|
<br />88-104002
<br />
<br />If Lender required mortgage insurance as a condition of makll1g the loan secured by this Security Instrument,
<br />Borrower shall pay the premiums required to maintain the insurance in effecl until such lime as the requirement for the
<br />insurance terminates in accordance with Borrower's and Lender's wrilten agreement or applicable law,
<br />8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the PT0perty, Lender
<br />shall give Borrower nor ice 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 10 I.onder.
<br />In the event of a total taking of the Property. the proceeds shall he applied to the sums secured by this Security
<br />Instrumenl, whether or nOI then due, with any excess paid to Borrowcr. In the cvent of a partial taking of the Property,
<br />unless Borrower and Lender otherwise agree in writing. Ihc sums secured by this Security Instrument shall be reduced by
<br />the amount of Ihe proceeds multiplied by the following frac:tlnn (a) Ihe tntal amount of the sums secured immediately
<br />before the taking, divided by (b) the fair market value of the Propcrty Illlmedlately hefore the taking, Any balance shall be
<br />paid to Borrower.
<br />If the Property IS abandoned by Borrower. or If. aftcr nollce hy Lender to Borrower that the condemnor offers to
<br />make an award or settle a claim for damages. Borrower fatls to respond 10 Lender within 30 days after the date the notic:e is
<br />given. Lender is authOrized 10 collect and apply the proceeds. atll.s opllon. eltller 10 restoralion or repair of the Property or
<br />to the sums secured by this Security Instrument, whelher or nl1l then duc.
<br />Unless Lender and Borrower otherwise agree 111 wrll1l1g. any apphcallon of proceeds to principal shall not extend or
<br />pOSlpone the due date of the monthly payments referred to 111 paragraphs I and 2 or change the amount of such payments,
<br />10. Borrower NOI Released: Forbearance By Lender Nol a Waiver. Extension of lhe time for payment or
<br />modification of amortization of the sums secured by Ihls S",-'uTlty Instrument granted by Lender to any successor in
<br />lI1terest of Borrower shall nOI operate to release the IIablhty of the onginalBorrower or Borrower's successors in interest.
<br />Lender shall not be required to commence proc:eedmgs agamsl an~ succ:essnr in interest or refuse 10 extend lime for
<br />payment or olher\\'ise modify amortllallOn oflhe sums secured by tillS Sccurl1y Instrument by reason of any demand maue
<br />by the ongll1al Borrower or Borrower's successors mmterest. Any forhearanc:e by Lender in exercising any Tight or remedy
<br />shail not be a waiver of or preclude the exercISe of any right or remedy
<br />II. Sllecenon and Asal~ Bound; Joinl and Several Liability': ('o-sillJlers. The l'l1venants and agreements of
<br />thl~ Secunry Instrumenl shall bind and benefit Ihe successors and aSSIgns of Lender and Borrower. subject to Ihe provisions
<br />of paragraph 17, Borrower's covenanls and agreements shall be jOml and several Any Borrower who cO'Slgns this Security
<br />Instrument but doe; not execute the Note: (a) is co-signll1g thiS SeL'Url1Y Instrument (>I1ly to mor:gage. grant and convey
<br />thaI Borrower's mlereslmthe Property under the term~ of thIS St'c:unty Instrument; (h) IS not personally obhgaled to pay
<br />the sums secured by lhls Security Instrument: and (c) agre'" thai Lcnder and any' other Borrower may agree to exlend.
<br />modify. forbear or make any accommodations wl1h regard to the terms of thiS Security Instrument or Ihe Note w,thout
<br />that Borrower's consent.
<br />12. Loan Charlles. If the loan secured by thiS Se.:unry Instrument IS subject 10 a law whlc:h sets maximum loan
<br />charges. and Ihal law is finally imerpreted so thaI the mler"'t or olher loan charges .:ollected or to be c:ollected in
<br />connecllon wl1h the loan exceed the permllted hmHs. then: (a) any sudl loan chargc shall be reduc:ed by Ihe amoum
<br />necessary 10 reduce the charge to the permllled hm,t; and (b) any sums already collected from Borrower which exceeded
<br />permit led Iimlls will be refunded to Borrower Lender may choose 10 make t hiS refund hy reducmg t he principal owed
<br />under the Note or by makmg a direct payment III Borrower If a refund redLl<'cs pnnclpal. the reductIOn will be treated as a
<br />partial prepayment wlthoul any' prepayment charge under the Note.
<br />13. 1-ealslaUon Aft'ecUnll Lender', Rights, If enac:lment or cxplrallon of apphc:ablc laws has the effect of
<br />rendering any' pro\'lSlon of the Note Dr IhlS SecuTlty Instrument unenforceable accordmg to lis terms, Lender, at ItS oplulIl.
