|
<br />)
<br />
<br />88J04627
<br />
<br />If Lender required mortgage insurance us a condition of making the loan secured by this Security Instrument.
<br />Borrower shall pay the premiums required to maintain the insurance in effect until such time as the 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 entries upon and inspections of the Prcperty. Lender
<br />shall give Borrower notice at the time afar 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 tnking of any pan or the Property, or for conveyance in lieu of condemnation, are hereby
<br />assigned and shall be paid to Lender.
<br />In the evellt 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 amoullt of the proceeds multiplied by the followillg 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. AllY balallce shall be
<br />paid to Borrower.
<br />If the Property is abandoned by Borrower. or if, after notice by Lender 10 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 to coHect and apply the proceeds. al 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. Borro..er Not Released; Forbearance By Lender Not a Waiver. E.tellsion of the time for paymellt or
<br />modificalion of amortiZAtion of the sums secured by this Security Instrument granted by lender to any successor 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 nol be required to commence procc(dings against any successor in interest or refuse to extend I1me for
<br />paym~nt or otherwise modify amonizatioll of the sums secured by thiS S(."('urity 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 exercise of uny right or remedy.
<br />11. Succe5S0n and Assigns Bound; Joint and Several Liabilityi Co-signen. The covenants and agreemenHi of
<br />thiS Security Instrument shall bind and benefit the succes.\ors and assigns of Lender and Borrower, subject (0 the provisions
<br />of paragraph 17. Borrower's covenants and agreements shall be jomt and ~everal. Any Borrower who co-signs thas Security
<br />Instrument but does not execute the NOle. (a) is co-s1gning this Secunty Instrumenl only to mortgage. granl nnd convey
<br />that Borrower's interesl in the Property under the term~ of thl!J Sex'UnIY Instrument; (b) is not personally obligated to pay
<br />the sums secured by thi!i Security Instrument; and (c) agree. that Lender and any olher Borrower may agree to e"tend.
<br />modify. forbear or make any accommodations with regard to Ihe terms of lhl!> Securi1y Instrument or the Note without
<br />that Borrower's consent.
<br />12. Loan Charges. If the loan secured by this Secunty InMrument i~ subject to a law which set!>. maximum loan
<br />charges. and that Jaw is finally interpreted so that the interc!>t or other loan charges collected or to be collected in
<br />connection with the loan eJlceed the permil1ed limits, Ihen: (n) any such loan charge shall he reduced by the amount
<br />necessary to reduce the charge to the permitted 1im1t; and (b) any sum!. already collected from Borrower which exceeded
<br />permitted limits will be refunded 10 Borrower. Lender may Ch/,lose 10 make lhl!>. refund by r~ducing the prinCipal owed
<br />under the Note-orb)' makmg a direct payment 10 Borruwer. !fa refund rcduco prmclpaJ. the reduction will be trcalrd as u
<br />partial prepaymcnt without nny prepayment charge under lhc Note.
<br />13. Legislation AffectiDR Lender's Rights. If enactment or c:xplratlon of upphcabJc laws ha.... ,he effect of
<br />rendenng any prO\'lStOn oflhe Note or thiS Secunt)' In!ttrumcnt unenforceabh:: accordmg 10 its tenns. Lender. at its optIOn.
<br />may require immediate payment 10 full of all !turn!> !>ecured h) lhl!> Sccunly In!>trumenl and may invoke any remedic!"
<br />permitted by paragraph 19. If Lender e;\erci~~ thi~ option. Lender !.hall take the !"Iep!>. specified 10 the ~econd paragraph of
<br />paragraph 17.
<br />14. Notices. Any noUct:' 10 Borrower pnwtdcd for In lhl\ SCl'urll)' InMrumen1 !>.halJ he gl\'en by dclivenng 1l or by
<br />mailing it by first class mall unlQ~ apphclSble la\\' requlft~~ u!tt:' of anolher method. The noUce shall be directed to the
<br />Property Address or any other addrC'!s~ Borrower d~lgnal~ h~ notice tn Lender Any notice to Lender shall he given by
<br />first class mail to Lender'~ I1ddre~!> Slated herdn or any other addrc..", lender dL~lgnate!- by notice 10 Borrower. Any notice
<br />provided for in this Secunt)' ln~trumelll shall he deemed to hu\c been gl'vc:n 10 BOrrll\H'r or Lender when given a!> provided
<br />In this paragraph.
