HomeMy WebLinkAbout0456 If I_rrnlrr reyuirr.l murc~,;a~;r in,ur~ncr a, e iun.;iciun uf m.ik~n~; thr lu.in .r.urr.1 h~ ch~s S~•iurit~~ !n-
~trun~rn~, t~urruurr tih.~ll pa~ ~hr ~rrmiunu rryuirr.l tu nt:~int.iin thr insur_~nrr in rffrit until tiurh nmr.u .i rryuirrntrnt fur
Illt' IlliUfJf7Ct' I(flllllld[t'~ ii~ ,~rc~~nl.?nir w~~th l~urruwrr's ,~n.l l.t•n.lrr~~ arittrn .i~;rrrnu•nt ur ,~~~~•lic.ihlr I.i~~~.
H. lnspection. l.rn.lrr ur its .i~rn[ m.~~~ m.ikr rr.~sun.~blr rn~rir, u~un .~n~ in~prrtiun. uf chr 1'ruE,rrt~ l.rn.~rr ,h.~ll
~;i~r tiurruwrr «u~irr <hr nmr uf ur pr~ur cu ~n in,~x•cnun ,~riifyiri~; rrasunablr rawr fur thr in,E,rr~iun
Condemnation. T~lir E,ruirr.l, uf .~n~ aw.~r~~ i~r rl.um fur .l.im~~;r,. ~iirri~ ur ~uniryurnti,~l, in ~unnrctiun w ich .in~
~un~irmnatiun ur uthrr t,~kin~; ut an~ E~.~rt uf thr 1'rupert~'. ur fur cun~•r~•.~ncr i~i liru uf runcirinn.itiun, are hrrrh~• ~„~~;nr.i ,,~z.1
tih~ll tx• pai~1 cu [.rn.lrr. ~
In thr r~•rnt uf tut.~l t.ikin~; uf thr ~'ruprrt~~, tizc pnKrr.is shall tx .ipplirJ cu thr sun~s ,rrure~~ b~~ thi, tircurit~• i
!n~[rumrnc, whrthrrur nuc thrn.lur, w ith eny rxrr,s E>~i.1 cu Burruwrr. ]n thrr~rnt uf part~al cakinguf thr Yn~p~•rty, unlrs~ i,
KUffUN't'f dI1~I LCSI~t'f U[IICfK'ISC.IF;flt ~(1 R'fl[Ifl~, chr sums sriure.i b~~ ehi, Scruri~~• ln,crument sh.~ll br rr.lure.l b~~ thr.unuunt i,
uf thr pnxer~ls mul~iplir~i by thr fulluuin~ fractiun: t,i~ the tut.?I an~uunt uf ehr ~ums srcure~l immr.liatrl}• hrfurr t.ikin~;.
.1i~ i.lr.i b~• ~ b~ chr f~ir markec ~~alue uf the Pn~perty imnte~iatrly befurr thr takin~;. Any b~lence ~h.~ll tx ~~i.i tu Hurruwrr.
If che !'ru~erc~~ is ~b,?ndunr~i b~• Hurruwer, ur if, afcer nutice b~• Ixn~lrr tu Burruwcr ~hat the run.irmnur uffrrs tu m.~kr I
dll .I~l'ditl UC 5CI[It d lld~lll IUC ~11711~t5, :3urruw~er fails tu rrs~~nd tu Lrn~~er u•ithin ~11.1a}'~ .?tter chr ~late thr nutirr is ~;i~~rn, !
Lrn.lrr is authurizr~l tu culirrt and appl~~ the pnxer.l~, at its upciun, either tu restur.~tiun ur repair uf thr f'ruprrty ur tu thr I
sums serured bq this Securit~• Instrument, ahethrr ur nut thrn due. '
Unirss Len~lrr ~n~l l~urru«~rr ucherw~isr aKrre in w•ritin~;, ~n~• applic~tiun uf pnxrr.~s tu princip~l sh.~ll nue rxtend ur ~
Fx>tic~,nr chr due ~acr uf che munchly p.~~~mencs referrrd cu in p~ra~;raphs I an.1 ? ur chan~;e the a~nuunc ~~f such p.i~inents. '
10. Borrower Noc Released; Forbearanre By Lxnder Noc a Waiver. l:xcensiun uf rhe cimr fur pa~•menc ur
m~hlifiraciun uf .imurcizariim uf the sums serured by this tieruritq Inscrumenc ~;r~nerd ~q ixnuer a~ any sucressur in interest ut
(iurruw~er shal) nut uperatr tu release the liability uf the uri~inal Hurruw~er ur Hurruw~rr's sucre,surs in intrrest. Lrn~ler shall
nut br rryuire~l tu rummrncr pn~crrdinKs a~;ainst .?nq surcrssur in interest ur refusr [uexcrnd time fur p~ymrnc ur u[hrrw~isr
mu.fiF} amurtizatiun uf the sumti serured b~~ chis Serurity Instrwnent b~~ re~sun uf ~n~• ~~emand madr by chr ur?~in~l HiirruK~er
ur li~~rruw~rr's surcrssurs ~n ineeresc. Any furbrar.~nre by Len~ler in exercisin~; an~• rikht ur reme~l~• shall nut tx a~~ai~~er uf ur
~reclu~lr the exerrise uf any ri~;ht c~r remedy.
