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<br />
<br />Borrower may cure such a default an~ reinstate, '*5 provided in panlgraph 1 e, by causing the actlon or proceeding to be
<br />dlsml!.lsed with a ruling th..i. In lender's good faith de\.ermlnatlon, precludes forlelture of the BOfTOW:r'S Interest In the Property or
<br />other !n8teriaJ Impairment "f the hn created ~.I)' this S.''"'-lrltv !;"slru~t or lender's security Interest. BOfTOWer shal also be In
<br />default If Borrower, during the lnvl application ~~ :.:.:.:. ;t\,,~ materially false or Inaccul":1tlllnfonnatlon or statements to lender (or
<br />laJIed to provide lender wlth:my or.ateri41 InfOlTl'lllUoI'l) In :.'If\nectlon wtth the Ioen lNkJenced by the Note, Includlng,. but not
<br />Bmlted to, representations concerning Bon-ower's occupancy of the Pro~ n a ptlnc1p81 relldence. "this Security
<br />Instrument Is on n leasehold, Borrower shan comply with an the provisions of the. \eo:1se. "Borrower acqulret fee title to the
<br />Property, the IMsehold and the lee tiUe shan not mergg unles! lender alJl1W" to the Ine\'ger In WT1ting.
<br />7. Protecliol't of lender's RIghts In the Property. n Borrower faHs to perform the coven.-mts and agreements
<br />contained In this So!curity Instrument, or there Is a legal proceeding that may slgnt:1cantly affect lender's rights In the Property
<br />(such u a J:.roceeding in bankruptcy, probate, lar condemnation or forfeiture or to enforce laws 01' regulations), then Len'Jer may
<br />do and pay for whalever Is necessary to pretect the value 01 the Ptop..>rty and Lender's rights In the Property. Lender's adelns
<br />may indude paying !Iny sums secured by a nen which has prlortty over this Securtty Instrument, appearing In court, pay!.,g
<br />reasonable attorneys' lees and entering on the Property to make repairs. Although Lender may !llke actlon under this p8l1lgraph
<br />7, lender does not haY!;! tu do so.
<br />Any amounts disbursed by Lender under paragl1lph 7 shaft become additional debt of Borrower secured by this Security
<br />Instrument Unless Elorrower and Lender agree to other terms of payment, th~e amounts shaft bear Interest from the date of
<br />disbursement 81 the Noti! rate tiild shaD be payable, with Interest, upon notice from Lender to Borrower requesting payment.
<br />8. Mortgage Inaurance. If Lendflf' required mortgage Insurance as a condition 01 making the loan secur"d by this
<br />Security Instrument, Borrower shan pay the premiums required to maintain the mortgage Insurance In effect. n, for any reason, the
<br />mortgage l<1sumnce covertl;Je required by lender lapses or ceases to be In effect, Borrower shaft pay the premlums required to
<br />obtain coverage substantially equlvallni to the mortgage Insurance previously In effect. at a cost substantlaly equlval<<lt to the
<br />cost to Borrower of t;,e mortgagelnsmance previously In effect, Itom an alternate mortgage Insurer approved by Londer, n
<br />substantially equivalent mortgage In~unlnce covera;Je Is not ava~llble, Borrower shaD pay to Lender each month a sum equal to
<br />one-twelfth of the yearly mortgage lMurance pre""lum being paid by Borrower when the insurance coverage lapsed or ceased to
<br />be In effect. lender win accept. UStl and retain these payments as B loss reserve In neu of mortgage I<1surance. Loss reserve
<br />pavrnents may no long~ be r~qujr~~, at tho! option of Lender, If mortgage Insurance coverage (In the amount and for the period
<br />that lender requires) pro~'ded by an i:1surer approved by Lender again becomes avaHable and Is obtained. Borrower shan pay
<br />the premiums required to rm.l,ntaln mortgage Insurance In effect, or to provide a loss reserve, untli the requirement for mortgage
<br />Insurance er;ds In 'lccord<l.nCI~ wt~h any wrltter agreement between Borrower and Lender or appHcablo law.
<br />9. Inspcr..;t1on. Lender or Its agent may make reaso~able entrtes upon and inspections of the Property. Lender shaft g"-'
<br />Borrower notice Ilt Ihe time o! or prior to an InspectJon speclfylng reasonllble cause for the inspection,
<br />10. Condemnation. The proceeds 01 any award or o::lalm lor damages, direct or consequential, In connection wlth Clny
<br />condemnation or olher taking <)1 llny patt of the Property, or for cQnveyanC'~' In Oeo of condemnation, are hereby assigned and
<br />shall be paid to lender.
<br />1'1 the event 01 a tOt!lJ taking 01 the Property, the proceeds shall b3 Bpplled to the sums secured by this Security
<br />In::.trument, whether or not then dUe, with any excess paid to Borrower. In Ihe event 01 a partial taking 01 the Property In which
<br />the lair market value 01 the P,roper.y Immediately belore the taking Is equal to or greater than .the amount of the sums secured
<br />by this Security Instrument Immediately belore Ihe taking, unle!;s Borrower and Lender otherwise agree In writing, the sums
<br />secured by this Securtty Instn.l'rl~",; snail be reduced by 'he ~mount 01 the proceeds multiplied by the lonOWlng fraction: (a) the
<br />tolal amount of the sums seClire::l immediately belore the taking, divided by (b) the lair market value of the Property immediately
<br />belore lhe takinG. My balance shall be paid to Borrower. In the everit 01 a partial taking of the Property In which the fair marl<et
<br />va:u~ 01 the Property IlTlfjicdialely belore the taking Is less than the amount 01 the sums secured Immedlalely belore the taking,
<br />unless Borrower and L.t>!1d.er otherwise agre(l In writing or unless appRcable law otherwlse provides, the proceeds shal be
<br />appll!!d to the sums secured by this Security Instrument whether or not the sums are then due.
