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<br />88-
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<br />104836
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<br />If lender required monBuSc insurance as u condition of muklllg the loun !\cI:urcd b)' lhis Security Instrument,
<br />Borrower shall pa)' the premiums required to maintain the insurance in effect unlll such lime as the requirement for the
<br />insurance terminates in accordance with Borrower's and Lender's written agreement Of upplicnble Inw.
<br />8. Inspection. Lender or its I SOJlllble entnes UpOII Bnd inspections of the Property. Lender
<br />shall gi\'c Borrower notice at the lime of ' . O~specif)'mg reasonable cause for the inspection.
<br />9. Condemnation. The proce, ~ri\ for damages. direct or consequential. in connection with
<br />an)' condemnation or other taking of any. pirt.ort e-.p,.,peny. or for conveyance in lieu of condemnation. are hereby
<br />assigned and shall be paid to Lender.
<br />In the even' of a total laking of the Property, the proceed" "hall be applied 10 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 PropertYt
<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 amounl of the sums secured immediately
<br />before the taking, dhided by (b) the fair market vaJue 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, Borro\\ler fails to respond 10 Lender within 30 days after Ihe date Ihe notice is
<br />given, Lender is authorized to coHeet and apply the proceeds, at its option, either to restoration or repair of the Propeny or
<br />to the sums secured by this Seeuril)' Instrument, whether or nol then due,
<br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not eJl.tend or
<br />postpone the due date: of the monthJy payments referred to in paragraphs I and 2 or change the amount of such payments,
<br />10. Borrower Sot R~leased; Forbearance By Lender Not a Waiver. Extension of the time for payment or
<br />modification of amortization of the sums secured by this SecurilY lnstrument granted by Lender 10 any successor in
<br />interest of Borrower shall not operate to release Ihe liability of lhe original Borrower or Borrower'ii successors in interest.
<br />Lender shaH nol 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 SecurilY Inslrument 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. Successon and Assigns Bound; Joint and Several Uabilityj Co-signers. The covenants and agreements of
<br />this Security Instrument shan hind and benefit the successors and assigns of Lender and Borrower. subject to the provisions
<br />of paragraph 17, Borrower's covenants Bnd agreements shall be joint and several, Any Borrower who co-signs Ihis Security
<br />Instrument but does n01 execute the Note: (n) is ccrsigning this Security Instrument only 10 mortgage. grant and convey
<br />that Borrower's interest in the Property under the terms of this Securir}' Instrumenl; (b) 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 eJ\tend,
<br />modify, forbear or make any accommodations ,,-jlh regard to the lerm!lo of thi!> Securily Instrument or the Note without
<br />thaI Borrower's consent.
<br />12. Loan ChIll'Re5, [fthe 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 inter~t or other loan charges collected or 10 be coHeeted in
<br />connection wi1h the loan ~ceed the permilled limits, then: (n) any such loan charge shall be reduced by Ihe amount
<br />ncces.~ry to reduce the charge 10 the permitted limit; and (b) nny sum~ already collccled from Borrower which ex.ceeded
<br />pcrmilled bmits wilJ be refunded to Borrower. Lender may chnosc to make thi!. refund by reducing the principal owed
<br />under the Note or by making a direct paymenlto Borrower. If a refund n:duce!t princJpal, the reduction wilJ be Ireated 8S a
<br />partial prepayment without any prepaymenl charge under the Nole.
<br />t3. Legislation AffectinK Lenderts Rights. If enactmenl or expiration of applicable laws has Ihe effect of
<br />rendering any provision of the Note or this Security JnsIrumenl unenforceable according In ib terms, Lender, 81 its option,
<br />majo' require immediate payment in full of aU sum!o secured by thiS Securuy Instrumenl and may invoke any remedies
<br />permitted by paragraph IQ, If Lender exercises this oplJon. Lt:Jtder !ohall take the step!. !oopecdied in the second paragraph of
<br />paragraph 17.
<br />14. Notices. An}' notice to Borrower prol,,')ded for In I hi!!. Securuy Instrumenl !>halJ be given by delivering i1 or by
<br />mailing it by firM class mail unlos applicable law requir~ use of I1nolher melhod, The noUce shall be direelect to the
<br />Property Address or any other address Borrower desJgnatC:!o b)1 nollce to Lender. An)lnotice to Lender ~hall be given by
<br />first clas!. mall 10 Lender'!!. addre.!> stated herem or any other addres... Lender designates by notice to Borrower. Any notice
<br />prm'ided for m thi!. Securily Im.trument shall be deemed 10 have been given 10 Borrower or Lender when given as provided
<br />in this paragraph.