; 11. Successors and Assigns Bound; Joint and Several Liability; Co-siqners. The ruren~nts and .,~;reemencs uf tt~i,
! tiriurit~~ Instrument shail bin~1 3n~1 brnefit the sucressurs an~ 3ssi~;ns uf (.ender znd Burruw•er, subjecc c~> che pru~~i~iuns uf
p~r.~~;r.~~h I' Burruw~er's cu~•en~nts :~nd a~;rerments shall br ji~int ~n~l se~•er~l. An~~ Hurruw•er u•hu ru-si~;ns thi; Serurity~
ln~trumenc but.lues nuc rxrrute the Nute: ~ a 1 is cu-si~;nin~; ~his SerurieJ• Instrument i,nl}' tu murt~;s~e,~;rant an~ cum•e~• that
Hurruw•rr's ~ntrrrst in thr k'ru~rrty un.ler the tenns uf this tiecurit} Instrumenr, tb) is nut prrsunsll}' ubli~;~tr~1 tu pa}' thr
tiu~nti serure.l by this tircunt}• Instrumrnt; an~f ~c) a~;rrrs that Len~lrr and any uther Hurruu~rr ma}• a~;ree tu rxten.l, m~x~ify~,
Furtxar ur mskr 3n~~ .?crummu~latiuns w•ith rr~;.ir.1 tu thr crrms uf ~his 5rcurit~ Instrtiment ur thr Nutr w•ithuu[ th.~c
Burruw~er~s c~znsent.
~ 12. Loan CharKes. If thr Ici.~n securr~i b}~ ehis Securi[q Instrumrnt is sub~eic tu a law~ Whirh sets m.~ximum luan
~ iharkes, ~n~i that law is finall~• interpreted su that thr in:rrest ur uther luan char};es cullecte~l ur tt, be cullec~e.~ in cunnrcciun
~ w ith ehe lu3n excer~l ~he permi~ee~1 limi~s, then: 1 a ~ any such luan char~e shall be rcduced b}' ehe amuunt neressarq ru rrdure
cl~r ch~r~;e ~u ~hr permiterd limit; ~nd ( b1 :~n}~ sums alre~d}~ r~~llecced frum B~~rruw~er w~hich rx~eeded permitted limits w•ill be
~ rrtun.le~1 tu Burruw~rr. Lrn~ler may chu~rse w mskr this rrfun.~ b~• rrdurin~; ~he princi~al uw•ed under the Nute ur bp makin~, a
y .lirrrt pe}•mrnt tu Burruw•er. If ~ refun~i rr~luces prinrip~l, chr re.fui~iun ~~ill br ~reacrd as a parcial ~rep~}~mrnt w•ithe,uc .~nq
€ prrpeqment rhar~;e un~lrr the Nute.
~ l3. Legislation Affecting Lender's Rights. lf enactment ur ex~ir~ti~+n ~~f applir~ble laas has the eftrct uf ren~t~rin~;
.;ny pn~~ isiun uf the Ne~tr ur thi~ Srcurity~ (nstrument unenfurcrable sciur.~in~ tu ~ts cerms, [_ender,;~t ~ts upnun, ~n~~~ re9u~re
k iminrdi,~te pay~ment in ful! uf 311 sums secure.~ b}• this SecuritJ~ lnstrument an~1 rna}' im•uke an}' remedies permitted by~
p.~r~~;r~ph If l.endrr rx~rcises this upcie>n, l.ender sh.~ll c.?ke chr sceps speritied in thr secund parakraph e>f ~ar.~~r~ph I'.
~ 1-+. Notices. An~~ n~~eire cu Burruw•er pru~•ided fur in chis Sec~rity lnstrument sh~ll be ki~•en by~ ~eli~•erink it ur b~•
~ in,~ilin~; it b}' ficst cl.~ss mail unless .~pplic.~ble law~ reyu~res use c~f anuther meth~~. The nucice sl~all be directed tu the Yruperty
A.l~ress ur an~~ uther ad~lress Burruw~er.lesi~;n~tes by nutice tu I_ender. Any nucice eu Lender snall be ~;i~~rn by first class mail
cu Lrn~ler's ad~lress stated herein i>r an~~ utner ~ddress Lender desi~;n~ces b~• nu~ice a~ Hurruw~er. An}• n~~cice pru~•ided fur i~~
chi, tiecurity Instrument sh~ll be dremed tu ha~~e been Ki~•en tu Burruw~er ur l.endrr when Ki~•en :~s pru~~ided in this para~;raph.
