HomeMy WebLinkAbout2580 If I.en~rr rcyuired murt~;s~;e insuranre ~s a rundiciun uf makin~ thr luan securr~t b~~ chis Srsurity In-
scrument, H~~rruwrr shall pay thr premiums rryuire~l tu m~in~ain the insur.~nre in effert until surh eimr us a reyuirr~~irnc fur
the insur~nce cenninstrs in arrur~lancr w•ith Hurruw~er~s rna Lrn~ler's written a~rreinent ~~r applicable I;~~v.
8. Inspection. (_rndrr e~r its a~;rnt ma~~ make re.~~unablr rntrirs uEx~n and insprrciuns uf the Pruprrt~•. l.en.irr shall
~;i~r Burruwer nutirr at che cime uf ~ir priur eu an insprctiun sExcifyinK rrasunable cause fur the ins~+eceiun.
9. Condemnacion. The pr~xerds ~~f an~~ aw ard ur rlaim fur Jama};rs, direc~ ur cunsryuential, in cunnerciun wi~h uny '
r~~nJemna~iun u~ ucher taki~i~; uf .?n~~ pare ~~f the t'niprrty, ur fur cunveyance in I~ru uf rundemnatiun, are hrrebp ~ssi~;ned and '
sh.?11 be pai~1 cu l.ender.
In ehe e~ent uf a~tal t~kin~; uf ~hr Pn~Exrty, the ~f~?l'(E't~5 SI11II b(t applied tu thr sums securrd h~~ this Securi~y
Instrum~n[, a~hether ur nuc ehen due, w ith any exrrss paid tu Burruwer. ln chee~~ent uf a p~rci.~l takin~;uf the Pruprrt~~, unless
Burruw•er anJ l.endrr i~therwise a~;rer in writinK, the sums scY-urr3 by this Seairity lnserumene shall be reduced bp thr .~muune
u( chc pnxceds muleiplied by the fuUc~win~; fractiun: ~a> the wtal amuunt ~~f the sums secured immediatel~• befure takin~;, ~
.li~•idrd by Ib) the fair market value uf thr Yniperty immediately befure the takinK. Any bal:~nce shsll be paid tu Burruw•rr.
If the Property is abanduned by E3urruwer, ur if, aftrr notice by t.ender tu Burn~wer chat the a>ndemn~>r ~~ffers ru make
an aw,~rd ur settle a claim fur damaKes, Burruwer F~ils tu resEx~nd tu l.ender within ~0 days aferr the.la~e the nuticr is ki~~en,
Lendrr is auchurized eu ce~llect and apply the pnxeeds, at its ~~ptii~n, either tu rrstura~iun ~~r rrpair uf the Pru~rtp ur tu the
sums serured by ehi~ Seruriry Instrument, whether ur nut chen due.
Unless l.ender an~ Hurniwer ~?therwise ~Kree in writinK, an}~ :?pplicati~in uf prexeetls tu principal sh~U nut extend ur
Ex,stEx,ne chr due Jatr uf the m~~nthly payments referred tu in parakraphs 1 a~d 2 i~r chanKe che amuunt uf such pa~~ments.
10. Borrower Noc Released; Forbearance By Lender Not a Waiver. Lxcensiun uf che cime fur ps~~menc ur
nx?difiiatiun ~~f ami>rtiz~eiun uf the sums secured by this SeYUrity Instrument Kranteel by Lrnder t~? any successor in interest uf
~ Hurruwer shall n~?t ~~perate cu release the liability c?f the uriKinul H~~rruw~er ur H~~rruwer's surcessurs in interest. Lender shall
n~it be rryuired turu~nmenre prureedinKs agains~ any successur in incerrst ur refusr euextend cime f~~r payment ur uthera•ise
mudif}• amurtizatiiin uf the sums secured b~~ this Security Instrument by reas~~n ~~f any demand made by the~?ri~inal Beirruwer
ur Burruwer's surcessurs in interest. Any forbear~nce by I.ender in exercising any right ur remed~• shall nut be a waiver ~~f ur
prrrlu~le ~he exerrise ~~f an~~ riKhc or remedy. ~
I 1. Successors and Assigns Bound; Joine an~1 Several Liability; Co-signers. The cu~•enants and ~greements uf this
tircurity~ Instrument shall bind :~nd benefic the surcessurs and assigns uf l.ender and Burruwer, subjerc te~ the pr~n•isiuns uf
paraKraph 17. Bi~rruwer's cen•enants :~nd aKreements shall be juint and sever~l. An}• Burruwer w•hu cu-siKns this Securit~•
Instrumene bue diKS nut execute the Nute: (a) is cu-sikning ehis Security~ lnstrument unly to m~~rtgage, grant an~ com~ey chat
B~~rruwer's incrresc in thr Pruprrt~~ unJer the cerms uf this Security lnstrumenr, (b) is n~,t persunally ubligaced co pay~ che
;ums scYUred b}' this Serurit~• Instrumrnt; and ~c) a~;rees thut l.ender and any ~~~her Be?rruwer may aKree cu extend, m~xtify,
furbrar ur make an~~ :~ccumtnixlatiuns with reKard tu the terms uf this Security Inscrumrnt ur the 1~'ote w•ich~~ut that
Hurruwer's cunsenc.