<br />may require Immediate payment m full of all sums sec:ured by thIS Secunty Instrument and may m\'oke any remedies
<br />permitted by paragraph 1'1 If Lender eAerL'ISCS thiS optU>I1, Lender shall lake thc sleps speC:lfied mlhe second paragraph of
<br />paragraph ] 7
<br />14. ~ollces. Any nOllce In Borrower prU\ Ided for III 11m Security Instrument shall be glvcn hy ddlVerlng It or by
<br />malllng It by first class mail unl.".s apphc:able la\\ requires use ,.f another melhod The nOllce shall be directed III the
<br />Property' Addres> or any other address Borrower d"'lgnatc>> hy nOllcc III Lender Any notice to Lender shall be given by
<br />firsl class mall to Lender\ address Slated herem or any other address Lender deSIgnates by nOl,ce In Borrower. Any notl.:e
<br />proVided for 111 thIS Security InSlrument shall be deemed '0 have been gl\en I" Borrower or Lender when given as proVIded
<br />>I1lhlS paragraph
<br />15. Go.emlnll Law; Severabllily. 11m Sccunty Instrument shall he g",erned hy federal law and the law of thc
<br />jUTlsdlCllOn 111 which the ProperlY IS I,,,,ated In Ihe e'enl Ihal an~ pr"'IS,"n IIr dause of thIS Sc.:unty Instrument or the
<br />Note conflIcts With applicable law. sUL'h confllCI shall nol affet.t lither pro'l"ons of Ihls Secunt) Inslrumenl or the Note
<br />which can he gl,'en effecl wllhoUI the L'llnfl,ctll1l! prll\l'IIIn, To thIS end Ihe proVlS""IS of thIS SecuTlt} Instrument and the
<br />Note are d""lared to be se\'erable
<br />16. Borro..er's Copy'. Borrower shall be l!J\en one conformL'Ll cOPl of Ihe "ole and of tillS Secunty Instrument
<br />17. Transfer of thf Propert)' or a Benfficial Imerest in Borrower. If all or any part of the Property or any
<br />II1lereSl 111 II IS ,>old or transferred (or ,fa henefic:lalll1terl'Slln B,.rrower I' sold or tran.,fern'Ll and Borrower IS nor a natural
<br />rer"-On) without Lender\, pnor wnllen ("onltent. L~nder may. at II' optIOn, requITe Immedl3le payment 111 full of all ~um~
<br />,,,,,ured hy tillS Secunly Imtrument Howcver, Ihls opllon shall no, he eAcrcISed hl I endl'r If e",rnse 's prohibited hy
<br />federal law a' of the dateoflhl' Se1:urlh Inslrumel1l
<br />If Lender e.erc"", thIS Op1l01l, Lender shall l!l\C Borrower nollce of aL'L'elerall"" rh,' (wtKt' shall pro, Ide a penod
<br />of not IC'\.~ than .\0 day'S from the dale the nol11:('.", delivered or mailed Wl1hlO ydlll.:h BllrTlJ\\,rr mU'l pay all "'um, \t"t."urt"d h~
<br />Ihl!a So.:unl)' In\trumcnl. If Borrower falls to pay lhe!<lc SUnl!ll pnor In the explrufllln nf ltll'" pcrllHJ. ( ("nOt'r ma~ lI1\o,,"C an~
<br />remedlcs permltleC b) th" SecunlY Instrument ",thout further nolle" or demand onB,'rro\\t'r
<br />18. Borrower's RighI 10 Reinstate. If Horro\\er meets certain condlllons, Illllmwt'l ,hall ha'e the rlghllo ha\('
<br />enforcement uf this. Sttunt)' lnstrumem dl~..:nntl1lu~d at iln~ lime prinr (0 the earlier Dr fa) 5 da~' for ...lIeh olhef rennd a'
<br />appl1cahlc law ma) '\peclf} for T~m'\ta1etnrnf) hefure "-al(' of the Prorcrr~ rur\.uant Itl any power of ...ale lonli.llrlC"lt In Ihl'
<br />StturH) In..trumC'nl. (IT (hl entry of a Judgment cnforcUl!J, Ihl\ Sl':"\:Unl~ In...'rufTlC'J1t T'ho,l' .,,:nm.hllon, arc Ihal BIlTlll\\l'r
<br />(3' p....)"\ Lender 011 'um~ \\hlch theJ1 ""ould he duc under ,hi' SN,:unt~ In,trunH:nl .HH.1 the Snle had nt! uc..-{'Ic:rallt'll
<br />llo:,;i:urrcd. fh, (Uf'C'\ an~' default of .111) other rfl....enanl~ or agreement'. h:l ra~\ ,all e'pen...t.... Irh:urH"t.f HI cnf,'rl'lIlg rhl'
<br />'\ct:unt} In..trumrnl. mclud1nl(. hut nOll1nllh"d In, rC'll~nehlc lItf(lrn(:'~,. fcc... and lOt ra~e' ...lIdl ;h:ltnTI '" I eTh.ll'" 111:1\
<br />rcft\li,.4lf1nhh rrqulrt' 'n .rl.\.urc.' Ihat 1hc hcn nf Ihl'\ Set,."Uf11) (n'trument. I t'ndrf" flJZllI" 111 Ihr Pr"p('r1\ and B'lfl""l'r."
<br />'lhhIt3'1Of1 10 f\0I\ rhe 'urn.. 'C'l.:urrd h~. fhl' "'~rlJnt~ In\trumC'ol ..h.lll Ll,nlllllll' 11lh'h:Hl,llni I 1"'11 Tclll",lalt'l1u'nl h,
<br />Horrll'\&t"' fhl' '-t'\.IITJt\ In\" \lmt'nt amllht' dhl1~,allflr1\ \'C'llurd hcrrh, ..tull fr.-malll full\ df'''lll\ t' ,', II n.\ .h l ,'In .tll"11 h,,"
<br />'''' 4. l.l1 rnJ HI'''' r'<"r _ It11' rlfi:hr I., (('IIP.r.ll... ...hall nnllJPfll~ III Iho(" \ .1"'-- ," ,h \ r114' ,tll' "I 1lf',kr r' tl.'),"! .'1'h.. ! l"f I ~
<br />
|