|
<br />If Lender required mortgage insurance as a condilion of making the loan secur!~;-;his !cgr~ Yn~r~ment,
<br />Borrower shall pay Ihe premiums required 10 mainlain the insurance in effect unlil such lime as Ihe requiremem for the
<br />insurance terminales 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 Ihe Property, Lender
<br />shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for Ihe inspection,
<br />9. Condemnation. The proceeds of any award or claim for damages. direct or consequential, in conneclion with
<br />any condemnation or olher takmg of any part of t he Property, or for conveyance in lieu of condemnation, are hereby
<br />assigned and shall be paid to Lender.
<br />In the evem of a Iota] ,aking of the Property. Ihe proceeds shall be applied to the sums secured by this Security
<br />Instrument, whelher or not then due, with any excess paid 10 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 Instrumenl shall be reduced by
<br />the amount of the proceeds multiplied by the following fraction: (a) the total amoum of the sums secured immedialely
<br />before the laking, divided by (b) the fair markel value of the Property immediately before the laking, 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 settle a claim for damages, Borrower fails to respond to Lender within 30 days after the dale the notice is
<br />given, Lender is authorized 10 collect and apply the proceeds. at its option, either to restoration or repair of the Property or
<br />to Ihe sums secured by this Security Instrument, whether or not then due,
<br />Unless Lender and Borrower otherwise agree in wriling, any applicalion of proceeds to principal shall not eXlend or
<br />postpone the due date of the monthly paymems referred to in paragraphs 1 and 2 or change Ihe amount of such paymems,
<br />10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of Ihe time for payment or
<br />modification of amortization of the sums secured by lhis Security Instrument granted by Lender to any successor in
<br />imerest of Borrower shall not operate to release Ihe liability of the original Borrower or Borrower's successors in interesl.
<br />Lender shall nol be required to commence proceedings against any successor in imerest or refuse to eXlend 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 interesl. Any forbearance by Lender in exercismg any right or remedy
<br />shall not be a waiver of or preclude the exercise of any right orremedy,
<br />11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreemems of
<br />this Security Inslrument shall bind and benefit Ihe successors and assigns of Lender and Borrower, subject to the provisions
<br />of paragraph 17, Borrower's covenants and agreements shall be joim and several. Any Borrower who co-signs this Security
<br />Instrument but does nol execute the Note: (a) is co-signing this Security Inslrumenl only to mortgage, grant and convey
<br />that Borrower's inlerest in the Property under the terms of this Security Instrumenl; Ib) is not personally obligaled to pay
<br />the sums secured by Ihis Security Instrument; and Ic) agrees thaI Lender and any other Borrower may agree to extend,
<br />modify, forbear or make any accommodations with regard to the terms of this Securily Inslrumenl or the NOle wilhoUI
<br />thaI Borrower's consenl,
<br />12. Loan Charxes, If the loan secured by this Security Instrument is subject to a law which sels maximum loan
<br />charges, and that Jaw is finally inlerpreted so that Ihe interest or other Joan charges collected or 10 be collected in
<br />connection with Ihe loan exceed Ihe pennined limits, then: (a) any such loan charge shall be reduced by Ihe amount
<br />necessary to reduce the charge to Ihe pennined limit; and (b) any sums already collected from Borrower which exceeded
<br />pennined limits will be refunded to Borrower, Lender may choose to make IhlS refund by reducing the principal owed
<br />under the NOle or by making a direct payment to Borrower, If a refund reduces pnnclpal. lhe reduction will be trealed as a
<br />partial prepayment withouI any prepayment charge under the NOle,
<br />13. Legislation Affecting Lender's Rlpts. If enactment or expIration of apphcable laws ha.s the effect of
<br />rendering any provision ofthe Note or this Security Instrument unenforceable according to Its tenns, Lender, at its option.
