|
<br />88-
<br />
<br />103896
<br />
<br />If Lender reqUIred mOrlgage insurnnce as a condition of making the loan secured by Ihis Security Instrument,
<br />Borrower shall pay the premiums required to maintain the insurance in effecl until such time as the requirement for Ihe
<br />insurance terminates in accordance with Borrower's and Lender's wrillen agreemenl or applicable law,
<br />8. Inspection. Lender or its agent may make reasonable entries upon and inspeclions of the Property, Lender
<br />shall give Borrower notice al the time of or pnor to an inspeclion specifying reasonable cause for the inspection,
<br />9. Condemnation. The proceeds of any award or claim for damages. direcI or consequenlial. in connection wilh
<br />any condemnalion or other taking of any pari of the Properly. or for conveyance in lieu of condemnation, are hereby
<br />assigncd and shall be paid to Lender,
<br />In the event of a lotal taking of Ihe Properly. the proceeds shall be applied to the sums secured by this Security
<br />Inslrument, whelher or nol then due, wilh any excess paid 10 Borrower, In the event of a parliallaking of lhe ProperlY,
<br />unless Borrower and Lender otherwise agree in wriling. the sums securcd by this Securily tostrument shall be r~duced by
<br />lhe amount of the procceds multiplied by lhe following fraclion; (a) Ihe tOlal amount of the sums secured immedialely
<br />before the taking. divided by (b) lhe fair market value of the Propeny immediatcly before the taking, Any balance shall be
<br />paid to Borrowcr.
<br />If the ProperlY is abandoned by Borrower. or if. after nollce by Lender to Borrower thaI the condemnor offers to
<br />make an award or senle a claim for damages. Borrower fails 10 respond to Lender within 30 days after the dale the notice is
<br />given, Lender is aUlhorized to collecl and apply the proceeds, at ilS option. ell her 10 restoration or repair of the ProperlY or
<br />to the sums secured by this Security Inslrument. w'hether or not then due,
<br />Unless Lender and Borrower olherw"e agree in wnling. any applicalion of proceeds to principal shall not exlend or
<br />postpone lhe due date of the monthly paymenls referred to in paragraphs I and 2 or change the amount of such paymcnts,
<br />10. Borrower Not Released; Forbearance B)' 1-ender Not B Waiver. Extension of the time for paymenl or
<br />modification of amortization of the sums secured by lh" Securily Inslrumenl granted by Lender to any successor in
<br />interest of Borrower shall nol operate to release lhe Iiabilny L1f the ongmal Borrower or Borrower's successors in interesl,
<br />Lender shall not be requi~ 10 commence proccxding.s agamst any ,uc<:""sor in intcrest or rcfusc to eXlend time for
<br />payment or otherwIse modify amonizallon of Ihe sums ,",cured by th" Secunty Instrument by reason of any demand made
<br />by Ihe oristnal Borrower or Borrower's successors in mterest. Any forbearance by Lender 10 exercismg any right or remedy
<br />shall nol be a waiver of or preclude the exercIse or any nghl or remedy
<br />n. Successon and Asslp Bound: Joint and s"verellJabilily; Co-,illllers. TIle covenanls and agrcements of
<br />this SecurilY Instrument shall bind and benefil the succ,",sors and assigns of Lender and Borrower, subjecllO Ihe provisions
<br />of paragraph 17, Borrower's covenanls and agreemcnls shall be j0101 and several. Any Borrower who co.signs lhis Security
<br />Instrument bUI does not execute lhe Note: (a) IS cO-S1gnmg lh" Secunty Instrument only 10 mongage, granl and convey
<br />thaI Borrower's mleresl 10 the Propeny undcr the lerms of IhlS Secunty Instrument; (b) IS not pe.-onally obligated to pay
<br />the sums secured by lhis Secunly Instrumenl: and (e) agrees thaI Lcnder and any olher Borrower may agree 10 extend.
<br />modify, forbear or make any accommodallon\ w,th rcgard to lhe lerms or thIS Secunty Instrument or the Note wilhout
<br />thaI Borrower's consent
<br />12. Loan Charaes. Iflheloan secured by Ih" Securllylnstrument IS subjecllO a law whIch sets maximum loan
<br />charges. and thaI law is finally interpreted so that lhe mteresl or nther loan charges collected or to be collecled in
<br />connecllon with the loan exccxd lhe pennillcd limits. lhen: (a) any such loan charge shall be reduced b,' the amount
<br />necessary to reduce the cheflle 10 the permitted limn: and (b) any sums already collected from Borrower whIch exceeded
<br />permilled Iimils will be refunded to Borrower Lender may choose 10 make IhlS refund by reducmg the pnncipaJ owed
<br />under the Note or by making a dIrect paymenllo Borrower, If a refund reduces prinCIpal. Ihe reduction will be trealed as a
<br />panial prcpaymenl wuhout uny prepa)'ment charge under the NOle,
<br />13. Leei,latlon AJfecting Lender', Righl5. If enactment or explral1lm of apphcable laws ha, the effecl of
<br />rendenng llny proviSIOn of lhe Note or th,s Secunty InMrumenl unenforceable accordmg 10 m terms. Lender, at its opllon.
