HomeMy WebLinkAbout1431 If Le~der required mortgage insurance as a condition of making the loan secured by this Security Instrument,
Borrower shall pay the premiums required to maintain the insurance in efTect until such time as the requirement for the ~
~nsurance terminates in accordance with Borrow•er's and Lender's written agreement or applicable law. ~
8. Inspection. Lender or its agent may make reasonable entries uEwn and inspections of the Propert}~. Lender ~
shall gi~~e Borrow•er notice at the time of or priur to an inspection specifying reasonable cause for the insExction.
9. Condemnation. The proceeds ot any award or claim for damages, direct or conseyuential, in cunne~tion w•ith ~ ~
any condemnation or other taking of any part of the Property, or for com~e~•ance in lieu of condemnation, are hereb}~ ~
assigned and shall be paid ta Lender. ~
In the event of a total taking of the Propert}~, the proceeds shall be applied to the sums secured b}~ this Security ~
Instrument, whether or not then due, with any etcess paid to Borrower. In the event of a partial taking of the Pro~erty,
unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by
the amount oi' the proceeds multiplied by the foltowing fraction: (a) the total amount of the sums secured immediately
before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balanre shall be
paid to Borrower.
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the rnndemnor offers to
make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is
given, Lender is a~~thorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or
to the sums secured by this Security lnstrument, whether or not then due.
Unless Lender and Borrower otherw~ise agree an writing, any application of proceeds to principal shall not extend or
postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments.
10. Borro~ver Not Released; Forbearance By I.ender Not a Waiver. Extension of the time for payment or
modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in
interest of Borrower shal! 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
payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made
by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy
shall not be a waiver of or preclude the exercise of any right or remedy. '
11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of
this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions
of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower w~ho co-signs this Security
Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey
that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay
the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrawer may agree to extend, ~
modify, fort~ear or make any accommodations with regard to the terms of this Security Instrument or the Note without
that Borrower's consent.
12. Loan C6arges. If the loan secured by this Security Instrument is subject to a IaH~ which sets maximum loan
charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in
connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded
permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principai owed ~
' under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction w~ill be treated as a ~
partial prepayment without any prepayment charge under the Note.
13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable law~s has the effect of ~
' rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, ~
~ may require immediate payment in full of all sums secured by this Sec~rity Instrument and may im~oke any remedies
! permitted by paragraph i9. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of ~
' paragraph 17. ~
! 14. Notices. Any notice to Borrow~er provided for in this Security Instrument shall be given by deli~~ering it or b~~
mailing it by first class mail unless applicable law requires use of another method. The notice shalf be directed to the ~
Property Address or any other address Borrower designates by notice to Lender. Any notice ta Lender shall be given by ~
~ first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice ~
; provided for in this Security Instrument shall be deemed to ha~~e been given to Borrow~er or Lender when gi~•en as provided ;
~ in this paragraph.
~ 15. Governing LaW; Severability. This Securit}~ Instrument shall be go~~erned by federal law~ and the law of the 4
` jurisdiction in which the Property is lacated. In the event that any provision or clause of this Security Instrument or the ~
~ Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note ~
which can be given effect without the eonflicting provision. To this ~nd the pra~ i~ions of this Security~ Instrument and the
Note are derlared to be severable.
r 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Securit~~ Instrument.
l7. Transfer of the Property or a Beneficial Interest in Borrower. If all or an}~ part of the Property or an~
~ interest in it is sold or transferred (or if a beneficial interest in Borrow~er is sold or transferred and Borrower is not a natural
~ person) without Lender's prior written consent, Lender may, at its option, require immediate payme~t in full of all sums
secured by this Security Instrument. However, this option shall nor be exercised by Lender if e~ercise is prohibited by
, federal law as of the date of this Security Instrument.
If Lender exercises this option, Lender shall giti~e Borrower notice af acceleration. The notice shall ~rovide a period
of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay a!1 sums secured by
this Security Instrument. If Borrower fails to pa}• these sums prior to the expiration of this period, I,ender ma}• invoke any
remedies permitted by this Security Instrument without further notice or demand on Borrower. ~
l8. Borrower's Right to Reinstate. If Borrower meets certain condicions, Borrow~er shall have the right to have
enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as
applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this
Secunty Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower:
' (a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration
~ occurred; (bj cures any default of any other covenants or agreements; (c; pays all expenses incurred in enforcing this
~ Security Instrument, induding, but not limited to, reasonable attorneys' fees; and (d) takes such actian as Lender may
° reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Propert}~ and Borrower's
obligation to pay the sums secured by this Secunty Instrument shall continue unchanged. Upcm reinstatement by
Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had
occurred. However, this right to reinstate shal! not apply in the case of acceleration under paragraphs 13 or 17.
gQOK 67~ ~~E 1.431 ~
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