|
I
<br />89.. , 100247
<br />If Lender required mortgage insurance as a condition of making the loan secured by this Itcurity Instrument,
<br />Borrower shall )pay the premiums required to maintain the insurance in eirect until such time as tlitr requirement for the
<br />insurance termir►ates in accordance with Borrower's and Lender's written agreement or applicable 1111 x.
<br />8. Inspection. Lender or its agent may make reasonable entries upon and inspectiono tS the Property. Lender
<br />shall give Borrower notice at the time of or►prior to an inspection specifying reasonable cause fqr. the inspection.
<br />9. Condomnatlon. The procc ds of any award or claim for damages, direct or confe4tiential, in connection with
<br />any condemnation or other taking of any part of the Property, or for conveyance in limp of condemnation, are hereby
<br />assigned and shall be paid to Lender.
<br />In the event of a total taking of the Property, the proceeds shall be applied iii the sums secured by this Security
<br />Instrument, whether or not then due, with any excess paid to Borrower. In the ev,mt of a partial taking of the Property.
<br />unless Borrowerand Lender otherwise agree in writing, the sums secured by this.Security Instrument shall be reduced by
<br />the amount of the proceeds multiplied by the following fraction.: (a) the total,,amount of the sums secured immediately
<br />before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be
<br />paid to Borrower. -
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor oilers to
<br />make an award or settle a claim for damages. Borrower fails to respond to lender within 30 days after the date the notice is
<br />given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or
<br />to the sums secured by this Security Instrument, whether or not then dud.
<br />Unless Lender and Borrower otherwise agree in writing, any apiilication of proceeds to principal shall not extend or
<br />postpone the due date of the monthly payments referred to in paragrrsphs 1 and 2 or change the amount of such payments.
<br />10. Borrower Not Released; Forbearance By Lender Nat a Waiver. Extension of the time for payment or
<br />modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in
<br />interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest.
<br />Lender shall not be required to commence proceedings against i any successor in interest or refuse to extend time for
<br />payment or otherwise modify amortization of the stuns secured big this Security Instrument by reason of any demand made
<br />by the original Borrower or Borrower's successors in interest, Any forbearance by Lender in exercising any right or remedy
<br />shall not be a waiver of or preclude the exercise of any right or remedy.
<br />11. Success and Assigns Bound; Joint seed. Seveml(LialiBity; Co- signers. The covenants and agreements of
<br />this Security Instrument shall bind and benefit the su=essors and assigns of Lender and Borrower, subject to
<br />s,jt
<br />the provisions
<br />of paragraph 17. Borrower's covenants and agreements shall ben joint and several. Any Borrower who cod signs this Security
<br />Instrument but does not execute the Note: (a) is co- signing tTais Seclarity Instrument only to mortgage; &rrt and convey
<br />yid
<br />that Borrower's interest in the Properly under the terms of this Security nstrument; (b) is not
<br />Y personallg obligated to �y
<br />i"
<br />;
<br />f the sums secured by,this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend,
<br />t:
<br />modify, fiirhrar or rtmke pry Qaccomincdations ;*h r card -ti; the tc,s-:ns of this comus ity instrumcni or the ;yore vrititout '
<br />that Borrower's consent.
<br />12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan
<br />charges, and that law is finally interpreted so that.the ir�ierest or other loan charges collected or to be collected in
<br />connection with the, loan exceed the permitted limits,. then: (a) any such loan charge shat) be reduced by the amount
<br />necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded
<br />permitted limits will, be refunded to Borrower. Lender mq choose to make this refund by reducing the principal owed
<br />under the Note or byp making a direct payment to Borrowen,:lf a refund reduces principal, the reduction will be treated as a
<br />partial prepayment without any prepayment charge under.the Note.
<br />13. Legislation Affecting Lender's Rights. If, enactment or expiration of applicable laws has the effect of
<br />rendering any provision of the Note or this Security Instrument unenforceable according to riq terms, Lender at its option,
<br />A,
<br />may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies
<br />1`
<br />permitted by paragraph 19. If Lender exercises this option,:Lender shall take the steps specified in the second paragraph of
<br />paragraph 17.
<br />14. Notices.:. Any notice to Borrower provided fmin this Security Instrument shall be given by delivering it or by
<br />mailing it by first class mail unless applicable law requirea,.use of another method. The notice shall be directed to the
<br />Property Address or, any other address Borrower designates.by notice to Lender. Any notice to Lender stall be given by
<br />.:
<br />'.
<br />first class mail to Lender's address stated herein or any oth-maddress Under designates by notice to Borrower. Any notice
<br />j ,;
<br />provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided-
<br />in this paragraph.
<br />15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law pf the
<br />jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the
<br />Note conflicts with applicable taw, such conflict shall not affect other provisions of this Security Instrument Note
<br />or. the
<br />which can be given effect without the conflicting provision. To this wrid the provisions of this Security Instrument and the
<br />Note are declared to beseverable. .
<br />16. Borrower's Copy. Borrower shall be given one conformed copy of the'_ ote.ardof this Security Instrument.
<br />17. Transfer of the ProOrty er.a Benefici`sd f Interest in Borrower. If ail er any .part of the'. Property or any
<br />interest in it is sold or transferred (as if a: bix- eficial interest in Borrower is sold or transferred and Borrower is not a natural
<br />petseen) without Lender's prior written consent. Lender may, at its (1ption, require immediate gayment in full of all sums
<br />secured by this Security Instrument. However, this option shall not be exercised by Lender £rexercise is prohibited by
<br />federal law as of the date of this Security Instrument.
<br />If Lender exercises this option, Lender shall give Borrower notice of acceies-ation. The notice shall provide a period
<br />of not less than 30days from the date the notice is delivered or mailed within which Borrower
<br />must pay all sums secured by
<br />this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any
<br />remedies permitted by this Security Instrument without further notice or demand on Borrower.
<br />18. Borrower's Right to Reinstate, If Borrower meets certain conditions. Borrower` sfiall have the right to have
<br />enforcement of this Security Instrument discontinued at any time prior to the earlier of. (a) 5 dns(rar' such other period as
<br />applicable law may specify for reinstatement) before sale of the. Property pursuant to any power of sale contained in this
<br />L Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions arc that Borrower:
<br />(a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration
<br />occurred; (b) cures any default of any other covenants or agreements: (c) pays all expenses incurred in enforcing this
<br />Security Instrument, including, but not limited to, reasonable attorneys' fees: and (d) takes such action as Lender may
<br />t..
<br />reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's
<br />nbligatton try pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by
<br />f
<br />Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration ha,i
<br />4
<br />recurred Floucser, this right to reinstate shall not apply in the case -facceleration under paragraphs 1 t 4,r 1?
<br />
|