<br />may require immediale payment 10 full of all sums secured by thIS Secunty Instrumenl and may lO\'Oke any remedIes
<br />permitted by paragr..ph 19, If Lender exerc""" thIS optIon, Lender shall take Ihe Sleps speCIfied m the second paragraph of
<br />paragraph 17,
<br />14. Notices. Any nOllce 10 Borrower pnw,ded for 10 thIS SCt,'Urllyl",lrumen' ,hall he gl\'en by dch\'enng n or by
<br />mailing il by firsl class mall unless apphcable la.. requlfl's ase ,,' another method The nollce shall be directed 10 Ihe
<br />Property Address or any other adCires., Borrower designates by oolK'e to Lender Any nollce to Lender shall he gIven by'
<br />first class maillD Lenders address stated herem or any olher address Lender d""'gnates by nollee 10 Borrower. Any notice
<br />provided for 10 this Securily Instrumenl shall be deemed to ha,e been gl\'en III Borrower or Lender when gIven as providc-d
<br />10 thIS paragraph,
<br />15. Governing La...; s"verability. ThIS Secunty In,lrument shall he governed by federal law and lhe law orthe
<br />jurisdiclion in which the Property' is located, In Ihe e,entlhat any prm'ISI"n nr claa,e or Ih" Secanly InSlramenl or the
<br />Note conflicts wilh applicable law. such confllCI shull not affect other prm""on' Ilf 1111\ Secunty InSlrumenl or lhe Note
<br />which can be given effect withoullhe conflictmg provISIon. To lhlS end the pr"vlS"'OS "fthlS Secanty Instrument and .he
<br />N",e are declared 10 be severable,
<br />16. Borrower', Copy. Borrower shall he gl\en one conformed copy or Ihe Note and or II", Secunty In,trument
<br />17. Tnmsfer or tbe Property or a Beneficial Interest in Borro.cr, If all lOr any pan nf the Property or any
<br />mterest 1" 11 is sold or transferred (or if a beneficial interest in Borrower)" ..old or rransferred and Borrower l!ot no1 a narura)
<br />person) wilhout Lender's prior written consent. Lender may. at It, option. reqUIre Immediate payment In rull of all 'urns
<br />secured by this Security Instrument, However. Ihis oplion shall oot be e.erclSed oy Lender If exercISe IS prohihlted b)'
<br />federal law as ofthe dale of this Security Instrument,
<br />If Lender exercises this option, Lender shall gIVe Borrower nollce of accelera""o The nntlce ,haJl pro\'lde a pennd
<br />of no 1 less lhan 30 days from Ihe dale the notice is delivered or mailed withm whIch Borrower mu\! pa)' all sum, secured by
<br />th.. SccUnlY Instrument. If Borrower fails to pay Ihese sums prior 10 the explrallnn ofthos penod. Lender maYIO\oke any
<br />remedies permitted by this Security Inslrument wilhoul further not.ce or demand nn Borrow'cr
<br />18. Borro...er', Right to Reinstate. If BorroweT meets cenain conditIon,. Borrower shall hase the nght In ha"e
<br />enforcement of this s<<urity Instrument disc:onlinut..~ at 3n~' time prior 10 the <;'::lfhcr of (a) 5 day~ (or \ul:h tllhc:r pc:'riod a~
<br />applicable law may specify for reinstatement) beforc sale of Ihe Property pursuant 10 any power lOr ",Ie contaIned In Ihos
<br />Security Instrument; or (b) entry of a judgment enforcmg IhlS Secunt)' In\!rUmenl Tho,e c"ndlllnn, arc Ihal BOrTower
<br />(a) pa)'s Lender all sums which then would be due under th" Secunty Instrumcnl and the ~otc had no accrlerallon
<br />occurred; (b) cures an}' default of an~' other co\'enants. or agrcemc:nt~. (c. ray... all c'r<,'n~~ Incurred In cnfon:mg ,111'"
<br />Secunty Inliotrumcnt, lncludmg. bur not hmlfro 10, reasonable attorney" ft'~, and fd) falc... ...uch Lle-lum a.... l.endC'r may
<br />rC3Mlnably require to assure' that the hen of thiS Sccunty Instrument. I rnder', rlght\ m Ihe l.rtlrCr1~ :md Hl1fT1lWCr',
<br />obligallon to pay Ihe \um!o 'cl~urcd hy lh,\ Secunty Instrument "hall cnntlnue unch~m~L~ l 'ptlfl n"In'L.l I t.'T11cn I h,
<br />Borro\\'cr. thl\. Sl:'('unt~ In'\rrumrnr nnd the nhhgalln"\ '\cL-ured hcrch~ ..hi-dl rf'malfl rull~ ctfcnl\l" 3' lfntl ;11".'1".-('Ic.-r.lll\ln h,IJ
<br />(x'currcd HO\\4:'\.'cr. fhl\ nghr 10 rrlO\tulr \hall nol appl~ In the l.'U"'t' of IKLl"lr."ral1nn unde, rara~rarh, I ~ III 1 ~
<br />
|