HomeMy WebLinkAbout1872 li~ Lender reyuircd mortgage insuranre as a rondition of making the loan secured by this Security Instrument,
t3urru~~rr .hall pa~ the premiums reyuired to maintain the insurance in ~ffect unti! such time as the requirement for the
in.w.ince terminate~ in acrordance w~ith Borrower's and Lender's wntten agreement or applicable law.
8. Inspection. Lender or its agent ma~~ make reasonable entries upon and inspe~:tions of the Property. Lender
,hall gi~ e Bi~rrower notire at the time of or prior to an inspection specifying reasonable rause for tne inspertion.
9. Condemnation. The pra-eeds of~ an~~ aw~ard or claim for damages, direct or consrquential, in connection with
.in~ condem~~ation or other taking of an~~ part uf the Property, or for conve~•ance in lieu of
condemna~ion, are hereby
as,igned and shall be paid to Lender.
ln the evrnt of a total taking of the Propert~•, the proc;eeds shail be applied to the sums secured by this Securit~•
ln~trument, whether or not then due, with any excess paid to Borrower. In the e~~ent of a partia! taking of the Pro~rty,
unl~~ss Borrow~er and Lender otherwise agree ~n w~riting, the sums secured by this Security Instrument shail be reduced by
the am~,unt of the pra;eeds multiplied by the follow~ing fraction: (a) the total amount of the sums serured immediatel~~
befare the taRing, di~~ided by (b) the fair market value of the Property immediately before the taking. Any balance shall be
paid to BorroH•er.
If the Property is abandoned by Borrow~er, or if, after notice b~~ I.ender to Borrower that the condemnor offers to
make an a~vard or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is
gi~~en, Lender is authorized to collect and a~ply ihe proceeds, at its option, either to restaration or repair of the Property or
to the sums secured b}~ this Security Instrument, whether or not then due.
Unless Lender and Barrower otherwise agree in writing, any application of proceeds to principal shall not extend or
Ex~st~ne the due date of the monthl}• payments referred to in paragraphs I and 2 or change the amount of such payments.
10. Borrower 1ot Released; Forbearance By Lender 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 Borrow•er shall not operate to release the liability of the original Borrower or Borrower's successors in interest.
Lender sha(I not be required to commence proceedings against-any~.sat~~g
s~r~iganterest or refuse to extend time for
pa~~ment or otherw•ise modif~~ amortization of the sums secured by ihis Security Instrument by reason of any demand made
by the original Borrow~er or Borrowe~'s successors in interest. Any forbearance by Lender in exercising any right or remed~~
shall not be a w~aiver of or preclude the exercise of any right or remedy.
I1. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of
this Serurity Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions
of paragraph 17. Borrow~er's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security
i Instrum~nt but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and conve}~
that Borrow•er's interest in the Propert~• under the terms of this Security Instrument; (b) is not personally obligated to pay
the sums secured b}• this Security Instrument; and (c) agrees that Lender and any other Borrawer map agree ro extend,
modif~~, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without
that Barrow~er's consent.
12. Loan Charges. If the laan secured by this Security Instrument is subject to a law• which sets maximum loan
rharges, and that law~ is finally interpreteci so that the interest or other loan charges collected or to be collected in
cunnection u~ith the loan exceed the Fsermitted limets, 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
~rniitted limits will be refunded to Borrow~er. Lender may choose to make this refund by reducing the principal ow~ed
under ihe Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a
j partial prepay~ment without any prepayment charge under the Note.
; 13. Legislation Affeeting Lender's Rights. If enactment or expiration of applicable laws has the efteci of
~ rendering any pro~isic~n of the Note or this Security Instrument unenforceable according ta its terms, Lender, at its option,
~ ma}~ require immediate payrnent in full of all sums secured by this Security Instrument and may invoke any remedies
~ ~ermitted bE~ paragraph l9. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of
~ paragraph 17.
` 14, \otices. An~~ notice ro Borrow~er provided for in this Security Instrument shall be given b~~ delivering it or b}
~ mailing it b~~ first class mail unless applicable law requires use of another method. The notice shall be directed to the
a Propert~~ Address or an}~ other address Borrower designates by notice to Lender. An}~ notice ro Lender shall be given by
~ tirst rlass mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice
pru~ided for in this Securit}~ Instrument shall be deemed to have been given to Borrower or Lender when given as provided
in this paragra~h.
