HomeMy WebLinkAbout2922 !_rtr~lrr rrywr~d murtgage insuranre as a c.~ndition uf m3king the lu:tn secured b~~ thi. Stcurtt~• tn~trumet~l,
f3~~rr~~~~er.hali ~a~ the prrmiums reyuired to maintain thr insurance in effect until surh time as thc requiremrnt far the
~n,uranre tcrnun.ite~ in .ir«~rdanre H~ith Borrower's and Lender's written agreement or applirable la~~.
8. Inspec4ion. i_~t~~fer or it> agrnt may make reasonable entries uEx~n and inspection~ ~~f the Yroperty. Lrnder
,hall gi~ e Borr~~w er n~~ti~r at the time of or prior to as~ ins~tion specifying reasonab{e rau~e far ihe inspection.
9. Condemn~tion. 'fhe ~r<xeeus ot any award or rlaim for damages, dirc~t or ec~nseyuential, in ronnection with
an~ cundemnation or other taking of an~~ part of the Yropert~•, or for come~ance in lieu of rondemnation, are herrb~~
a.~igned and shall he paid ro Lender.
In the e~ent uf a tc~tat taking of the Yropert}~, ihe pr~eeds shali be applied to the sums secured b}~ this Sc~urit~•
Intitrument. ~~helher or not the~i due, w~ith a~~y excess paid to Bc~rrow~er. In the e~~eni of a partial taking of the Proper~y,
unlrst BorroHer and Lender otherw~ise agree in w~riting, the sums secured b~• this Securit}' (n~trument shall be reduced b~~
the amount of the pr~eeds multiplied by the follow~ing fraction: (a) the total amount of the sums securc~i immediately
hel~ore the t~king, di~~ided by~ (b) the fair market value of the Property immediatel~• before the taking. Any balance shall be
~:ild l(1 ~ClffOw'~~.
If the Yroperty is abaadoned by Borrower, or if, aft~r notice by Lender to Borr~w~er that the condemnor offers to
make an aw•ard or settle a claim for damages, Borrower fails to respond to Lender w~ithin i0 da}•s after the date the notice is
given. Lender is authorized ro collect and appiy the proceeds, at its option, either to restoration or repair of the Pro~erty or
tu the wm~ cerured h~~ fhic C~~ri~1• lnstrument, u~h~th~r or r.oi ihcn du2.
Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
Ex~~tpone the due date of the monthly payEnents referred to in paragraphs 1 and 2 or change the amount of such payments.
10. Barrower ~iot Released; Forbearance By Lender Not a V4'airer. Extension of the time fos 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 l~ability of ihe original Borrower 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
pa}~ment or ~ther~~ise modif~• amortization of the sums sec~red by this Security Instrument by reasan oPany demand made
b}~ the original Borrower or Borrower's successors in interest. Any focbearance by Lender in exercising an~~ right or remedy
shall not be a w~ai~~er of vr preclude the exercise of any right or remedy.
11. 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. Borrower's co~enants and agreements sha{l be joint anci several. Any Borrower who co-signs this Security~
Instrument but does 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 Securit}• Instrument; (b) is not personally obligated to pa}~
the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend,
modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Nate without
that Barrov?er's consent.
12. Losn Charges. If the loan secured by this Security Instrument is subject to a!aw which sets maximum loan
f charges, and that law is finally interpreted so that the interest or other loan charges collected or to be eollected in
j ~onnection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
~ necessar~~ to reduce the charge to the permitted limit; and (b) any sums aiready collected from Borrower which exceeded
permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed
under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a
partial prepayment without any prepayment charge under the Note.
~ 13. Legislation Afieeting Lender's Rights. If enactment or expiration of applicable laws ha~ the effec:t of
¢ rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its optiQn,
~ may require immediate payment in fuli of alt sums secured by this Security Instrument and may invoke any remedies
~ r:rmitted bp paragraph 19. If Leader exercises this option, Lender shafl take the steps specified in the second paragraph of
~ paragraph 17.
