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<br />88- 101594
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<br />, 9. Cnndcmnntlnn. Thl! proceeds or any nward or claim for damagcs, direcl or conscqucntial. in connection wilh
<br />Ilny cOlllll'mnnlion or other laking of any part of the Property, or for conveyancc in Iicu of condemnation, arc hereby
<br />assigned aud shnll be paid 10 Lender,
<br />In the evenl of a tutal taking of Ihe Pmperty, the proceeds shnll be npplied lu the sums secured by Ihis Sccurity
<br />InstrulJlent, whether or not then due, with any excess paid to Borrow~'r. In the event of a partial laking of the Property,
<br />unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by
<br />the amount of Ihe proceeds mulliplied by the following fraction: (a) Ihe lotnl amount of the sums secured immedialely
<br />before the laking, divided by (b) the fair markel value of the Property immediately before the tnking, Any bnlance shall be
<br />paid to Borrower.
<br />If the Property is abandOJled by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to
<br />make an award or scllle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the nolice is
<br />given, Lender is authorized to collectllnd apply the procceds, at its opt iOIl, cit her to restoration or repair of the Property or
<br />to the sums secured by this Security Instrumenl, whether or not then due,
<br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
<br />postpone the due date of the monthly payments referred 10 in paragraphs I and 2 or change the amount of such payments.
<br />10. Borrower Not Released; Forbearance By Lender Not a Waiver. Exlension of the time for payment or
<br />modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in
<br />interest of BorroWer shall not operate to release the liability of the original Borrower or Borrower's succes~ors in interest.
<br />Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for
<br />payment or otherwise modify amortization of the sums secured by this Security Instrument by reaso'n ofany"demand made
<br />by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy
<br />shall not be a waiver of or preclude the exercise of any right or remedy,
<br />11. Successors Bnd Assigns Bound; Joint and Several LiabilitYj Co-signers, The covenants and agreements of
<br />this Security Instrument shall bind and bencfitthe successors and assigns of Lender and Borrower, subject to the provisions
<br />of 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
<br />that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay
<br />the sums secured by this Security Instrument; and (c) agrees that Lender 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 Ihe 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 />necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded
<br />permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed
<br />under the Nole or by making a direct payment to Borrower, If a refund reduces principal, the reduction will be treated as a
<br />partial prepayment without any prepayment charge under the Note.
<br />13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the eflect of
<br />rendering any provision of the Note or this Security Instrument unenforceable according 10 its terms, Lender, at its or-lion,
<br />may require immediate payment in full of all slJms secured by this Security Instrument and may invoke ally remedies
<br />permitted by paragraph 19, If Lender exercises this option, Lender shall take the steps specified in the second paragraph of
<br />paragraph 17.
<br />14. Notices, Any notice to Borrower provided for in this SecurilY Instrument shall be given by delivering ii 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 />Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by
<br />first class 1l1l.'.ilto Lender's address stated herein or any other address Lender designates by notice to Horrower. Any notice
<br />provided for in this Security Instrument shall be deemed to have been given 10 Borrower or Lender when given as provided
<br />in this paragraph.
<br />IS. Governing Law; Severability. This Security Instrument shall be 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 Instrume!!t or the
<br />Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrumenl or the Note
<br />which can be given effect without the conflicting provision, To this end the provisions of this Security Instrument and the
<br />Note arc declared to be severable,
<br />16. Rorrowoer's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument.
<br />17. Transfer of the Property or a Beneficial Interest in Dorrower. If all or any 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 I.ender's prior written consent. Lender may, at its option, require immediate payment in full of all 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 Instrument.
<br />If Lender exercises this option, Lender shall give Borrower notice of acceleration, The notice shall provide a period
<br />of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by
<br />this Security Instrument. If Borrower fails 10 pay these sums prior to the expiration of this period, Lender may invoke any
<br />remedies perlllitted by this Security Instrument without further notice or demand on Borrower.
<br />18. Borrower's Right to Reinstate. If Borrower meets cerlain conditions, Borrower shall have the right to have
<br />enforcement of this Security Instrument discontinued at 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 Properly pursuant to any power of sale contained in this
<br />Security Instrument; or (b) entry of a judgment enforcing Ihis SecurilY Instrument. Those conditions arc that Borrower:
<br />(a) pays Lender all sums which then would be due under this Security Instrulllent lInd the Note had no acceleration
<br />occurred; (b) cures any default of any other covenants or agreement~; (c) pay!; all expenses incurred in enforcing this
<br />Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may
<br />reasonably require to assure that the lien of this Security Instrumenl, Lender's rights in the Property and Borrower's
<br />obligation to pay the sums secured by this Security Instrument ~hall continue unchanged. Upon reinstatement by
<br />Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no accc;leration had
<br />occurred, However, this right to reinstal.e shall not apply in the case ofacceleralion under paragraphs 13 or 17,
<br />NON.UNIFORM COYENAr-.-rs. Borrower and Lender further co\'enanl and agree as follows:
<br />19. Acceleration; RemedlC$. Lender shall give notice to Borrower prior to acceleration following Borrower's
<br />breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under paragraphs 13 and 17
<br />unless applicable la" provides otherwise), The notice shall sp.I!cify: (a) the default; (b) the action required to cure the
<br />defllultj (e) a ate, not less than 30 days from tbe date tbe notice is given to Borrower. by whleh the default must be cured;
<br />'and (d) that failure to cure the default on or before tbe date specified In the notice may result in acceleration of the sums
<br />securM by this SecurIty Instrument and sale of the Property, The notice shall further Inform Borrower of the riKht to
<br />reln.tate after ,,(('cleratlon and the right to bring a court action to assert the Ilon-c:dstenec of It default IIr IIn)' other
<br />defense of Horrower to ~cc('leratlon and sale. 1f the default is not cured on or before the date specified in the notice. I.ender
<br />lit Its option ma)' require Immediate payment in full of an sums secured by this Seellrit). Instrumenl W"ithllllt further
<br />demand and ma)' Invoke the po1lfer of ule and any other remedies permitted b)' llpplicabte law. Lender shall bc elltitled to
<br />cullect all upenks Incurred In pursuing Ihe remedies provided In this parallraph 19, indudlnR. but nlll Iilllill'd tn.
<br />rfoonlble Ittorne)'s' feet Ind costs or title evIdence.
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