|
<br />88- 102312
<br />
<br />9. Condemnation, The proceeds of any award or claIm for damages. direct or consequential, m conneclion wilh
<br />any condemnation or other laking of any part of Ihe Property, or for conveyance in lieu of condemnalion, arc hereby
<br />assigned and shall be paid 10 Lender.
<br />In Ihe event of a tOlal taking of Ihe Properly. the proceeds shall be applied to the sums secured by this Securily
<br />Instrument. whether or ~Ol 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
<br />the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately
<br />before the laking, divided by (b) the fair market value of Ihe Property immediately before the taking. Any balance shall be
<br />paid to Borrower.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that Ihe 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 ils option, either to restoralion or repair of the Property or
<br />10 Ihe sums secured by this Security Inslrumenl, whelher or not Ihen due.
<br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
<br />postpone Ihp. due dale of the monlhly paymenls referred to in paragraphs 1 and '1 rr change the ar.....unt of such payments.
<br />10, Borrower Not Released; Forbeal'8llee By Lender Not a Waiver. btc..sion of the time for payment or
<br />modification of amortization of the sums secured by Ihis Security Inslrumem b:.illled by Lender to any successor in
<br />interesl of Borrower shall not operate to release Ihe liabilily of Ihe original Borrower or Borrower's successors in interest.
<br />Lender shall nOI be required 10 commence proceedings againsl any successor in interest or refuSe 10 extend time for
<br />paymem or otherwise modify amortizalion of Ihe sums secured by Ihis Security Instrument by reason of any demand made
<br />by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedv
<br />shall nOI be a waiver oJf or preclude the exercise of any righl or remedy.
<br />11, Successors an:l Assips Bound; Joint and Several Liability; Co-sipen, The covenants and agreements of
<br />Ihis Security Inslrument shall bind and benefit Ihe successors and assigns of Lender and Borrower, subject to Ihe provisions
<br />of paragraph 17. Borrower's covenanls and agreemenls shall be joint and several. Any Borrower who co-signs this Security
<br />Inslrumenl but does nOI execule Ihe Nole: (a) is co-signing Ihis Security Inslrument only to mortgage. grant and convey
<br />thaI Borrower's interest in Ihe Property under Ihe lerms of this Security Instrument; (b) is nol personally obligated to pay
<br />the sums secured by this Security Inslrumenl; 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 Ihis Security Inslrument or Ihe Note withoul
<br />Ihat Borrower's consent.
<br />12. Loan Charges, If Ihe loan secured by this Security Inslrument is subjecl to a law which sets maximum loan
<br />charges. and Ihal law is finally inlerpreted so that the interesl or olher loan charges collected or to be collected in
<br />connection wilh Ihe: loan exceed the permitted limilS, Ihen: (a) any such loan charge shall be reduced by Ihe amount
<br />necessary 10 reduce the charge 10 the permilled limil: and (b) any sums already collected from Borrower which exceeded
<br />permitted Iimils will be refunded 10 Borrower. Lender may choose to make this refund by reducing the principal owed
<br />under the NOle or by making a direcl payment to Borro'''er. If a refund reduces principal, the reduction will be treated as a
<br />partial prepayment withoul any prepayment charge under Ihe Nole.
<br />13. LeaillIatlon Alfectlnll Lender's Rights. If enactment or expiration of applicable laws has the effect of
<br />rendering any provision of the Note or this Securily Instrumenl unenforceable according to its terms, Lender. at its option.
<br />may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies
<br />permilled by paragraph 19. If Lender c;;.ercises Ihis option, Lender shall take the steps specified in the second paragraph of
<br />paragraph 17.
<br />14, Notices. Any notice 10 Borrower provided for in this Securlly Instrument shall be given by delivering it or by
<br />mailing it by first c1l1S5 mail unless applicable law requires use of another method. The notice shall be directed to the
<br />Property Address or any mher address Borrower designates by notice to Lender. Any notice to Lender shall be given by'
<br />firsl class mail to Lender's address Slated herein or any other address Lender designales by notice to Borrower. Any notice
<br />provided for in Ihis Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided
<br />in this paragraph,
<br />15. GonrnlllllLaw; SeyerabiIlty, This Security Instrument shall be governed by federal law and Ihe law of the
<br />jurisdiction in which Ihe Properly is located. In the event thaI any provision or clause of Ihis Security Instrument or the
<br />Note coofticts with applicable law, such confticl shall 001 affect other provisions of this Security Inslrument or the Note
<br />which can be given effect wilhout the confticllng provision. To this end the provisions of this Security Instrument and the
<br />Note are declared to be severable.
