|
<br />I
<br />
<br />88- 1015'34
<br />
<br />If Lender required mortgage insurance as a condilion of making the loan secured by this Security Instrument,
<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 law.
<br />8, InspectIon. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall
<br />give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection,
<br />9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any
<br />condemnation Or other taking of any part of the Property, or for CGnveyance in lieu of condemnation, are hereby assigned
<br />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 />Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property.
<br />unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the
<br />amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the
<br />taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to
<br />Borrower.
<br />If the Property is adandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to
<br />make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is
<br />given, Lender is authorized to collect and apply the proceeds. at its option, either to restoration or repair of the Property or
<br />10 the sums secured by this Security Instrument, whether or not then due.
<br />Unless lender and Borrower otherwise agree in Writing, any application of proceeds 10 principal shall not extend or
<br />postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of such payments,
<br />10, Borrowcr Not Released; ForbearaOl.'c By under Not a Waiver. Extension of the time for payment or modification
<br />of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower
<br />shall not operate to release the liability of the original Borrower or Borrower's successors in interest. lender shall not be
<br />required to commence proceedings against any succeSSOr in interest or refuse to extend time for payment or otherwise modify
<br />amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or
<br />Borrower's succesSOrs in interest. Any forbearance by lender in exercising any right or remedy shall not be a waiver of or
<br />preclude the exercise of any right or remedy.
<br />11. Successors and Assigns Bound; Joint and Several Liability; Co-signers, The covenants and agreements of this
<br />Security Instrument shall bind and benefit the successors and assigns of lender and Borrower, subject to the provisions of
<br />paragraph 17, Borrower's covenants and agreements shall be joint and several. Any Borrower who co,signs this Security
<br />Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that
<br />Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the
<br />sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, [Tlodify.
<br />forbear Or make any accommodations with regard to the terms of this Security Instrument Or the Note without that
<br />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 connection
<br />with the loan exceed the permitted limits. then: (a) any such loan charge shall be reduced by the amount necessary to reduce
<br />the charge to the ~rmitled limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be
<br />rcfunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making
<br />a direct payment to borrower. If a refund reduce; principal, the reduction will be treated as a partial prepayment wihoul any
<br />rrepayment charge under the Note.
<br />13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effe\;t of rendering any
<br />provision of the Note or this Security Instrument unenforceable according to ils terms, lender. at its option, may require
<br />immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies permitted by
<br />paragraph 19, If lender exercises Ihis option, Lender shall take the steps specified in the second paragraph of paragraph 17.
<br />14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by
<br />mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the
<br />Properly Address Or any other address Borrower designates by notice to lender. Any notice to lender shall be given by first
<br />class mail to Lender's address stated herein Or any other address Lender designates by nOlice to Borrower. Any notice
<br />pro\'idcd for in this Security Instrument shall be deemed to have been given to Borrower or Lender when giV(~n as provided in
<br />this paragraph,
<br />IS, GovernIng Law; Sevel1lbllUy. This Security Instrument shall be governed by federal law and thc law of the
<br />jurisdiction in which the Property is located, In the event that any provisions Or clause of this Security Instrument or the
<br />Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument Or the Nole
<br />which ear: be given effect without the conllicting provision. To this cnd the provisions of this Security Instrument and the
<br />Note are declared to be severable.
<br />16. Borrower's Copy. Borrower shall be given one conformed Copy of the Note and of this Security Instrument.
<br />17. Tl'llnsfer of the Property Qr a Beneficial Intrr~t In Borrower. If all 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 natural person)
<br />without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by
<br />this Security Instrument. However, this option shall not be ell.ercised by Lender if exercise is prohibited by federal law as of
<br />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 of
<br />not less than 30 days from the datc the nOCtce is delivered or mailed within which the 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 />remedies permitted by this Security Instrument without further notice or demand on Borrower.
<br />III. Borrower's Right '0 Reinstate. If Borrower meets certain conditions. Borrower shall have the right to have
<br />enforcement of this Security Instrument discontinued al any time prior to the earlier of: (a) 5 days (or such other period as
<br />applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this
<br />Security Instrument; Or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a)
<br />pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occurred; (b)
<br />cures an)' default of any other covenants Or agreements; (c) pays all expenses incurrcd in enforcing this Security Instrument,
<br />including, but not limited to, reasonable attorney's fecs; and (d) takes such action as Lender may reasonably require to assure
<br />ttat the lien of this Security Inslrumenl, l.ender's rights in the Property and Borrower's obHgalion to pay the sums secured
<br />by this Security Inslrument shall conlinue unchanged. Upon reinstatement by Borrower, this Security Instrument and the
<br />obligations secured hereby shall remain fully errect:ve as if no acceleration had occurred, Howc;ver, this dghl to reinstate shall
<br />not apply In the case of accc;leratlon under paragraphs \3 or 1'7,
<br />
|