HomeMy WebLinkAbout2554 It I rndrr r~yuired m~~rtgsgr in,ur:?nrr a. a cunditiun u! making thc luan ,«iu~~~1 h~ thi, Securit~ (n.triunrnt.
Rurn~~~rr.hali p~?} the pr~mium~ rryuirrd tu maintain thr in.urance in effrct until such time a+thr reyuirrmrnt !ur thr
in,uranrr trrminatc~ in arcur~lanrr ~~ith Hurrukrr'~ and Lendrr'. ~~ritten agreement or applicablr la~.
8. Inspection. t.cndrr or iu agrnt ma~ make reasonable ~nuirs upon and in~pection~ uf the Propcrty. l.rn~irr
~hall gi~e Bc?rro~~er noticr at the timr uf or priur to an inspection specif~ing rea~~~nable rau~e fur the inspectiun.
9. Condemnsttion. ~I~he prorerds ~~t an~ a~~ard or claim for damage., dircrt or con+eyurntial, in conn~rti~~n ~~ith
an~ condrmnatiun ur uthrr taking ot anc part of the Propcrt~. ur tiur con~e~ance in lieu o1 rundemnation, ar~ her~b~
s,~ign~d and ~hall be paid tu Ler.der.
In the e~rnt of a t~stal taking ot the Propert}, the pr~~cerds .hall be applird to the sum, ~rcured b~ thi. Srrurit~
Imtrument, hrthrr or not thrn due, ~~ith am ~xcrss paid to Bi~rro~+er. In th~ e~em uf a partial taking of the Propert~,
un1e.~ B~~rm~~rr and 1_endrr uther~~ isr agrre in w r~ting, thr sums s~cured b~ thi, Serurit~ ln,trumrnt shall be reducrd b~
thr amount uf the procceds multiplird b~~ the fol{uNing tiraction: (a1 the total amount ol thc sums +ecured immrdiatel~~
brf~~r~ the takong, di~ ided h~ ( b) thr (air ma~ket ~alue ~~f the 1'ropert~• immediate4~ bc(orc the taking. Am~ ba{ancc .hafl bc
raid tc~ BorroHrc • t
If thr Proprrt~ i, abandoned b~~ Borr~~u~•~ ~~r il attrr nnlir~_ h~~ I..~nil~~r t~~ R~~rrn~~
makr an a~~ard or ~ettle aclaim for damages. Borrc~wer (ails to rrspond to I_rnder ~+ithin ?0 da~+after the date the notice
i, gi~en, Lender i~ authuri~~d to collect and appl~~ the procecds, at its ~~ption, either to «~toration or repair af the
Pru~ert~ or to the.ums secured b~ thi~ Securih~ Instrument. ~~hrther or not then dur.
U nle+s Lender and BarroNer othen~ i.e agree in N riting, an~~ application of praceed. ur principal shall nat exte?~d
ur pu.tpone the due datr of th~ monthl~ pa~ments referred to in paragraphs I and 2 or chang~ thr amount at ~uch
pa~ mrnth.
10. Borrow•er Not Released; Forbearance B~~ l.ender Not a H'ai~~er. Fxtension of the time for pa~ ment or ~
mudifirati~~r~ of amarti~ation of the .ums secured by this Securih• Instrument granted by lender to an~ +ucce.~or in
interest of Borro~~er shall n~it operate to release the liability of the original SorroHer or Horro~tier', succrssors in interetit.
Lender shall not be reyuired tc~ commence proceedings against an} successor in interest or refuse to extend time (c~~ ,
pa~ment or othen~i~e modif~ amoni~atian of the sums serured b~~ this Securit~ Instrument b~~ reason ot am~ demand
made b~~ the original $orro~+er or Borroµer's successors in interest. An~~ forbcarance b~ lxnder in rxercitiing an~~ right ur
remed~ >hal{ not be a~~ai~er uf or preclude the exercise of an~~ right or remed~.
1 l. Successors and Assigns Bound; Joint and Several I.iability; Co-signers. Thr co~ enants and agrcements ui thi~
ticcurit~ tn~uument sl~all bind and benefit the succe~sor~ and assigns af Lender and BorroHer. ~ub~ect to the pro~ isiom oC •
paragraph 17. Borre~~~er's co~ enaRts and agreements shall be joint and se~csal. An~~ Borro«er ~ti ho co-~igns thi~ Sccurit~
I n~trument but dors not execute the'~ote: (a1 is co-signing this Securitr Instrument onl~~ to mortgage. grant and cun~e~
that Borrouer's interest in the Propert~• under the terms t~f this Securit~~ Instrument; ( b) i. not per,onall~ obligated to pa~
thr sum~ secured b~~ this Securit~ lnstrument; and (c) agrees that Lender and an~ other Borro~~~r ma~ agree to extrnd.
modif}, forbcar or make an~ accommodation. tiith regard to the termti of this Securih~ In,trument ur the \ote ithaut
that Borro~~er'~ consent.
