|
89-- 102749
<br />If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument,
<br />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 Lender's written agreement or applicable law.
<br />8, Inspection. Lender or its agent may make 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 wasting, 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 offers to
<br />make an award or settle a claim for damages, Borrower fails to respond to Lender within '0 days after the date the in -mice is
<br />given. Lender is authonred tea collect and apply the proceeds, at its option, 4ither to restoration or repair of the Property or
<br />to the sums secured by this SecurOy Instrument, whether or not then due.
<br />Unless Lender and Borrowet otherwise agree in writing, any application of prov:tvets to principal shall not extend or
<br />postpone the due date of the monthly payments referred to in VoTagraphs 1 and 2 or change the amount of such payments.
<br />10. Borrower Not Released: Fbrbearance By Under INN a Waiver. Extension of the time for payment or
<br />modification of amortization of the sums secuired by this `eciidty Instrument granted by Lender to any successor in
<br />interest of Borrower shall not operate to release the habiltty of the original Borrower or Borrower's successors in interest.
<br />Lender shall not be required to commence procet -dings against 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 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 ain% right or remedy.
<br />11. Successors and Assigns Bound. Joint and Several 1.itabilityt Co- signers. The covenants and agreements of
<br />this Security Instrument shall bind and tenefit the successors arid' assigns of Lender and Borrower, subject to the provisions
<br />of paragraph t7 Borrower's covenants and agreements shalA lv jorq and several. Any I;srinrower who co -signs this S&urity
<br />instrument but does not execute the Note: (a) is co- signing that Security Instrument oidy to mortgage, grant and t,N,-)�Ivey
<br />that Borrower's interest in the Property under the terms of this Security Instrument: (b) is not personally obligated t6 pay
<br />the sums secured by this Security Instrument: and (c) agrees that lender and any other Borrower may agree to extend,
<br />modify, forbear or make any accommodations with regard IQ the terms of this Security Instrument or the Note without
<br />!hatBOMON•er's r:Pmt.
<br />12. Loan Charges, If the loan secured by this Security instrument is subject to a law which sets maximum loan
<br />,-hatgrs, ai,d tliat law is finally interpreted to 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 />n:ccssary to reduce the charge to the permitted limit: and (b) any slims already colltt:ted from Borrower which exceeded
<br />permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed
<br />under the Note or by making a 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. 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 Securtt,r Instrument unenforceable according to its terms. Lender, at its option.
<br />may require immediate payment in full of all sums secured by this Security Inrtrurnent and may invoke any remedies
<br />permitted) ba paragraph 19. If Lender exercises th» ortitin, I_ruder shall take the steps specified to the second paragraph of
<br />paragraph 17.
<br />14. Notices, Anw, notice to Borrower pro•a,Jed fir in this Security Instrument shall he given by delivering it or by
<br />mailing it by first class mail unless applicable law requires use of another method. The notice shall he directed to the
<br />Property Address or any either address Borrower designates by notice to Lender. Any notice to Lender shall be given by
<br />first class mail to Lender's address stated herein or any other address Lender designate% by notice to Borrower. Any notice
<br />provided for in this Secutity instrument shall be deemed to have heen given to Borrower or lender when given as provided
<br />in this paragraph
<br />15. Governing Law. Severability. This Security Instrument shall he governed by federal law and the law of the
<br />3unidrt0.ton iii which this! Property is lftt:ated fit the event thin. an% provision or clause of this Security Instrument or the
<br />Noie cQT16:t. -m with applicable law,,.etch• conflict shall not affet:t,.toter provisions of thrs 4;ci :uraty Instrument or the Note
<br />which can begiten effe,.t•without the conflicting Provision To Pints end the provision, ofrhfr So. un—ty: Instrument and the
<br />'tote are declared to be severable.
<br />15. Borrowt:r's!:'crpy. Borrower shall bt_ given nne conformed copy or' the Note and t tit,oy Sx.unty Instrument
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part cif the Property or any
<br />interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or i; attsfer red and Borrower n not a natural
<br />erson) without Lender's pnor written consent. Lender may. at its option, require immediate payment in full of :dl sums
<br />wcured by this Security Instrument. However, this option shall not be exercised h% Lender if exercise is prohibited by
<br />;'ederal law asof the date of this Security Instrument.
<br />If Lender exercises this option. Lender shall give Borrower notice of acceleration Die itouce shall provide a period
<br />of not lo.,!v (.!)an 30 days from the date the notice is delivered or mailed within w htch Borrower must pay all sums secured by
<br />1his5ecan,ty Instrument If Borrower fails to pay the %c sums prior to the expiration of this period. 1 ender may im oke ,,u►y
<br />ramedies permitted by this Security Instrument without further nlotlte or demand tin lit rrocvet
<br />18. Borrower's itipht to Reinstate. if Btirrower meets certain withtions. lillTo er shall have the right to have
<br />enforcement of thts Secunt) Instrument diuonttnued at any ionic lirvir to ncc earlier of i,o s dw,s ror such whe•r iu•md i%
<br />alli hcable law may specify for rerristatement) hefore sale of the Property pursuant t,, e1t1} (>.nvcr ,rf sale c, ntauied m ilns
<br />L SCs: Uri I) Instrument, a)i cntrs of a iudgitic•nt entilrong this Securu% Instrument 1 h,1%v ulsiditt.:rr, .ire that Ilerrt,wci
<br />far pays lender all win+, which then %—uld he tfur under this Security 111 "t►unlr•nt ,tied ncc Nwo 11,11 [I- 'I' LCIC1.11i"r1
<br />„Ceurred. tto t ttrv% anv default .,I any tither L--criant% •.r d�e.'.rcenictit, ,,1 pmts .111 f lt�t•I r'ee1 mkurred Ito 1.10 -1, lvt' 1111,
<br />Secunt% It,sttullIeW. lnthjd erg, hat not trmrtcd t r:esnrtahir ,1ttt•rtuas lees .imi ojk 'al,rs yu.l, ,lriuvl es I rnJrr n,as
<br />reawn.thl. reti.nr< I...tssaot 01.11 Ow No ..! tlo, ticvunl: Instal- ie nr I : r.trc t . rl h', ", nc�
<br />t' I'r .I•t•rr, .nil} f1••tr::a:t .
<br />'rl {t<t!• ,h ;•.1t rind �( ;sited ir: throe tie, r,tN: Ir,,tnlr. rn' h.1:; n.•.. 0; 1,,..•1 1 1 1 n:,tai• tor,,.
<br />It' •rr•wet '!,:. sl `,t,f it, (r..trurfrr•I1'
<br />• ,rr ••et 'r ,� ,, t -,• '. •'li., ! 1'.. .� t• t ,1, t .. ter
<br />it .�r.,'r ittrtsrll t:irtr..t.r 1• ,i:,Ii ° +, r .1.1•. ,•i• Ir .,. , ,
<br />r -�
<br />W'
<br />��1
<br />
|