HomeMy WebLinkAbout1297 If L~n~l~i rryuirr~l murt~:~tir in,uran~r .i, a ~unclitiun ul~ m;~king the luan ,~tiured b~ ~hiti S~tiurit~ Intitrtimr~u,
li~~rn~~~~r ,hall ~a~ th~ rrrmiui>>ti rryuireci to maintain the imuran~e in etfc~t until ~uch time a, the reyuireit~ent t~or th~
in,uran;r t~rminatr, in acrurdan.~ ~~ith l3urro~~er', and Lender'ti ~~riurn agrc~ment or appli~able laa.
8. Inspection. Lrncicr or it. agent ma~~ make rea~unable entries u~~n and insFx~tions of ti~e Property. LenJer
~h;~ll zi~e Borro~tier no~ire at the timc ol~ ur pri~zr ro an in,~tion spc~ifying reasunable~rause for the ins~tion.
9. ('ondemnatiun. The pru~«~f~ ut any a~+ard or rlaim t~or damages, direct ar .onsequcntial, in ronnection ~~ith
.~n> ~unclemnation ur othcr tal.ing ut an~ ~~art ot the Pro~xrt~~, c~r ior ~ome~anrc in lieu oi cundemnation. are hereb~
a.~igncd ancl shall he ~aid to Lender. ~
In ~hr e~ent of a total taking ol the Pro~xrt~, the pr~eeds shall be applied to the sums st~ured b~~ this Se~urit~
In~trument, ~~hrther or not then due, ~~ith any exress paid to Borro~~er. In the e~ent ot~ a partial taking ot~ thr Propcrty,
i~nl~,s Borro~~er and 1_ender othen~i~e agree in ~~riting, th~ sums se~urc~c! b~~ this Sc~urity Instrument shall be reciured
h~ the amount oi~ the prckc~cds multi~lied b~~ the follo~~ing fraction: (a) the total amount of the sums se,~ureci immediatel~~
heti~re th: tal,ing, di~ide~1 b>~ (b1 thc fair markrt ~alue ot~ thr Prupert~ imm~~cliatel~ bet~ore the taking. Any~ balanre shall
h~ ~aid tc~ Borro~cer.
If the Propert~ is abandoned b~~ Borro~cer, or if, at'ter not:ce b~~ Lender to Borro~ver that the condetnnor offer5
tu make an a~~ard ar settle a claim t~or damage;, Borro~.er t~ails to res~~nd to 1_ender ~~ithin 30 da~~s at~ter the date thr
notir~ is gi~en, Lcnder i~ authori~ed to ~ollt~t and appl}~ the pr~eeds, at its option, either to rc~storation or repair ot'
th~ Propert~• or ro the sums sc~ured b~• this Securit~~ Instrument, ~~~hether or not then due.
UnleSS Lender and Borro~~er othen~~ise agree in ~rriting, au~~ ap~liration of praeeds tu principal ~h;~ll not ertend
ur ~~stEwne the due date of the monthl~~ pa~~nents referreci to in paragraphc I and 2 or rhange the amount of surh pa~~n~ents.
I0. BorruNer Not Rekased; torbearance Bi~ Ixnder Nol a w'ai~~er. Extension of the time for pa~Tnent or modification
~~1 amortization of the sums secured b~~ this S~urity Instrument grantc~l b~~ Lender to any successor in interest of Borro~~~er
.hall not operate to release the liability of the original Borro~ver or Borro~~~er's successors in interest. Lender shall not
ik required to commenre proceeelings aeainst any successor in interest or ret'use to extend time for payment or othencise
m~xiif~~~ amoni~ation of thc sums serur~~ci by this krurit~~ Instrument b~• rca~on of an~~ demand made b}~ the origin~l Borro~+~er
ur Borro~~er's successors in interest. Am~ forbearance by~ Lende~ in exerrising any right or remt~cl~~ shall not be a~~ai~~er
uf or preciude the eyer~ise of an~• right or remedy.
l l. Successors and AisiRns Bound; Joint and Several l.iabilih; Co-signers. The co~~enants and agreements of this
Srcurit~• Instrument shall bind and txnefit the sucressors and assigns of Lencier and BorroH~er, subject to the provisions
ut paragraph 17. Borro~~er's co~~enants and agreements shall be joint and se~~eral. Any f3orro~~~er «~ho co-signs this Securit~~
In,trument but dc~s not exc~ute the Note: (a) is co-signing this Securit~~ Instrument only to mortgage, grant and com~e}~
that Borro~rer's interest in the Property undcr the terms of this Securit~~ Instrument, (b) is not persQnall~~ obligated to
~~a~ the sum~ secured b~~ this Se~urit~~ Instrument; and Ic) agrees that Lender and any other Borro~~~er ma~• ~¢r~ tn e~(er~c~,
mudii~~, lorlnar or make am~ accommodations ~~ith regard to the terms of this Security Instrument or the Note ~~ithout
that Borro~~er's ronsent.
12. l.oan CharRes. lt~ the foan s~~ured b~~ this Serurit~~ Instrument is subject to a law ~~~hich sets ma~imurn loan
~harges, and that la~~~ is tinall~~ interprett~cl so that the interest or other loan rharges rollected or to be collectecl in connection
~~ith the loai~ exceed the permitted limits, then: (a) an~~ surh loan charge shall be reduced by the amount necessary to
reduce thc rl~arge to the permittecl limit; and (b) an~• sums alread~• rollected from Borro~~~er ~~hich exceeded permitted
limits ~~ill be ret~unded ro Borro~~er. Lender may choose to make this refund b}~ rc~cluring the principal o~~~ed under the
I \ote or b} making a direct pa~~ment ro Borro~~~er. If a retund reduces principal, the reduction Hill be treated as a partial
! ~repa~ment ~~~ithout an~~ prepa~~ment chargc under the Note.
