HomeMy WebLinkAbout1629 t Prior Morigagesand Deeds ot Trust Charges; Liens. Borrower snali perform all ot Bu~rower's Obligations under any mo~tgage, deed of trust or otnr:
~~>cunty ayraarnent w~th a i~en wh~ch nas pr~onty over tn~s Mengage mclud~ng Borrower's covenantsto make payments when due Borrewer shali pa .
~r cause to be pa~d all taxes, assessn~ents and other charges, hnes and ~mpos~t~ons attnbutable to the property wh~ch may atta~n pnonty over th ,
ti~ortgaye, and Ieasehold payments or yround rents, rf any. by Sorrower making payment when due directly to the person owed payment Borrewer
,nalldel~ver?otheLender.upon~tsrequest rece~ptsev~denc~ngsuchpayment Borrowershatlp~omptlyd~schargeanyl~enthathaspnontyovertn~s
mortgage prov~ded that Borrower shall not oe reqwred to d~scharge any such I~en so long as Borrower shall agree ~n writ~ng to the paymenl of the
>c~~~gat~on secured by such lien in a manner acceptable to Lender, or shail in good faith contest such lien by. or defend enforcement ot such I~en ~n.
~rqal pr~ceed~ngs that operate to prevent ine enforcement ot the I~en or forle~ture ot the Property or any part thereol.
a Ha:ard Insurrr.ce. Borrower shall keep the ~mprovements now ex~st~ng or he+eafter erected on the Property ~nsured aga~nst loss by f~re. hazards
'~CIudB~? w~lh~n !he term extended coverage' and any othe! hazards for wh~ch Lender reGu~res ~nsu~ance. Tn;s ,nsurance sha!~ be ma~nta,ned ~n the
+mounts and for the per~ods that Lender requ+res The ~nsurance can~e~ prov~d~ng the insurance shall be chosen by the Borrower sub~ect to Len~]er's
?pproval wh~ch Shall not be unreasonably withheld
All ~nsurance pol~c~es and renewals must be acceptabte to Lender and shali ~nclude a standard mortgagee clause. Lender shall have the r~ght to
^ola the po~~c~es and renewals sub~ect to the terms ofi any mortgag2. deedot trust or other secunty agreement w~th a I~en wh~ch hasprionty over th~s
~~~cuntylnstrument IfLender:equ~res.BorrowershallpromptlygrvetoLenderallreceiptsofpaidpremiumsandrenewalnoGces.Intheeventofbss.
3urrower shall qrve prompt not~ce to the ~nsurance carner and Lender Lender may make proot of loss if not made promptly by Borrower
Sub~ect to the nghts and terms ot any mortgage. deed of trust or other secunty agreement which has priority over this Secunty Instrument.
surar,ce proceeds shall be appl~ed to restorahon or repa~r of the Property damage. the restoration or repa~r is economically feasible and Len6er's
.ecunty ~s not lessened if the restorat~on or repalr ~s not econom~caily teas~ble a Lender's secur~ty would be lessened, the Insurance proceeds shaU
ne appt~ed to thesumssecured byth~s Secur~ty Instrument, whetheror notdue, wrth anyexcesspaidto Bo?rower. If 8orrowerabandonsthe Property.
, r does not answer with~n 30 days ot ~ot~ce from Lender that the ~nsurance carrie• has offered to settle a cla~m, then Lender may collect the ~nsurance
p roceeds Lender may use the proceeds to repair or restore the Property or to pay sums secured by th~s Security tnstrument, whether or not then due.
T he 30-day penod w~ll beg~n when the not~ce ~s g~ven.
Untess lender and Borrower otherw~se agree ~n wr~t~ng, any app~~cat~on or proceeds to pnncipal shall not extend or postpone the due date ot the
~nonthly payments reterred to ~n paragraph t or change the amount ot the payments. H under paragraph 19 the Property is acquired by Lender,
Borrower's r~ght to any insurance pot~aes and proceeds resulting from damage to the Property prior to the acqu~srt~on shall pass to Lender to the
-~xtent of the sums secured by this Secunty Instrumenl ~mmed~ately pnor to the acquis~tion.
5 Preservation and Maintenance of Propehy; Lessehold; Condominiums; Planned Unit Developments. Borrower shall keep the Property in good repa~r
and shaU not commit waste or perm;t ~mpa~rment or detenoraUOn of the Property and shall comply with the prov~s~ons ot any lease it thls Security
t ~strument is on a leasehold I1 th~s Secunty Instrument is on a unit in a condominium or planned unit development, Borrower shall perform all of
Borrower's obl~gauons under the declaration or covenants creating or g~vern~ng the condominium or planned unit development, the by-laws and
regulaUOns of the condomin~um or planned unit development, and constituent documents. _
o Proteclion of Lender's Security. If Borrower fa~ls to perform the covenants and agreements contained in this Security Insirument, or if any action or
proceed~ng Is commenced wh~ch mater~alty affects lender's interest ~n the Property, then Lender, at Lender'soption, upon notice to Borrower, may
~iakesuchappearances.d~sbursesuchsums,includ~ngreasonableat,oneys'tees,andlakesuchactionasisnecessarytoprotectLender'smterest If
'..ender required rrzortgage ~nsurance as a cond~tior, of making the loan secured by th~s Security Instrument, Borruwer shall pay the premiums
•equired to ma~ntain such insurance in effect untit such ,~me as the ~eqwrement tor such insurance termmates in accordanCe with Borrower's and
;_e^.der's wrtten agreement or appl~cable law
Any amount disbursed by Lender pursuant to this paragraph 6. with interest thereon, at the Plote r8te, shall become additional indebtedness of
3orrower secured by this Secu~ ity Instrument. Untess Bor~ower ano lender agree to other terms of payment, such amounts shall be payable upon
~ ohcefrom~endertoBorrcwerrequesUngpaymentthereof Nothmgconta~nedinth~sparagraph6sha!IreqwreLendertoincuranyexpensesortake
a~y action hereu~der.
