|
RE �lECORDiu� •
<br />89- iAi995 80... 101739
<br />(' If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument,
<br />I Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the
<br />insurance terminates in accordance with Borrower's and Lenders written agreement orapplicable taw.
<br />B. Inspection. Lender or its agent may nuke reasonable entries upon and inspections of the Property. Lender
<br />shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
<br />9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with
<br />any condemnation or other taking of any part of the Property, or for conveyance in lieu 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 to the sums secured by this Security
<br />Instrument, whether or not then due, with any excess paid to Borrower. In the event of _a partial taking of the Property,
<br />unless Borrower and 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 batan =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 offers to
<br />make an award or settlea 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 reppir of the Property or
<br />to the sums secured by this Security Instrument, whether or not then due.
<br />Unless Lender and Borrower citborwise agree in writing, any application of proceeds to principal shall not extend or
<br />postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of such payments.
<br />10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
<br />modification of amortization of the sums secured by this Security Instrument granted by Lertde7to any successor in
<br />interest of &rrower shall not eperanr to release the liability of the original Borrower or Borrower's successors in interest.
<br />Lender shall., IT, be required to commence proceedings against any successor in interest or refuse to extwif-dme for
<br />payment cr elhOwise titndify amortization of the sums secured by this Security Instrument by reason of any denimnd made
<br />by the original Bnriw iverar Borrower's successors in interest. Any forbearance by Lender in exercisingany righter remedy
<br />shall not be a waivrr. df:rc)sreclude the exercise ofany right or remedy.
<br />I1. Suceessm knd Asdgrt Lt4itud; Joia.sad Seveeal Liability; Co- signers. The covenants and agreements of
<br />this Security instrument shall bind and:ii;;enefit tbe"k;srressors and assigns of Lender and BarTower, subject to the provisions
<br />i . of paragraph l7. Borrower's covenants and agre�n,' --is shall be joint and several. Any Borrower who o, this Security
<br />-signs
<br />Instrtment but does not execute the Note: (a) is nn•-,jgning this Security Instrument only to mortgage; grant and convey
<br />that-Borrower's interest in the Property under theterms of this Security instrument; (b) is not personally obligated to pay
<br />the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree tia� emlnd,
<br />modify, forbear or make any accommodatiorts with regard to the terns of this Security Instrument or the Notes. �;J.thout
<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 />! —'�-
<br />charges, and that late is finally interpreted so that the interest 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 shall be reduced by the amount
<br />necessary to reduce the charge to they permitted limit; and (b) any sums already collected from Borrower which exceeded
<br />permitted limits will be refunded la 1krrower. Lender may choose to make this refund by reducing the principal owed
<br />_
<br />under the Note or by malting a direct payment to Borrower. If a refund reduces principal, the reduction,will be treated as a
<br />partial prepayment without any prepayment charrg� under the Note.
<br />13. Legislation Affecting LMder's RFtyistt., If enactment or expiration of.applicable laws has the effect of
<br />rendering any provision of the Note r r this Sec mt.% Instrument unenforceable according to its terms. Lender, at it!, option,
<br />may require immediate payment s. fall of alt !-inns secured by this Security Instrument and may invoke any rn- medies
<br />permitted by paragraph 19. if Lendervxercises Ore's option, Lender shall tal;.r tite steps specified in the second paragraph of
<br />t
<br />paragraph 17.
<br />14. Notices. Any notice W Rcrrower provided for in this Security instrument shall be given by delivering it orby
<br />* "
<br />mailing it by first class mail unfe s applicable law requires use of another method. The notice shall be directed to the
<br />A
<br />Property Address or any other address Borrower designates by notice to Lender. Any raise to Lender shall be given by
<br />first class mail to Lender's address stated herein or any other address Lender designwi cs by notice to Borrower, Any notice
<br />provided for in this Security instrument shall be deemed tohavc been given to Borrowcrox Lender when given as provided
<br />in this paragraph.
<br />15. Governing haw; Severllg.Uty. This Security Instrument shall he goverrtci by federal law and the law" r,f the
<br />jurisdiction in which the Property is lot; :ed. In the event than .in y• provision or clause: -,f ribs Security Instrumim"t or Hilts
<br />Note conflicts with applicable law, with conflrc4: shall not affect ogler provhions of this Security instrument or the Note
<br />which can be given effect without the conflicting provision. •To this end the provisions of this Security Instrument and the
<br />Noteare declared lobe severable.
<br />lb. Borrower's Copy. Batlmwer shall be given one conformed copy of the Nme and of this Security Instrument.
<br />17. Transfer of the Propetly. fir a Beneficial Interest in Harrower. If all or any part of the Property or any
<br />interest in it is sold or transferred (ort'r a beneficial interest in Borrower is sold or transferred and Borrower is not a natural
<br />person) without Lenders prior written consent, Lender may. at its option, require immediate payment in full of all sums
<br />secured by this Security Instrument. However. this option shall not be exercised by Lender if 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 not ire shall provide-;a period
<br />of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay ail sums seethed by
<br />this Security Instrument. if Borrower fails to pay these sums prior to the expiration oft his 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 meete certain rr+nrtstro+ns. llnt rower shall ha+_ she right t.+ hies:
<br />enforcement of this Security instrument discontinued at any time prior to the earlier of. (a) 5 days (or such other period as
<br />;
<br />applicable law may specify for reinstatement) before sale of the Property pursuant to any potter of sale contained fit this
<br />�
<br />SecurisF Instrument, or (h) entry of a judgment enforcing this Security Instrument. Those conditions are that [borrower -
<br />(a1 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, (ct pays all expenses incurred in Cnfo +n tttk this
<br />Security Instrument, including, but not limited try, reasonable allorncys' fees, and (ch takes such aclton as 1 ender may
<br />reasonably require to, assure that the hen of tills Secunt) instrument. lender'.
<br />r"
<br />`
<br />rtaht, to the Prorprrt% ,viii hiorrnwer's
<br />"tlrg3ttrrtf
<br />t.• ray the sutw. secured by this Security ir+struirrent shall cantinas i,:.Lh.rt :,rcrt I'p.on ri•irlst.lr ^tt_ent ht
<br />Rc,srro,aer, tl e.Suurtts instruuent and the rohttgslttrowti ecurcd herzhv shall rt.-m Ito f.: L'
<br />�z utrcri llr•se+er. tight tea reinstate shall not arpli u: 1Fu :u :,! .rc.clo r..t: ro unite r i .fr : :gr,rp!v. ; : ► -
<br />_•.ii
<br />t
<br />
|