|
89-� 101173
<br />If Lender regt+ired mortgage insurance as a condition of making the loan secured by this Security Instrument,
<br />Borrower shall pay the prerruU117s required to maintain the insurance in ei%ct unfit such time as the requirement for the
<br />insuurance terminates in accordance with Borrower's and Lenders written agreement or appplicable law.
<br />8- Inspection- Lender or its agent may make reasonable entries upon and inspectiors of the Property. Lender
<br />shall give Borrower rotice at the time of or prior to an inspection specifying rease able eausefor ctteinspection.
<br />4 Coadeanation. Then - proceeds of any award or claim for damages; �r•e Crrcansecit,�r 1W* ,'iM mrinection with
<br />"take
<br />any condemnation or other of any part of the Property, or for t�c3ri :. dati : r ;-t lieu of condemtiatkir, are hereby
<br />assigned and shall be paid to Ltader. .
<br />In the event---of a tot tuvng of the Property, the proceeds sf a'2 :+ , :;red to the sums secured-,''; t�is Security
<br />Instrument, whetls�r n-..,r ca.ttxen due, with.aay excess paid to Bono _ °. the event of a partial taking -c- t~xe Property,
<br />unless Borrower ar, r . l _ —4: +Wreiwise agree in writing, the sums secumd . by this Security Instrument sitarW,, be reduced by
<br />'-rte
<br />.
<br />the amount of tie lea , Iced by the following fraction: (a) the total amount of the surds sestunad immediately
<br />before the taking, divided bi R;, � dhe fair market value of the Property immediately beftbr: the t4i; 4-, Any balance shall be
<br />paid to Borrower.. -
<br />If the Proper;�-,: is aba &rt by Boz�wer, or if, after notice t.%- Lender to Borrower tk ml6ii condemnor offers va
<br />make an award or�a.6t a cF4 &-r damage,,.. & -rower faits to respon5 t'o Lender 30 days
<br />within after the cW° =�e notice is
<br />given. Ler:der is;i: -vrized tfv'ctillect and apply the proces, at ;: %tiIpdon, either to restoration or repair of i:a Properly or
<br />to the by
<br />sums secaseij this Security Instrument, whether, er not thend"2e.
<br />Unless h ceit..r and Borrower otherwise agree in writing, any aWucation of proceeds to principal sh4.' exten5 'itr'
<br />;
<br />postpone the d=dat= of the monthly payments referred to in paragr,,i&is l and 2 or change the amount of S,ua -payme
<br />- 10
<br />srin. ter Not Released; Forbearance By Lender Not a Waiver. Extension of the time f -Lr'�ayment or
<br />modification..of iia�ortization of the sums secured by this Security Instrument granted by Lender to a successor in '
<br />interest: of Borrowrer shall not operate to release the liability of the original Borrower or Burrowers successors in interest.
<br />Lender
<br />shail:,not be required to commence proceedings against any successor in interest cr. i X --use to extend time for
<br />payment. or otE erg :,;;e modify amortization of the sums secured by this Security instrument- by r; on of any demand made
<br />by the oricrnal.g..rower or Borrower's suc�sors in interest. Any forbearance by Lender in exetiising any rt,Ott or reme dv
<br />sh a.lf not be iirvis vcr of or preclude the exercise ofany right or remedy.
<br />iY ,S=Cessors and Assigns Bound; Joint and Several Liability; Co -sigQ a .The covenants and a ree,�,en s Z.►
<br />this SM114 -a;y Imtn7u.ntent shall bind and benefit the successors and assig" of Lender and Borrower, subject to the proviso as
<br />of paragraph 17. 8117 ower's covenants and agreements shall be joint ad, several. Any Borrower who co -signs this Seccing.
<br />-
<br />Instrument but does. not execute the Note: (a) is co- signing this Secu, &y Instrument only to mortgage, grant and cony
<br />that Borrower's interest in the Property under the terms of this Security Instrurnevs.
<br />(b) is not personally obligated to pay
<br />the sums secured by this Security Instrument; and (c) agrees that Lender and and other Borrower may agree to extend.
