HomeMy WebLinkAbout2285 If Lrnd~r rryuirrJ mortgsge insurance as a condition uf mal:~ng the loan sc~ure~ by thiti Srcurity [cutrumeiu,
13urre~~~er,h:?II E~.i~ thr ~rrmiums rryuited tci maintain thr insurance in ef~ect until such time as the reyuirement fc+r the
i:i.ura~irr ternunatr. in ,~rcur~fan~r ith &~rrow~er's and L~nder's written agreemrnt or applirable I~~~.
8. (nspection, l.rndrr or it~ agent may make reasonable entries u~n and inspectiunti u` the Propert}~. Leneler
,ic~ll gi~ e Burm~?~ r n~~ticr :~t thr time of or Qrior to an ins}~ectian specify ing rensonable rause for the inspecti~~n.
9. Condemnatiun. The prcxeeds ot' any award ur ~laim fi~r damages, direct or conseyueatiat, in cocenertiun a+th
an~ c~~ndrmnatiun ur uther taking .~f any part of the Propertp, ur for cunveyar2ce in lieu of~ condemnation, are hereby
ati~~gned and shall be paid t~~ l.ender.
ln thr e~ent uC a tutsl taking ~~f the Froperty, ihe pr~eeds shali be applied t~ the sums serured by th~s Security
lmtrument. ~~hethrr or nc~t then due, a•ith any excess paid to Bc,rrower. In the event of a partial taking ~~f the Pro~erty~.
unle~, 13~~rruwer and Lenci~~ other~~is~ agree in writing, the sums sec~red by this S~:urity Instrument tihall be reduced hy
chr .~me~~nt ~~f tl~r ~nx~r.;, multiplir.~ b~ the follow~ing fr.iction (:~l the total amuunt of thr ~um~ ~trured imu~~~i~tel~
het~~re the taking, e!i~ ~dc~l n~~ (h) the fair m~rket value ol th~ Pruperty~ immediately~ before the taku~g. Any b~l~nce ~hali tx~
~aid t~~ Borrc~H~r
if the Pmperty abundocied b~~ Borre~H•er, or if, after notice by Lender to Borrower that tfie condemnor offer~ to
R1:1~:t' 3f1 }~U':~~i~ ~e_i!~v u_I~tm f,.~;~• _^o- , U^:.....~. w~~_+i% iiiu iii i.,ti~iiCi Yrilltlll JV tlii)J QIICC ttiC ll:~lt II1C Il0(1Cl' fS
gi~en, [_endrr i~ authunr.ed t~, coilect and appl~~ the proc;eeds, at its uption, either to restaration or repair of the Proprrt~~ or
tu the sums secured b~• this Serurity Instrument, whether or not then due.
Unless Lender and Borrower otherwise agree in writing, any application of proceeds tu principal shall not extend or
e of l~e-monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments.
' we~ 1'~iQt Released; Forbearance By Ixnder Not a Waiver. Extension of the time for pay~ment ~~r
rrypb6s~pp~' ~arr~ortiiatien of the sums secured by this Security Instrument granted by Lender to any successor in
intere~t~'c~Rba~~tdW~r~ll not operare to release the liability of the original Borrower or Borrower's successors in interest.
I.ender shaH not be required to commence proceedings against any successor in interest or refuse to extend time for
pa~~ment or otherw ise mc~dift~ amortizat+an of the sums secured by this Security instrument by reason oP any deman~i made
b}~ the rriginal Burrow~er or f3~rrow~er's successors in interes[. Any forbearance b~~ Lender in exercising an}~ right ur remed~~
.h:,ll not be a a~ai~ er of or preclude the exercise of an}• right or remedy.
11, Successors and .4ssigns Bound; Joint and Several Liability; Co-signers. The co.•enants and agreements of
thi~ SeLurit}~ Imtrument tihall bind and benefit the successors and assigns of Lender and Borrow~er, subject to the provisions
ut paragraph l'. Borrower's co~~nants and agreements shal{ be joint and several. Any Borrower who co-signs thi~ ~rcurity~
[ntitrument but doc.w not execute the Note: (a) is co-signing this Security Instrument onlS to mortgage, grant and eonvey~
that Borrow~er'1 interest in the Property under the terms of this Security lnstrument; (b) is not Qersonally obtigated ta pay
the sums secured b}~ this Securit}~ Instrument; and (c) agrees that Lender and any other Borrow~er may agree to extend,
mociify, farbear or make ~n~ arcommodations w~ith regard to the terms of this Security Instrument or the Note w~ithout
that Borrower'sconsent.
12. I.oan Charges. If the lc~an secured b~~ this Security [nstrument is subject to a law w~hirh sets maximum loan
~harges, and that law~ is finall} interpreted so that the interest or other loan charges collected or to be collected in
~onneruon with the loan erceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
necessary ro reduce the rharge to the permitted limit; and (b) any sums already coliected from Borrow~er a~hich exceeded
~ermitted timits «•ill be refunded to Aurrower. Lender may choose to make this refund by reducing the principal ow~ed
under the Note or by~ making a direct pa~~ment to Borrower. If a refund reduces principal, the reduction w•iN be treated as a
partial prepa~ ment w•ithout any prepa}~ment rharge under the Note.
