|
<br />,
<br />.
<br />.
<br />
<br />~, " , '-, J
<br />
<br />88- 104606
<br />
<br />If lender required mortgage insurance a, a condition of making Ihe loan secured by Ihis Security Instrument,
<br />Borrower ,hall pay lhe premiums required 10 maintain the insurance in effecl until such lime as lhe requirement for the
<br />insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law.
<br />8. Inspection, lender or its agent may make reasonable entrics upon and inspections of Ihe Properly. lender
<br />,hall give Borrower nOlice at ,the time of or prior 10 an inspeclion specifying rea,onablc cau,e for the in'peclion.
<br />9. Condemnation. The proceeds of any award or claim for damages. direct or consequential, in connection with
<br />an)' condemnation or other laking of any part of the Properly, or for Conyeyance in lieu of condemnalion, are hereby
<br />assigned and ,hall be paid 10 lender.
<br />In the event of a ,otaltaking of Ihe Property, the proceed, shall be applied 10 thc sums secured by thi, Security
<br />In'lrumeR!, whether or not lhen due, with any excess paid to Borrower. In Ihe eyent of a parliallaking of the Property,
<br />unless Borrower and lender olherwise agree in writing, Ihe ,ums ,ccurcd by lhis Securily Inslrument shall be reduced by
<br />Ihe amoUR! of the proceeds mulliplied by the following fraction: (a) the to'al amounl of the sums ,ecured immedia,ely
<br />before Ihe taking, divided by (b) 'he fair markel valne oflhe ProperlY immedia,ely before the 'aking, Any balance shall be
<br />paid 10 Borrower.
<br />If Ihe Property i, abandoned by Borrower, or if, aftcr no' ice by Lendcr to Borrower ,hal the condemnor offers to
<br />make an award or ,eule a claim for damagc" Borrower fail, to respond to Lender wilhin 30 days after the dale the nOlice is
<br />given, Lender is authorized to collecl and apply the procecd" al its option, eilhcr to reslorallon or repair of lhe Properly or
<br />'0 Ihe sums secured by this Security Instrumenl, whether or not then due,
<br />Unless lender and Borrower otherwise agree in writing, any application of proceeds 10 principal ,hall nol extend or
<br />po'lpone ,he due dale of lhe monlhly paymeR!' referred 10 in paragraphs I and 2 or change Ihe amounl of ,uch payments.
<br />10. Borrower Not Released; Forbearance Oy Lender Not B \\'siver. Extension of the time for payment or
<br />modification of amortizalion of Ihe sums secured by thi, Securily Instrumenl granted by lender 10 any successor in
<br />intereSl of Borrower shall not operale 10 relea,elhe liability of the original Borrower or Borrower's successors in interesl.
<br />lender shall not be required to commence proceeding, again't any successor in interest or rcfuse to eXlend lime for
<br />payment or olherwise modify amortizalion oflhc ,urns ,"cured by Ihis Sccurily Inslrument by rcason of any demand made
<br />by the original Borrower or Borrower', ,uccessors in interesl. Any forbcarance by Lender in exerci,ing any righl or remedy
<br />,hall not be a waiver of or preclude Ihe excrcise of any right or remedy,
<br />11. Successors and Assigns Bound; Joint .nd Seweral Llabllily; Co,slgners. The covenant' and agreemcnts of
<br />this Security Instrument ,hall bind and benefitlhe ,uccessors and assigns of Lender and Borrower, ,ubjecllo the provisions
<br />of paragraph 17. Borrower's covenants and agreements shall bejoint Bod several. Any Borrower who co-signs this Securily
<br />InSlrument but doe, nol execule the Note: (al i, co-signing Ihl, Security Instrument only 10 morlgngc. grant and convey
<br />Ihat Borrowcr's inleresl in the Property under Ihe lerms of this Securily Inslrumenl; (bl i, nol personally obligaled 10 pay
<br />thc sums ,ecured by Ihis Security [n,lrument; and (c) agrees thai lender and any olher Borrower may agree 10 extend,
<br />modify, forbear nr make any accommodation, wilh rcgard 10 the lerm, of thi, SecurilY Inslrument or lhe Note wilhoul
<br />that Borrower's consenl.
