HomeMy WebLinkAbout0150 It L~n~fer rryuir«1 m~~rtgage intiuran~e as a runditian uf making the Ic~an secured b} thiti Serunt~ Instrumrnt,
h~~rru~~~r .hall ~a~ th~ ~rrmium. reyuired tu ma~ntain the insuranre in efi'e~t until such time as the reyuirement for the
i~~,uran~r t<rnunate. in :irrc~rdance with Bormwer's and Lender's H~r.tten agreement ~r aprlirahl~ la~.•.
8. I~spection. I_rnaer ~~r its ,igent ma~~ make reasunable entries u~m and ins~cti~~m of the Propert}~. l.ender
.hall Ri~ e B~~rru~~er n~~u~e at the time ~~f or t rior t~~ an inspection s~cif~~ing reasonabie rause fc~r the ins~tion.
9. Condemnation. The prorrrd~ c~f an~ a~~ard ur rlaim for damages, direct or consequential, in connection ~•ith
:in~ c~~n~iemnaUon or ~~th~r taking ~~f an~ part e~f the Pro~rt~~, or lar con~eyance in lieu of condemnatiun, are hereby
.i„~gned and shall be pa~d t~~ Lender.
In the e~ent af a t«tal taking uf the Pm~ert~~, the pnxeeds shall be applied tc~ the sums secured by this Securit}•
(ntitrument, ~~hether ur not then due, ~~~ith any exrest paid to BorroH~er. In the event of a partial taking of the Prop;rty,
unlet~ I3~?rrrn~er and Lender otherw~ise agree in H~riting, the sums secured b}• this Securit}~ Instrument shall be reduced b}•
the amount of the prckeeds multipiied b~• the follow~ing fractian: (a) the total amount uf the sums secured immediatel}•
hrf~~re the taking, di~ ided hy (b) the fair market ~~alue of the Property immediately befi~re the taking. Any balance shall be
r~iid to Burrow•er.
If the Propert~~ is abandoned b~~ Borrow~er, or if, after notice by Lender to Borrow~er that !he rondemn~r offers to
make an aw~ard or settle a claim for damages, Borrow~er fails to res~wnd to Lender within 30 days after the date the notice is
Ei~ en. Lender is authorized to rollect and appl~~ the pr~eeds, at its ~ption, either to restoration or repair of the Propert~• or
tu the sums serured by~ this Securitp lnstrument, whether or not then due.
Unle~s Lender and Borrower otherwise agree in writing, any app!ication of prcx:eeds to principal shall not extend ar
~c~stExme the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments.
10. Borrow~er tiot Released; Forbearance By i.ender Not a V1'aiver. Extension of the time for payment or
modification of amortization of the sums secured by this Security Instrument granted by Lender to any succs~ssor in
interest of Borrow~er shall not operate to release the liability of the original Borrower or Borrower's successors in interest.
Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for
pa~~ment or otherw~ise modif}• amortization of the sums secured by this Security Instrument by reason of an}~ demand made
h~ the original Borra~ti~er or Borrower's successors in interest. Any forbearance by Lender in exerci~ing any right or remed~~
,hall not be a~•ai~•er of or preclude the exercise of any right or remedy.
11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The co~~enants and agreements of
this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject ta the provisions
uf paragraph 17. Borrow~er's covenants and agreements shall be joint and several. Any Borrawer who co-signs this Securit}•
[nstrument but does not execute the Note: (a) is co-signing this Security Instrument onl}~ to mortgage, grant and com~e}~
that Borrow~er's interest in the Property under the terms of this Security Instrument; (h) is not personally obligated to pay~
€he sums serured by' this Securit~~ Instrument; and (c) agrees that Lender and any ather Borrower may agree to extend,
mczdif}~, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without
that Borrow•er'sconsent.
12. Loan Charges. If the laan secured b}~ this Securit~~ Instrument is subject to a law~ which sets maximum loan
rharges, and that ~aw is finalt;; interpreted so that the interest or other (oan chargc~s collected or ro be coUected in
~unnection w•ith the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced b}• the amount
necessar}~ to reduce the charge ro the permitted limit; and (b) any sums already collected from Borrower w~hich exceeded
~ermitted limits w~ill be refunded to Borrow~er. 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
~artial prepayment w~ithout any prepayment charge under the Note.
13. I.egislation Affecting Lender's Rights. If enactment or expiration of a~plica'ble laws has the ef~ect of
rrndering an~~ pro~~ision of the Note or this Security Instrument unenforceable according ta its terms, Lender, at its option,
ma} reouire immediate pa~~ment in full of all surns secured by this Securit}~ Instrument and may im~oke any remedies
~crmitted b~~ paragraph 19. !f Lender exercises this option, Lender shall take the steps specified in the second paragraph c~f
{~aragraph 17.