12. Loan CharRes. If the luan secured by this Securitp Instrumen~ is subjecr eu law which sets maximum luan
ihar~;es, and that law is finall~~ interpreted so chat the interest ur uthrr Ie~an charKes a~llected e~r to be cuilecced in runnectiun
w•ich che lu~n exreed che permitte~ limics, then: 1 ~ I.~ny surh lu:~n charge shall be reduced b}~ che amuune neress~rq tu reduce
i the char~e tu thc permitted limit; and (b) an}' sums alread~• rullec~ed fn~m Borruwer which exceede~l permitced limits will be :
` rrfunded tu Burruw•er. I.ender may cho~~se n~ make chis refund by reducinK the principal ~>wed under the Nure ~~r b~~ making a :
~ .iirett p,~yment tu B~~rrua~er. If a refund reduces princip~l, the reductiun will be creaceJ as ~ partial prep:~ymrnc w~ithuut any ~
~ ~rrp~y~ment rhar~;e under the Noce.
` 1 i. Legislation Affecting Lender's Rights. If enactment ur expir~cii~n uf applirable laws has the effect uf rendering ~
~ ~n~• pru~•~swn e,f the Nutr ur this Security~ Instrument unenfvrreable accurding tu its rerms, Lender, ae ies c~ptiun, ma~~ require ;
imme.1ia[e paymene in full uf all sums secured by ehis Securic~~ Instrument and may im~iike any remedies permitred by ~
~ par.~~;raph t~J. If Lender rxercises this uption, l.ender shall t~ke thc steps specified in the secund paraKraph uf paraRraph 17. ~
~ 1-i. Notices. An~~ nucice tc~ Burruwer pruvideJ fur in this Security Instrument shall be Ki~•en by delivering it ur by {
~ mailin~; it b~~ First cl:~ss mail unless applicable law reyuires useuf anuther methe~. The nutice shall be directed te~ the Pr~~pere}• ~
I
F A.1.~ress eir any i>cher address Burruw~er designaces by notice to I.ender. Any nutice w Lender shall be given by firsc class mail ;
~ c~~ I_rnder:s 3ddress scateJ herein ~~r any other address Lender designztes by nutire to Borrow•er. Any~ n~>tice pruvided f~?r in
chis Serunc}• Instrwnenc shall be deemed to have been given to Borrower or l.ender when given as pruvided in this paragraph. I
15. Governing Law; Severability. This 5rcuricy Instrument shal! be g~n~erned by federal law and the law~ c,f the ~
~urisdiitiun in whi~h the Pn~perty is I~xated. ln the event chat any pruvisi~~n e~r rlauseuf this Security Instrument ur the Note
~ cunfliccs with ,~pplirrble law, such ronflict shall nut affect iuher pre?visions uf this Securit~• (ns~rument e~r the Ne~te whirh ran I
be ki.•en rffect w•ithout the cunflicting pn~visiun. Tc~ this end the pruvisiuns uf ~his Security Inscrument and ehe Ne~re are j
~ Jeilared n~ be se~~erablr. ,
16. Borrower's Co Burn>wer shall be i~~rn ~~ne cunfurmed cu uf chr Nute and uf chis Securit Instrumene.
~ PY• 8 PY y'
17. T'ransfer of the Property or a Beneficial Interest in Borrower. If all ur any parc ~~f the Prupert}~ c~r any
interest in it is suid ~?r transferred if a beneficial inreres~ in Borruwer is sc~ldor transferred and Burn~wer is nuc a nacural
~ persun) withuUt I.ender's prie~r written consent, l.ender may, at ics c~pcion, require immediate payment in full of all sums '
~ secured by chis Scrurity Instrumenc. Huwever, chis uptiun shall not be exercised by I.ender if exercise is pruhibited by federa~
law~ as uf the date e~f this Security Instrument.
If Lender exercises this ~~ptiun, Lender shall Rive Burn~vver nutice e?f acceleratie~n. The ne~tice shall pr~~vide a peri~x~of
n~u less than ~Odays from the date the nucire is delivered or mailed withie~ which &>rrower must pay all sums secured by this
kcurity~ [nstrumcnt. If Burruwer fails to pay these sums prior w che expiracion e~f this F+eriod, Lender may imuke any '
remedies permitced by this Security Inscrument without further nutice ur demand on Born?wer.
6 18. Borrower's Right to Reinstate. If Korruwer meets certain conditions, Borrower shall have che right co have '
~ enfurcement uf this Security lnstrument discuntinued at any~ time prior to the earlier uf: (a> 5 days ~or such i~ther periud as '
~ applicable law may s~ecify fi?r reinst3tement ) befure s:~le ~+f the Property pursuant to an~• pi~wer i~f sale a~ntained in chis Se-
; curity~ Inscrumenr, c?r Ib) entry uf a judgment enG?rcin~ this Security Instrument. Thuse cundiciuns are that Borrower: (a> ,i
~ pays I_ender all sums which then wuuld be due under this Security tnstrument and the Note had nu acceleration ~xcurred; (b) ;
~ cures any default uf any either r~imenants ur aKreements; (c) pays all expenses incurred in enforcing this Security~ Instrumenc,
~ inclu~inK, but nut limited tu, reasunable .~trc~rneys' fces; and ~d) eakes such attiun as Ixnder m.~y reasonabiy require tu as-
~ sure that the lien of this Security lnstrument, I.rnder's riAhts in the Property and Borrc~wer's obligatiun to pay the sums ;
~ secured by this Seruriry Instrument shall amtinue unchanKeel. Upem reinscatement by &~rrower, this Security Instrument
and the ~ibliRati~~ns secured hereby shall remain fully effective as if ne~ acreleratii~n had ~xcurred. H~~wever, this right to
reinstate shall nut ~pply in che case i>f acceleratiun under p.~raRraphs 13 or 17.
~ b'oo~ 674 PAGE2580
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