|
r -1
<br />90- -105776
<br />if Leader 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 />@. lesPeetlon. 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 Leader 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 balance shall be
<br />l 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 Propeny or
<br />! to the sums secured by this Security Instrument, whether or not then due.
<br />i Unless Lender aW. 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 I and 2 or change the amount of such payments.
<br />' 10. Borrower Not Relened; Forbearance By Leader Not a Waiver. Extension of the time for p:syment or
<br />modification of amortization of the sums secured by this Security Instrument granta by Lender to any successor in
<br />interest of Borrower shall not operate to release the liability of the original Borrower ox $orrower's successors in interest.
<br />Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for
<br />payment or otherwise modify amortizaaaion of th -• stems secured by this Security Instrument by reamen of any demand made
<br />by theoriginal Borrower or Borrow,er'r- 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 Bound; Joint and Several Liability; Co-signers, The covenants and agreements of
<br />1 this Security Instrument shall bind and benefit the successors and assigns of :Lender and Borrower, soh jest to the provisions
<br />1
<br />of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower when :o -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 Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay
<br />I'
<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 to the terms of this Security instrument or the Note without
<br />i that Borrower's consent.
<br />12. Loan Charges. If the loan secured by this Security Instrument is subject to a law whicn sets maximum loan
<br />charges, and that law is finally interpreted so that the interest or other loan charges collected or to He callected in
<br />connection with the loan exceed the permitted limits, then: (a i any such loan charge shall he reduced by tthc amount
<br />necessary to reduce the charge to the permitted limit; and (h) any sums already collected from B+rrnwer which exceeded
<br />permitted limits will be refunded to Borrower. Leader may choose to mAc this refund by reducing the principal owed
<br />under the Nate or by making a direct payment io 9arrower. If a refund reduces principal, the reduction will be treated as a
<br />partial prepayment without any prepayment charge under the Note.
<br />1 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 Security Instrument unenforceable according to its terms. Lender, at its option,
<br />! may require immediate payment in full of A sums. secured by this Security instrument and may invoke any remedies
<br />j 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 t_, Borrower provided for in this Security Instrumena -shall be given by delivering it or by
<br />mailing it by first class mail 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 ito Lender. Any notice to Lender shall be given by
<br />first class maii to Lender's address stated herein or any other address Lende4- designates by notice to Borrower Any notice
<br />provided for in this Security instrument shall be deemed to ha%,- been given to Borrower or Lender when given a i provided
<br />in this paragraph.
<br />15. Governing Law; Severabiliity. This Security instrument shall he governed by federal law and the law of the
<br />jurisdiction in which the Property islucated. In the event that any provision or clause of this Security Instrument or the
<br />Note conflicts with applicable lad•, such conflict- shall not affect other provisions of this Security. Instrument or the Note
<br />which can be given effect without tlet -mrifficting provision. To this end the provisions of ehis Security Instrument and the
<br />Note are &clared to be severable.
<br />16. Borrower's Cony. Borrower shall he raven one _informed copy :+f 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 the Property or any
<br />.
<br />interest in it is sold or transferred for if a beneficial interest in Borrower is sold or transferred and B+rrc+wer is not a natural
<br />perscm) >xnthout Lender's prior vwrirten consent. Lender may. at its option, require immediate payment in full of all sum%
<br />secured by this Security instrument. However, this option shall not he exercised he Lender of 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 n once shall provide a ptnod
<br />of not less than 30 days from the date the notice is delivered at- mailed wit hill which Borrower m air ray all sums secured by
<br />this Security Instrument. If Borrower fads to pay these sums prior to the expiration r11' this pcntod. Lender m.iy invoke any
<br />remedies permitted by this Security Instrument without further notice or demand on 13,+rrower.
<br />18. Borrower's Right to Reinstate. If Borrower meets certain conditions, liornmer .hall have the right to have
<br />enforcement of this Security instrument discontinued at anytime prior to the earlier cif: fa) S days for %uch tither pencil as
<br />applicable law may specify for reinstatement) before sale of the Property pnr•uant to any ixlwcr of wile contained in this
<br />L Security Instrument; or (h) entry or a judgment enforcing this Sctunty Instrument Those conditions are that Borrower.
<br />(a) pays. Lender all sums which then would he due under this Secunt) Instrument and the Note had no acceleration
<br />occurred: (b) cures any default of any other covenants or agreements. Ic) rays all expenses incurred ui entoronit this
<br />Secant) Instrument, including, but not limited to, reasonable ath+rncys' tiffs anti id) tako surli action .is 1 older ni.a)
<br />reasonably require to assure than the hen of this Security Instrument. 1 ender', rights ni the Property and Norrouer's
<br />obligation to pa) the sums secured by this Sctunty Instrument %hall cone n ie unchaoSed l'i irl tenist.itenicnt by
<br />..
<br />Borrower, this Security Instrument and the tthhgupons securers hetehs .11311 retnans full% rHrrh sc .+. d n, .w.clrr.,Utat hold
<br />occurred Iloweser. this right tit reinstalteshull not apply to the taw 0f .n, rlrr.+it,m undo par.tgr.,t,h. 1 t nr l "
<br />—i
<br />.. ' _ • it :,, •,i . t••.d� :. •''
<br />
|