|
<br />88-105650
<br />
<br />Ir lender required mortgage insurance us a condition of making the lonn ~ccured by this Security Instrument.
<br />Borrower shall pa)' the premiums required to muintain the insurance in effect until such time IlS Ihe requirement for the
<br />insurance Icrminnl~ in accordance with Borrower's and Lender's wrinen agreement or applicable Inw.
<br />8. Inspection. Lcnder or its agent mar"m reasonable entries upon and inspections of the Prcperty. lender
<br />shall give Borrower nol1c~ allhe lime or or'p{iot ~t) fi '. d: specifying reasonable cause for the inspection.
<br />9. Condemnation. The proceeds. ofaray' ," _ ,r'claim for damages, direcl or consequential. in connection with
<br />any condemnation or olher taking of any parl~or die~Propert9, or for conveyance in lieu of condemnation, are hereby
<br />assigned and shall be paid to Lender.
<br />In the c\.'ent of n ICIwl taking of the ProperlY, the proceeds shall be applied to the sums secured by this Security
<br />Instrument, whether or not then due, with any e1icess paid to Borrower. In Ihe 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 amount of the proceeds multiplied by the following fraction: (a) the tolal amount of the sums secured immediately
<br />before the taking, divided by (b) the fair market value of the Property immediately before the taking, Any balance shall be
<br />:Jaid to Borrower.
<br />If the Propeny is abandoned by Borrower, or if, uner notice by Lender to Borrower that the condemnor offers 10
<br />make an award or sellle a c1nim for damages, Borrower fails to respond to Lender within 30 days after the dale 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 e1itend or
<br />postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments.
<br />10. Borrower Not Released; Forbearance By Lender Not B Waiver. Extension of the time for payment or
<br />modification of amonization of the sums secured by this Security Instrument 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 amortization orthe sums secun:d by this Sc:curity 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 righl or remedy
<br />shall not be a waiver of or preclude the exercise of any right or remedy.
<br />11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants 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 11. Borrower's covenants and agreements shaH bejoint and several. Any Borrower who co-signs this Security
<br />Instrumenl 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 Properly under the terms of this Security Instrument; (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 extend,
<br />modify, forbear or make any accommodations with regard to the terms of Ihis Security Instrument or the Note without
<br />that Borrower's consent.
<br />12. Loan Charges. If the loan secured by this Security Inslrument is subject to a law which sets maximum loan
<br />charges, and that law is finally interpreted so that the interest or other loan charges collected or to be colJccted in
<br />connection with the loan exceed the permiued limits, then: (al any such loan charge shan be reduced by the amount
<br />necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded
<br />permitted limits will be refunded to Borrower. lender may choose to make this refund by reducing the principal owed
<br />under the Note or by making n direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a
<br />partial prepayment without any prepayment charge under the Note.
<br />13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of
<br />rendering any provision of the Note or this Security Instrument unenforceable according 10 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 />permitted by paragraph ]9. If Lender exercises this option, Lender shall take Ihe sleps specified in the second paragraph of
<br />paragraph 17.
<br />14. Notices. Any notice to Borrower provided for in this SCl:urity Instrument shall be given by delivering it or by
<br />mailing it by first class mail unless applicable law requires use of another method. The nmice shall be direcled to the
<br />Property Address or any other address Borrower designates by notice to Lender. Any notice 10 Lender shall be given by
<br />first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice
<br />provided for in this Security Instrument shall be deemed to huve been given to Borrower or Lender when given as provided
<br />in this paragraph.
<br />15. Governing Law; Severability. This Security Instrumenl shall be governed by federal law and the law of the
<br />jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the
<br />Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Nole
<br />which can be given effect without the conflicting provision. To Ihis end the provisions or Ihis SecurilY Instrument and the
<br />Note are declared to be severable.
<br />16. Borrower's Copy. Borrrwer shall be given one conformed copy of the Note and of this Security Inslrumcnt.
<br />17. Transfer 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 nol a nalural
<br />penon) without Lender's prior wrillen consent, lender may, al its option, require immediale payment in full of all sum!.
<br />secured by this Security Instrumerll. However, thIS option shull not be exercised by Lender if exercise is prohibited hy
<br />federal law as of the date of this Security Instrument.
<br />If lender exercises this option. lender shall give Borrower nOllce of acceleration. The notice shall provide a penlld
<br />of no I less than 30 days from Ihe dale the notice is delivered or mailed within which Borrower must pay all sums sl.'Curcd hy
<br />this Security Instrument. If Borrower fails to pay Ihese sums prior to the expiration of this period, lender may invoke IlIlY
<br />remedies permitted by this Securily Instrument without further notice or demand on Borrower.
<br />18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have lhe right to havl'
<br />enforcement of this Security In'itrument discontinued at any time prior to Ihe carlier of: (a) 5 days (or such other pl'rind 11\
<br />applicable law may specify for reinstdtemenl) before sale of the Property pursuant 10 any power of 'iale cllnlilined in 11m
<br />Security Instrument; or (b) enlry of a judgment enforcing this Security Instrumenl, Those cnndllIllll:o. lire that AorTll\H"I
<br />(a) pay~ Lender all sums which then would he due under this Security Instrument and the Note had nil ilccderlltltlll
<br />occurred; (b) cures any defaull of any mher t:mennnl!t or agrcemcnls; Cd pay!'. all ell.pl'mc\ incurred 11\ cnrnn:lII~ 11m
<br />Securil)' InSlrument, mcludmg, but nut hmlted 10, reasonablc allornc:}'.... fce~; and ldllakc!. 'ouch actIOn 1I~ Lcndt.'r "1ll~
<br />rea!.onably require 10 3!t..ure that the hen of 1111s Security 10'lrument. Ll'nder'" nghh ltl lhl' Pmpert) allll Hllrro.....n.\
<br />ohhgntlon to pa) Ihe ..urn!> ..ecured hy tht.. Security In..'rument ..hall Ct)ultllUC uIlChllll~cd t!pllTl rCln..lilternclll h\
<br />Hortn""-c:1', Ihh Sn:utll) IIl..tru1t1dt1 ;u,~ Ih~ uhh~ull()ll'" Ioe-l'Ur~ lll!rch~ ,hall rrnUIll fully cfTl"dl'C il" If ilL> ,n ~'drrillllll1 h,ll!
<br />{l<;<:urred. Bn....eu.r.lh,.. nght lu rem..tlltC" ..hall flnlllpply III the ca...c nfaL"l'c'!er;IIICltl \Iudl" I'ar.ll!rarh~ 1'\ PI l'
<br />
|