at any time priur tu the earlier uf: (a) 5 days (or such other period as
'r,;
& applicable law may specify ~or reinstatement? befure sale ~~f the Property pursuanc w any puwer of sale concained in this Se-
~ curiry lnscrumenr, ur (b) encry ~sf ~ judgmenc enfurcinK chis Security Inscrumene. T'hose condicions are chac Be~rrower. (a)
~ pays I.ender all sums which then would be due under this Securiry Instrument and the Nure had no acceleratiun occurred; (b)
~ cures any default uf any ~~ther convenants ur agreements; lc 1 pays all expenses incurred in enforcin~ this Security Instrument,
~ including, bue ni~t limited n?, rrasunable aui~rneys' fees; and ~d) takes such actiun as [xnder may reasonably require tu as-
~ sure that the fien of this Securiry Instrument, Lender's rights in the Property and Borrower's obligacion to pay the sums
t secured by this Security lnstrument shall a~ntinue unchanAed. Upon reinstatement by Burrower, this Security Instrument
and ehe e~bliRati~yns secured hereb} shall remain fully effeceive as if n~~ accelerasion had occurred. However, this right tu
reinstace shall ne~t apply in the case of acceleration under paragraphs 13 or 17.
~ BOUK 674 PbCE~52~
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