201608387 - Laserfiche WebLink

Browse

2� 1 ��8387 Zn the event of a partia�taking, destruction, vr loss in va�ue �f the Prapert��n whrch the faxr market value of the Propert�r xm�mediat��y befvre the par�ia��ak�ng, de�truction, or��ss in va�ue is�ess than the amvunt of the sums secured immedxat��y hef�re�he partial�akxng, des#ru�#ivn, or loss xn�a�ue, unless Borrower and Lender vtherwise a�r�e xn v�riting, the 1V�isce�laneo�s Proceeds sha11�be applied t❑ the su�ns se�ured by�h�s Se�urity Instru�n.ent�hether or not the sums ar� then duQ, If the Proper�}��s aban�oned b��rrovtrer, or xf, affer no�ice by Lender�a �orr�wer�hat�he �pposing Part� �as de�n�d in t��e nex�sen�e�t�� ❑��s to r�ake a�a�v�ra.rd t�settle a cl��x� fvr damages, ��rrov�rer fax�s�o respand fv Lender vv��hin 3� da�s a�'�er the date#h�natice is g�ven, Lender is au�horized to collect and app�y the Mxs�ellar��us Proceeds e�t�er�o re�t�ra��n or repair�f the Pr�pert�r or�a �he ��xms secured b�r�his Securxty I�strurne�.�, vv�ether�r r�o�the�du�. "�pposing]Par��r" m.eans rhe th�rd par�y that owes B�rr�w�r I�IYs�e�Ia��ous Proc�eds �r�he par�y aga�ns��rhoam.Borrov��r has a righ��acti�n xn regard�❑ll�isce�laneou�Pro�eeds. Barrawer shali be�n defa�xlt if any a�txon or pr�ceed�ng, wh��her cxvi� ar crxmYna�, xs�egun�hat, �n Lender's judgmeri�, c�u�d r�su�t�n fo�rf�i#ur�vf�he Praperty or�ih�r x�at�r�a��mpairment of L,ender's xnterest in tihe Property or rig��s�xnder this Secur�ty�ns�rum��n�. ��rr�v�rer can cure such a defau�t and, if accelerat�on has accurred, reinstate a�provided in 5e�ti�n 18, by�a��zg the ac�i�n nr proceed�ng#a be dismissed w�th a ru�ing that, �n Lender's judgment, precludes fa�feiture of the Prapert�or a�her materxal impairment vf Lender's inter�st in the Praper��r or rights under this 5ecurity 7ns�rurnent. The pr�ceeds of any award ar claim fvr damages�hat are attrxbutable to the impairment of Lender's interest in the Property are here��assigned and shall be paid to Lender. All Misceilaneous Prviceeds tha�are not appxxed to restoration vr repair af the Praperty shal��e applied xn the order pro�ided for in Section �. ��. Barrow er Not Releas�d; Forbearance By Lender Not a Wa�rrer. Extensian of�he#�me for payment or modific�tion of amor�izatxon of the sums secured b�this Security�ns#rument grarited b�Lender�o Borrawer ar any Successor in�nterest of]B�rrovver sha1�nvt operate tv re�ea�e the lxabi�ity vf Borr�wer or any Successors�n Interest af Borrow�r. JLe�nder sha�l na��e requ�red�❑ cam�nence proceedings against an�r 5uccess�r in Intere��of Bor��rer�r tv r�fus��a ex��nd time far payment or otherwise modify amortxzation�f�he sums�e�ured by�his�ecur�t�I�s�rument b�reasan�f any denn.and made by the origina� ��rr�wer �r any 5u�c�s��rs in��terest�f�orz•a�r�r. A��forbearance��L,ender xn exercisxng a.n�r rxght�r r�m�dy��c��ding, �vi#h�ut��rr�itat�o��, �ender's�c��p�ance of pa�r��n#s f�rorr�thxrd persans, ent��xes or�uc�e�sor•s in��ter�s� �f��rr��nrer�r�n a�.vun#s�ess t�a�t�e a�vun�#�hen du�, sha��no�be a v�aiver af vr pr�c�lxde �he e��rcise��amy r�g�.t �r rena�d�. 12. Joint and ��►era! �ia�bii��y; ��-��gr�er$; �u��r� and A��n� i�a�nd. Borro�ver covenants and agrees ihal��r�•�v`r�r's�bliga�yv�s and��a�b��i�sha�l b��oin��se��•al. Howe�rer, any Borrvwer wh� ��signs thi� ��xrity Instrurrien�b�#da�s na� e�e�u�� e N�� a� "��-sxgr�er"�: �� s co-signing th�� S�ct�rity�ns�rument�nly t�mortgage, �ran��n��rnve�ih� ��-s�gn�r's�ntere�t in th� Pr�pe�rty under the �erms �f this Secur�ty��strurne��; �b� �s n�t pers�na�l�y ob�i��ed�o pa�r�he�ums secured by fhxs Secu��ty Instrument; a�� agrees that Ler�der and any�t��vrrower�an agre� �� xtend g modify, far�ear�r ma�e an�accvmmodafions with regard�o the terr�s of t��s Secux•�ty��r�u�ent or�h�N��e�vithau��he co-sxgner's cansent. ��2�Q4447 ��9713U�31 FHA Deed of Trust With MERS-iVE 913Q12�14 Bankers SystemsTM VMP� VMP4N�NE)�'�5�fi).�❑ Wolters I{luwer Financial Ser�ices Page'10 of 9 7