13. I.eRislation APiecting Lender's Rights. (f enactment or expiration of applicable laws has the effect of
IF rendering any prc~visicm of the \ote or this Security Instrument unenforceable according to its terms, Lender, at its option,
rnay~ require imme~liate payment in fu11 of all surns secured by this Security Instrument and may imoke any remedies
< <~crmitted b~ ~aragr~}~h t9. If Let~der esercises this option, Lender shaU take the steFn specified in the second paragraph of
~ naragraph 17.
i 14. ~otices. ~~n~ n~~tice to Borrow~er pro~•ided for in this Security lnstrument shali t~e given by dcti~ering it or b~~
f mailing it b}~ hr~t rlati~ mail unlc~s applicable law requires use of another method. The notire shall be directed to the
~ Propert} Addreti~ <~r an~ uther address Burrawer designates by notice tc7 Lender. Any natice to Lender tihal) be given by~
~ hrtit cltt~ti mai! t~~ Le?ul~r'. ad~ires~ stated herein or any other address Lender designates by notice t~ Burrrnver. An~~ notice
prc~~ ided fur in this Sec~rih In~trument shall be deemed to Itia~e tieen given to Burrc~wer ~~r Lender when given as provi~ied
~ in thiti paragrarh
; 15. Gu~•erninR I,aw; Severability~. This Securit~ Instrument shall be go~erncd b}~ federal 13w~ and the Idw of the
~ ~untidinc~m in «hirh the Pr~pert~ is lcxated. In the event that an~~ pro~~ision or clause ~~f this Securit}~ Instrument or the
~ \utc c<~n{iict~ ufth a~~licable law~, such conflirt shall not affect other provisic~ns of this Securit~• Instrument or the Note
hirh ran be g~~en efi'ect ~ it4~i~ut the conflicting ~ro~~isi~n. T~ this end the provisi~ns of this Securit}~ Instrument and the
f tiote are de~i.ired to be severable.
~ 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security lnstrume~t.
~ 17. 7~ransfer of the Property or a Reneficial Interest in Borrower. If all or an}~ part of the Property or any
€ ~nterr,t m it ~~~Id or trarsferred (or if a beneficial inter~st in B~rrow~er is s~ld ~r transferred and Borro~ti~er is not a natural
s p~rsun) ~ith~~ue Lender'ti pricsr written consent, Lender may, at its opti~~n, reyuire immediate pa~~ment in full of all sums
~ ~ecured h} thi. Se~urity instrument. How~ever, thi~ option tihall not be exercised by Lender if exerciu is profi~bited by
~CCJY.T3I Iati as of the date ~t this Security~ Instrument.
€
t If Lender exerciset thi` opU~m, Lendcr shall give Borrow~er notice of acceleration. Th:: notice shall provide a period
~ uf n~n le,ti than day~ti frc~m the date the notice is delivered or maiied w~ithin w~hich Borrower must pa}~ all sums;ecured b}~
E thit Securitc In.trurnent. If f3c~rroaer f:~i{s to pay these sums prior to the expiration of this period, Len~er may in~oke any
remedieti permitted b~ thiti Se~urit} Instrument without further notice or demand on Borrower.
18. I3orrower's Riqht to Reinstate. If Borrower meets certain conditi~ns, Borrower 1hall havc the right to have
' ec~f~~rrement cif thiti Secunt~ Inltrument disc~ntinued at any t~me prior t~ the ear{ier of: (a) 5 day~s (or wrh other penod as
applicahie la~~ rn~} ti~erif} ~or rrintitatement) before sale of the Property~ pursuant to any ,rx~wer of saie contained in this
' Securit} Instrumrnt; or (b; rntr} o~ a judgment enforciiig thit Security lnstrument. Those condition~ are that [iorrower.
p~?~ti Lcnder all ~um, ~tihich then would be due under this Security Instrument and the Note had no acceleratic~n
occurred: (b) cur~~ aiiy ~~fault ~~f any' other co~enants or agreements; (c) pays all expenses incurred in enforeing th~s
Se~urity (ntitrurnrnt, including, but nc?t limitecl to, reasonable attorneys' fees; and (d) takes such action as Lender may
reasonabi~ rey~irc: t~~ ~s~ure thai the hen of this Security Instrument, Lender's rights in the Propert}• and Borrower's
obligation to pa} the sum5 secured b}~ this '+ecurity Instrument shall continue unchanged. Upon reinstatement by
Borrow~cr, this Se~urit~ InStrumer,t and the obligations secured hereby shail r~main t'ully etTective as if no acceleration had
c~ccurred. No~~~e~ er, rhiti right ro reinstate shall not apply in the case of acceleration under paragraphs I 3 or 17.
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a~a~ 675
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