E 15. Governing Law; Severability. This 5ecurity Instrumenc shall be Ki>verned by~ feder~l law• und che law• ~~f the
~ j;:ri~.;icciun in w•hich che t'rc~perc}' is lucated. (n chr e~~ent chat any pru~ isiun ur clause uf th~s Securit~ Ins[rumcnt ur the Nute
~ lUilflll[S K'1(Il :1~~I113~I( ~:IK', such a>nflict shal! nue affecc urher pru~~isiuns c~f chis Seruric}~ Inserument ur the R'ute ~•hich can
t~e ~;i~•rn effert v~•ithuut the cunflictinK pruvisiun. Tu chis end the pru~~isiuns ~~f this Serurity~ Inscrumenc and che Niue arr
.1c•cl~rrd u~ be se~•erable.
~ l6. Borrower's Copy. Burn~w~er shall be ~;i~•en unc re~nf~~rmed rupy uf thr Nc~ce anJ c,f chis Seruric}~ tnstri~menc.
~ I?. 7'ransfer of the Property or a Beneficial Interest in Borrower. lf all ur .~ny~ parc uf che Prupert}' ur any~
a intrrest in it is suld ur tr~nsferreJ ~ur if a brnefici,~l incerest in Burruw•er is suld ur tr~nsferred and Burruw~er is nut a natursl
persun) withuut l.enJer's priur wricren ce,nsent, l.en:ler may~, at i,s ~~ptiun, rrquire immedi.~cc p~~•mrnt in full uf all sums
serure~ by ch~s tiecuritp Instrumenc. Huw•ever, thiti upti~in sh.~ll nirt tx exerrised bJ~ Lender if exer~ise is pre~hibited b}' federal
Isw .~s ~,f che ~iare ~~f ehis Securicy~ instrument.
If Lende~ cxrrcises this uptiun, Lender shall ~;i~~r Be~rruw~e~ nuticr uf ~:celeratiun. l'he nutire shall pru~~ide 3 peri~x~ ~~f
nut less than iU ~ays frum the da~e che nucice is deli~•ered c~r mailyd within whirh B~~rruu•er must pa}' 3ll sums serured by this
Securit}~ lnstrurnent. lf B~~rruwer fails tu pay chese sums priur tu the expiratiun i~f this pericxl, Ixnder ma5~ im•uke .~ny
rrmrdies permitted by this Securit~~ lnstrument withuut fur[her nu~ire c~r demand un B~~rruwer.
18. Borrower's Right to Reinstate. If Burruwer mee[s cercain r~~n~iciuns, Hurruwer shall ha.•e the ri~;hc tc> ha~~e
enfuriemene uf this Security~ lnstrumenr discuntinued at ~ny time priur tu the e~riier e~f: ;a1 S dzy~s ;e.~r such uther periud as
~ epplicable law~ may~ specif~~ fur reinscacement ) befure sale uf rhe Prupercy pursu~nr t~~ any- Ex,w•er cif sale cuncained in this Se-
t rurity Instrumenr, ur tbl entry ~rf a judgment enfurcinK chis Securic}' lnscrument. 7'huse cundiciuns are chat Aurre~wer: la)
~ ~aqs Lender all sums w•nich chcn wuuld be due unJer chis Securic}' Inscrument and che Nt,re had rn, acceleraciun uccurred; ~ b~
rures an}• ~efaule uf ;~n}• uther cun~•ensnts ur a~;reemenes: lc I pays .~II expenses incurred in enfurcing this Securit}• Instrument,
; including, buc nue lin~?ted ee>, reas~~nabte :~te~~rney~s' fees; and (d) tskes such scciun as I.ender m3}• reas~~~.~bly require u~ as-
wre chac ~he lien e~f this Sccurity Instrumenr, Lender's riRhes in the Property~ and Be>rr~ivs•er's c~bli~atiun cc> pay che sums
srcured by this Securit}' Inscrumene sh;~ll cc~neinue unch;~nKed. U~~n reinstatemenc by Burruwer, this Secvrit}~ Instrument
and the <,bligatiuns secureJ hereby shall remain fully effecti~~e as if nu acreleraciun had ~xcurred. H~>we~~er, this riKht tu
reinstate shall nut ap~ly~ in the case ~if aireleratiun under psra~;raphs 13 eir 17.
BOGI( ~ r~GE ~5~
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