<br />y `
<br />modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without
<br />r
<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 lean
<br />charges. and that law is finally interpreted so that the interest loan
<br />or other charge% collected or to be collected in
<br />conM.Xtion with the loan exceW- the permitted limits, there: (a) any such loan charge shall be reduced by the amount
<br />—
<br />nece awry to reduce the charg- to the permitted limit; and (b) any sums already collected from Borrower which exceeded
<br />permitted limits sa7''. be refunded to Borrower. Lender may choosy tri make this refund by
<br />reducing the principal owed
<br />under the Note art - -taking a direct payment to Bbrrow•er. If a refunds reduces principal, the reduction will he treated as a
<br />-?
<br />partial prepayment - vthout any prepayment charge under the Note.
<br />13. Legislation Affecting Lender's Rights. If enactment or expiratira of applicable laws has the effect of
<br />rendering any provision cif the Note or this Security Instrument unenforceable accc; ding to its term~. Lender, at its option.
<br />may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies-
<br />permitted by paragraph 19. If Lender exercnei. this option. Lender shall take the steps specified in the second paragraph of
<br />paragraph 17.
<br />14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by
<br />ma'ling it by first class mail unless applicable law requires
<br />use of another method. The notice shall be directed to the
<br />Propmy Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given isy
<br />fit%t Jass mail to bender's address stated herein or any other address Leitdcr designates by notice to Borrower. Any notice
<br />provided for in dus•S•rzurity ln,�.trument shall be deemed to have been to Borrower Lender
<br />given or when given as provided
<br />in thisprZragraph.
<br />1::5, Governing Law; Serierability. This Security instrument shall he governed by federal law and the law of the
<br />jurtbdresion in which the Property is located. In the event that any provision or clause of this Security Instrument or the
<br />Nola conflicts with applicable law. such cofiftict shall not affect other provisions of this Security Instrument or the Nate•
<br />whiiah can be given ef•1'ect without the conflicting provision. To this end the provisions of this 5a:unfy Instrwrncnt and the
<br />No, t-r are declared to bi severab l..
<br />16. Borrower's Copy. Borrower shall be givo•, , )r,e conformed copy of th• Nx-li and tf till; SecLi•si a: Instrument.
<br />17. Transfer of the Pri„erty Beneficial
<br />or a Imarest in Borrower. If ail or'any Fart of the Property or any
<br />interest in it is sold cr transferred (or if a beneficial Bt)rrnr,, --r is sold or transferred and Borrower is not a natural
<br />person) without Lti;der% prior written consent, Under may, at its option, require innnediate payment in full of all sums
<br />secured by this Security Instrument. However, ilii,s option shall not be exercised by Lender if
<br />exercise 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 acceleration. The notice shall provide a period
<br />of not less than 70 days 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 topay these sums prior to the expiration of this period. Lender may invoke arty
<br />remedies permitted by thic Security InArument without furilief
<br />ovine or demand on lorrower.
<br />18. Borrower's Right to Reinstate. If Borrower meets certain conditions. Burr+ uvi ,hall have the right u• have
<br />enforcement of this Security Instrument discontinued at anytime prior to the earlier of. (a) 5 d.iys
<br />(or such other perilvl a,
<br />applicable law may specify for reinstatement) before sale of the Property pursuant to any prsitr of sale contained thi,
<br />)T
<br />in
<br />Security Instrument: or (b) entry of a judgment enforcing this Sccurny Instrument 1ho%e conditions arc that 11,,rto%vr
<br />(a) pays Lender all sums which then would be due
<br />under this Security instrument and the Note had no icct-lerali,.n
<br />incurred. (h) cures any default of any other covenants or agreement,: (ct pay, all expenses incurred in entorcinl� the,
<br />�
<br />Secant} Instrument, including, but not limited tv, reasonable attorneys' fees, and 1dt t,ik- such action .s t credo ma}
<br />reawnabty require try assure that the hen of this Security Instrument, Ltridet', t, h1% in the l'rohrrty
<br />a
<br />and li1•rit-Act,
<br />tibligattno tit 1%* the sums secured by this Security" Instrument shall contu,ue 1110variged t.ipm rem,t.itesr?cnl tt
<br />lint rower. the, Security In,tuument and the ubligations secured hereby shall Lull:
<br />i. ~
<br />retoai±i c•titcttur at. it ho a cctct.itiari 11.1d
<br />i,.currcd lfuc�cr, this fight tiprein stateshillte nt apply intern easyof; ic; cler it :,.111,&.1v.11;.1.10i,t ;'
<br />` A
<br />f
<br />
|