HomeMy WebLinkAbout0146 if Lender reywred rTu~rtgage ~nsurance as a re~nditiun uf making the luan ,erurrd by this Secunty Instrument,
B~~rrc~~+er ,hall pa~ the premiums reyuired to maintain the insuranre in effect until surh time as the reyu:rement for the
in.urcinrr ter~tiiin,+tr~ in a::rurda~~re with Borrawe~'s and Lender's written sgrerment or applirable law.
8. Inspection. Lender or ~tti agent ma~~ make reasonable entries u~n and inspections of the Propert~~. Lender
,h.ill gi~e E3urro~~rr notire :~t the time of or prior to an inspection specify~ing rrasan~bie rause fur the ~nspectiun.
9. Condemnation. The pnkeeds ot~ any award or claim ~or damage~, dirert or ronsryurntial, in ronnecti~m :+ith
an~ cemdemnanun ur oth~r taking of an~ part uf Ihe Propert}~, or f~~r ron~eyanre in lieu of cundemnation, are hereby
ati.ignrd and shdll be paid tu Lender.
ln the e~ent oia total taking of the Propcrt}~, the prcxeeds ~hail he applied t~~ thr ~um~ serured b}• this Security
lntitrUnirnt, whether or nc~t then due, w•ith an~~ exress paid to BorroHer. In the e~er~t of a partial taking of the Pr~pert~•,
unless Burrow~er and Lender utherw•ise agree in wnting, the sums secured by this Security In~trument tihall be redured by
the amaunt ot the proceeds multiplied b}~ the following fraction: (a) the total amount of the sumti tiecured immediatel}•
befure the taking, divided b~~ (b) the fair market value of the Yropert~~ immediatel~~ befure the taking. Any balance shall be
paid to B~~rrow•er.
If thc Prupert~~ i~ abandoned by Borrow•er, e~r if, after notice by~ Lendrr to Borrc~wer that the c~~ndemnc~r oflers to
make an aw ard ur settle rlaim for damages, Borrower fsils to respc~nd to (_ender ~ ithin ?0 da~~ti after the date the natice is
g~~ rn, l.ender is authorized to collect and apph~ the pr~keeds, at its option, either to restoratiun or repair ot the Nro~ rt}~ ur
to the sums secured b~~ this Security~ Instrument, w•hether or not then due.
l.'nless Lender and Borrower otherw~ise agree in w~riting, any~ application uf pnxrrdti to principal ~hall nut extend or
~ostpone the due date of the monthl}~ pa}~ments referred ta in paragraphs 1 and 2 ur rhange the amount uf such pa~~ments.
10. Borrower \ot Released; Forbearance By Lender Not a~ti'aiver. Extension uf the time for pa}~ment ar
mudification of amortization of the sums secured by this Security Instrument granted b~~ Lender to an~ sucressar in
interest of Borrow~er shali not operate to release the liability of the ~riginal Bormw~er ~~r Burrow~er's successors in interest.
Lender shall not be required tc~ commence prcx~eedings against any~ surcessor in imerest or refuse to extend time for
pa}~ment or athen~~ise modifp amortization of the sums secured by thi1 Serurit}~ Intitrument b~~ reason of any demand made
by the origmal Borrower or Borrower's successors in interest. An}~ forbearance b~ Lender in exerrising any right or remed}~
,hall not be a w~aiver of or preclude the exercise of any right or remedy~.
I1. Successors and Assigns Bound; Joint and Several I.iability; Co-signers. The co~enants and agreements of
this Security Instrument sha(1 bind and benefit the successors and assigns of Lender and Borrow~er, subject to the provisions
~ of paragraph 17. Borrow~er's co~enant~ and agreements shall be joint and several. An~~ Borrower w~ho co-signs this Securit}~
! Instrument but daes not execute the tiote: (a) is co-signing this Security lnstrument onl}~ to mortgage, grant and conve~•
that Borrow~er's interest in the Prurerty under the terms of this Security Instrument; (b) is not personall}~ obligated to pay~
the sums secured b~ this Securit}~ Instrument; and (c) agrees that Lender and am~ other Borrow~er ma~~ agree to extend,
modify, forbear or rnake an~ arc~,mrnodat~ans «~ith regard to the terms of this Security Instrument or the Note witlmut
that Borrow~er's ronsent.
12. I.oan Charges. If the loa~ secured b~~ this Securit}• Instrument is subject to a law H~hich sets maximum loan
charges, and that law~ iti finall}~ interpreted so that the interest or other loan charges collected or to be collected in
ronnection ~~~ith the luan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
Ij neressar} to reduce the charge to the permitted limit; and (b) any~ sums already collected from Bc~rrow~er which exceeded
I permitted limits will be refunded to Borrow~er. Lender may choose to make this reiund by reducing the principal owed
! under the Note or h}• making a direct payment to B~rruw~er. If a refund reduce1 principal, the reduction w•ill be treated as a
F partial prepa}~ment w~ithout any prepayment charge under the Note.