15. Governing Law; Severability. This Securit}~ Instrument shall be go~•erned b~~ federal law and the law of the
~ jurisdiction in w•hich the Property is located. In the event that any provision or clause of this Security InstrumPnt or the
\ote ronflicts with applicable law, such conflict shall not afiect ather provisions of this Security Instrument or the Note
€ which can be gi~~en effect ~~~ithout the conflicting pro~~ision. To this end the provisions of this Security Instrument and the
~ tiote are declared ro be se~~erable.
~ 16. Borrower's Copy. Bc~rrow~er sha11 be given one conformed cop}~ of the Note and of this Securit~~ Instrument.
~ 17. Transfer of the Property or a Beneficial Interest in Borrow~er. If all or an} part ~f the Propert3 or an}
~ interL~t in it is u~ld c~r transferred (or if a beneficia) interest in Borrow•er is sold or transferred and Borrow~er is not a natural
~ p~rum) ~tiithout Lender's p:i~r w•ritten ronsent, Lender ma}, at its option, reyuire immediate pa}ment in full of all sum,
~
serure~ b} thi~ Securit~ Instrument. How•ever, this .irticro shall nrn tx exercised b} I.ender if exerritie i~ pmhibited by
fe~ieral law :~ti ~,f the ~ate c~f this Serurit~ Instrument.
If [.en~er cxerrities thiti ~~pti~m, Lender shall give Borrow~er nc,tire c~f ar.eleration. The natice ~hall ~r~n ide a period
~~f nc~t le~r than 30 ~fa}~ from the date the nc~tice is deli~ered or ma~led H~ithin w•hirh Borrc~w•er must pa}~ all sums secured b~
thi~ Securit~ in~trument. If Bormwer fails t<~ pa} thesc sums prior to the expiration of this ,~eriod, Lendcr ma~~ in~c~ke an~
rrmedie~ permitted b} this Securit}~ Instrument w ithe~ut further notice or demand on Borrc~wer.
, 18. Borrower's Ri~ht to Reinstate. If Borr~>wer meets certain c~~nditicmti, B~rrower shall ha~e thr right tc~ ha~e
~nfurr~ment ~~f thi~ Serurit~ Irztitrument di~r~mtinued at an~ time ~rior to the earlier of: (a) 5 da}` (c~r such c~ther pericxi ati
; ~ij~~lirahle la~? ma~ s~~ccif~ fc~r reinu~tement) bef~re tiale of the Property ~ursuant to an}~ power of sale contained in thi~
Se~urit~ In.trument; c~r (b) entr} c~f a judgment enf<~rcing this Securit~ In~trun~ent. Thotie conditic~ns are that Horrc~wer:
A la> ~a~~ Lender ai! ~um~ ~~hirh then would be due w~der this Securit}~ Instrument and the Note had n~~ accrlerati<m
~ c~ccurred: (h) rure. am default ~f an~ <~ther co~enants or agreements. (c) pa}s all ex~ensec incurred in enforcing thiti
~ Se~_unt~ Invrument. inrluding, but n~~t limited to, reasonable attorne}~s' fees; and (d) teke~ ~uch acti~n ati l.ender ma~
~ rea~c~nahl} reyu~rr tr, auure that the lien ~f this Securit}~ Instrument. Lender'ti nght~ in the Proprrt}~ and Bc~rrc~wer'ti
_ c~bligancm t~~ ~a~ the tiumti ~erured b} thiti Securit~ Instrument shall continue unrhanged. l'~~~n reinstatement b~
B~~rre,wer. thi, Securit} In~trument and the abligations 1ecured hereb~ shal! remain full~ efTerti~e as if nc~ arcelerat?c~n had
<~rcu,-r~d. N~~~~e~ er, thi• right to reintitatc shall n~t a~~l} in the case ~f acceleratic~n under ~aragrarhti 13 ~~r 17
BOOK V~5 PAGf ~Q72
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