~ 13. l.eKislation AffectinR [xnder's RiKhts. if enartment or cxpiration of applirable la~~s has the effert of rendering
! um ~ro~isiun of the Note or this Serurit~~ Instrument unenforceable arcording to its terms, l.ender, at its option, may
; reyuire immrdiate pa~ment in full ol~ all sums secured b~~ this Securitr Instrument and may imoke any remedic~ permitted
j h~ paragraph 19. If Lender exer~ist~s thi; option, Lender shall take the steps spc~ifiecl in the second paragraph of paragraph
i 17
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' I~l. tiolices. An~ notice to F3orro~~~er pro~ided i~or in this Serurit~~ Instrument shall be gi~~en b~~ deli~erine it
~ ~~r b~ mailing it b~~ fir~t ~lass niail unless applirable la~+ reyuires use oi another method. The notice shall be directed
tu the Propert}~ :lddre~ti or an~~ othrr add~ess Borro~~er desienates b~ notice to Lender. An~~ nutice to Lender shall
' hr gi~en b}~ first class mail to I_ender's address stated herein or an~~ other address Lender designates b~~ ~otice to
i f3urro~cer. An~~ notice ~ro~ided for in this Securit~~ Instrument shall be deemed to ha~e been gi~en to Borro~cer or
~ Lendcr ~~hen given as ~ro~~ided in this paragraph.
~ 15. Go~~erning LaN; Se~erability. This Serurit~• Instrument shall be go~erned b~~ federal la~~ and the la~~ of
~fiic juri~diction in ~chirh the Propert~ is located. In the c~ent that an~~ pro~ision or clause o( this Securit~ Instrument
[ ur [he Note contlicts ~~ith appli~able la~c, sunc ~ontlict shall net aft~rrt other pro~~isions of this Securit~~ Instrument
~ ~~r the Note ~~hinc ~an be gi~~en effect ~cithout the confiirting pro~ision. To this end the ~ro~isions of this Securit~
Inurument and the Note are declared to be secerable.
~ 16. Borrower's Cop~. Borro~+~r shall be gi~~en one ronformed cop~~ of the Note and of~ this Securit~ Instrument.
t 17. Transfer of the Propert~ ur a Seneficial Interesl in Borrower. if ail or am~ part of the Propert~~ or an~
~ intere~t in it i~ sold or tran~ferred Ior if a benefirial intere~t in Borro~ser i~ sold or transferred and Borro~~~er is not
~ a natural ~er~on) «ith~~ut Lender'~ prior ~~~ritten consent, Lender ma~, at its option, reyuire immediatr pa~~ment in
E full of all ~ums se~ured b~ this Securit~~ Instrument. Ho~se~er, this option shall not be exerrised b~~ Lender if c~cr~isc
' i. {~rc~hihited b~~ federal la~~ as of the date of this Securitv lnstrument.
It Lrn~ler exerci~e~ thi~ o~tion, Lender tihall ei~e Borrow-er notice of arceleration. Thr notice shall ~ro~ide
a~~rri~~d of not ~ess than 30 da~s from the date thc notice is delivered or mailcd within ~~hirh Borro~~er mu,t pa~
~~II .um~ tircurrd b~ thi~ S~rurit~ In~trument. If Borrower fails to pa~ the,e sums prior to the expiration ol~this period,
L~ncier ma~ in~oke an~ remedies permitted b~~ this Security Instrument without further notire or demand on Borroaer.
18. BorroHer's RiKht Io Re+nstate. ff Borro:~~er meets certain conditions, Borrower shall ha~e the right to ha~e
~nforcrment ot~ this Securit~~ lnstn~ment discontinued at any time prior to the earlier of: (a) 5 da~~~ (or such other
~~eriod a5 applicable la~~ ma~~ specif~• for reinstatement) before sale of the Propert}• pur,uant to an}~ ~;o~~er ot~ ,alr
~ ~untained in this Secu~it~ lnstrument; or (b) entrp of a judgment enforrine thi; Securitp Instrument. Those condition~
` arr that [3c~rro~~cr. (a) ra~t Lender al! sums ~~hirh then ~~ould be duc under thiti Serurit~~ Intitrumcnt and the Note
~ hael nc~ arreleration orcurred; (b? rure~ am~ default of an~ o;her co~enantti or aer~ements; (c} ra~~5 all rxpenus incurred
~ in enforcin~ thi, Se~urit~ Instrim~ent, including, but not limitcd ta, reasonable attorne}~s' fee~, and (d) take~ surh
a artiun ati Lender it~a~ rca~anabl~ rcyuire to a~sure that thc lien of this Securit~ Instrument, Lcnder's rights in thr
` f'ru~crt~ and Borro~~cr'~ c-~hligation to ~a~~ the sums tierured b~~ this Serurit~ Inurument shal! mntinue unrhanged.
l;~un rein.t~tt~rttrnt b~ 13~~rro~~er, Ihi~ Se~urit~ Intitrument at~d the obligations tierrired hereb~~ ~hall rcmain fulh~ cfferti~e
a. if nc~ a~crl~ration ha~l ~i~iurreci. Hu~~c~er, thi~ rieht t~ reintitate shall nat ar~{~ in the ca~r ul acrelerati~~n under
~~ar.iirarh~ 13 ~~r 1'.
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