12. I.oAn Charges. lC the luan securrd b~~ this Securit} Instrument is subject to a la~ti ~~hich set~ ma~imum Ic~an
charges, and that la~~ is finall~~ interpreted so that the interest ur othcr loan charges cotlected ur ta be cullected in
runnection ~~ith the loan~exceed thr permitted limits, then: (a) am such loan charge shall be reduced b~ the am~unt
n~cessan to reduce the charge to the perrr2itted limit: and ( b) an~ sums alread} collected from Borre»~er H hich escreded
permitted limit> aill be ret~unded to Borrotier. l.en~ier ma~ choo~c to make this refund b~• reducing the principal o~~ed
under the \ute or b~• making adirect pa~~ment to BorroH~r. If a refund reduce~ principal, the reduction il1 be treated a. a
partial prepa~ment ~+ithout an~• prepa~~ment charge under the \ote.
13. Legislatian Affeeting Lender's Rights. lf enactment or exp+ration of applicable la~+s has the effect ~~f
rcndrring an~ pro~i~ion of the tiote ur this Securit~~ Instrument unenforceable according to it> termti, Lendrr. at it. ~
option, ma~~ reyuire immediate pa~ment in full of all ~ums secured b~ this 5ecurit~ Instrument and ma~ imokr am
nm~dies permitted b~ paragraph 19. li l.ender exercises this option. Lender shall take the step, ,pecified in the ~econd
paragraph uf paragraph 17.
14. '~otices. Anti notice tn Borr~~~~cr pro~ ided for in this Securit~ In~trument .hall be gi~en b~ dcli~ ering it or b;
mailing it b~ first class mail unless applicable la~ reyuires use of another method. The notice shall be gi~ en b~ first ria„
mai! to Lender's addrr~s stated herein or am• othe~ address l.ender de~ignatrs b}~ notice to Barrowec Am noticr rro~ id~d
fur in this Serurit~ Instrumrnt shall be dcemed to ha~e been gi~en to Borro~~er or i_ender a hen gi~en as pro~ ided fur in
this paragraph.
lS. Governing l.aw; Se~•erabilit}. This Sccurit~ Instrument shall be go~err.ed b~~ lederal la~~ and the IaH o( the
jur~,ciiction in ~+hich the Propert~ is locatrd. fn the e~ent that am~ pro~ ision or clause of this Securit~ In~trument or the
\ote con(licts ~ ith applicable la~+, such conflict,haN not affect other Pro~ i~ions of thi~ Securit~ Instrument and the \ote
are declared to be se~erable.
16. Borrower's Copy~. Borro~+er shal! be gi~en one conkormed cop} of the \ote and e~f thi, Securit~ {mtrum~nt.
17. Transfer of the Property or a Beneficial Interest in Borrower. If all or an}~ part of the Propcrt~~ or am interest in
it i. ~old or transferred (or if a beneficial interest in Bcrrower is sold or transferred and Borrauer is not a natural person)
uithout I.ender's prior w ritten consent, Lender ma}~, at its option, reyuire immediate pa}•ment in full of all sums secured
b`~ this Securiri• fnstrument.
If Lender exercises this option, Lender shail gi~e Borrower notice oi acceieration. The notice shall pro~~ide a
period of not tess than 30 da~~s from the date the notice is det+~~ered or mailed within which Borrower must pa}~ all sums
secured b}~ this SecuritJ~ Instrument. If BorroHer fails to pay thrse sums prior io the exQiration o(thss period. Lender ma}~
in~oke an~~ rzmedies permitted b}~ this Securit}~ Instrument w~ithout further notice or demand on Borro~er.
f8. Borrower's Right to Reinstate. If E3orrower meets certain conditions. BorroHer shall ha~e the right to ha~e
enforcement of this Securit}• Instrument discontinued at am~ time prior to the earlier of: (a) 5 da~~s (or such othrr peri~d a~
a~plicable 4aw ma~~ specif}~ for reintitatement) before saie of the Propert~ pur~uant to an~ pouer of sale contained in this
Securi[~ Instrument; or ( b) ~ntn~ of a judgment enforcing this Securit}~ tn~trument. ~f hose condition, are that Borro~+er:
(a1 pa~s I.rnder all sums Hhich then woutd be duc under this Secu~ii~~ (nstrument and the \ote had no acce{eration
occured; (b) cures an~• default of am other co~enants or agreements; (c) pa}s all expenses incurred in enforcing thi,
Securitc ln~trumcnt, ineluding, but not limited to, rea5onable attorne~s' fers; and (d) takes such act~on as Lendcr ma~
rrasonabl~ reyuire to as~ure that the lien a~ this Securit~ lnstrument, Lender's right~ in thc Propert~~ and Borrouer'>
obligation to pa} the ,ums secured b} this Securit~ In~trument sha11 continue unchanged. Lpon reinstatement bc
Borro~+rr, thiti Securih Instrument and the obligations seeured hereb}~ shatl remain tuli~ effceti~e as if no aecrleratic~n
had c~ccurred. Houe~er, this right to reinstate shall not appl}~ in the case of aceeleration under paragraphs 13 nr 1i.
eoo~675 PACE2554
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