HomeMy WebLinkAbout2511 :~ri} amuunt~ disbur~ed by l.er.~irr under thi~ paragraph ;,hall become additional debt of B~~p~e~:~?red,bY~ >
In~trument. Unlrs~ Burro~~rr and l.ender agree to other terms of payment, ~hese amoun~s shalibeer et~t from ~1~~'~of
.li,bunen~ent at the Note rate and shall be pa~able, with interest, upon notire from Lender to Borrower reyuesting pa}ment.
1! Lender reyuired martgage insuran~r as a condition of making the loan secured by this Security Ins~rument, Borro~er sh.~ll
pa> the premiums reyuired to maintain thr insurance in effect until such time as che requi~rment for th~ insurance terminates
in accordance with Borrower's and Lender's written agreement or apptirable law.
8. Insprction. Lender or its agent may make reasonable entries upon and insprctions of the Property. Lender ~h~ll give Bor-
ruwer notice at the time of or prior to an inspection specifying reasonable rause for the inspection.
9. Condemnatioa. The proceeds of any aH•ard or elaim for damages, direct or consequential, in connection w~ith anp condem-
n~tion or other taking of an~• part of the Property, or for com•eyan~e in lieu of condzmnation, are hereby assigned and shall be
~aid to Lender.
In the e~ent of a total taking of the Property, the procetds shall be ~pplied to the sums secured by this Securit~~ Instrument,
Hhether or not then due, ~~ith any excess paid to Borrower. In the event of a partial taking of the Pra~erty, unless Borrower ar.d -
Lender othen~ise agree in writing, the sums secured by th;s Security Instrument shali be reduced by the amount of the proceeds
multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, di~•ided b~• (b) the
iai~ market value of the Property immediately before che taking. Any balance shall be paid to Borrower.
tf the Pro~xre} is abandoned b~~ Borrower, or if, after notice by l.ender to Borrower that the condemnor offers to make
an aµard or settte a cla~m for damages. Borrower fails tu respond to Lender witfiin 30 days after the date the notice is given,
l.ender is authorized to collect and apply the proceeds, at its option, either to resturation or repair of the Property or to the sums
sc~ured by this Security Instrument, whether or not then due.
Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principai shall not extend or postpone
[he due date of the monthly payments referred to in paragraphs 1 and ~ or change the amount of such payments.
I0. 8orroNer Not Released; Forbes~rance b~ Lender hot 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 surcessor in interest of Borrower shall ,
not operate to release the tiabilitp of the origina! Borrow~er or Borrower's successors in interest. Lender shall not be required to
commence proceedings against any successor in interest or refuse to extend time for payment ar othervvise modify amortization
of the sums secured by~ this Security lnstrument b>• reason of any demand made by the original Borrower or Borrower's successors
in interest. Any forbearar.ce by Lender in exercising any right or remedy shall not be a w~ai~~er of or preclude the exercise of any
right or remedy.
11. Successors pnd Assigns Bound; Joint And Se~•e~nl Liabilit~; Co-signers. The covenants and agreements of this Security~ ~
Instrument shall bind and benefit the successors and assigns of Lender and Borrower, ~ubject to the provisions of paragraph 17.
Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Seeurity Instrument but dces
not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrow~er's interest in
the Property under the terms of this Security lnstrumenr, (b) is not personally obligated to pay the sums secured by this Security
tnstrument; and (eT agrees that Lender and any other Borrower may agree to extend, modiiy, forbear or make any accommoda-
tions w~ith regard to the terms of this Security Instrument or the Note without that Borrower'c consent.
12. Luan Charges. If the loan secured by this Securit~~ Instrument is subject to a IaK• w•hich sets maximum loan charges,
~nd that law is Cinally interpreted so that the interest or other loan charges collected or to be collected in connection with the
loan exceed the permitted limits, then: (a) ar.y 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 Borrow~er w~hich e~ceeded permitted limits ~~ill be refunded to
E3arrow•er. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direci payment
to Borrower. If a refund reduces principal, the reduction will be ueated as a partia] prepayment without any prepa~~mene eharge
under the Note.
13. Legislation At(ecliag Lender's Rights. !f enactment or expiration of applicable laws has the effect of rendering anp provi-
sion of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may require immediate
pay~?nent in full of all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. Ii Lender
exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17.
14. N~tices. An~• notice to Borrower pro~~ided for in this Security lnstrument shall be gi~•en 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 an~~ other address Borrow~er designates by notice to Lender. Any notice ro Lender sha!! be gi~~en by first dass mail to Lender's
address stated herein or any other address Lender designat~s by notice to Borrow•er. Any notice pro~•ided (or in this Security Instru-
ment shatt be deemed to have been giti~en to Borrower or Lender when given as provided in this paragraph.
i5. Governing Law: Se~erability. This Security lnstrument shali be governed by federal !aw and the law of the jurisdiction
' in which the Property is located. In the event that any provision or clause of this Securit~~ Instrument or the Note conilicts with
' applicable law, such conflict shall not afFect other pro~~isions of this Security Instrument or the Note which can be given effect
~ ~~ithout the conflicting provision. To this end .he provisions of this Security Instrument and the Note are declared to be severable.
16. Barrow~er's Copy. Borrower shall be given one conformed copy of the Note and of this Security fnstrument.
17. Transfer of the Property or A Beoeticis~l Inte~est in Borrower. [f all or any part of the Property or any interest in it is
sold or transferred (or if a beneficial interest in Borrower is soid ~r transferred and Borrow~er is not a natural person) without
` Lender's prior written c~nsent, Lender may, at its option, require immediate payment in full of all sums secured by this Security
@ instrument. Howe~~er, this option shall not he exercised by Lender if exercise is prohibited by iederal law as of the date of this
Security Instr~ment.
If Lender exercises this option, Lender shall give Borrow•er notice of acceteration. The notice shall pro~•ide a period of not
less than 'su da>•s iro~~i the date the notice is ~.ti4•.r~~ or ma~led within which Borrow•er must pay all sums secured by this Security
Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may in~~oke any remedies permitted
bg~ this Security Instrument without further notice or demand on Borrower.
l8. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement
of this Security Insvument discontinued a[ any time prior tc 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 Security Instrument; or (b)
entry of a judgment enfarcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then
w~outd be due under this Serurity lnstrument and the Note had no acceleration occurred; (b) cures any default of any other covenan[s
~ or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable at-
~ rorneys' fees; and 1d) talces sach action as Lender may reasonably require to assure that the Gen of this Securit~~ Instrument, Lender's
~
~ rights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument sha(I continue unchanged.
Upon reinstaterreent by Borroµ~er, this Security Instrument and the abligations secu~ed hereby shali remain fully effective as if
~ no acceleration had accurred. Howe~~er, this right to reinstate shall not apply in the case of acceleratien under paragraphs 13 or 17.
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