|
<br />88-
<br />
<br />104133
<br />
<br />If Lender required mortgege insurance as a condition of making the loan secured by this Security Instrument,
<br />~rrow~r shaill.~y' ~,~eprem!~~:l'~uired to maintain the insuran~e in effect until ~uch ti~e as the requirement for the
<br />msurance t~lnate$'ln ac:cori:ljince With,Borrower's and Lender's wntten agreement or applicable law.
<br />~8. 1Duectio~ te#~r odtl agent may make reasonable entries upon and inspections of the Property. Lender
<br />shaU give.BorrowernotiCe at the time of or prior to an inspection specifying reasonable cause for the inspection.
<br />9. CoadelllllAdon. 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 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 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 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 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 Releued; ForbeanDce By Lender Not. 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 interesL
<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 eJlercise of any right or remedy.
<br />II. Sacceaon IDd AaipI Bound; Joint Uld Scnm Uabillty; Co-IIllDen. 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 covenanti 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 tenns of this Security Instrument; (t) 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 eJltend,
<br />modify, forbear or make any acx:ommodations with regard to the tenns of this Security Instrumenl or the Note withoul
<br />that Borrower's consent.
<br />12. IAJU CIIarIeL 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 tbe loan Cllceed the pennitted limits, then: (a) any such loan charge shall be reduced by the amount
<br />necessary to reduce the charge to the pennitted limit; and (b) any sums already collected from Borrower which eJlceeded
<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 a
<br />partial prepayment without any prepayment charge under the Note.
<br />13. Leaillatlon Aft'ec:tIna Lender'. RiP". If enactment or expiration of applicable laws has 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 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. Notic:el. Any notice t'J Borrower provided for in this Security Inslrument shall be given by deliverieg it or by
<br />mailing it by first class mail unless applicable law requires use: of another melhod, 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 stated herein or any other address Lender designales by notice to Borrower, Any notice
<br />provided for in this Security Instrument shall be deemed to have been givell to Borrower or Lender when given as provided
<br />in this paragraph.
<br />15. Gonl'lliq LaW; Scnrablllty. 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 conRicts with applicable law, such conRict shall not aft'ect other provisions of this Security Instrument or the Note
<br />which can be given effect without the conRicting provision. To this end the provisions of Ihis Security Instrument and the
<br />Note are declared to be severable.
<br />16. Borrower'. Copy. Borrower shall be given one confonned copy of the Note and of this Security Instrument.
<br />17. Tl'lIIIIfer of tbe Property or a Beneficial Internt 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 Iransferred and Borrower is not a natural
<br />person) without Lender's prior written consent, Lender may, at its option. require immediate payment in full of all sums
<br />secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise: is prohibited by
<br />federal law as of the date ofthis Security Instrument.
<br />If Lend'!:r 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 ~ums secured by
<br />fhis Security Instrument. If Borrower fails 10 pay these sums prior to the expiration of Ihis period. Lender may invoke any
<br />remedies permitted by this Security Instrument withoul further nolice or demand on Borrower,
<br />.1. Borrower's Rlpt to RelDtate. If Borrower meets certain conditions, Borrower shall have the nght 10 have
<br />enforcement ofthi~ Security Instrument discontinued at any time prior 10 lhe earlier of: (a) S days (or such other penod as
<br />applicable law may specify for reinstalement) before I18le of the Property pursuant to any power of I18le contamed in thiS
<br />Security Instrument; or (b) entry of a judgment enforcing this Securily Inslrument, Those conditions are Ihat Borrower,
<br />(a) pays Lender all sums which then would be due under Ihis Security Instrument and the Note had no ~cceleration
<br />occurred; (b) cures any default of any olher covenanh or agreements; (c) pays all expenses incurred In enforcing thIS
<br />Security Instnlment, includina, bul not limiled 10. reasonable attorneys' fees; and (d) lakes such action as under may
<br />reasonably require to allure thai the lien of this Security Instrument, Lender's nghls in the Property and Borrower's
<br />obllption to pay the sums secured by this SecurilY Inslrument shall continue unchanged, Upon rem statement by
<br />Borrower, this Security Inslrument and Ihe oblillallons secured hereby shall remain fully effective as If no accelerallon had
<br />occurred, However, this rllhf to relnslafe shall nol apply In Ihe case of acceleratIOn under parallraphs 13 or 17
<br />
|