|
' - 105512
<br />If Lender required mortgage insurance as a condition of making the loan secured- by this, Security Instrument,
<br />Borrower shall pay the pretrtiums requii ed_to maintain dia.insurance in•effect until swh time as the requirement for.the
<br />v.- Mrro .— ftattd: S. Iogwctim. Lender or its agent tray mike reasonable entries upon and inspections of the Property. Lender
<br />shall give Borrower notice at the time ,of or prior to an inspection specifying reasonttltl# cause for the inspection.
<br />9. _.!!!!• ..T greceeds of any ,awud_or claim for dumrrgs,,itxi or caasequential, is connection with
<br />any condemnation or other taking of any part of the Property. or far. convayAnge,_ in lieu of condeximation, are hereby
<br />assigned and shall be'paid to Lender.
<br />In the event of a total taking of the Property, the proceeds shall b1s apQlintl to the sums secured by this Seetuity
<br />Instrument, whether or not then due; with any exem paid to Borrower. .It1 thitevent of a partial taking of-titre Property;
<br />unless Borrower and Lender otherwise agree in wating,'fhe sums seaurcd by •tliis Security Instrument shall be reduced by
<br />the amount of the proceeds muitiplied.by the following fraction: (ar),the iota! amount of the sums secured imaiadiately
<br />before the taking, divided by (b) the fair market vslua of the Fropturt fmgtediately before the taking. Any balance shall be
<br />paid to Borrower.
<br />If the Property is abandoned by grower. or if.. after notice by Lender to Borrower.that the condemnor offers to
<br />i make an award or settle aclaim for clairttagt:s, Borrower: fails to respond to Lender within 30 days after thedat , the notice is
<br />giver(. Lender is authorized to collect sigd•ttpply the proceeds, at its option, either to rest4cation or repair of the Property or
<br />to :she-sums secured by this Security In;itrament. *haithor or not then due.
<br />Unless Lender and Borrower ptherwiwagrjo itt,wrating, any applicatW caf.'procteds to principal shall not extend or
<br />postpone tht due date of the monthly Win eats refo6�.to -in,paragraphs 1 and Z& change the amount of such payments.
<br />10. ,110im~er Not Released;'Forbmirattcq By Lender Not.a Waiver. Extension of the time for paytaiwt or
<br />modification :otAmortization of the sums s; ' Vi d. by this 5ecaxi' Instrument, granted by Lender to any successes in
<br />interest of Boi giver shall not operate to release the liability cf-Om- 0giiiai Borrower or Borrower's successors in interest.
<br />Lender shall not be required to commence proceediii'p against airy successor in interest or refuse to extend time for
<br />payment or otherwise modify amortization of the slits secured by this Security Instrument by reason of aty demand trade
<br />by the original Borrower or Borroweessuccessors in interest. Any forbearance by Lender in exercising
<br />shall not be a waiver of or preclude the exercise of any right or remedy.
<br />11. Successor and Assigns Bound;
<br />Joint glad Several Liability, Co- sifters. The covenants a�;:rsetirt�2s of
<br />this: Security Instrument shall bind and benefit the successors and assigns of Lav der and Borrower. subject guitfk pri'?Misvns
<br />bfVaragraph 17. Borrower's covenants and agreem"- shall be joint and seversk.; Any Borrower who co-signs this Sec,-w24, ±y
<br />Instrument but does not execute the Notc: (a) is co- signing this S=jrity Instrument only to mortgage, grant and 6o.;v ey
<br />that Borrower's interest in the Property under the terms of this $-m„n ay Instrument; (b) is not personally obligated To pay
<br />the sums secured by this Security Instrument; and (c) agrees that binder 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 Borrower's consent.
<br />12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan
<br />charges, and that law is finally interpreted so 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 />nmessarf to reduce the charge to the pe .n ittcd limit; and (b) any sum already collected front Borrower which exceeded
<br />peignitted limits will be refunded to Borrower. Lender may choose to make :OeLi refund by reducing the principal of, ad
<br />under the Nem.or by making a direct payment to Borrower. If a refund redo avri principal, the reduction will be treateai, rya
<br />partial prepay►cutnt without any prepayment charge under the Nor t .
<br />13. it lation Affecting Lender's Rights. If enactrnyalt; ar'6ki;iration of applicable laws has the ea of
<br />rtewdering any provision of the Note or this Security instrument unenform -b1a a-,,ccording to its terms, Lender, at its option,
<br />y require immediate payment in full of all sums secured by this Security 1- nstrument and may invoke any remedies
<br />permitted by paragraph 19. If Lender exercises this option. Lender shall take t::e steps specified in the second paragrigmh of
<br />paragraph 17.
<br />14. Notices. Any notice to &;xct„eur provided for in this Security Instrument shall be given by delivering it's: 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 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 designates by notice to Borrower. Any rtorice
<br />provided for in this Security instrument shall be deemed to have been given to Borrower or Lender when given as pm tided
<br />in this paragraph.
<br />15. Governing Law; Severability. This Security Instrument shalMe 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 applicubir law, such conflict shall not affect other provisioms rf ihi� Security Instrument or the Note
<br />which can he given effect without the conflicting provision. To tW end the provisions of this Security instrument and the
<br />Note are declared to be scvrnable.
<br />16. Borrower's Copy. Borrower shall he given one conformed copy of the Note and of this Security Instrument.
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. If all or airy 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 ail 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 ltistrument.
<br />If Lender exercises this option, Lender shall give Borrower notice of acceleration. 'f he notice Shall provide it period
<br />of not less than 30 days from the date the riotice is deli:ercd or mailed within which Borrower must pay all sums secured by
<br />this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any
<br />re►liedies (xcrhitttd Ly thisSeeurity Instrument without further notice or demand an Borrower
<br />• 19. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to hive
<br />enforcement of this Security Instrument discontinued at any time prior to the earlier of (a) 5 da) s (or such other period as
<br />L applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contamed ui this
<br />Security Instrument; or (b) entry of a judgment enforcing this Security Instruneni. 7 hose conditions are that Flurnu.er
<br />(a) pays Lender all sums which then wnuld be due under this Security Instrument and thc• time had no actcic►atnw
<br />occurred; (b) cures any default of any other covenants or agreements, (c) pay% all expense+ n►.:urred n► entorcme, this
<br />Security Instrument, incldding, but not intuited to, reasonable attort►eys fees: and (cif takes such action .w t cnd,:r may
<br />reasonably requite to assure that the hrsi of this Security Instrument. Lenders rights in the Prc.pcity aml fi.jtrot ,:r's
<br />obligation to pay the sums secured by this Security Imtrument'shall continue unchanged. Upon reinstatrntcnt h%
<br />Horrow•er. ihisSecurity in,trument astdthenbfigatttmsaccuredherettyshalt remain fully effective a, it fit ►a..clri.itom h.ia
<br />mcurred However. thi-., right to reinstate shall not apply m ILe .ase (if acceteratum under p ;iragraph&. );'q 17
<br />-I
<br />w
<br />r�
<br />1
<br />S •_
<br />
|