HomeMy WebLinkAbout1661 If Lender reqwred mortgage ~nsurance as a.:unditian of making the loan secured by th~s Secunry Instrument,
Borrower shall pay the prem~ums required to mainta~n the insurance ~n rti~ect until such tame as the requ~rement ior the
insurance terminates in accordanct wrth Borrower's and Lender's w~ntten agreement or appGcable law•.
8, Inspecdon. Lender or its agent may make reasonable entnes upon and ?nspeti:tions of ihe Property. Lender
shall give Bonower noti:e at the t?me of or prior to an ~nspection spec~fying reasonable cause for the ~nspection.
9. Condemnation. The proceeds of any award or claim for damages, direct or consequennal, ~n connccnon with
any condemnation or other taking of any part of the Proptrty, or for conveyance in lieu of condemnat~on, are hereby
assigned and shall be paid to Lender.
[n the event of a total taking of the Propeny, the procecds shall be applied to the sums secured by this Secunty
Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property,
unless Borrawer and Lender otherwise agrce ~n wnting, the sums secured by this Secunty Instrument shall be reduced by
the amoun~ of the praceecls multiplied by the following fraction: (a) ehe total amount of the sums secured immediately
before :he taking, dividcd by (b) the fair market value of the Property immcdiately beiore the tak~ng. Any balance shall be
paid to f3orrower.
lf the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to
make an award or settle a cla~m for damages. Borrower fails to respond to Lender within 30 days after the date tt~e notice is
given, Ltnder is ~authonzed to coliect and apply the proceeds, at its option. either to restoraeion or rtpair of the Property or
to the sums secured by this Security Instrument, whether or not then due.
Unless Lender and Bonower otherwis~ agree in writing, any application of proceais to pnncipal shall not extend dr
postpone the due date of the monthly payments refened to in paragraphs 1 and 2 or chang~ the amount of such payments.
10. Borrower ~Iot Released; Forbearance By Lender Yot a Wairer. Extcnsion of th~ tim~ for payment or
modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in
interest of Borrower shall not operate to release the liability of the original Borrower or Bonower's successors in interest.
Lender shall not be required to commence proceedings against any successor in ~nterest or refuse to eatend time for
pay ment 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 e~er~ising any right or remrdy
shall not be a waiver of or preclude the exercise of any nght or remedy.
11. Successors and Assi~s Hound; Joint and Se~eral Liability; Casigners. The covenants and agreements of
this Secunty Instrument shall bind and benefit the successors and ass~gns of Lender and Borrower, subject to the provisions
of paragraph 17. Borrower's covenants and agre~ments shall be joint and several. Any Borrower who co-signs this Security
Instrument but does not execute the Note: (a} is co-s~gning this Security Instrument only to mortgage, grant and convey
j that Borrower's interest in the Propeny under the terms of this Security Instrumenr, (b) is not personally obligated to pay
the sums secured by this Secunty Instrument: and (cl agrets that Lender and any other Borrower may agree to extend,
modify, forbear or make any accommodat~ons w~th regard to che terms of th?s Secunty Instrument or the Note without
that Borrower's consent.
12. Loan C6arges. If the loan secured by this Secunty instrument is subject to a law which sets maximum Ioan
charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in
connxtion with tht loan eaceed th~ permittcd limits, then: (a) any such toan charg~ shall be reduced by th~ amount
necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which eacetded
permitted limits will be refunded to Borrower. [.ender may choose to make this refund by reduc~ng the principal owed
under the Note or by makir.g a direct payment to Borrower. If a refund reduces principal, the reduction wili be treated as a
partial prepayment without any prepayment charge under the Note.
13. Legislation APfecting Lender's Rights. If enactment or expiration of applicable laws has the effect of
; rendering any provision of the i~lote or this Secunty Instrument unenforceable according to its terms, Lender, at its option,
! may require immediate payment in full of all sums secured by this Security Instrument and may in~oke any remedies
permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps spec~fied in the second paragraph of
paragraph 17.
14. Votices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by
mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the
Property Address or any other address Borrower daignates by notic~ to Lender. Any notice to Lender shalt be g~ven 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 shail be deemed to have been given to Borrower or Lender when given as provided
in this paragraph.
€ 15. Governing Law; Severability. This Secunty Instrument shail be governed by federal !aw and the law of the
F jurisdiction in which the Property is located. In the event that any provis~on or clause of this Secunty Instrument or the
E ~iote conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note
4 which can be given effect without the conHict~ng provision. To this end the provisions of this Security Instcument and the
3 V ote are declared to be severable.
i 16. Borrower's Copy. Borrower shail be given one conformed c~py of the tiote and of this Secunty Instrument.
~ 17. Transfer of the Pr4perty or a Beneficial Interest in Borrower. If all or anv part of the Property or any
~ interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural
~ person) without Lender's pnor written consent, Lender mav, at its option, require immediate payment in full of all sums
~ secured by this Secunty Instrument. However, this option shall nor be exercised by Lender if exercise is prohibited by
fcderal law as of the date of this Secun:y Instrument.
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a penod
of not fess than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by
th~s Security Instrument. If Borrower fails to pay these sums pnor to the expiration of th~s penod. Lender may invoke any
remedies permitted by this Secunty [nstrument without further notice or demand on Bonower.
18. Borrower's Right to Reinstate. If Borrower meets certam conditions, Borro~ver shall have the nght to have
enforcement of this Secunty Instrument discontinued at any nme pnor 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 th~s Secunt}• Instrument. Those conditions are that Borcow~r:
(a) pays Lender all sums which then would be due under this Secunty Instrument and the N~te had no acceleration
_ occurred; (b) cures any defauit of any other covenants or agreements; fc) pays all expenses incurred in enforcing this
= Security Instrument, ~ncludzng, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may
; reasonably requ~re co assure that the I~en of th~s Secunty Instrument. Lender's nghts in the Property and Borrower's
obligation ro pay the sums sec:ured by th~s Secunty [nstrument shalt connnue unchanged. Upon reinstatement by
Bottower, th~s Secunty Instrument and the obligations secured hereby shall rema~n fully effect~ve as if no acceleration had
occurred. However, th~s nght to reinstate shall not apply ~n the case of accelerat~on under paragraphs 13 or 17.
USMC 3054A•C 8~86 ~tr 60~j~ 6~~ F~CC
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