~ 14. tiotices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or b}•
mailing it by first class mail uniess applicable law requires use of another method. The notice shali be directed to tl~e
~ Property Adciress or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by
~ first class mail to Lender's address stated herein or any other address Lender designates b}• notice to Borro«•er. An~• notice
~ ~rovided for in th~s Securit}~ Instrument shall be deemed to have been given to Borrc~a~er or Lender when given as provided
~ in this paragraph.
~ 15. Governing Law; Severability. This Security Instrument shall be governed by federal law~ and the !aw of the
~ jurisdiction in which the Property is iocated. ln the event that any pro~~ision or clause of this Security Instrument or the
~ '\et[e Cclnflictc v~'ith ?~Rli~ahlP law c~`1; .~;7;" ~~vi a~
~i Cvilici iu'vi~1V1I~ VI inis ~ecuri[y instrument or the 1VOte
rr"__...~ , ~
~ w hinc ~an be given effect without the confiicting pro~~ision. To this end the provisions of this Securit} Instrument and the
:'~ote are declared to be severable.
~ 16. Borrow•er's Copy. Borrower shall be given one rc~nfc~rmed copy ~f the Ne,te and c~f this Securit~~ Instrument.
~ 17. Transfer of the Property or a Beneficial Interest in Borroxer. If aU c>r any part ~f the Propert}~ or an}'
k interest in it is sold or transferred (or if a beneficial interest in Sorrower is sold c~r transferred and B<~rrower iti n<~t a natural
~ ~c:rson} w~ithout Lender's pcior written consent, Lender may~, at ~t~ o~tion, reyuire immediate payment in full oi' all tiumti
` ,ecured b~ this Securit~~ [nstrument. However, this optian shall no~ be exercised b}~ Le?zder if exercitie ~ti prc~hibite~ b~
federal la~ a~ of the date of this Security Instrument.
if Lender exerrises this option, Lender ~hall gice Borrower n~hce cif acceleration. The not~re ~+hal) prnvide a pericxi
c~f nc~t le,~ tfian ~0 davs G«m the date the notice is deli~~ered or mailed within w~hich Burrow•er mu~t pa}~ all tum, secured b}
thi, Securit~ Instrument. [f Barrow~er fails to pay~ these sums prior to ihe expiration nf this period. I_cnder ma~~ imoke an}•
remedieti ~ermitted b} this Securit}~ Instrument w~ithout further notice or demand on &xr~wer.
18. Borrower's Right to Reinstate. tf Borrow•er meets certain conditi~ns. B~rroaer shall ha~e the rsght to have
enfur~emrnt ~~f this Serurit~~ Instrument discontinued at an}~ time prior to the earlier of: (a) 5 da}~ (c~r such c~ther ~eriod ati
, aP~hrable fa~c ma~ specif} f~~r reintitatement) i~efore sale of the Property purtiuant m an} ~xiwer ~f sale contained in this
Securit~ (n.trument; ur (h) entr~ of a judgment enforcin¢ ihis Securit}~ inctrument Th~~~c rc~ndiri~^~, •v~e Sc:rrciw~~:
(a) ~a~ti Lender all ~umti which then u~ould be due under th:s Securit}~ Instrumens and the tiote had n~ acceleraucm
c~ccurred: (h) ~ureti an~ default an~ c~ther co~~enants or agreements; (c) pa}~ all expentie~ incurred in enfe~rring th~,
; Seruritc (ntitrwnrnt, inrludmg, but nnt limited to, reas~nable att~rne)s' fees: and td) tak~~ w~h achc~n ati i.ender ma~
' rcatiemahl~ rryuir~ t~~ a~~ure that thc lien ~f this Security Instrument, Lender'~ neht~ m the Prci~ert} and H~rmurr'~
c~hligat~un tu ~,a~ the wm~ ~ecured b} thit Se~urit~ Instrument tihall c~mtinur un~har~grc~ l:r„n rein~tatement h~
Re~rm~+rr. thi. S~cunt~ In~trument and the c~bligationti tiecured hereh~ ~hall remain fu11~ rfTrru~c a~ i( nc~ ~crrler,iUc~n had
~~rrurrrd H<~w~~~r. thi~ nght to reinstate ~hall n~~t ap~l} m theca~e ~~f a~cefer,+tu~n und~r rsragrarh~ l; i~r I?
BOCK U~~ PAGE ~~22
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