HomeMy WebLinkAbout2170 li' Lender required mortgage insurance as a conditian of n;aking the l~~an securrd by thi: Sc.:u~ity 1~?;iru~~irnt,
t3orrower shall pay the premiums required to maintain the insurance in ef~ect until such time as the reyuirement for the
~nsurance terminates in accordance with Borrow~r's and Lender's written agreement or applicable law~.
8. Inspection. Lender or its agent may make rcasonabk entries upun and ins~tions of the Property. Lender
shall gire Borrower notice at the time of or prior to an inspection spee~ifying rrasonable rause for the inspection.
9. Condemnatlon. The proceeds of any award or claim for damages, direct or conseyuential, in ronnection with
an} condemnation or other taking of any part ot the Property, or for conveyance in lieu of condemnation, are hereby
assigned and shall he paid to Lender.
ln ~he event oi a total taking of the Property, the proceeds shal! be applied to tfie sums secnred by this Security
lnstrument, whether or not then due, with any excess paid to Borrower. ln the event of a partial taking of the Yra~rty,
unless Borrower and Lender otherwise agre~ in writing, the sums secured by this Securitv Instrument shall be reduced by
the amount ai the proceeds multipliai by the following fraction: (a) the total amount of the sums secureri immPrliatrlv
i4:~ :a;.~ag,:ii.iue.i uy ~oj ine ~a~s maricet vasu~ 01 iht Yroperty immediately befare the taking. Any baiance shal) be
paid to Borrower.
(f the Property is abandoned by Borrow•er, or if, after notice by Lender to Borrower that the cundemnor ofTers to
make an award or settie a claim for damages, Borrower fails to respond to Lender within 30 days after the date the noticc is
given, Lender is autfiorized to collect and apply the proceeds, at its option, either to restoraticm or repair of the Propcrty or
to the sums secured by this Security Instrument, whether or not then due.
Unlas Lender and Borrower otherwise agree in writing, any application of proceeds to principal shaH not e~tend or
postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payment~.
10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the tirne far payment or
modification of amortizateon of tfie sums secured by this Security lnstrument granted by Lender to any successor in
interest of 8orrower shall not operate to release tfie liability of the originat Borrower or i3orrower's successors in interest.
Lender shall not be required to commence proceedings against any successor in interest or refuse tc~ extend time for
payment or othenvise modify amortization of the sums secured by this Security Instrument by reason of any demand made
b}~ the original Borrower or Borrower's successors in interest. Any forbearance by Lender in e~ercising any right or remedy
shatl not be a waiver of or preclude the exercise ot'any right or remedy.
11. Successors and Asstgns Bound; Joint and Severaf Liability; Co-signers. The covenants and agreements of
this Security Iastrument 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 who co-signs this Security
instrument but daes not execute the Note: (a) is casigning this Security Instrument only to mortgage, grant and convey
that Bosrower's interest in the Property under the terms of this Security Instrument; (b) is not personaUy obligated to pay
ihe sums secured by this Security Instsument; and (c) agrees that Lender and any other Borrow•er may agree tc? extcnd,
modify, forbear or make any accommodations with regard to the terms of this Security instrument e~r the N~~te with~~ut
that Borrower'sconsent.
12. Loan Charges. If the loan secured by this Security Instrument is subject to a law w~hich sets maximunz Ic~an
~harges, and that taw is finally interpreted so that the interest or other loan charges rnllected or to be collected in
connection with the loan exceed the permitted limits, then: (a) any such loan charge shali he reducecl by the amount
necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Sorrower whiefi eaceeded
~ permitted limits will be refunded to Borrower. Lender may choose to make this refund by reciucing the {~rinciral owed
~ under the Note or by making a direct payment to Borrower. lf a refund reduces prin~ ipal, the reductic~n will be treated as a
f paTtial prepayment without any prepayment charge under the Note.
~ 13. Legisiation AtTecting Lender's Rights. If enactment or expiration o` applicable laws has the e(fect of
; rendering any provision of the Note or this Security Instrument unenCorceable according to its terms, Lender, at it~ option,
' ~nay require immediate payment in full of all sums secured by this Security tnstrument and may invoke any remedies
~ permitted by paragraph 19. If I.ender exercises this option, Lender shall take the steps specified in the second paragraph of
G ~aragraph 17.
Y 14, Notiees. Any notice to Borsower provided for in this Security Instrument shal) be given by delivering it or by
` mailing it by first class mail unie~s applicable law requires use of another methc~d. The notice sha1) be directed tc? the
Yroperty Address or any other address Borrower designates by notice to Lender. Any noticc to I.cnder shall be given by
i hrst cla~ss mail to Lender's address stated herein or any other address Lender designates by notice te~ Borrower. Any notice
; ~,ro~ ided for in this Security [nstrument shal) be deemed to have been given to Borrower or Lender µ•hen given as providcd
~ in this paragraph.
~ 15. Governing I.aw; Severability. This Security InstrUment shatl be gc~verned by federal {aw and the law of the
~ )urisdiction in which the Property is located. In the event that any provi~ion or clause c~f this Security 1nStrument or the
~ Note conflicts with applicable law, such conflict shall not aflect other provisions of this Security Instrument or the Note
~ w~hicfi can be given efi'ect without the conflicting provision. To this end the pro~isions of this Security Instrument and the
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~ ti~te are declared to be severable.
16. Borrower's Copy. Borrower shall be given one conformed copy of the Note anc3 of this Security Instrument.
~ 17, Transfer of the Property or s Beneficial Interest in Borrower. If all or any part of the Yropert}~ or any
~ interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is nvt a natural
~ ~er~on) without Lender's prior written consent, Lender may, at its option, require immediate payment in ful) of a!I sums
;ecured by this Security Instrument. However, this option shall not be exercised b}' I.ender if exercise is prohibited hy
~ federal law as of ihe date of this Security Instrument.
If Lender exercises this option, Lender shall give ~orr~~wer not;~e of accelerat;o:j. ~I tie notice sha11 pr~n•ide a rerit~d
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 Seeurity Instrument. If
Borrower fails to pay these sums prior to the expiration of this peri~ci. I.ender may invc~ke any~
remedies permitted by this Security instrument without further notice or demand on Borrower.
18. Borrower's Right to Reinstate. If Sorrower meets certain conditions, Dorrew~er :hall have the right tc~ have
' enforcement of this Security Instrument discontinued at any time prior to the earlier c~C: (a) 5 days (~r surh other peri~~d as
applicable law may specify for reinstatement) before sale of the Properry purtuant to any ~ciwer ~~f sale crmtained in thi~
5ecurity fnstrument; or (b) entry oF a judgment enforcing this Security Instrument. ~I hose conditions are that Born?wer:
~a) pays [,ender all sums which then would be due ur:der this Security Instrument and the Note had nc~ acceleration
occurred; (b) cures any deCault of any other covenas?ts ot agreements; (c) pays all expenses incurred in enforcing this
_ Security Instrument, including, but not limited to, reasonable attorney.s' fees; and (d) takes such action as Lender may
reasonably require to assurc that the lien of lhis Security In~trument, Lender's rights in the Property and Borrower's
obligation to pay the sums secured by this Security Instrument shall continue unchanged. U~n reinstatement by
8orrower, this Security instrument and the obligations secured hereby shall remain fully efiective as if no accelerati~n had
nccurred. H~wever, this right to ~einstate shal! not apply in the case af acceleration under paragraph~ 13 or 17.
BoR~ 675 ~::~F2~70
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