|
<br />88-
<br />
<br />1024"'8
<br />
<br />If Lender required mortgage insurance liS a condition of making the loan secured by this Security Instrument,
<br />Borrower shall pay the premiums required to maintain the insurance in effect until such lime as the requirement for the
<br />insurance terminates in accordance with Borrower's !lnd Lender's wrillen agreement or applicable law.
<br />8. Inspection. Lender or its agent may make reasonable entries upon lInd inspections of the Property. Lender
<br />shall 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
<br />any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby
<br />assigned and shall be paid to Lender.
<br />In the event of a tOlaltaking of the Property, the proceeds shall be applied to the sums secured by this Sf.,'" l)'
<br />Instrument. whether or not then due, with any cxcess paid to Borrower, In the evenl of a parlialtaking of Ihe Property.
<br />unless Borrower and Lender otherwise agree in writing. the sums secured by this Security Instrument shall be reduced by
<br />the amounl of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately
<br />before the taking. divided by (b) Ihe fair market value of the Propeny immediately before the taking. Any balance shall be
<br />paid to Borrower.
<br />If the ProperlY is abandoned by Borrower, or if, afle. notice by Lender to Forrower that the condemnor offers to
<br />make an award or seUle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is
<br />gi\'en. Lender is authorized 10 collect and apply t he proceeds, at ils option, either to restoration orrepair of the Property or
<br />to the sums secured by this Security Inslrument. whether or not then due,
<br />Unless Lender and Borrower oth~rwise 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 WaiTer. Extension of the time for payment or
<br />modification of amortization of the sums secured by Ihis Security Instrument granted b)' Lender to any successor in
<br />inlerest of Borrower shall not operate to release Ihe liabilily of the original Borrower or Borrower's successors 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 amonization of the sums secured by Ihis Security Instrument by reason of any demand made
<br />by the original Borrower or Borrower's successors in interesl. Any forbearance by lender in exercising any right or remedy
<br />shall not be a waiver of or preclude the exercise of any righl or rem~-dy.
<br />11. Successors and Asslps Bound; Joint and Several Liability; Co-signers. The cO\'enant~ and agreements of
<br />this Security Instrument shall bind and benefit the successors and assigns ofl-ender and Borrower. subjecllo lhe pro\isions
<br />of paragraph 17, Borrower's covenants and agreements shall be joint and se\'eral. Any Borrower who co-signs lhis Securily
<br />Instrumenl but dOt.'S nol execute the Note: (a) is co-signing this Security Instrument only 10 mortgage. grant and rom'e)"
<br />that Borrower's interest in the Property under the terms of thi~ Security Inst.-ument; (bl is nOI personally obligated 10 I'a)'
<br />the sums secured by this Security Instrument; and (c) agrees that lenucr and any other Borro\lo'er ma)' agree to extend.
<br />modify, forbear or make any accommodations wuh regard to the terms of this Security Instrument or the Note withoul
<br />thai Borrower'sconsent.
<br />12. Loan Charges. If Ihe loan secured by this SecurilY Instrument is subjecl to a la~' which sets maximum loan
<br />charg~'S. and that law is finally interprcted so that Ihc inlerest or other loan charges collec[ed or to be collected in
<br />connection with the loan exceed Ihe permilled limits. then: (a) any such loan charge shall be reduced by the amount
<br />necessary to reduce the charge to the permill~-d limit; and (b) any sums already collceled from 'Borrower which cxceoded
<br />permilled limits will be refunded to Borrower, Lender may choose to make this refund by reducing the principal owed
<br />under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction "'ill be lreated as a
<br />parlial prepayment without any prepayment charge under Ihe Note.
<br />13. Legislation Affect/nR Lender's Rights. If enactment or expiration of applicable laws has Ihe dfecl of
<br />rendering any provision of the Note or this Security Instrumenl unenforceable according 10 ils temls. l.ender. at itsoplion,
<br />may require immediate payment in full of all sums secured by Ihis Security Instrument and may in\'okc an)" remedies
<br />permitl~-d by paragraph Il~. If tender cxercis~'S this oplion. lender shall take the steps specified in the second paragrnph of
<br />paragraph 17.