7. Inspection. Lender or its agent may make reasonable entr~es upon and ~nspect~on of the Property, prov~ded that Lender shall g~ve Borrower notice
or~or to an ~nspect~on spec~fy~ng reasonable cause for the ~nspect~on
8 Condemnatiort The proceeds of any award orcla~m for damages, d:rect orconsequential in cannection with any condemnation orother tak~ng of the
Property, or part thereof, or for conveyance ~n heu of condemnat~on, are hereby assigned and shall be pa~d to Lender, sub~ect to the terms of any
mortgage. deed of trust or other secunty agreement w~th a I+en wh~ch has priority over this Security InsVument.
i 9. eorrower Not Released; Forbeannce by Lender Not s Waiver. Extension of the time for payment, acceptance by Lender of payments other than
accord~ng ro the terms ot the Note, or mod~t~cat~on oi amort~zat~on ot the sums secured by this Security Instrumeni granted by ~ender to any
~~,ccessor ~n ~nteres! of Borrower sha!I not operate to release the Ilab~hty of the onginal Borrower or Borrower's successors In interest. Lender shatl
I ~~ot be requ~red to commence proceed~ngs against such successor in Interest or refuse to extend the time for payment or otherwise modify
~ amori~zat~on of the sums secured by thls Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in
k nterest Any forbearanre by Lender m exerc~smg any nght or remedy shall not be a warver of or preclude the exercise of any right or remedy. Lender
sna~l not be deemed. by any act of omission or commiss~on. to have wawedany of its rights or remedies hereunder unless such waiver is in writing and
~ s ~gned by Lender Any such wa~ver shall apply only to the extent specif~cally set forth ~n the writing. A waiver as to one event shaU not be construed as
' ~oriGnuing or as a werver as to any other event.
~ ' 0. Successor and Assigns 8ound; Joint and Sereral Liabllity; Co-Signer. The covenants and agreements of this Security Instrument shall bind and
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~ oeneht the successors and ass~gns of Lender and Sorrower, sub~ect to the provisionsof paragraph t8. Borrower'scovenants and agreements shatl be
~ ; o, nt and several Any Borrower who co-s~gns this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to
~ mortgage, grant and convey that Berrower's interest ~n the Property under the terms of this Security fnstrument: (b) is nol personally obligated to pay
~ the sums secured by this Secunty Instrument: and (c) agrees lhat Lender and ar~y other Borrower may agree to extend, modify, torbear or make any
accommodaUOns wrth regard to the terms O~ this SeCUnty Instrument o~ the Note without th8t BOrrower'S COnsen±.
~ ? t. Loan Charges.lf the loan secured by th~s Security Instrument is sub~ect to a law which sets maximum ~oan charges, and th~t law is fmally interpreted
~ so that the mterest or other Ioan charges collected or to be coliected in c~nnection with the loan exceed the permitted I~mits, then (a) any such loan
~ c~arge shall be reduced by the amount necessary to reduce the charga to the peRnitted Rimit: and (b) any sums already collected trom Borrower which
€ exceeded permrtted limits will be refunded to BorrowEr. Lendar may choose tomake this refund by reducing the prmcipal owed under the Note or by
~ mak~ng a d~rect payment to Borrower !f a refund reduces prmcipai, the reduct~on w~ll be treated as a partial prepayment without any prepayment
~harge under the Note
2 Legislation Affecting Lender's Rights. li enactment or exp~rat~on ot appl~cable iaws nas the effect ot rendenng any matenai provisions of the Note or
~h~s Secun.y Instrument unenfprceable according to its terms, Lender, at fts option, may require immedlate payment in ful! of all sums secured by th~s
Secunty Instrumeni and may ~nvoke any remed~es permitted by paragraph 19. If Lender exercises this option. Lender shall take the steps specified ~n
~ ~r,e second paragraph of paragraph 18
~ 3 Noiices. Any ~otice to Burrower provided :or ~n th~s Secunty Instrument sha11 be grven by delivering it or by ma~ling it by f~rst class mail unless
w appt~caole taw requ~res use of another method The not+ce shall Ge ~i~rected to the Property Address ~r any other address Borrower des~gnates by
~~ohce to LenCer Any nobce to Lender shall be given by first class mall ~o Lender's address stated herein or any other address Lender des~gnates by
- ot~c~ to Borrower Any not~ce prov~ded for ~n thss Secunty lnsirument shall ba deemed to have been g~ven to 9orrower or Lender when g~ven as
y c~ov+ded ~n th~s paragraph
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~ ° R 675 PacE ~.~29
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