|
I �
<br /> 89- 10�986
<br /> ! If l.endeF rtquued mortgaQc ins��rance as a c��ndu�on uf'mak�nF �he lc+an secured h}� this S�cunty Inct�ument.
<br /> = � }�nrrow�r shuil pag thc premiums eequirrd ro m��niain Ihc rosurunce�n cflect umi)�uch�im�us Ihc rcquircment for the
<br /> insuratue terminatct in sccardanee w�ith Borrawcr's and l.endcr's w ntten agrecment ar upplicublc Inw.
<br /> � ;. Int�eedoA. GsndCr a�iis agent may make reasor,able entries upon and inspectians ns the Prcperty. Lender
<br /> shal{gi��e Borruwer ni�tice at�he time of or prinr ta un inspection�pecif�•ing�easonabie cause Por the inspection.
<br /> 9. Candemnation. The pr�ceeds of uny uward o�claim for dam3gec,direr�or con�eyuential.in connectian with
<br /> any condemnation or othe� tak�ng af any pan of'the Yroperia•, or for conr•eyance in lieu of condemnation, a�e hereby
<br /> assigncd and shall be paid t�l.ender.
<br /> � In the event uf a total taking of'the Propeny. the pr�xeeds shall t+c applied ta ihe sums secured by this Security
<br /> ' tnstrument,whether ar not thcn due, with uny exccss puid to Bort��wer. In�he event of a partiAl taking ot'the Property,
<br /> unless Horrower and Lender otherwise agree in writing,the sums secured by this Security Instrum�nt shall be reducect by
<br /> thc amount of the praceeds muttiplied by the following fractiom (a)thr tntal amaunt af the sums secured immediately
<br /> before the tAking,divided by(b)the t'air market value of the Property immediately before the taking.Any balance shall be
<br /> : paid ta Aorrower.
<br /> lf the Property is ubandoned by Borraw�er,or if,after notice b� Lender to BorroK•er that the condemnar affers to
<br /> maice an award u�aeittn n claim fur uarnage.+,Burruwrt fru3a io respund tu IxnJrr wiii�in?0 da1�sfir�Ihp�aie i11e u0ti�e is
<br /> : given.Lender is authorized to eollect und apply the ara.eEr�s.at its option.either tu restaratiun or repair of t[te Praperty or
<br /> to the sums secured by this Seczs..Fity Instrumerr3.ahetGAec��r not then due. ,' � � .
<br /> Unless Len�r and Borraaer otherve�e�gree in writing.any application Lf�t c�.ti.�ec�s t�.�przncipal sha11 not extend�ar. .
<br /> pastpane the due da�e af ihe mvnthl}payerea�ts referred to in paragraph� 1 and�c�r�cF;ange tiz�arnnum of such payments.
<br /> ' 10. Barra�er �ot Rtleaxd: Fo�bcuance By l.cnder Not � Wai.er. �ttenci�tu ��6 the time for pAyment or
<br /> ' modification of amartizat�om of the sc�rns se�ured by this Securin instrument grante�3 b+� �.ender to any successor in
<br /> interest of Bosrax•er shall not aperate to reltase the liabii�ty�of the uriginal Barrower ar Borcvwer's sncces.�ars in interest.
<br /> Lender shall noc be required ta commec�ce procadings against any successor in interes! ar refu�. ta e.jlend time For
<br /> paymeot ar otherwise modify amartizatian of the sums secured by this Serurity Instrument b�•reasan of any demand made
<br /> by the original Borrower or Horrower's saceessors in ioteresl.Any�Porhearance by I.ender in exercising any ri&ht or remedy
<br /> shall not bt a waiver of ar preclude the exercise af any right or remedy.
<br /> 11. Succason and AssiRes Hound;Joint and Seve�al Liability:4o•stEtners. 1'he covenants�nd ogrcements�f •
<br /> this Security it►strument shall bind and benefit the successors and assigns of I.ender and Borrower,subject ta the provisinn� ; '
<br /> of paragnph 17.Borrower's covenants and agreements shall be jaint and scveral.Any Barrawcr who co-sign.r•this Securiry
<br /> Instrument but does not oaecute the Note:(a)is ro•signing this Security Instrument only to mortgage,grant and convey ' '-
<br /> i.. ��•_..._ 1 _:
<br /> 1t1�{ROf�OWt�'s interest m the Yropeny un0er ti�e terms�i cnis Seruricy insirumcni;�n�1�tt�.i}xfwt�a�Iy av�i�a�ca�ti.��ai �
<br /> the sums secured by this Secunty Instrument; and(c)agrees that Lrndrr:�nd any other 8orrower moy agree to eatend. _
<br /> modify,forbear or make any accommodations w�th regard to the terms uf this Securit}• Instrument or the Note�vithout :'
<br /> that Bonower's-consent.
<br /> 1Z. Iaan Chuge9. [f the loan secured by this Security Instrument is subject to a law which sets maximum loan
<br /> charges, and that law �s finally interpreted so that the interest or other lnan charges :alieeted or t� be calleeted in
<br /> connection with the loan eaceed the permitted limits, then: (a) any such laan chArge shall be reduced by the amount
<br /> necessary ta reduce the charge to the permitted I�mit;and(b)any sums already collected from Borrower which eaceeded
<br /> permitted limits will be refunded to Dortow�er. Lender may choose to make this refund by reducing the principa!owed
<br /> under the Note or by making a direct pay�ment to Borrower. If a refund reduca pnnc�pal,the reduction will be treated as a
<br /> partial prepayment without a�ay prcpayment charge under the Note. �
<br /> 13. I.egislation AffeCtZng I.eeder's RiRltts. If cnactment or exp�ration of applicable laws has ihe effect of ��
<br /> rendering any provision of the Nate or this Security Instrument unenforceable accocding to it�:terms,l.ender,at its option, �.
