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<br />9 C d . Th ed j' d]' ~ d d" 88~1 102606 h
<br />. . on emnatlOn. e proce so anyawar or c aim lor amages, Irect or consequenl1a , ID connecl1on WIt
<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 total taking of the Property, the proceeds shall be applied to the sums secured by this Security
<br />Instrument, whether or not th~n 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 InstruJTI~nt 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 taking, divided by (b) the fair market value of the 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 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 />given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or
<br />to 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 to 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. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension 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 shal,l not operate to release the liability 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 amortization of the sums secured by this Security Instrument by reason of any demand made
<br />hy 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 and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of
<br />this Security Instrument shall bind and benefit the 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 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
<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 Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as II
<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 effect of
<br />rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option,
<br />may require immediate Pilyment in full of all sums secured by this Security Instrument and may invoke any 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 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 direcled 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 mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice
<br />provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided
<br />in this paragraph.
<br />15. 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 Instrument or the
<br />Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument 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 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. Transfer of the Property or a Beneficial Interest in Borrower. 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 Lender's prior written consent, Lender may, at lIs option, require immediate payment in full of all sums
<br />secured by this Security Instrument. However. Ihis option shall not be exercised by Lender if exercise is prohibited by
<br />federallaw as of the date of this Security Instrument. ,
<br />If Lender exercises I his option, Lender ~hall give Borrower nolice of acceleration. The notice shall provide a period
<br />of no I less Ihan 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by
<br />this SecurilY Instrument. If Borrower fails 10 pay thL'Se sums prior to the expiration of this period, Lender may invoke any
<br />remedies permined by this Security Inst rumenl without further notice or demand on Borrower.
<br />18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have
<br />enforcement oflhis Security Instrument discontinued III 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 judgmenl cnforcing Ihis Security Instrument. Those conditions are Ihat Borrower:
<br />(a) pays Lender all sums which Ihen would be due under this Securily Instrument and the Note hall no acceleration
<br />occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this
<br />Security Instrument, including, but nOI limited 10, rcasonable anorneys' fees; and (d) takes such action as Lender may
<br />reasonably require to assure that the lien of this Security Instrument. Lender's rights in Ihe Property and Borrower's
<br />obligation 10 pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstalement by
<br />Borrower. this Securily Instrument and the obligalions secured hereby shall remain fully effective as ifno acceleration had
<br />occurred. However, this right to reinstate shall nOI apply in the case of acceleration under paragraphs 13 or 17,
<br />NON.UNtFORM COVENANTS, Borrower and Lender further covenant and agree as follows:
<br />0. AceeleratioD; Remerllel. Lender shall giye notice to Borrower prior to acceleration following Borrower's
<br />breacb 01 any conlWlt or qreemeat in this Security IJUtrument (but not prior to acceleration under paragraphs 13 and 17
<br />u.1eu applicable law profldea otherwise). The notice shall specify: (a) tbe default; (b) the action required to cure the
<br />delault; Cd. dAte, not 1_ tlwa 30 dAys from the date tbe notice Is given to Borrower, by wbich the default must be cured;
<br />ad (d) that failure to CIITe the default on or before tbe date specified In tbe notice may result in acceleration of the sums
<br />senr. by tllI Security lutl'Ullll'!nt and sale 01 the Property. The notice shall further inform Borrower of the right to
<br />relllState after lICCtlellltlon and the ript to brlnll I court action to UHrt tbe non-exlstence of a defaull or an)' other
<br />der_ of Borrower to lICCtleration amlnle. 11 the derault is not eured on or before the date speeillCIIln the notice, Lender
<br />at lis option ..y require ilI1med1ate payment In full of all sums secured by tbis Security Instrument without further
<br />de.ud ad IU)' I.yoke tbe power of sale 8IId any otber remedies JlCrmitted by applicable law. !..cnder shall be enlllled tn
<br />eollKt all UJlCua IJlurred la JIIInulull tbe remediC!l proYlded In thl5 paralJl8ph 19, IndudlnN. but nol limited to,
<br />~ble attorMY.' 'ea Md COlli 01 tllle uldenc&',
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