~ 13. I.egis{ation AfTeeting Lender's Rights. If enactment ~~r ex~irancm of applicable laws has the etTect of
' rendering any~ provision of the Note or this Securit} Instrument unenforceable according to its terms, Lender, at its option,
~ may reyuire immediate pd}~ment in full ~f all tiums secured b}~ Ihis Scrurih• Instrument and may imoke any~ remedies
! ~ermi!ted by paragraph 19. If Lender exercises this uption. Lender shall take thr titeps s~erified in the second paragraph of
` paragraph 17.
14. tiotices. An~~ notire te~ Borrow~er prc~vided for in this Serurit~~ Instrument shall ~e giren b}~ deli~~ering it or by
i mail~ng it b}~ first class mail unless applicable lau~ reyuires use of another method. The notice shall be directed ro the
; Property Address or any other addres~ Borrow~er designates by notice to Lender. An~~ notice to Lender shall be gi~~en by~
; first class mail to Lend~r's address stated herein o~ any <zther addresti Lender de~ign~tes by notice to ~3orrower. Am~ notice
€ pro~ided for in this Securit}~ Instrument shall he deemed to ha~e been gi~en t~~ E3orrc~w~er e~r Lender w~hen given as provided
~ in this paragraph.
15. Governing Iaw; Severability~. Thiti Serurit~ Intitrument ~hall he gu~erned b~~ federal law and the law of !he
~urisdiction in w~hich the Property~ is l~cated. In the event that an} pru~~ision or clausr of this Security Instrument or the
tic~te conflicts w~ith applicable law~, tiuch conflict shall not affect other pm~isio>>s c~f this Security Instrument or the Note
` which can be gi~en effect w~ithout the conflicti:~g pro~is~on. To this end the prc~vitiions of this Security Intitrument and the
tiute are declared to be szverable.
~ 16. Borrower's Copy. H~rrc~w~er shall be given one ronf~~ med cop}~ uf the'~TOte and of this Securit}• Instrument.
E 17. Transfer of the Property or a Beneficial Interest in Borrower. If all c~r xny part ~f the Property or any
~ interest in it is sold or iransferred (or if a beneficial intere~t in Bc~rrower is sold or transferred and Borrow~er is not a natural
penon) w~ithout I.ender's prior written Lonsent. Lender ma}, at itti option, reyuire immediate pa~~ment in full of ali sums
secured b~ this Se~-urit}~ Instrument. Howe~er, this optii~n shali nor be exercised by~ Lender if exercise is pmhibited b~•
federal law as of the date of thiti Securit~~ Instrument.
[f Lender exercites this optiun, Lender shall gi~e Horrower notice nf acceteratic~n. The n~~tice shall pro~~ide a~eriod
~f not lesti than 30 dsy~s from the date the notice is delivered or maiied w~ithin w hi~h B~rrow~er must pa}~ all sums secured b}~
this Securit}~ Instrument. If Borrower fails to ~a}~ these sums prior te~ the expiration ~~f thiti period, Lender may imoke an}
remedies permitted by~ this Securit}' Instrument without further notice or demand on Borrower.
18. Borrower's Right to Reinstate. If Borrower meets certain condici~ns, Borrow~er shall ha~e the right to have
enf~~r~ement o~~his Securit} Instrument discontinued at an}~ time priar to tt~e carlier of: (a) 5 days (ur such other period as
appliraole law ma}~ spec~f}~ for reinstatement) before sale of the Propert} pursuant to any~ ~wer of sale contained in this
~ Serurit}~ Instrument; or Ib) entry of a judgment enforc~ng this Security Instrument. Those conditions are that Borrower:
(a~ pa}~s Lender all sums which then ~~ould be due under this Securit}• instrument and the Note had no acceleration
~ occur~ed: (b) cures an} default c~f any~ other co~~enants or agreements; (c) pays all expenses incurred in enforcing this
' Securit} Instrument, incli,ding, but not limited to, reasonable attorney~s' fees; and (d) takes such action as Lender may
; reasonably reyuire to assure that the !ien of this Security Instrument. Lender's nghts in the Property and Borrower's
obligation to pay the ~.ums secured by~ this Security Instrument shall continue unchanged. L3pon reinstatement by
Borrower, this Security~ Instrument and the obligations secured hereby shall remain full}~ effective as if no acceleration had
occurred. Howe~er, this riaht to reinsta:e shall not apply in the case of acceleration under paragraphs 13 or 17.
R 675 F~`E 146
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