|
1
<br />89- 1045
<br />5
<br />• If Lender required mortgage insurance as a condition of making the loan secured by this Security. Ilstztiment,
<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 taw.
<br />—Leader -of:. ram+ FtitiesY 'm�aeiri�iawivK-�tidinsii}�rir ttrcrtipori . Mef
<br />i shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection,
<br />j 9. CAWeemadoN. The proceeds of any award 4r claim for damages, director consequential, in conriai r n: with
<br />any condemnation or other taking of any part- of the Property, or for conveyance in lieu of condemnation, are hateby
<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 />i Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial tailing of the Property,
<br />units 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 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 />makean award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the nib is
<br />given, Lender is authorized to colk et and apply the proceeds, at itsoption, either to restoration or repair of the Prbo&ty.or ` r
<br />to the sums secured by this Security Instrument, whether or not then due.
<br />Vnktss Lender anil 8orrower otherwise agree in writing, any application of proceeds to principi4 shall not extend t$r
<br />postpone the due date of ($romonthly payments referred to in paragraphs 1 and 2 or change the amount of such payments,<
<br />10. Borrower Not Released; Forbearaaee By Lefler Not a Wa hir. Extension of the time for prty7rteAt :
<br />`2wilification of amortization of the sums secured by this Security: •'tisMftL:;;nent granted by Lender to any sic cor it '
<br />fatterest of Borrower shall not operate to release the liability 10M46 "si Borrower or Borrowers successors id interest.
<br />' hall fie ' ed f d f
<br />"7
<br />IF.s -nder s not requtr to commence proceWirngs it Urtct 5ixr501 rn interest or re act to exiett time or
<br />payment or otherwise modify amortization of the+ sec ur �t1 ?X tt s •^fin!# y Instrument by reason afnny dema�id made
<br />bytheoriginal Borrower or Borrower's successociidtereat:± Aut;:: forbexriitoebylenderinexercisinganyrighri ;s, mmedy ^'
<br />shall not be a wtiver of or preclude ttpgxercist of aSiy right or•i medy.
<br />11. Seeceaaora anti AwIM Bbw* Joiat gad Several Liability; �o-siptera. The covenants and agr# i:nts of
<br />this Security Insttuttslsall bind attd benefit tiro successors and assigns of l;oatder and Borrower, subject to
<br />i ;sions
<br />cif paragraph 17. Borrawt r'e.covertants and agar tttents shall be joint and stvseral .Any Borrower who cis si'In th 'Sts; gaily
<br />�!nstntment but does nu( &&cute the Note: (a) is. sue= signing this Security Instrument only to mortgpge,'grant a W4— :*nvey
<br />that Borrower's interest' in the Properiy under the terms of this Security Instrument; (b) is not personally oblig met to pay
<br />the sums secured by this Security Instrument; and (e) agrees that Lender and any other Borrower may agree to extend,
<br />modify, forbear or m2ka'any accommodations with regard to the terms of this Security Instrument or the Note without
<br />that Borrower'sconsent..
<br />12. Learn Comes. If the loan secured by this Security Instrument is subject to a law which sets maltimrrm loan
<br />charges, and that law is finally intapvted so that the interest or other loan charges collected or to be collected in
<br />connection with the loan exceed thr. permitted limits, then: (a) any such loan charge shall be reduced by the amount
<br />necessary to reduce the "barge to the permitted limit; and (b) any sums already collected from Boa'r:,wer which excm-ded
<br />permitted limits will fe r4unded to Borrower, lamer may chovsc to make this refund by reduwiar&ihe principal owed
<br />under the Note or by masking a direct payment to if a r, grower. If a refund rcdv n principal; the redwi ticm will be treated as a .
<br />partial prepayment without any prepayment charge under the Note,
<br />13. iossialativa Affecting Leader's Rights. If enaistment or expiration of applicable taws has dw- c°!ect of
<br />rendering any provision of the Note or this Security Instrument unenforceable according to its terms. Lender. at 3w)ption,
<br />may require immediate payment in full of all stints secured by this Security Instrument and may - Lavoke any remedies
<br />permitted by paragrapti,14; - If Lender exercises t1six option, Lender shall take the steps specified in the second paragraph of
<br />paragraph 17.
<br />34. Notices. Any notice to Borrower provided for in this Security instrumm'tt; iiball be given by delivering it or by
<br />mailing it by first class mail unless applicable law requires use of another method. Tate notice shall be directed to the
<br />Property Address or ar.,t; tither address Borrower designates by notice to L at der. Any notice to UMer shall be given by
<br />first class mail to Lersdrd't address stated herein cfrany other address Len(fty designates by notice r,;v l��rrower. Any notice
<br />provided for in this Security Instrument shall be 4a nted to have been given to Borrower or Lendrrvaben given as provided "-
<br />in this paragraph,
<br />15, f ovetning lAw; Severability. Thiv-Se:urity fivurument shall be governc;d t-i fcde :'.i1, i.vu and the law of the
<br />jutisdietion -In which the Property is located. In tlir :event that any provisiom or clause of this &lcatstg-- instrument or the ;
<br />No:e conflicts with applicable law, such conflit Csltall not affect other provisions of this Security 'lbwrument or the Note
<br />which 4;11t be given egij�(without the conflicting ptovision. To this end the provisions of this Seems." , Instrument and the
<br />Note are declared to t severable.
<br />16. Borrewer'tt:Ojvy. Borrower shall be given one conformed copy of the Nate and of this Security Instrument.
<br />17. TroWer of'tbe Property or a Beaeiitial 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 30days from the date the notice is delivered or mailed within which Borrower must pray all 4,urns secured by
<br />this Sec-unty Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any 1
<br />remedies permitted by this Security Instrument without further notice or demand on Borrower.
<br />7f. Borrower's Ridit to li%laatate. if Borrower meets certain conditions, Borrower shall haoc the right to have
<br />enforcement of this Security instrument discontinued at anytime prior to the earlier of: (a) 5 days (cur such ether period as
<br />applicable law may specify for reinstatement) before sale of the Property pursuant to any punier of sale contained to IN,;
<br />Security Instrument, or (h) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower
<br />(a) pays I.tnder all sums which then would be due under this Security Instrument and the Note had not acceleration
<br />occurred, (b) cures any default of any other covenants or agreements. (c) pays all expense+ incurred art enforcing this
<br />Secuntr Inttrurnent, including, but not limited to. reasonable attorneys' fees: and (d,t take,, such "action a% Lender may
<br />reasUnably require to msure that the lien of thry Security instrument. L:rtder's rights sit the Prot -ett) and 11anrower's r r i
<br />��1dsFatron to pay this'ums 5t;.:ut1rd tas thIS Security Instrument Shall ctmtu1ue t,nchanced fear" reiastaternent by
<br />bairmwer. Oar imurary In:aonaer,t and the uhltgatnmis secured tierehy shall remain fully effcoi %e as at roacccler,arton had
<br />in 'utt�,i It�E:tecrr. 1111"light tit reinoate%hallnait apply fit thec: ace+ tfacaefrr mwftasndc =rll.ar,agrat+hs tt,,r 17
<br />
|