<br />15. Go~emiDK Law; Severability. Thi" Security In..trument shall he g(werned h~ federal law and 1he law of the
<br />Jurisdiction in which the Property i!o located. In the eventlhat any provt:',wn or c1au..t: of I hi.. Secunt)' Inslrument or the
<br />Note conflicts with apphcablc law. such conflict shall not affect other provI!'olon!'o of lhl'" St:cunt~ Instrumenl or the Note
<br />which can be givcn cffect withoU1 the conftlctmg provlslon. To lhls end the pro\"l'-lon" of th" Sel.:unty ln~lrument and the
<br />NOle are declared to be ':ocverable
<br />16. Borrower1s COP)'. Borrower ~hall be gi,,'cn one conformed copy of the ~nlt' and nf tht.. Security Instrument.
<br />11. Transfer of the Propert). or 8 Beneficial Interest in Borrower. If allllr al1~ ran of the Propeny or any
<br />mterest 10 It is !told or tran~ferred (OJ If a benefiCial interest In Borrower I~ ..old lH Iral1,ferreJ and Bnrwwer I" nnt a natural
<br />pc:f"on) \,tithout Lender'~ pnor wntten consent. Lender may, alH.. optIOn. requm: lIIulIedlUlt: parment In full of all sum!>
<br />secured by this Securit)' Instrumenl. Howe\'cr. this opllon ~hallnot be e-.ercl"ed h~ Lender If l":r.crCl\C I.. prohibited by
<br />federal law a.~ of the date of thi!! SccunlY Instrumen1
<br />If Lender exerciso (hi!> opllon. Lender shall g.l\'C Horrower notice of DeL'deratloll Thl' n(111Ce ",hall proVide a period
<br />ofnOlless than 30 days from (he date the notice i... dehvered or matled ""It hm ",'hKh BnrrO\,"ef mu..t pil~ all..um!t !>ccured by
<br />Ihl~ Security Instrument. If Borrower fails to pay these ~ums pnnr 10 th~ e:r.plTlll1on Ill" th" penod. LC'ndc:r may lTI\.'okc: an)'
<br />remedies pc:rmitted by thiS Security Instrument without furtht'r nolle~ or dr-mund on Borrm\'!:r
<br />!8, Borrower'l Right to Reinstate.. If Borro9.'cr mect!t eertUlT1 CtlndIlHITl.... BorrmH'r ..hall hi.lH~ Ihe right In h:1\'r:
<br />enforcement of thIS Security Instrument discontinued at uny t1m~ pnor 10 the curlier of fa) ~ day..lnr ..ueh lIlher peTlI.ct U!'o
<br />applicable Is'll,' ma)' spectf"j.' for T1:,instatemenl) before "-Ble of Ihe Proprrt)" pu,..uunl III itn~ pt',^cr of ..ale I..:Ilftlatncd In I hi"
<br />Secunt)' InstTumc:nt. or (hI eIltf)" of JI Judgmenl enforCing thl" SCCUf1I~ I "..Irument rht"t:' L:nndltltH1" are th;]1 ROrril"l"r
<br />(a. pa)'1t Lender all sums "'hleh then would be due under thl'!> SecUflt) In"lrumen! and the ~nlt: had '111 :u:n"ler.lillprl
<br />occurred. (hI curo tin~ def:1ult of any oth-=.r e(lvenanl!t or agr~mcnt... kt pay.. all c"pen..e.. meurrC'd In rnfllrLlng lhl'
<br />Set;un1lln..lrument, mdudmg. but not limned 10, rca~(,"Dhk Ltl1nrncy'" fee<- and !dl ta...t" "ul"h adulTI a" ! t"IlJCT ma)
<br />rCIlWlnably reqUire ln Ol'i,'!.UTl: thnt the hen of thl'!. SC'Cunty In..lfutnc:nt. Il't1tk" f1~tll" III Ihe Prpp<'"rl\ .Hld HllrTPUt'f'..,
<br />nhl1lta11on to pa~ the ,,"urn, 'IoeCunocl h)' lJU!o SCl'urit~ I"..trumenl ..hall l\lnllnuc urll hall~[,ll t 'p.'n It'tll..lall"ItlI"I1T 11,
<br />8urTo'\loer. ,hi.. liinurtl} Jnr"lrumen1nnd thl:' l>hlljl.ilIlOn\ ..ecured ht"rt"h~ ..hall fr-rnilltl 1\111, dh'l Illt',t.. II I)" .h, c),'r all\\!1 h,ul
<br />'1l,.\:urn:d H(1u.t"""cl. Ihl\ nght (0 rCJo..tale ,hall nnl nppl\ In I he- L:n~ llf ill."l(.lc-1.1111'" IlTll1rr P,'I,l"I;lrh\ 11 \'f ,.
<br />
|