<br />tei. Borrower's Copy. Borrower shall be given one conformed copy oflhe Note alld of this Security Instrument.
<br />17, Tl'8llsfer of the Property or a Beneficial Interest In Borrower. If all or any part of the Propeny or any
<br />interest in it is sold or Iransferred (or if a beneficial inlerest in Borrower is sold or transferred and Borrower is not a natural
<br />person) withoul Lender's prior wrillen consent, Lender may, al its option. require immediate payment in full of all sums
<br />secured by this Security Inslrument. However, Ihis option shall nOl be exercised by Lender if exercise IS prohlbiled by
<br />federal law as of Ihe date of this Security Inslrumenl.
<br />If Lender exercises this option, Lender shall give Borrower notice of acceleration. The nOlice shall prOVIde a period
<br />of not iess than 30 days from the dale Ihe n::llice is delivered or mailed within which Borrower must pay all sums secured by
<br />this Security Instrument. If Borrower fails to pay Ihese sums prior to Ihe expiration of this period, Lender may Im'oke any
<br />remedies permitted by this Securily Inslrument without further notice or demand on Borrower.
<br />18. Borrower's Right to Reinstate, If Borrower meets certain conditions. Borrower shall have Ihe right to have
<br />enforcement of this Security Instrument discontinued al any lime prior 10 the earlier of: (a) 5 days (or such other period liS
<br />applicable law may specify for reinstatement) before sale of the Properly pursuant to any power of sale contamed rn thIS
<br />Security Instrument; or (b) entry of a judgment enforcing lhis SecurilY Instrument. Those conditions are that Borrower:
<br />(8.1 pays Lender all sums which then would be due under this Security Instrument and lhe Note had no acceleration
<br />occurred; (bl cures any default of any olher covenants or agreements; (c) pays all expenses incurred in enforcing Ihls
<br />Security Instrument, including, but nOl limited 10. reasonable altorneys' fees: and (d) lakes such acllon as Lender may
<br />reasonably require 10 assure that the lien of this Security Instrument, Lender's nghts in the ProperlY and Borrower's
<br />obliplion 10 pay the sums secured by lhis SecurilY Instrument shall continue unchanged. Upon reinstatement by
<br />Borrower, this Security Instrument and lhe obligations secured hereby shall remain fully effective as if no ac-celeration had
<br />occurred. However. this righl to reinstate shall not apply in the case of acceleration under paragraphs IJ or 17.
<br />NON.UNIFORM CoVENANTS. Borrower and Lender further covenant and agree as follows:
<br />It. AcceIeratIotI; Remedies. Leader aball lIIye DOtke to Borrower prior to _Ientlon followlllll Borrower'.
<br />brelIdI of l1li)' llOYeIlIIAt or...-t III tJUs Security Iutnmleat (but not prior to acceleration under parqrapbs 131111d 17
<br />..... appIIaWe law proflcleB otberwise). 'J1Je aotice sball apedfy: (a) lbe default; (b) tile action required to cure tM
<br />"'-It; Ce> a date, DOt 1_ lb.. 30 de,. from tile date t!Je notice" IIIna to Borrower. by wbleh the default must be cured;
<br />... (.) dtat ftliIan to ClIft !be deIaIt on or before !be date specified In the notice may result in acceleration of the sums
<br />MC111'e111IJ tldtI Senrlty (~t aad aaIe of tIle Property, 'J1Je DOtice IItaII further Inform Borrower of the rillht to
<br />......... after aeceIft8tIoa ... tile rillltt to bria. . court ac:ttoa to ~ the non..n.istence of a default nr any other
<br />defeaat of ~ to acederatioa _ sale. ((the def..l. III not cured 08 or before the date speelfie<l in the notice, I.ender
<br />lit Ita opdoe _" ncpdre IIIIIHIIIate ,."mnt In flail of all..... IeC1U'ed by thl! Security Inltrumenl without further
<br />...... ... -y laMke tIIIe power of..Ie uti uy other remedies permItted by applicable law, IAndrr shall br ..ntitl..d 10
<br />coiled all e....... Iacurred 18 parIIIm;. .ae 1'NIeIU. prot'1ded la Iblll p8nI&t'lIph 19, ineludlnll. but not limited tn,
<br />-we att~'I_... COIboftltle nIt1enee.
<br />
|