<br />14. Notices. An)' nolicc to Borrower provided for in this Security Instrumenl shall be gi\'cn by dclh'cring it or by
<br />mailing it by firS! class mail unless applicable law requires use of anolher method. The nolice shall be directed to the
<br />Propeny Address or any other address Borrower designat~'S by notice to lender. Any notice 10 Lender shall be gi\'en b)"
<br />first class mail 10 lender's address stated herein or any other address Lender designates by notice '0 Bormwer. Any nOlice
<br />provided for in Ihis Security Instrumenl shall be deemed to have been gi\'en to Borrower or lender when gi\'en as pmvided
<br />in this paragraph.
<br />IS. Governing Law; Severability. Tins Securily Instrumerll shall be governed by f~-demllaw and [he la,,' of Ihe
<br />jurisdiction in which the Property is located, In the event that any provision or clause of this S~'Curit~' Instrumcnt or the
<br />Note conflicts with applicable law, such conflict shall not affect olher provisions of this Secllrily Ins[rumenl or the Note
<br />which can be given effect without the conflicting provision, To this cnd the provisions of Ihb S~'Curity In~trument and Ihe
<br />Note are declared 10 be severable.
<br />16. Borrower's Copy. Borrower shall be given one conformcd copy of the Note and of this Security Instrument.
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any parl of the Properly or an~
<br />interest in it is sold or transferrcd (or if a beneficial inleresl in Borrower is sold or transferred and Borrowcr is not a natural
<br />person) without Lender's prior wriuen consent. Lender may, at ils option. require immediatc payment in full of all sums
<br />secured by this Security Instrument. However. this opllOn shallnol be cxercised by Lender if cxercise IS pmhihited hy
<br />federallllw asofthe date of this Security Instrumcnt.
<br />If Lender e~ereises this option, lender shall give Borrower noticc of acceleration, The noticc shall provide;l pem'd
<br />of not less than 30days from Ihe date lhe noticc is delivered or mUlled within which Borrower llIust pay all MillIS s~'Cur~'lI hy
<br />this Security Instrumcnt. If Borrowcr fails to pay these SUIllS prior 10 rhc e,,"pirationofthis period, Lender may iu\Oke any
<br />remediespermiued by this Security Instrument without further notice or demllnd on Bormwer.
<br />18. Borrower's Right to Reinstllte. If Uorrower meels cerlllin condilions, Borrower shall havc the right to ha\'c
<br />cnlorcement of Ihis Security Instrument disconlinued atllny lime prior to the earlicr of: (al 5 days (or such other period as
<br />applicable law may specify for rcinstalemenll before sale of the Properly pllrsulllII 10 Ilny pOIVer of sale ':(11\t,"ned in this
<br />Security Instrumenl; or (b) entry of a judg1l1enl enforcing this Secllrlly Jnsmunenl Those condiliolls arc [hal BormWl,r:
<br />(a) pays Lender 1111 sums which thcn would be due IInder Ihis Sccurity Inslrumcnl and the NOle It:ld no aCl'c1eration
<br />(lC"urred; (b) cures any def.1l11' uf un)' olher covenants or ugree1l1enl~: (,'1 PIlYs all cxpenses in.:urred in cnforclll[! tillS
<br />Security Instrument, including. bul lIot hnllted In, rCllsunablc llllnrneys' fecs, llnd (d) takes such acllun as Lendel may
<br />reasonably require 10 assure Ihlll the hen of lhis Secuflty Instrunlent, Lender's rights 111 Ihe !'r"perty and lI11rrmwI's
<br />obligation 10 pay the sums ,e,'ured by thiS Securlly Instrument ,111111 conllllue unchanged l:plll1 l'l'lIlStalel11l'1l1 hy
<br />Borrower, thIS Security In,lrumenllllld lhe ohhgl.llons securcd hereby ,hul! ;,'111,"11 fully clree'II'e as ,I' fill '"'cl'it'Talhlfl had
<br />occurred Uowever, Illls right It) relllslllle ,h..1l1101 "pply IIllhc case Ill' ul'ecleralllltlllfldcr p.tr..gla!,'" 1'", I'
<br />
|