14. \otices. An}~ notice to Borrawer pro~~ided for in this Securit}~ Instrument shall be gi~~en by de)i~ering it or b}~
mailing it b}~ first class maif unless applicable law requires use of another method. The notice shall be directed to the
Yropert} Address or an}~ other address Borrow~er designates by notice ro Lender. Any notice to Lender shall be given b~~
tirst class mail to Lender's address stated herein or any other address Lender designates b}~ notice to Borroaer. An}~ notice
J~ro~ided for in thiti Securit} Instrument shall be deemed to ha~e been given to Borrow~er ~r Lender w~hen given as provided
in this paragraph.
15. Go~•erning Law; Severability. This Securit}~ Intitrument shall be go~erned b~~ federal law~ and the law~ of the
jurisdiction in w~hich the Property is located. In the event that any pro~•ision or clause of this Security Instrument or the
ti~~te conflicts w~ith appticable law~, such conflict shall not affect other provisions of this Security Instrument or the Note
«hich can be gi~en efTect without the conflicting pro~ision. To this end the pro~~isions of this Security Instr~ment and the
\c~tr are declared to be se~erable.
16. Borrower's Copy~. Borrow~er shall be given one conformed copy c~f the tiotr and of thi, Securit~~ Intitrument.
17. Transfer of the Propert}• or a Beneficiaf Interest in Borrower. If all or an~ ~~rt c~f the Pr~~ert~~ c~r an~
interetit in it is sold ~r trartiferred (or if a beneficial interetit in B~rroHer is ~e~ld ur trantiferred and Hc~rruwer is nc~t a naturil
~~ru~n) without Lender's prior w~ritten contient, Lender ma}~, at its uption, nyuire immediate pa}ment ui ful! uf all tiurr.~
.erured b~ thi, Serurity~ Instrument. Huwever, this c~~tion ~hall n<~! be exerritied b} Lender if exerritir iti ~rc~hibite~i h~
federal la~~ at e~f the date of this Securit~~ Instrument.
I( I_rnder exercise~ this option, Lender shall gi~e Borrower nc~tice c~f acceleration. The nc~tice shall prcn ide a per~ud
:~f n~it le,ti than 30 dati ti frc~m the date the notice is delivered ar mailed ti ithin u hich E3c~rmwer mu~t pa~ all tium~ tiecured h~
thi~ Serunt} Instrument. If Borrow~er fails to pa}~ these sums pric~r to the exp~ration ~f this ~eri~d, Lender ma~• im~~ke an}
r~medie~ ~ermitted b} this Securit}~ Instrument «~ith~ut further noiice c~r demand c>n Borrower.
18. Borrower's RiRht to Reinstate. if Borrow~er meets certain conditi~nti. Borrouer tihafl haEe the right tc~ h~~e
~nfc~rrrment ~~f thiti Security~ [nstrument discontinued at an}' time prior to the eariier ~~i: (a) 5 da~~ (<ir tiuch e~ther J~eri~~d s.
,+~~lirahle la~~ ma~ tirerif~ f~r rein~tatement) before sale of the Pmperty ~ursuant tc~ an} pc~wer c~f ~ale rontained in thi~
Sr~unt~ In;trument: or (b) entn of ajudgment enfe~rcing this Securit}~ Intitrument. The~se r~nditic~nti are that Be~rn~~cer:
~a) ~a~, l.ender all tiums which then u~ould be due under this Securit~~ lnstrument and the tic~tr had nc~ :~rcrlerau~~n
:~~~urred: fh) rureti an~ default of an~ ether covenants or agreements: (r) pa~ti ~II ex~entieti incurred in enfeirrin~: thi~
Securit~ In,trument, inrluding, hut n~,t limited to, reasonable attorne~~s' feeti; and Id) take~ tiurh actic~n a~ l.rnder ma~
r~a~c,nahl~ reyuirr t~~ a~,ure that thr lien c~f thiti Securit}~ Instrument, Lender'~ nght. in the }'re~rcrt~ and Bi,rr~~Her'ti
c~hligan~~ri t~~ r~i~ thr tiumti tiecureel h} this Serurit~~ Instrument tihall rcmtinue un~hangcd l~~~m rcin~tatement h~
i3c~rrr~~er. thi. Sr~urit~ In~trument and the ~~blig~tionti ~ecured hrrehy tihall remain full~ etTe~h~c tf r,~~:~rcrleraucm had
~~~~urr~•~i H~~~~r~rr, thi~ riKht te~ rein~tate ~hall nc~t ar~+l~ in the ca~r c~f accelrratun~ undrr ~ara~rarh. 1 3 nr 1~
aoRK 675 PAGE 150
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