<br />I! lhe Pro~.my Is abandoned by Borrower, or If, aner notice by Lender to Borrower that th~ condemnor offers to make an
<br />award or settle a claim lor damages, Borrowf!f' lalls to respond to Lender within 30 days aner the ~ate the notice Is given,
<br />l<mder is fJuthvrlzed to collect a:Jd apply the proceads, at Its option, either to restoration or repair of Ille Property or to the
<br />sums secured by Ihls Security Instrument. whether or not then due.
<br />Unle5s Lender and Borrower otherwise agree In writing, any appncathn 01 procBflds to principal shan not extend 01'
<br />p051pone the due date 01 th(" monthly payments relerred tl) In paragraphs 1 and 2 or change the amount of such payments.
<br />11. Borrl1wer Not Roleased: Forbearance By lender Not . WaIver. Extension 01 the time lor payment or
<br />modification of amc;1lzatlon of the sums secured by this Security 'nslrument granted by Lender to lJny SUCCflssor In Interest 01
<br />Borrower shall not operate to release Ihe liability 01 the original Borrower or Borrower', succes!lors In Intere!t. Lender shan not
<br />be required to commence pr.,ceedlngs against any successor In Inlerest or refuse to extend time f(\r payment or otherwise
<br />modify amotlQallon of the Sll"IS secured by Ihls Securlty Instrument by reason 01 any demand made by the original Borrower or
<br />~orrower's SUGClr.lsors In Interest. Any forbearance by Lender In exerclslng any right or remedy sh.n not be a waiver of or
<br />preclude the exercise 01 any rtght or remedy.
<br />12. Successors and Asslgn9 Bound; JoInt and Several lIability; CO'"slgner9. The covenanls llI1d
<br />agreements 01 this Security Instrument shaH bind and benefit the successors and assigns o! Lender and Borrower, subject to the
<br />provl3ion~ 01 paragraph 17. Borrower's covenanls and agreemenls shan be Joint and severlll. Any Borrower who co"slgns this
<br />Security Instrumtml but does not execule Ihe Note: (a) III co-signing this Security Inslrument only to mortgage, grallt and convf!y
<br />thaI Oorrowtr's Interest In the Property under the terms of this Security Instrument; (b) Is not personaBy obligated to pay the
<br />sums ~ecured by this Sec~Jrtty Inslrumenl; and (c) agrees that Lender and any oth'N Borrower may agree to extend, nlodlfy,
<br />lorbear or mako any accommodations with regard to thl! terms 01 this Security Instrument or the Note without thllt Oorrower's
<br />consent.
<br />13. Loalrl Charges. If the loan secured by this Securlty Instrument III subject to a law which sels rna)(lmum loan
<br />charges. ilnd that law Is "nally Int~rpreted so tl1at Ihe Interest or other loan charges collected or to be conected In connection
<br />','11th the 10lln exceed the permitted limits. then: (a) any such 10lln char;e shan be reduced by the amounl necessary to reduce
<br />'.1111 charge to 1110 permitted limit; and (b) any 8ums lIlready conected from Borrower which exceeded permlned limits wID be
<br />rclunrJerJ to Bmlower. lender may choose to make thl!' refund by rllduclng the principal owed under the Nole or by "'lIk!ng a
<br />direct payment 10 Borrower. I! a relund reduces principal, Ihe reduction win be truted as a portia I prepayment without any
<br />prepayment charge under the Nolo.
<br />14, Notices. Any notice to E:orrowcr provlriod lor In thla Security Inslrumenl shall be given by delivering It or by mailing"
<br />by lir'll c1n~~. rnni~ llflles'\ llcpllcable law requires USIl 0' Ilnother m"lhod. Th(l nolke shall be directed to tho Property Address
<br />or ony other I\ddrt.:J5 Borro..-lllr rJllslgnate'l by notlCf! to lender. Any notice 10 Lender lIhaD be given by "rst CIUll mllll 1(1
<br />Lenric(!l addre5~ stlllCCl nor11ln (lr Dny oll,,,r I\cWreu Londor deslgnales by notice 10 BorrO\.Vf!r. Any notlCll provided lor In Ihls
<br />Security In5lrLJrn~l1t :lhllll he d'Jem'Jd 10 have been given to Borrower or l.lmrJcr when Illv,," 115 provided In thl:! parDgrllp~l,
<br />15. Govo7l1lng Law; Sovnrablllty. This Securl1y In,lrurnenl llhllll be govnrncH1 by lederal IlIw and the law 0' the
<br />,llfi;rJic\lco!l in which n'e f'ropcrty 13 IQr;lIll~d. In tI'll event Ihlll any provl,lon or clllulle 1,)' thlll Securtty Inslrument or the Note
<br />conllicl'l 1'I~lh llpplic~ble I"w. '1uch conflict "Ihllll not IlNect other pr~vlslon9 01 Ihls Security 'rl,'rument or the Noto which cnn be
<br />givNl ,'lIcel witholJt thl) c'lntllcllng plOvi5/on. 10 thlll lmd the provision:! or lh'~ Security Instrumc,"t and th" Notf! arll deClared to
<br />be ~ev('I"bl('
<br />
<br />16. Borrow!.,r's Copy Oorrower 'Ihl\lI be \}Iven one conlormlld copy of the Nolll and or this Security Instrument.
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