<br />may require immediate payment In full of all sums secured by thiS Security ]nstrumenl and may Invoke any remedies
<br />pennined by paragraph 19, If Lender exercIses thIS option, Lender shall take the sleps speCified In the second paragraph of
<br />paragraph 17,
<br />14, Notices. Any notice 10 Borrower pr""lded for 10 thIS Securily Inslrument shall be gIven by' dehvering it or by
<br />mailing il by first class mail unless applicable law requires use of another melhod, The notice shall be directed to the
<br />Properly Address or any other address Borrower deslgnales by nollce to Lender, Any notice to Lender shall he given by
<br />first class mail to Lender's address slated herein or any other addrt,"s Lender designales by nolice 10 Borrower, Any notice
<br />provided for in this Security Instrument shall be deemed to have been gIVen to Borr",,'er or Lender when gIven as provided
<br />in t his paragraph,
<br />15. Governing Law; Severability. This Security Instrumenl shall be governed by federal law and the law of the
<br />Jurisdichon in which lhe Propeny is located, In the event that any provision or clause of Ihis Secunty Instrumcnl or Ihe
<br />Note conflicts wilh applicable law. such conflict shall not affecl other provisions of this Security Instrumenl or Ihe NOle
<br />which can be given effect withoUI the confllclmg provision, To IhlS end the provisions of thiS Secumy Instrument and the
<br />Note are declared to be severable,
<br />16. Borrower's Copy. Borrower shall be gIven one confonned copy of the Note and of this See-umy Inslrument
<br />17, Transfer of the Property or a Beneficial Interest in Borrower. If all or any pan of Ihe f'ropeny or any
<br />interest in il is sold or transferred (or if a benefiCial inlerest in Borrower is sold or Iransferred and Borrower IS not a natural
<br />person) without Lender's prior wnllen consent, Lender may, at ir. option, reqUire immedl8te paymenl In full of all sums
<br />secured by thiS Security Instrumenl. However. thIS optIOn shall nOI be exerCISed by Lender if exercISe" prohIbited by
<br />federal law as of the date ofthis Security Instrument.
<br />If Lender exercises this option, Lender shall give Borrower nollce of accelerallon, The nollce shall provide a penod
<br />of no I less than 30days from the date the notice IS delivered or mailed within which Borrower musl pay all sums secured by
<br />Ihis Security Instrument, If Borrower falls to pay these sums prior to the expIration of this penod, Lender may IIIvoke any
<br />remedies pennined by Ihis Secunty Instrument wit haUl further notlcc or demand on Borrower.
<br />18, Borrower's Ript to Reinstate, If Borrower meets certain conditIons, Borrower shall have Ihe right In have
<br />enforcement of this SeCdrity Instrument dlsconllnued at any time prior 10 the earher of: la) 5 days lor such olher pennd a'
<br />applicable law may specify for remstatement) before sale ofthc Properly pu,,"uanllo any power of sale lOnlamoo III IhlS
<br />Security InSlrumefil: or Ib) entry of a Judgment enforcing thIS Secunty Instrumenl Those cood,tlOns arc thut Rnrrnwcr
<br />la) pays Lender all sums whIch then would be due under thIS Security Instrument and lhe "ole had nn aCt'clerallon
<br />occurred; (b) cures a.'1y default of an)" (lther co\:cnant!\ or agreement,; (c) pay!-. all e:\pcn"'l~ In.:'urred In cnfornn!: t)ll~
<br />Security Instrument. mcludmg. bUI nol lImJ1ed In. rea~onable attorney.... fee.." and (d) tak~ \uch action a~ Lender may
<br />reas.onnbly require tn assure tha1 the hen of 1hls Secunty InMrumenl, Lender.... nghl... In ,ht" PropC'rt~ llnd Bl,rTll\H"r',
<br />obligalton to (lay the 'iurn~ ~ured hy thiS Secufl1Y lu\It'umehl .,hall l.'ontmuC' unchanged l'rnn H'II1...tal~nll'nI b\
<br />Borrower. ,hi'" Sc-curil~ In!'lrrUmenland the ohhgullon... ...crured hcrchy ,hull femaln rull~ cff('~t1\l" a... Ifn\llh.'L"clcralllln had
<br />tlCcurTl:d Ho","C'\'C'T. thl~ nght to rem...1alc ...hall not olpply Ul I he ("3\(" lIf i1l'l'clC"fill i\ HI undt" paragraph, 1 "\ Ilr 1 ~
<br />
|