|
20��07151
<br />o€ the s
<br />unless ]
<br />by the s
<br />secured
<br />Properi
<br />Ir.
<br />the �ro
<br />secured
<br />agree u
<br />or not 1
<br />If
<br />defined
<br />Lender
<br />Procee�
<br />or not 1
<br />against
<br />B
<br />judgme
<br />or righl
<br />as pro�
<br />judgme
<br />rights i
<br />impa.in
<br />A
<br />order p
<br />1:
<br />modifi�
<br />Succes;
<br />of Bon
<br />or to r
<br />Instrun
<br />forbeas
<br />payme�
<br />due, sh
<br />1;
<br />that Bo
<br />Instrun
<br />grant a
<br />and bi
<br />under
<br />as a pr�
<br />Instnu
<br />I.
<br />interes
<br />then: �
<br />and (b
<br />Lende�
<br />to Bor
<br />prepay
<br />any su
<br />have a
<br />l
<br />writin�
<br />Bono`
<br />means
<br />NEBF
<br />Form
<br />.uns secured by this Security Instrument immediately before the partial taking, destruction, or loss in value,
<br />�onower and Lender otherwise agree in writing, the sums secured by this Security Instrument sha11 be reduced
<br />mount of the Miscellan�us Proceeds multiplied by the following fraction: (a) the total amount of the sums
<br />immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the
<br />y immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower.
<br />the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of
<br />�erty immediately before the partial taking, destruction, or loss in value is less than the amount of the sums
<br />immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise
<br />writing, the Miscellaneous Proceeds sha11 be applied to the sums secured by this Security Instrument whether
<br />Ze sums are then due.
<br />the Property is abandoned by Borrower, or if, after notice by Lender to Bonower that the Opposing Pariy (as
<br />in the next sentence) offers to make an awazd to settle a claim for damages, Borrower fails to respond to
<br />within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous
<br />s either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether
<br />hen due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds ar the party
<br />whom Borrower has a right of action in regazd to Miscellaneous Procee�is.
<br />►rrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's
<br />Zt, could result in forfeiture of the Properly or other material impairment of Lender's interest in the Property
<br />s under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate
<br />ided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's
<br />nt, precludes forfeiture of the Property or other material impairment of Lender's interest in the Properiy or
<br />nder this Security Instrument. The proceeds of any award or claim for damages that aze attributable to the
<br />ient of Lender's interest in the Property are hereby assigned and sha11 be paid to Lender.
<br />1 Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the
<br />�ovided for in Section 2.
<br />;. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the tune for payment or
<br />ation of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any
<br />or in Interest of Borrower sha11 not operate to release the liability of Bonower or any Successors in Interest
<br />�wer. Lender sha11 not be required to commence proceedings against any Successor in Interest of Borrower
<br />;fuse to extend time for payment or otherwise modify amortization of the sums secured by this Security
<br />.ent by reason of any demand made by the original Bonower or any Successors in Interest of Borrower. Any
<br />�nce by Lender in exercising any right or remedy including, without lunitation, Lender's acceptance of
<br />ts from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then
<br />�11 not be a waiver of or preclude the exercise of any right or remedy.
<br />I. Joint and Several Liability; Casigners; Successors and Assigns Bound. Bonower covenants and agrees
<br />�rower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security
<br />ent but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage,
<br />�d convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not
<br />lly obligated to pay the sums secured by this 5ecurity Instrument; and (c) agrees that Lender and any other
<br />er can agree to extend, modify, forbear or make any accommodations with regard to the terms of this 5ecurity
<br />�ent or the Note without the co-signer's consent.
<br />�bject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's
<br />ons under this Security Instrument in writing, and is approved by Lender, shall obtain a11 of Borrower's rights
<br />efits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability
<br />us Security Instnunent unless L,ender agrees to such release in writing. The covenants and agreements of this
<br />✓ Instrument sha11 bind (except as provided in Section 20) and benefit the successors and assigns of Lender.
<br />G. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's
<br />for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument,
<br />ig, but not limited to, attomeys' fees, properiy inspection and valuation fees. In regard to any other fees, the
<br />: of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed
<br />hibition on the charging of such fee. Lender may not charge fees that aze expressly prohibited by this Security
<br />ient or by Applicable Law.
<br />the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the
<br />or other loan charges collected or to be collected in connection with tYie Loan exceed the permitted limits,
<br />a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit;
<br />any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower.
<br />may choose to make this refund by reducing the principal owed under the Note or by making a direct payment
<br />�ower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any
<br />nent charge (whether or not a prepayment charge is provided for under the Note). Bonower's acceptance of
<br />h refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might
<br />ising out of such overcharge.
<br />�. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in
<br />. Any notice to Bonower in connection with this Security Instnunent sha11 be deemed to have been given to
<br />�er when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other
<br />Notice to any one Borrower sha11 constitute notice to a11 Borrowers unless Applicable Law expressly requires
<br />ise. The notice address sha11 be the Property Address unless Bonower has designated a substitute notice
<br />by notice to Lender. Borrower sha11 promptly notify Lender of Borrower's change of address. If Lender
<br />--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS
<br />1/01 Page 7 of 11
<br />DocMag/c �
<br />www. docmagic. com
<br />Ne3028.mzd.mnl
<br />
|