<br />15. Goyerning Law: Seversbiliry. Tins Secunty Instrument ,hall be governed by federal law and Ihe law oflhe
<br />jUrisdiction m which the Propeny is located, In the e\'ent that any proviSIOn or clause of thill Security In!!.trument or Ihe
<br />Note conflict!. with applicable la\lo', such conflict shall nol affect other provisJOns of this Security Instrument or the NOle
<br />whJch can be gi\'en effect without the conflicting provision. To thill end the provi!o1on!o of Ihis Security Inslrument and the
<br />NOle are declared 10 be severable,
<br />16. BonoweTts COP)', Borrower shall be gl\'en one confonned copy of the NOle and of this Secun!)' Instrument.
<br />17. Traasfer of the Property or a Beneficial Interest in Borrower. jf all or an)' part of the Property or any
<br />mterest In It is sold or transferred (or if a benefiCial interesl in Borrower IS ~old or Inm~ft:rred and Borrower i, not a natural
<br />pe~n) ",thout Lender's prior written consent, Lender may. at Il~ option. reqUire lmmediale payment in full of all sums
<br />!>CCured by this Secunt}' Instrumen1. However, thi!!. option shaH nol be e....ercl..ed by Lender If exercise is prohibited b)'
<br />federal Jaw as oftbe date of this Securin' Instrument.
<br />If Lender exercises this option, Lender shall gJ\'C Borrower nollce of acceleration. The nolice "hall pri;wide 11 penod
<br />of not less than 30 days from the date the noUce i!o delivered or mailed withm which Borrower mu,t pay all ""urns !lecured by
<br />rhl!. Security lnstrument. If Borrower fail!o 10 pu}' lh~ sums prior 10 Ihe expiration of Ihi~ period, Lender may invoh any
<br />remedies pennined bi this Sccurit)' Instrumenl ""ithoul funher nofJc~ or demand on Borrower
<br />11. Borrower'. Ripl to Reinstate. If Borro",..er meets certmn condHinn!o. Borrower ~hulJ have the nghl 10 ha'\'.:
<br />enforcemenl of this Security Instrument discontinued Dr any time prior 10 Ihe earher of: fa) 5 day!> (or such olher pennd a!o
<br />applicable la,,' ma)' specify for rein~t.atement't before sale of the Propeny puro;uanl 10 any power of !laIc: cOlltamed 10 Ihls
<br />Sccurit) Instrument; or (b) CTItJ'}' of 3 judgmenl enforcing Ihis SecunlY Instrument Tho~e eondili{1n~ ,arc: Ihat Rnrrow('f"
<br />(a) p.&)'i lender all '!oumi lA'hich rhen Vo'ould be due under Ihis Securily In!olrument and th~ NOlt' hlld Ill! llL"cclerullllO
<br />OCC'\JfTed, (b) CUfC1, any default of imy other C'O\'e!1BnlS or agreement!<.. (L1 pa)' all e:r.pen...l'\ Incurred In t:nft1rclOg Ihls
<br />Secunl)' In\troment. mcludmg. bUI nul limited 10, rcnonabJe 11ltomey~' feeo.. and fdi lake. ..ueh aCtlOIl 11" !.l'ndt'f ma)'
<br />rea\Onably require to ~'Ioure thai the hen of Ihu. Secunty Im.1rumenl. ).ender', n~ht, In Ihe' PTtlrerl~ and Bnrrnw~r'..
<br />Mh~llon In pal the- ..um!. "~ured by Ihl" xL-unl}' In!!lolrumcnl ,-hall ~/'tlllnu[' u"~hlln~c-d l'p.11l rClmll1lc'mc-nl h)
<br />Dorrllaer. lhl'- Secunl) In\o1rumenl and Ibt' f)bh~iJtHIO" ..crured herd.., ..hall tt'nlalll Illlh dTC'\.II\l' a.. If n.1 ,ll~t'It"nlll"'lI had
<br />,-.:..unc-d fln'ae\a. thu. nghl In rrlO~Jult ..hall nol ur'pl) In Ih~ ~.a-.r lIt !ttl"('kr ,.ll"T', \Ifllirl r:II~H:r;lph.. I 1 ." 1-
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