|
89-- 102103
<br />If Lender required mortgage msursInce as a condition of snking the loan secured by this Security Instrum=t.
<br />Bc'rower shali pay the premiums required to maintain t'M -insurance in effect until such time as the requirement for the
<br />iusunmce Terura;:,tes in accordance with Borrower's and Lind, —'e written agreement or applicable b w_
<br />z . 8. In4tcsloet: ><I ender or its agent "'ay make reasonable entries upon and inspections of the Property. Lender
<br />s ail give Bdn-crwer ncticidat the tithe of or; c to an inspection specifying reasonable cause for the inspection.
<br />9.' Ovidentatatioa. The proceeds af 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 lien of condemnation. are hereby
<br />assigned and shall be paid to Lend.-r.
<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-ingnediately
<br />before the taking, divided by (b) the fair market value of the Property immediately before the ta0cing. 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 offers 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. w hethem -or not then due.
<br />Unless Lender and Borrower otherwise agree is writing, any application of proceeds to principal shall not extend or
<br />postpone the due date of the monthly payments referred to in paragraphs 1 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 stuns 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 Borrowers successors in interest.
<br />Lender shall not be required to commence proceeding✓ agt:inst any successor in interest or refuse to extend time for
<br />payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any de;.and made
<br />by the original Bor, oP :r 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. Successors and Assigns Bouatl; Joint and Several Liability; Co- signers. The covenants and agreements of
<br />this Security Instrument shall bind and benefit the successors and assigns of I..ender and Borrower, subject to the provisions
<br />of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co -signs this Security
<br />Instrumen! but does not execute the Note•. (a) is co- signing this Security Instrument only to mortgage, grant and convey
<br />that Borrower's interest in the Property under the terms of this Security Instnament; (b) is not perscra,311y obligated to pay
<br />the sums sxured by this Security Instrument; and (c) agrees that :ender and any other Borrower may agree to extend,
<br />modify, forbear or crake any accommodations with regard to the terms of this Sccurn, Instrument or the Note without
<br />that Borrower's consent.
<br />12. Loan fararges. 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 interest or other loan charges collected or to be ollected in
<br />connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by t e amount `
<br />necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which ceeded
<br />permitted limits will be refunded to Borower. Lender may choose to make this refund by reducing the principal owed
<br />under the Note or by rm-ling s direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a
<br />partial prepayment without any prepayment charge under the Note.
<br />13. Legislati:m 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 unenforcc able nccordin f, to its terms, Lender, at its option,
<br />may require immatiate payment in fun of all sums secured by this Security Instrument and may invoke any remedies
<br />permitted by paragraph 19. If Lender exercises this option, Larder shall take the steps specified in the second paragraph of
<br />paragraph 17.
<br />14. Notices. Anv notice to Borrower provided for in this Security Instrument sha.'I be given by delivering it or by
<br />mailing it by first class maii unless applicable law requires 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 shall be given by
<br />first class :nail to Lender's address stated herein or any other address Lender designates by no ice to Borrower. Any notice
<br />provided for in this Security Instrument shall be deemed to have been given to Borrower or Let.der when given as provided
<br />in this paragraph.
<br />15. Gryrerning Law; Severability. This Security Instrument shall be governed by federal law and the law of the
<br />jurisdiction in which the Propert!, is located. In the event that any provision or clause of this Security Instrument or the
<br />Notc conflicts --;*h _pplicable law, such ecnflict shall not atTect other provisions 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 />Note sre -leciared to be severable.
<br />16.. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument.
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of he Property or any
<br />interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural
<br />person) without Lender's prior written consent, Lender may, at its option, require immediate paymen; in full of all sums
<br />secured by this Security Instrument. However, this option shall not be exercised by Lender if exercis! is prohibited by
<br />federal law as of the date of this Security Instrument.
<br />If Lender exercises this op +ion, Lender shall give Borrower notice of acceleration. The notice shall c-rovide a period
<br />of not less than 30 days from the date the notice is delivered or mailed within which Borrower 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 Pet cower.
<br />18. Borrower's Right to Reinstate. If Borrower, meets certain conditions, Borrower shall have the r ight to have
<br />enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) S days (or such oth,:r period as
<br />applicable law may specify for reinstatemn .,t) before sale of the Property pursuant to any rower of sale contai.ord in this
<br />Security Instrument; or (b) entry of a judgmaet enforcing this Security Instrument. These conditions are that 11orro er.
<br />(a) ps.ys Lender all sums which then would ! >e due under this Security Instrument and the Note had no acc,-.leration
<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 nuay
<br />reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Bort.,wer's
<br />obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by
<br />Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had
<br />occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17.
<br />
|