|
<br />88_!0556~
<br />
<br />If Lender required mongage insurance as a condition of making Ihe loan secured by this Security IMtrument.
<br />Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the
<br />insurance tesmll!l'lcs In aCc:onlance witb Borrower's ond "'nder's wrillen agreemenl or applicable law.
<br />a, I....t1... ,...nder or ilS Igenl may make reasonable enlries upon and inspections of tbe Property, Lender
<br />sball give Borro.... notice II !betimeofor prior to an inspection specirying reasonable cause for tbe inspection,
<br />9. CoDdeBmatlon. The proceeds of any award or claim for damages. direct or consequential. in connection with
<br />any condemnation or other taking of any pan of the Property. or for conveyance in lieu of condemnation, are hereby
<br />assigned ond sblll be paid to Lender,
<br />In tbe evenl of a 10lal laking or Ihe Property, the proceeds shall be applied 10 the sums secured by Ihis 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 ond Lender olberwise ag.... in wriling. tbe sums secured by Ihis Securily Instrument shall be reduced by
<br />Ibe amount of lhe proceeds multiplied by the following fraction: (a) the lotal amounl of tbe sums secured immedialely
<br />before the IlIting, divided by (b) Ibe fair market value oflbe Property immedialely before the taking, Any balance sball be
<br />paid 10 Borrower,
<br />If the Property is abandoned by Borrower. Of if. after notice by Lender to Borrower that the condemnor offers to
<br />make on lward or seide a claim for damages, Borrower fails 10 respond 10 Lender within 30 days after tbe date the notice is
<br />given, Lender is authorized to collect and apply lhe proceeds. al its option. either 10 restoralion or repair oftbe 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 />postponelbe due date of lhe monlhly paymenl5 rererred to io paragrapbs I and 2 or changetbe amounl of sucb payments,
<br />10, Borrower Not Releued; ForbearaDce By "'nder Not a Waiver. Extension of Ibe time for payment or
<br />modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in
<br />interest of Borrower shall not operate EO release the liability of the original Borrower or Borrower's successors in interest.
<br />Lender shall not be required to commence proceedings againsE any successor in interest or refuse to e;ttend time for
<br />payment orothc:rwise modify amortization 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 remedy
<br />shall not be I waiver of or preclude lbe exereise or ony right or remedy,
<br />11. Sac:ceaaorI and Aul.... BomuI; Jolntond Se..rlII LIability; Co..lgne... The covenanls and agreements of
<br />this Security Instrument shall bind and beneftt 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 />Ill5trumenl but does not execute Ihe Note: (a) is co-signing Ibis Securily Instrument only to mortgage. graot and convey
<br />that Borrower's interest in the Property under the tenDS of this Security Instrument; (b) is not personally obligated to pay
<br />tbe sums secured by this Security Instrumenl; and (c) agrees thaI "'nder and any other Borrower may agree to extend,
<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 />11. Loa Cb.araeL If the loan secured by this Security Instrument is subject to a law which sets maximum Joan
<br />charges, and tbat law is finally interpreted so that tbe inleresl or olher loan cbarges collected or 10 be collecled in
<br />connection wilb the loan exceed tbe permitted limits, then: (a) any such loan cbarge sholl be reduced by the amount
<br />necessary 10 reduce Ihe charge to the permiued limit; ond (b) any sums already collected from Borrower which exceeded
<br />permitted IimiI5 will be refunded 10 Borrower, Lender may cboose to make this refund by reducing tbe principal owed
<br />under Ibe Note or by making a direcl p.ymenlto Borrower, If a refund reduces principal, the reduction will be trealed as a
<br />partial prepaymenl wilbout any prepayment charge under lbe NOle,
<br />13, LqislatlOD A1Jeet1n8 Lender'. R1Bhll, If ensctmeol or exl'::";% of applicable laws bas tbe elfect of
<br />rendering any provision of the 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 />permilted by paragrapb 19, If Lender exercises this option, "'nder sball take the steps specified in tbe second paragraph of
<br />paragrapb 17,
<br />14. Notic:a. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by
<br />mailinc it by fint class mail unless applicable law requires use of another method. The notice shall be directed to the
<br />Propeny Address or any otber address Borrower designates by notice 10 "'oder, Aoy notice 10 "'nder sball be given by
<br />first elus mail to Lender's address stated herein or any other address Lender designates by notice 10 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 tbis paragrapb.
<br />15. Gonnslq Law; Senrablllty. This Security Inslrument shall be governed by federal law and the law oflbe
<br />jurisdiction in whicb tbe Property is located, In tbe evenllbat any provision or clause: of this Security Inslrumenl or Ibe
<br />Note conllicts wilb applicable law, sucb conllict shall not affect otber provisions of this Security Inslrument or the Note
<br />which can be given efFect without the conflicting provision. To this end the provisions of this Security Instrument and the
<br />Note are declared to be severable.
<br />16. Bonower'1I t.:opy. Borrower shall be given one conformed copy of the Note and oflhis Security Inslrument.
<br />17. Tl'lUSIfer of Ibe Properly or I BeneHclal IDterestln Borrower. If all or any pan of the Propeny or any
<br />interest in it is sold or tflnsfcrred (or if a beneficial interest in Borrower is sold or transferred and Borrower is nol a natural
<br />periOD) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums
<br />secured by this Securily Instrument. However, this option shall nOE be exercised by Lender if exercise is prohibited by
<br />federal law as oflbe date of Ibis Security Instrument,
<br />If Lender exercises this option, Lender shall live Borrower notice of acceleration. The nOEice shan provide a period
<br />or not leu than 30 days from the date the notice is delivered or mailed within which Borrower must pay all "urns secured by
<br />this Security InstrumenL lfBorrower fails to pay these sums prior to the expiration orthis period, Lender may invoke any
<br />remedis permitted by this SecurilY Instrument without funher notice or demand on Borrower.
<br />II, JIonoower'. Rlpt to Rel_. If Borrower meets certain conditions, Borrower shan have the right to have
<br />enforcement of this Security Instrument discontinued alany time prior to the earlier of: (a) S days (or such other period 05
<br />applicable law may specify for rcinsbtement) before sale of the Propeny pursuant to IlDY power of sale contained in this
<br />Security Instrument; or (b) entry of a judJlftcnl enforcinllhis Security Instrument. Those conditions are Ihat Borrower:
<br />(al pays Lender all sums whicb then would be due under ,his Security Instrumenl and tbe Note had no acceleration
<br />occurred; (b) cu.ra IIIIY defaull or any other covenants or agreements; Cc) pays all expenses incurred in enforcinl Ihls
<br />Security Instrument, ineludinl, but nol limited to, reason.able attorneys' fees: and Cd} takes such action as Lender may
<br />l'EUOII&bJy require to auure that the lien of this Securily Instrument, Lender's rights in the Property and Borrower's
<br />obUption 10 pay the sums secured by thll Seeunt)' Instrument \hall continue unchanged. Upon reJn!lotatemenl by
<br />Borrower. .hi. Se;:unty Instrument and the obliptionllCCuml hereby fihaJI remam rully eft'CC:l1ve as If no acceleration had
<br />oc:.curred. However, Ihm ",bttD rr1n,tate lhall notlpply In the casc of acceleration under paragraph!o 13 or 17
<br />
|