<br />12. Loan Cbaraes. Iflhe loan ,ecured by thi, Security In,trumcnl i, ,ubjecllo a law which ,elS maximum loan
<br />charge,. and Ihal law is finally interprcled '0 Ihal the interest or olher loan charge, colleCled or 10 be colleCled in
<br />connection wilh the loan exceed lhe permillcd limits, lhen: (a) any ,uch loan charge ,hall be reduced by Ihc amounl
<br />neces,ary 10 reduce Ihc charge 10 the permilled limit; and (b) any ,um, already collected from Borrower which cxceeded
<br />permilled limil' will be refunded 10 Borrower. Lender may choose to make this refund by reducing the principal owed
<br />under .he NOle or by making a dirccl payment to Borrower, If B refund reduces pnncipal, the reduclion will be treated as a
<br />panial prcpaymenl without any prepaymenl charge under the Note,
<br />13. Lealslatlon AIf..,tina Lender's Rlahts, If cnaclmenl or cxplrallon of applicable law, has the effecl of
<br />rendenng any provision of the Note or Ihis Security Instrument unenforceable according 10 its terms, lender, at its option,
<br />may require immediate payment in full of all sums ,ecured by IhlS Security InSlrumcnt and may invoke any remedics
<br />permilled b)' paragraph 19, If Lender exercISe' thi, oplion, Lendcr ,hall lake Ihe S1eps specified in Ihc ,econd paragraph of
<br />paragraph 17,
<br />14. Notices, Any nOlicelo Borrower provided for In I Ius Secunty In'trument shall be given by delivering;1 or by
<br />mailing il by firsl class mail unles, applicablc law requires use of anolher method, The nollce shall be direcled 10 Ihe
<br />Propert)' Addres, or any olher address Borrower designates by notice to lender, An)' notice to Lender ,hall be givcn by
<br />first class mail 10 lender's address stated herein or any other address lender designates by notice 10 Borrower. Any nolice
<br />provided for in this Security Instrument shall be deemed to have been given to Borrower or lender when given as provided
<br />in Ihis paragraph,
<br />15. Go..rnlna law; Se..rabillly. ThIS Sccuruy [n"rumcnt ,hall be governed by fedcrallnw and the Inw oflhe
<br />jurisdiclion in which the Property is located. In the event Ihot any provision or clause of Ihis SecurHy Instrument or Ihe
<br />NOll: conflicrs with applicable law, such connicl shall not affect olher provisions of this Security Inslrumenl or the Note
<br />which can be given effect without the conflicting provision. To thiS end the provisions of this Security Instrument and thc
<br />NOle are declared to be severable.
<br />16. Borrower's Copy. Borrower shall be given onc conformed copy of the Notc and of lhi!; Security In'irrument.
<br />17. Transfer of Ihe Properly or a Beneficial Inleresl in Borrower. If all or any parI of the I'ropeny or any
<br />interesl in II is sold or transferred (or if a beneficial inlerest in Borrower is ,old or transferred and Borrower is not a nalural
<br />pers-on) without lender's prior written consent, Lender may, at its option, require im.mediate payment in full of all sums
<br />,ecured b)' lhis Security In'trumenl. However, Ihis option shall not be exerci,cd by Lender if exerci,e i, prohibited by
<br />federal law as oflhe date oflhis Security Instrument.
<br />If Lender exercises this option. Lender shall givc Borrower nollce of acceleration. The nOlice shall provide a penod
<br />of not less. than JOdays from the date the notice is delivered or mailed within which Borrower must pay all sums secured by
<br />this Security Instrument, Ir Borrower fails to pay these sums prior 10 the expiralion of thiS period, lender may invoke an)
<br />remedies permilled by this Security Inslrument withoUl further nollce or demand on norrower
<br />18. Borro"er's Rlpl to Reinstate. If Borrower meets certain condilions, Borrower shall have the ngh1 III have
<br />enforcement of this Securily Instrument di~onlinued al any time prior to the earlier of: (a) 5 dnys (or c.;uch olheT peTl(ld a'
<br />applicable law may specify for reinslalement) before s.ale of the ProperlY purs.uanl 10 nny power or ..ale l'orHBUleu lt1 tlll'
<br />Securil) Inslrumenl; or fb) enlry of a Judgmenl enforcing Ihis Security In'ilrUmenl Tho\l' t.:lllldlflllll'i arc lhal fI(lrflll,l, N
<br />(a) p3)"'i lender 1111 sums which then would be due under Ihis Securily In'ilrumCl11 and lht" NOll" had 110 i1l'n"lt-lallnll
<br />occurred. lb) cure.. any ddauh of any OIher t'O\'ennnl'i or agreemenls, (c) pa)'i 311 C'\f'l"n..n IIKlIJrt"'U 111 en"url'lrl~ Itll'
<br />SecUTl1)' In\lfUmenl, IncludlOg. but not hrmled 10, reasonable RHorne;... fce't. and lu) lakc, \tH:h ltellon i1\ I t"llder nm)
<br />re-a..onabl)' require 10 .nure- chat Ihe hen or tht.. Securlly In'lrument, Lender', r1ithl' lT1 Iht"' Ptllf'ert\ ;llld BllJr(1\.H'I"
<br />obhgmtlOn to pil)' Ihl' lUm!! ..c;t:urclJ by thl" Securtl)' Inor;,tlUnlt"l1t ,h",lIllHlIlIlUt' 11IHh.III~f"d l~I"'" 1('11,...1111('111('111 h\.
<br />llaHo.cr.l.u.. Seeunl)' In'ilrument Ind Ihe ohhgnllon'o "clurclllu:reh) ,hilll'C'lIhlllllulh rl1("~ 11\ r ;,.. II IlI'.H ~ drl 1I1 II III h.ld
<br />uccur~ HO'A'e1o'cr. thl" TlBhllO fCIn\talc ..hallnol IIppl)' wlhe l-a..C' 01 BClf"I('rallllfl ulllkr 1'.II.tj,:,ll1l'h, I 'Ill 1"
<br />
|