<br /> may require immediate paymtnt in fi►I! af all sums secured by this Security Instrument and may invoke any remedies �
<br /> permitted by paragraph 19. If Lender exercises this�ptian,Lender shall take the steps speci6ed in the sccond paragraph of �-
<br /> �
<br /> paragraph 17. ; «-
<br /> 14. Notices. Any notice to Borrower prov�decf Por in this Security lnstrument shall be givcn by delivering it or by —
<br /> mailing it by first class mail unless applicable law requires use of another method. The t�atice shall be directed to the �',�
<br /> Property Address or any other address Bortower designates by notice t�Lender. Any natice to Lender shall bc given by .
<br /> first class mail to Lender's address stated herein or a�y other addres�Lender designates by notice to Borrower.Any notice
<br /> provided for in this Security Insiroment shall be deemed to havc been givcn to Borrowcr ar Lendcr when givcn as provided
<br /> tn this paragraph.
<br /> IS. Governing I.aw;Seyenbillty. This Secunty Instrument shall be governed by fedcral l�w and thc law of iha
<br /> jurisdiction in which the P�o�+erty is Ic�catui. In the event that any prov�sion nr clause of this Security Instrument or the
<br /> Note confticts with applicabir law,such ronfli�i shaii nai affect other presvisiaris of this Security [nstrameat ot the Noie
<br /> which can be given eRect v►ithout the conflicting provision. To th�s end the provision�of thiti Security Instrutnent and the
<br /> Note are declared to be severable.
<br /> 16. BorroMer's Copy. Borrower shall be given one conformed copy of the Note and of thiti Secucity lmtrument.
<br /> 17. Tnnsfer of the Property or a Beneflclsl lnterest in liorcower. If all or any purt of the Property or any
<br /> intere�t in it is sold or transfened(or�f a beneficia)interest in Borrower is snld or transferced and Borrower is not u natura)
<br /> pectan)without I�nder's prior wtitten eoment,L,ender may, at itti optinn, rec�ec�re immediatc paymettt in full c�(all sums
<br /> sGCe�red by this Securiry insta�ument. Hnwever, this option shall �iot be exe�cc�c1 by I_endcr �f exerci�e es prohibited by
<br /> fed�erat law as ef.the date of this Securit}�InStrument. ' :____-
<br /> if'Lendef exercises th�.aptic�n,Leiider shall gi�e Borroaer notice of acceleratinn.The r,ot�ce sha13 provide a p�nud •
<br /> nf nat less than 30 days ftom the date the natice is deln•ered or ma�{e�aithm+�tiich porr��«er must�+ay a1i�utns sec:ur�d hy
<br /> th�s Secunty lnstrument.Tf R�?rrower fa�ls to pay these sums pnar to the exp�rat���n of th�ti period,l.rnder anay invnke ai�y
<br /> r�rr-,F:dies permitted by this Secunty Ins�rument w ithoutfurther nottce or demanc!nn Borrower. ,
<br /> 18.Borrower's Ri�t to[teinstate. If Hotmwer mects certain cundit�nn�. Borr�u�er shall have thc rtght to ha►c
<br /> cnforrement of thn 5c�curity lnstrument d�scnntu�ued at any nme prior to the earlier��('�(a)S dayti tor�uch nther rerind v� •
<br /> L a��pl�cable law may �pecify fur re�nstatc�:ent►hefore sale of thc Prc�perty�unuunt tu any p��wer��f�alc ccmt�imc�l m th��
<br /> �ecur►ty Intitrument:nr(h►entry c�f a�udgment rrifi�rrmR ths4 Secunty Imtrutnent 1'h���c c�mdiu�m���re that B�rrcn�er '
<br /> (al pay� L.rnder all SurnS which then wuuld be eluc under thi� Secunty lmtrumcni and thr Vntc had n�� acrcletau�+n
<br /> r,teurred {tt3 cureti any clefault nf any ��ther �•u�enantti nr a�reerner�t� (r► pt�y� at� er�ence� �ncurred �n rnfntcm�t Ih�ti m
<br /> �eLUnt� lutitrumerit. �nct�jctin�. hut nnt Innricd tn. r�•uy�m,+Mc.�us,rnry�' fcc• and �d► taMc� �urh :�r�t�m ati i.cn�icr may ` �j
<br /> ft'ilS�siltlh�1 fl'1,111fP C�� dtiW(l' i�181 1fIC �ICti ��f Ifl1t tiCLUrlf� �t{til(ilTill'Iil. �.Cflt�tT�� lflftlti �fl tflP ��C��b�l'I(l ,�n�l I�nrt+�ui•r'� ri �
<br /> ��hhG�,�U�m t�, rey �hs• �um� �c•cut�•d hy �tir. ticcutily In.tri�mcnt .lutll .nnl:�n�i• unih,�n�c�) l��^�+ii���cin�tntrn,i•nr h� n� �
<br /> �{c�tr�.urr �hi��r<<�tit� I��•tr�itu�•n1 anil tha ,�h1rC��U�m�.r�•�ntrc)h�rc•h� •.h il{ i,•inn�n laill� .•flr, N�r.i,it�t•+;,rcrlc r.��i ��� h.i�t
<br /> ,.�� urn�l �1•��tr�r� th1�,Ti.Y.M t�,tt'It��t>�Is��h��li rn�i,ij���ir n�thr i ��� . t,i, .�i� t il�„n�imlri j �t.+y��,�(�h•. ! ��.� 1•.
<br /> �
<br />
|