|
<br />88-105005
<br />
<br />If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument,
<br />Borrower shall pay the premiums required to maintain the insurance in effecl until such lime as Ihe requiremOllI for the
<br />insurance tenninltcs in accordance with Borrower's and Lender's written agreement or applicable law.
<br />8. IDJpeCIion. Lender or ils agOlll may make reasonable entries upon and inspections of the Property, Lender
<br />shall give Bon"tlwer notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
<br />9. CoDdellUllltlon. 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 BIId shall be paid to Lender,
<br />In the eYOIlt of a tolal taking of the Property. Ihe proceeds shall be applied 10 Ihe sums secured by this Securily
<br />Instrument, whether or notthOll due, wilh BIIY excess paid to Borrower, In the eyent of a partial taking of the Property,
<br />unless Borrower BIId Lender otherwise agree in writing, the sums secured by this Security 1nstrumenl shall be redueed by
<br />the amount of the proceeds multiplied by the follnwing fraclion: (a) the total amounl of the sums secured immediately
<br />be(orethe taking, divided by (b) the fair market yalue of the Property immediately beforelhe taking, Any balance shall be
<br />paid to Borrower,
<br />!fthe Property is abandoned by Borrower, or if, after nolice by Lender to Borrower tbatthe condemnor offers to
<br />make an award or seule 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 paymOllts referred 10 in paragraphs I and 2 or change the amounl of such paymOllts,
<br />10.. Borrower Not Releued; Forbearance By Leader Not. Waiver, Extension of the time for payment or
<br />modification of amonization of the sums secured by this Security Insh-ument 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 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 amonization 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 rer"ldy
<br />shall not be a waiyer of or preclude the exercise ofany righl or remedy,
<br />II. Socauon and Aaalgna Boaad; Jolat and S..enl Uahillty; Co-slgaers. The coyenants 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 end agreements shall bejoint 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 terms of this Securily Instrument; (b) is nol personally obligaled to pay
<br />the sums secured by this Security 1nstrumOllt; BIId (c) agrees lhat Lender and any other Borrower may agree to e'lend,
<br />modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without
<br />that Borrower's consent.
<br />U. LoaD Charla. If the loan secured by this Security Instrument is subject to a law which sets maximum loan
<br />cbarges, and that law is finally interpreted so that the interest or other loan charges collected or 10 be collected in
<br />connection wilh the loan exceed the penniued limits. then: (a) any such loan charge shall be reduced by the amount
<br />necessary 10 reduce the charge to the permiued limit; and (b) any sums already collecled from Borrower which exceeded
<br />permiued limits will be refunded 10 Borrower, Lender may choose 10 make Ihis 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 wiH be treated as a
<br />panial prepayment wilhoutany prepayment charge under the Note.
<br />13. Le8la!Jltioa AlI'eetlDg Leoder'a R1pta. If enaclment or e.piration of applicable Isws has the effect of
<br />rendering any provision ofthe Note or this Security Instrument unenforceable according to its terms, 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 />penniued by paragraph 19, If Lender e.ercises Ihis oplion, Lender sballlake Ihe S1eps specified in Ihe second paragraph of
<br />paragraph 17.
<br />14. Notices.. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by
<br />maiHng it by fint 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 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 othe~ address Lender designates by notice to Borrower. Any notice
<br />provided for in this Security Instrumenl shall be deemed to have been given to Borrower or Lender when given as provided
<br />in this paragraph,
<br />15. Go..m1I1\1U"; S..erablllty. This Security Instrument sball be goyemed by federal law and lbelaw oflhe
<br />jurisdiction in which the Propeny is located. In the event that any provision or clause of this Security Iostrument or the
<br />Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note
<br />which can be given eft'ect without the connicting provision. To this end the provisions of this Security Instrument and the
<br />Note are declared to be severable.
<br />16. Borrower'. Copy. Borrower shall be given one conformed copy of the Nole and of this Security Instrument.
<br />17. Traafer of the Property or a Beneficial Interest 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 transferred and Borrower is not a natural
<br />person) witbout Lender's prior written consent. Lender may, al its option. require immediate payment in full of all sums
<br />secured by this Security InstrumcnL However, this option shall not be exercised by Lender if ex.ercise is prohibited by
<br />federa1law as of the date oflhis Security 1nstrumenl,
<br />lfLender exercises this opticm, 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 "urns secured by
<br />this Security IRltrument. Ir Borrower fails to pay these sums pnor to the expiration of this period, Lender may invoke any
<br />remedies penDitted by this Security Instrument without further notice or demand on Borrower.
<br />18. Borrower'. Rfabt to ReiDlbte.. If Borrower meets certain conditions, Borrower shall have the right 10 have
<br />c;:t.rorcement of this Security Inslrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period 85
<br />appb..-.bJe law may specify for reiniolatement) before Wile of the Propeny pursuant (0 any power of sale con.ained in this
<br />Security tJWrument; or (b) entry of a judgmenl enforcing this Security Instrument. Those conditions are that Borrower:
<br />(a) pa~ u.."'Cter all sums which then would be due under this SccurilY Instrument and the Note had no acceleration
<br />occurred; (b) c.:"re5 any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing (his
<br />Security Instrumb~t. including, but not limited to. reasonable attorneys' feo; and (d) takes such action as Lender may
<br />reasonably require to ~ure that the lien of thiS Security Instrument, Lender's nghl~ in the Propcny and Borrower's
<br />obliption to pay the sun.: secured by Ihis Security Instrument shan contmue unchanged. Upon reinstalement by
<br />Borroarer. thiS Security Instrum\:!lt and Ihe oblilat10ns secured hereby shall remalD fully effectl\'e B!. If no acceleration had
<br />occurred. HowevtT. thi, ",ht to rein~;~le ,han nol apply an the case of accelerallon under paragraphs I J or I'
<br />
|