|
T
<br />i
<br />r 89- 102755
<br />if Lender required mortgage insurance as a condition of making the Bevan 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 />a. 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 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 arn.varak (af the sums secured immediately
<br />before the taking. divided by (b) the fair market value of the Property irnmedtate'ly b -okiv ;e the ta(turtt3. Any balance shalt 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 alt wiward or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the oimice is
<br />given. L oidtaa 45, authorized to collect and appl), the proceeds, at its option, either to restoration or repair of the htN.1eeTd\• Y)T
<br />ro the spa'* 4 ^ured.hy,-r,'his Security Instrument, whether or not then due.
<br />Urdv%'s LendW4nd Borrower otherwise agvv in writing, any appUc atiom of proceeds to principal shall not extend er
<br />postpone vh, . due date of the monthly payments rieferred to in paragraphs '1 and 2 or change the am kbuant of such payments.
<br />M.. Borrower Not Released; Forbearance By Lender Not a Waiver, i x2erntton of the time for payment or
<br />modification of amortization of the sums secured by this Security Instrument gmwwd by Lender to any successor in
<br />interest of Borrower shall not operate to releaw tree liability of the original Borrower dr Borrower's successors in interest.
<br />Lender shall not be required to commence protcresdings against any successor in interest or refuse to extend time for
<br />payment ior otherwise modify amortization of.t;br :ijsms secured by this Security Instrument by reason of any demand made
<br />by the of i aal Borrower or Borroi.,:t's.successdrs'in interest. Any forbearance by Lender in exercising any right or remedy
<br />shall not 1st *waiver of or preclude the exercise of any right oijemedy. .
<br />It. -Successors.-and Assigns Bound; Joint and Several 'Liability; Co- signers. The covemant-s and agitwments of
<br />this SecuMy Instrun ez.gliall bind and benefit the successors and assigns cif Lender and Borrower,, sul7Sect to the provisions
<br />of paragraphs 17. Boars iw*r's covenants and agreements shall be joint and several. Any Borrower at,' hQ co -signs this Security
<br />Instrument but does not execute the Note: (a) is co-signing this Security instrument only to mortgage, grant and convey
<br />that Bor'rower's interest in the Property under the terms of this Security instrument; (b) is not personally .)bligated to pay
<br />. the sums secured by this Sernri :y lttctnitnent• area !e; tar= ll:st 1--rder and any other uoriotiic'r may agree' to extend,
<br />modify. forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without
<br />that Borrower's cunwi!.
<br />12. Loan Charges. if the loan secured by this Securely instrument is subject to a law which sets maximum loan
<br />charges.'". that law is finally interpreted so that the ir„er� s! or other loan charges collected or to be collected in
<br />connec'wan with the loan exceed the permitted limits, them :,fxi any such loan charge shall be reduced by Vie amount
<br />necessarjt• co reduce the charge to the permitted limit; and tl) any sums at -eady collected from Borrower which exceeded
<br />permitted limits will be refunded to Borrower. Lender may choose to mikvo this refund by rcsluz, -)se the principal owed
<br />• .. -under the Note or by risking a direct payment to Borrower. If a refund'iieduces principal, the reduction will bet mated ac a
<br />partial prepayment without any prepayment charge under the. Note.
<br />13. Legislation AffeetiAg sender's Rights. if enactment or expiration of applicable laws has "di't' effect of
<br />rendering any provision of the Note br this Security Instrument unenforceable according to its terms. Lender.. x it's option,
<br />may require immediate payment in full of all sums secured by this Security instrument and may is -voke :amj remedies
<br />permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in r *� . p ngraph of
<br />paragrapk. 91.
<br />14, %otices. Any notice t:-3 :Ma.rrower provided fcr in this Security instrument shall be given by delivering it or by
<br />mailing it by first class mail un6 s�,phcable law requires" use of another method. The notice shall be directed to the
<br />Property Address or ;rate: other address 34irraw-ii; designates by notice wr, Bender. Any notice to Lender shall be given by
<br />first class mail to Lender's address scent heritiaz or any other address Lender designates by notice to Borrower. Any notice
<br />provided for- in this Security Insnruaaumt! shall he deemed to. }iLm,,: peen given to Horrowet, nr Lender when given as provided
<br />in this pacog;riph.
