HomeMy WebLinkAbout1602 , i
If Lender required mortgage insu~ance as a cond~tion of making the loan secured by this Secunty lnstrument,
Burrower shall pa} the premiums required to maintain the insurance in effect until such time as the reyuirement for the
~nsurance terminates in accordance with Borrowet's and Lender's written agreement or applicable law.
8. Inspection. I.ender or its agent may make reasonable entries u~n and inspections of the Property. Lender
shall gi~ e Borrow~er natice at the time of or prior to an inspection specifying reasonabie cause for the inspectiun.
9, Condemnation. The prcx:eeds ot any award or claim for damages, d~rect or consequential, ~n ronnechon ~~•ith
any~ condrmnation or oiher taking ot any part of the Property, or f~r conveyanre in lieu of condemnation, are hereby
assigned and shall be paid to Lender.
tn the e~ent of a total taking of the Property, the pr~eeds shall be applied to the sums secured by this Security
InstrUment, w~hether or not ,hen due, w~ith any excess paid to Borrower. In the e~~ent of a part~al taking of the Property,
unless Borrow~er and Lender otherwise agree in writing, the sums secured by this Securit}~ Instrument shall be reduced by
the amount of the proceeds multipfied b}~ the following fraction: (a) the total amount of the sums secured immediately
before the taking, divided by (b) the fair market value of the Property immediatel}~ before the taking. Any balan~e shali be
paid to Barrow•er.
If the Property is abandoned b}• Borrower, or if, aRer notice by Lender to Borrc~wer that the condemnor offers to
make an aw•ard or settie a ciaim for damages, Borrow•er fails to res~nd to Lender w•ithin 30 da~~s aRer the date the notice is
gi~~en, Lender is authorized ro collect and appl}~ the pra:eeds, at its option, either to restoration or repair of the Property or
to the sums secured b}• this Security Instrument, w~hether or not then due.
lJnless Lender and Borrower othen+~ise agree in writing, any application of proceeds to principal shall not extend or
postpone the due date of the monthiy payments referred to in paragraphs I and 2 or change the amount of such pa~~ments.
10. Borrower 1ot Released; Forbearance By Lender Not a Waiver. Extension of the time for pa~~ment or
modification of amortization of the sums secured by this Security Instrument granted b~~ Lender to any successor in
interest of Borrower shal) not operate to release the liability of the original Borrower or Borrow~er's successors in interest.
Lender shall not be required to commence proceedings against any successor in interest ar refuse to extend time for
payment or otherw•ise modify amortization of the sums secured by this Security Instrument by reason of
any demand made
b~~ the original Borrower or BorroK~er's successars in interest. Any forbearance b}~ Lender in exercising any right or remedy
shall not be a waiver of or preclude the exercise uf any right or remedy.
11. Successors and Assigns Bound; Joint and Several ~.iability; Co-signers. The covenants and agreements of
this Security Instrument shall bind and benefit the successors and assigns ofi
Lender and Borrow~er, subject to the provisions
' of paragraph l7. Borrow~er's co~~enants and agreements shall be joint and severai. Any Borrow~er a•ho co-signs this Secunty
Instrument but dces not execute the tiote: (a) is co-signing this Security~ Instrument onl}• to mortgage, grant and conve}•
that Borrower's interest in the Propert}~ under the terms of this Security~ lnstrument; (b) is not personally obligated to pay
the sums secured b~• this Securit~• lnstrument; and (c~ agrees that Lender and any other Borrower may agree to extend,
modify, forbear or make an~ arcommodations w~ith regard to the terms of this Security Instrument or the Note withou:
that Borrow•er's consent.
12. Loan Charges. If the loan secured by this Secu:ity Instrument is subject to a law which sets maximum luan
charges, and that law is finally~ interpreted so that the interest or other loan charges collected or to be collected in
~ c«nnection w~ith the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
j necessary~ to reduce the charge to the permitted limit; and (b) any sums already collected from Borrow~er which exceeded
permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed
I under the Note or by making a direct payment to Borrow•er. If a refund reduces principal, the reduction will be treated as a
! partial prepayment without any prepayment charge under the Note.
~ 13. Legislation Afleeting I.ender's Rights. If enactment or expiration of applicable laws has the effect of
( rendering any provision of the Note or this Securit~~ Irrstrument unenforeeable according to its terms, Lender, at its option,
~ ma}~ require immediate payment in fufl of all sums secured by this Security Instrument and may in~~oke any~ remedies
z permitted by ~aragraph 19. lf Lender exercises this option, Lender shall take the steps sperified in the second paragraph of
paragraph 17.
14, tiotices. Any notice to Borrow~er provided for in this Security Instrurnent shall be given b}- delivering it or by
~ mailing it by first class mail unless applicable law~ requires use of another mQthod. The notice shall be directed to the
~ Property~ Address or any other address Borroa•er designates by notice to Lender. An}- notice to Lender shall be given by
~ first class mail to Lender's address stated herein or an~• other address Lender designates by n~tice to Bc~rrow~er. Any notice
~ pro~~ided for in this Security Instrument shall be deemed ro ha~e been gi~en to Borrow~er or Lender when given as provided
~ in this paragraph.
~ 15. Governing Law; Sererability. This Security~ Instrument shall t~e g~~~~erned b}~ federai law and the laa- of the
~ jurisdiction in w•hich the Property is lorated. In the e~~ent that any pro~~is~on or clause of this Security In~trument or the
'v'ote conflicts with applicable law, such conflict shall not afi'ect other provisions of this Securit}~ Instrument or the Note
which can be gi~•en effect without the conflicting provision. To this end the provisions of this 5ecurity Instrument and tiie
~ Vote are declared to be szverable.
~ 16. Borrower's Copy. Borrower shall be given one confo.-med copt~ of the Note and of this Security Instrument.
~ , 17. Transfer of the Property or a Beneficial IRterest in Borrower. If all or any part of the Property or an}•
~ interest in it is sold or transferred (or if a t~eneficial interest in Borrow~er is sold or transferred and 8orrow~er is not a natural
person) without Lender's prior written consent, Lende: may, at its option, reyuire immediate payment in full of all sums
secured by this Security Instrument. Howe~•er, this optian shall not be exercised by Lender i~ exercise is prohibited by
federal law as of the date of this Security Instrument.
• If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a pcriod
of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by
this Security~ Instrument. If Borrower fails to pay these sums prior to the expiration of this period. Lender may invoke any
. remedies permitted by this Security Instrument without further notice or demand on Borrow~er.
18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have
` enforcement of rhis Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as
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applicable law ma}~ spec~(y for reinstatement) before sale of the Propercy pursuant to any power of sale contained in this
~ Securit~~ Instrument; or (b) entry of a judgment enforcing this Security Instrumen:. Those conditions are that Borrov?~er:
~ (a) pays Lender all sums which then w~ould be due under this Security Instrument and the Note had no acceleration
~ occur~ed; (b) cures any~ default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this
: Security Instrument, including, but not IimitQd to, reasonable sttorneys' fees; and (d) takes such action as Lender may
F reasonably reyuire to assure that the lien of this Security Instrument, Lender's nghts in the Property and Borrower's
` obligation to pay the sums secured by this Security~ Instrument shall continue unchanged. Upon reinstatement by
Borrower, this Security Instrument ar,d the obligations secure~ herehy shal! remain fully effective as if no acceleration had
occurred. Ho~~•ever, this right to reinstace shall not apply~ in the case of acceieration under paragraphs 13 or 17.
eoo~675 ~cE1602
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