|
<br />88- 103670
<br />
<br />If Lender required mortgage insurance as 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 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
<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 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 pilid to Borrower, In Ihe event of a partial taking of the Propeny,
<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 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 Propeny is abandoned 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 Propeny 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 shall 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 />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 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 bejoint 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 Ihis 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 foan 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 Ihis 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 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 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 payment in full of all sums secured by this Security Inslrumenl and may invoke any remedies
<br />permitted by paragraph f 9, If Lender exercises Ihis option, Lender shall take the sleps 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 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 mail to Lender's address staled herein or any olher 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 Ihe law of Ihe
<br />jurisdiction in which the Property is located. In the event that any provision or clause of this Securily Inslrumenl or Ihc
<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 oflhe Note and of this Security fnslrumcnt.
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any pari of Ihe Property or any
<br />interesl 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 ils option, require immediate paymenl in full of all sums
<br />secured by this Security Instrument. However, Ihis option shall not be exercised by Lcnder if cxercise is prohibited by
<br />federal law as of the dale 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 Securily 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 noticc or demand on Borrower,
<br />18. Borrower's Right to Reinstate. ff Borrower meets certain conditions, Borrower shall havc the right In havc
<br />enforcemenl of this Security Instrument discontinued at any time prior to the carlier of: (a) 5 days (or such nther period as
<br />applicable law may specify for reinslatemenl) before sale of the Properly pursuanl to any power of sale contained in Ihis
<br />Security Instrument; or (b) entry of a judgment enforcing lhis Security Instrument. Those conditions arc lhat Borrower:
<br />('II) pays Lender all sums which then would be due under this Security fn~lrument IInd the Note had no accelemtion
<br />occurred; (b) cures any default of any other covenanls or agrcements; (c) PIlY~ all c~pcnscs incurrcd in cnforcing thi~
<br />Security Instrument, including, but not limited to, reasonable allorneys' fee~; nnd (d) lakes 'llch action as Lender may
<br />reasonably require 10 assure that the lien of this Security fnstrumcnt, Lcnder', rlghls III lhe Property and Borrower's
<br />obligation to pay the sums secured by this Security fnslrumenl shull cnnl1l1ue unchanged lIpon reinstatcmcnt by
<br />Borrower, this Security Instrument and the obligations secured hereby shall re1l111111 fnlly dh'clll'l' liS If no an'elemt"'" had
<br />occurred, However, this right to rcinstale shull not apply in lhe case nfllecelerllllCln UIllkr paragraph, 1,101' 17
<br />
|