<br />15.• Governing Law; Sevei'ability. This Security I.'rinti .ment shall be goverrifedby federat law and the law of the
<br />jurisdiction in which tilt Property is located. In the event tfiat any provision or clause of this See;'t!rmy Instrument or the
<br />Note conflicts with appliable law, such conflict shall not affect other provisions of this Security: Unitrument or the Note
<br />which c:rit ltie given effect withoaf, the conflicting provisioni. "'f 'ts this end the provrslna.q ,,t#r mtc Seicumy Instrc4nent and the
<br />Note are. ilia: a`red to be severable: r
<br />M 11'orrower's Copy. Borrower shall be givers s�li�,� informed copy of the Ni ,r�.sn�f ;ttrl� :ir'ht c t7rCCG' C :rstrument.
<br />17. Transfer of the Property or a Renicfiii:d- Utretest in Bormwer. If all err any ,rivet! .5if tale. l"t'4eny or any
<br />interest in it is sold or transferred (or if a beneficial °intrrest.5ct•13�rr w i`Ii� Id or trarit c crerf,artr Cf7 r , > i is not a natural
<br />person) without Lender's prior written consent. Lender ntarf,cttt.ii '. oprnp,r ;, require jv.IlJ Airaite• pay,rnent to full of all sums
<br />secured by this Security Instrument. However, this option,slial'1 fait .t; ;zercised tip lxnder.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 a"at'ic�,3f.acceleration The notice shall pro,. ide a period
<br />of not less than 30 days from the date the notice is delivered or mailed within which Borro%cr must pay all Burns secured by
<br />this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may uie.okc any
<br />remedies permitted by this Security Instrument without further notice or demand on MIT rowei
<br />18. Borrower's Right to Reinstate. If Borrower meets certain conditions. l)oirnwcr shrill hasc the right to hake:
<br />L enforcement this Security Instrument discontinued at any time prior to the earlier of (a) 5 days (rer such ether peri,ui .1s
<br />applicable law may specify for reinstatement) before sale of the Property pursuant to any po%er.,f. ale• l III lt.1Inud Iit 1111%
<br />Security instrument, or (ti) entry cif a judgment enforcing this Security Instrument Those uarchtuurs ,ire that 1).,r rower
<br />to-) pay,, lender all sums which then %ould he due under this Security Insitsnnerir and the trite' had III, .ittelviati,m
<br />C,ICUrred, (h) curr-s any default of any other L11%CF ants or tlgrcements. fc) pays ,ill eepc•nse. III, urrcd n, cnt,vitmg this
<br />Seltlrlly ltis!rtlriteot. viduding'. but tlul hiniled it,• reasonable attorocys- Ives. enel (,I) Brent-. ♦!l,i A. (1 'h .e, I t Il,it I Il t.ls
<br />rease,lll,hh rctluiie to a%, 1ury that the hen of 0— Set:ttrlty Ins!luinew. I ctidcr% Its III, I'r, ,I. Iry .,rni li rte,• » :'• �
<br />+Ibll� ;nt1,•n t-. lo', the ••ums w,ured h;. i1w. 'ScLurily Ins'►urntnt sh.il: e•atrn,u nl,h,lnF'c.t t I• • rr, ..:.:1i ,, e '.,
<br />ltorr.,ctt r, ihr, rote ntIly Insttun,r r.f .a n,! the +,hltgatrr,ns shall ern .ul: tulle
<br />K,uric,t fl'• yrr> er. tflatighrt ,.celn•.Ir,trshallnot apply 001 tip. stir •,f .t ,.! •, •. f. w.d.l t.,•.,i; �.
<br />�d
<br />A
<br />h•
<br />K
<br />
|