|
� �9- 1(�4Q�5
<br /> 17. Transfer of the Propert�• or a Beneficial Interest in Borrower. If al] or any part of the Property or any interest in it
<br /> is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natura] person) without
<br /> Lender's prior written consent, Lender may, at its option, require immediate payment in full of ali sums secured by this
<br /> Securit�� Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date
<br /> of this Securitv Instrument.
<br /> If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not
<br /> less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this
<br /> Securit}� Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies
<br /> permitted by this Security Instrument w�ithout further notice or demand on Borrower.
<br /> 18. Borrower's Right to Reinstate. If Borrower meets cercain conditions, Borrower shal] have the right to have
<br /> enforcement of this Security Instrument discontinued at a�l}� time prior to the earlier of: (a) 5 days (or such other period as
<br /> applicable law may specif}� for reinstatement) before sale of the Property pursuant to any �power of sale contained in this
<br /> Security Instrument; or (b) entrv of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays
<br /> Lender all sums which then would be due under this Securiry Instrument and the Note as if no acceleration had occurred; (b)
<br /> cures an� default of any� other covenants or agreements; (c) pays al] expenses incurred in enforcing this Security Instrument,
<br /> including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably require to assure
<br /> that the lien of this Securitv Instrument, Lender's rights in the Property and Borrower's obligation to pay the sums secured by
<br /> this Security Tnstrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the
<br /> obligations secured herebv shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall
<br /> not apph� in the case of acceleration under paragraph 17.
<br /> 19. Sale of Note; Change of Loan Ser��icer. The Note or a partia] interest in the Note (together with this Security
<br /> Instrument) ma}� be sold one or more times without prior notice to Borrower. A sale may result in a change in the entity (known
<br /> as the "Loan Servicer") that collects monthly payments due under the Note and this Securitv Instrument. There also may be one
<br /> or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be
<br /> given written notice of the change in accordance ��ith paragraph 14 above and applicable law. The notice will state the name and
<br /> address of the ne� Loan Ser��icer and the address to which payments should be made. The notice will also contain any other
<br /> information reqnired b�� applicable law.
<br /> 20. Hazardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any
<br /> Hazardous Substances on or in the Propeny. Borrower shal] not do, nor allow anyone else to do, anything affecting the
<br /> Propert}� that is in violation of an� Environmental Law. The preceding two sentences shall not apply to the presence, use, or
<br /> storage on the Propem� of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal
<br /> residential uses and to maintenance of the Propert}�.
<br /> Borrower shall promptl�� give Lender written notice of any investigation, claim, demand, lawsuit or other action b�� anv
<br /> governmental or regulaton� agenc}� or pri��ate part} involving the Property and an� Hazardous Substance or Environmental La��
<br /> of which Borrower h�� actua: }:no�ledge. If Borrower learns, or is notified b,� any governmental or regulatory authority, that
<br /> any removal or other remediation of an� Hazardous Substance affecting the Property is necessary, Borrower shall promptly take
<br /> all necessarv remedial actions in accordance with Environmental Law.
<br /> As used in this paragraph 20, "Hazardous Substances" are those substances defined as toxic or hazardous substances b�
<br /> Environmental La�� and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic
<br /> pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive ma[erials. As used in
<br /> this paragraph 20, "En��ironmental La��" means federal laws and laws of the jurisdiction where the Property is located that
<br /> relate to health, safet�� or environmental protection.
<br /> NON-UNIFORM COVENAi�TS. Borrower and Lender further covenant and agree as follows:
<br /> 21. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach
<br /> of any covenant or agreement in this Securit� Instrument (but not prior to acceleration under paragraph 17 unless
<br /> applicable IaH provides otherwise). The notice shall specif��: (a) the default; (b) the action required to cure the default;
<br /> (c) a date, not less than 30 days from the date the notice is given to Borrower, b�� which the default must be cured; and
<br /> (d) that failure to cure the default on or before the date specified in the notice ma}• result in acceleration of the sums
<br /> secured bV this Securit�� lnstrument and sale of the Property. The notice shall further inform Borrower of the right to
<br /> reinstate after acceleration and the right to bring a court action to assert the non-existence of a defaWt or anv other
<br /> defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice,
<br /> Lender, at its option, may require immediate payment in full of all sums secured b�� this Securit�� Instrument without
<br /> further demand and ma�� invoke the power of sale and an�� other remedi� permitted b�� applicable law. Lender shall be
<br /> entitled to collect alt expenses incurred in pursuing the remedies provided in this paragraph 21, including, but not limited
<br /> to, reasonable attorneys' fees and costs of title e��idence.
<br /> If the power of sale is invoked, Trustee shall record a notice of default in each county� in which an�� part of the
<br /> Property� is located and shall mail copies of such notice in the manner prescribed b3� applicable laK� to Borrower and to
<br /> the other persons prescribed b�� applicable lak�. After the time required by applicable law, Trustee shall give public notice
<br /> of sale to the persons and in the manner prescribed b�� applicable law. Trustee, without demand on Borrower, shall sell
<br /> the Propert�� at public auction to the highest bidder at the time and place and under the terms designated in the notice of
<br /> sale in one or more parcels and in an}� order Trustee determines. Trustee ma�� postpone sale of all or an�� parcel of the
<br /> Propert�• b�• public announcement at the time and place of am� previoush� scheduled sale. Lender or its designee ma�
<br /> purchase the Propert�� at any sale. ,
<br /> Form 3028 9/90
<br /> �-6R(NE) �92�2�,pa Page 5 ot 6
<br /> � Initials�.
<br />
|