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<br />. SR-r dl04~"~ . I. ., h
<br />9. Condemnation. The proceeds 01 any award or~alm .or amages, ui~eC'!'or consequenlm ,In connection wit
<br />an}' condemnation or other taking of any pan nf the Property,.or for conveyance in lieu of condemnalion, are hereby
<br />assigned and shall be paid to Lender.
<br />In the event Of a total taking of Ihe Property, lhe proceeds shall be applied to the sums secured by this Security
<br />Instrument, whether or nOl 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 />Ihe amount of the proceeds multiplied by the following fraction: (a) the !otal 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 oy Borrower, or if, after notice by Lender to Borrower that the condemnor offers to
<br />make an award or sell Ie a claim for damages, Borrower fails 10 respond to Lender wit hin 30 days after the date the notice is
<br />given, Lender is authorized to collect and apply Ihe proceeds, at its option, either to restoration or repair of the Property or
<br />to the sums secured by this Security Instrument, whether or notlhen due.
<br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
<br />postpolle the due date of the monthly payments referred to in paragraphs 1 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 Ihis Security Instrument granted by Lender to any su~ssor in
<br />interest of Borrower shall not operate 10 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 Instrumcnt 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.s1Ilners. Thc 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 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 10 mortgage, grant and convey
<br />thaI Borrower's interest in the Property under the terms of this Security Instrument; lb) 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 lerm. of lhi. Secunty Instrument or the Note without
<br />that Borrower's consent.
<br />12. Loan Charges. If the loan secured by this Secunty InSlrument 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 collecled 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 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. LeKislation Affecting Lender's RiKhts. If enactment or expiration of applicable laws has the effect of
<br />rendering any provision of the Note or this Secunty Inslrument unenforceable according to its terms, Lender, at ilS option,
<br />may require immediate payment in full of all sums secured by this Secunty Instrumenl and may invoke any remedies
<br />permitted by pamgraph 19. If Lender exercises Ihis option, Lender shall take the steps specified in the second paragraph of
<br />paragraph 17.
<br />14. Notices. Any notice to Borrower proVided for In thi. 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 dL'Slgnates 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. Governinll Law; Severability. This Security Instrument shall be goyerned 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 conflicts with applic3ble law, such conflict shall not affect other provisions of this Security Instrument or the Note
<br />which can be given effect without the conmcllng 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 gl\'en one conformed copy of the Note and of thIs Security Instrument.
<br />17, Transfer of the Property .n a Beneficial Interest in Borrower. If all nr any parI of the Property or any
<br />interest in it is sold or transferred (or if a beneficial interesl in Borrower is sold or transferred and Borrower is not a natural
<br />person) withoul Lender's prior wrillen consent, Lender may, at its option, require immediate payment in full of all sums
<br />secured by this Security Instrument. However. lhis option shall not be exercised by' Lender if exercise is prohibited by
<br />federal law as of the date of this Security Instrument.
<br />If Lender exercise.s this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period
<br />of no I less than 30 days from the date the nOllce is delivered or mailed within which Borrower must pay all sums secured by
<br />this Security 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 withoul further notice or demand on Borrower.
<br />18. Borrower's RIKht to Reinstate. If Borrower meets certain conditions, Borrower shall have the nght to have
<br />enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as
<br />applicable law may specify for reinstatement) before sale of the Property pursuanl to any power of sale contained in this
<br />Security Instrument; or (b) entry of a judgment enforcing this Security Inslrumenl. Those condilions are thaI Borrower:
<br />(a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration
<br />occurred; (b) cures any default of any olher covenants or agreements; (c) pays all e^penses incurred In enforcing this
<br />Security Instrument, including. but nOI limited 10, reasonable allorneys' fees: and (d) takes such action as Lender may
<br />reasonably require to assure that the lien of this Security Instrument, Lender's nghts In the Properly and Borrower's
<br />obligation to pa:' the sums secured by this Security Instrument shall conllllue unchanged Upon reinstatement by
<br />Borrower, this Security Instrument and the obligations secured hereby shall remain fully elfL"Ctise as if no accclernlion had
<br />occurred. However, this right to reinstate shall not apply in the case of acceleratIOn under paragraphs I J or 17.
<br />NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
<br />19, Ac:celeratlon; Remedies, Lender shall Kive notiee to Borrower prior to acceleration followinK Borrower's
<br />breach of any covenant or agreement In this Security Instrument (but not prior to acceleration under parawaphs 13 and 17
<br />unlela applicable law proYldes otbenvlse), The notice shall spectry: (a) the default; (b) tbe aetion required to cure the
<br />default; (e) a date, not leu tban 30 days from the date Ibe notIee is Kiven to Borrower, by wbleh the default must be cured;
<br />and (d) that fttllure to clOre lite delauIl on or before the date specified in the notice may result in acceleration of the sums
<br />lecured by this Security Instrument and sale of tbe Property. The notice shall further inform Borrower of the rillht to
<br />reinstate aReI' acceleration and tbe rlKht to brinK a court action to IIlJSCrt the non-existenee of a default or anr nther
<br />defense of Borrower to acceleration and sale. If tbe default Is no~ cured on or before the dale specified in the nntice. Lender
<br />al Its option may require Immediate pIIyment In full of all IUms !H!cured b)' this Secunt). Instrument without rurther
<br />Iktnand and IDaY Invoke the power of Ale and any ot!ler remedies permitted by upplieable la... Lendcr shall be entitled to
<br />eollect all ellpen.1eI Incurred In punwnll tte remedies provided in this pllrllilflJph 19, includinll, but nnl limited tn.
<br />reatOuable attomey.' fees and eosts of title evidence.
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