|
t
<br />r
<br />M
<br />89.E 103162
<br />If Linder 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 requitement 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 dux. 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 Were thet 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 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, whether or not then due.
<br />Unless Lender and Borrower otherwise 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 1 and 2 or change the amount of such payments.
<br />10. Borrower Not Released; Forbearance By Under Not a Waiver. Extension, -of the time for payment or
<br />modification of amortization of the sums 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 Boroewer's successors in interest.
<br />Leader shall not be required to commence proceedings against any successor in interest or refuse to extend time for
<br />payment of otherwise modify amortizatign of the sums secured by this Security Instrument by reason of any demand made
<br />by the original Borrower or Borrower's suco wrs in interest. Any forbearance by Lender in exercising arty, right or r?emeil `
<br />sira&1 teat beat waiver of or preclude the exeozi ofany right or remedy.
<br />!1: Snrressors and Assigns Sorted; JvOt and Several Liability; Cosigners. The covenants and agreement; cf
<br />this STecunta Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions
<br />of paragraph 1 T. Borrower's covenants aid agreements shall be joint and several. Any Borrower who co-signs this Security
<br />Instrument but does not execute the Nete: (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 Instrument. (b) is not personally obligated to pay
<br />env sums secured by ibis Security instrument, and (c) agrees that tender and any other Borrower 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 Borrowees consent.
<br />12. Lou Charges If the loan secured by this Security Instrument is subject to, ai faw which sets maximum loan
<br />charges, and i hat la�v is .finally interpreted so that the interest or other loan charges �cffi eted or to be collected in
<br />connection with; the loan .exceed the permitted limits,. then: (a) any such loan charge s.IiA. be reduced by the amount
<br />tuaxssary to reduce the claasge to the permitted limit;, and (b) any sums already collected from Borrower which exceeded
<br />permtted limits will be reilsrided 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. Ito refund reduces principal, the reduction will-be treated'as a
<br />partial prepayment without any prepayment charge under the Note.
<br />13. Legislation Affecting Leader's Rights. If enactment or expiration_'of applicable laws has the effect of
<br />tiring any provision of the Note or this Security Instrument unenforceable wiwrding to its terms. Lender, at its option,
<br />ftuy, MRuir'e immediate payment in full of all sums secured by this Security instrument and may invoke any remedies
<br />permitted by paragraph 19. If Lender exercises 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 b0given by'delivering it or by
<br />mailing it by first class trait unless applicable law requires use of another method. The notice sligill be directed to the
<br />Property Address or any other address Borrower designates by notice to Leader. Any n atice. to Lerider -shall be given by
<br />first class mail to Lender's address stated herein or any other address Lender designates by nari:Lv to Borrower. Any notice
<br />provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided
<br />in this paragraph.
<br />15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the
<br />jurisdiction in which the Property is located. In the event that any provision or clause of this Security'Instrument or the
<br />Note conflicts with applicable law. such conflict shall not affect 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 are declared 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 at Beneficial Interest in Borrower. If all or any part of the 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 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 notice shall provide a period
<br />of not less than 30 days from the date the notice is delivered or mailed within which Borr6 cr:. must pay all sums securel by
<br />this Security Instrument. if Borrower fails to pay these sums prior to the expiration of tttir, period, Lender may imake•any
<br />remedies permitted by this Security Instrument without further notice or demand on Borrower.
<br />18. Borrower's Flight to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have
<br />enforcement of this Security Instrument discontinued at any time prior to the earlier of. (a) S days (or Such other period as
<br />applicable law may specify for reinstatement) before sale of the Property pursuant to any power of Sale contained tit this
<br />Security Instrument, or (b) entry of a judgment enforcing this Security Instrument Those conditions are that thirrower
<br />(a) pays bender all sums which then would be due under this Security Instrument and the Note had tit) acceleration
<br />rweurred. (h) cures any default of any other covenants or agreements, (c) pays all expenses incurred in cid,ucmg this
<br />Security Instrument. including, but toot limited to, reasonable attorney,' fee ,,, and (d) tabu such action a% 1 ender may
<br />rra;onatiiy reyuife in A6tiUte that the lien of this Security instrument. lender's rights on :hr Pr4q,etis and Borrower'%
<br />,ibligatiun to l,,ty the wins secured try this Security in%trumcm shall coatmuc unchanged I'pmi wimiatenu•nt hs
<br />ikirnurr, thp.secutity I11,trurnent and the 41bligatuim.cccured hcrehy shallremaoi fully cf(r.ri%ca.if n„u.�rlriati„ri had
<br />,KCurrrd lf��:�r�et, thiSright 1,1 reinsfaicshall not apply in the case r,f riL_eler3tt.at uvutri patagr.irh., ] i of I-
<br />A.
<br />
|