|
<br />88- 105678
<br />
<br />If Lender required mortgage insurance as n condition of moking the lonn secured by Ihis Security Instrument,
<br />Borrower shall pay the premiums required to maintain the insurance in elTect unlil such time as the requirement for the
<br />insurance terminates in accordance with Borrower's Bnd Lender's written agreement or applicable law.
<br />8. Inspection. lender or its agent may make reasonable entries upon nnd inspections of the Property. Lender
<br />shall give Borrower notice althe time of or prior to an inspection specifying reasonable cause for the inspection.
<br />9. Condemnation. The procl..>eds of any award or claim for damages, direct or consequential. in connection with
<br />any condemnnlion or other taking of an)' part of the Property, or for conveyance in lieu of condemnation. are hereby
<br />assigned and shall be paid to Lender,
<br />In the evr.nt of a total laking of Ihe Property, the proceeds shall be applied to the sums secured by this Security
<br />Instrument, whether or nol then due. with any excess paid to Borrower, In the event of a partinltaking 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 mul1iplied by the following fraction: (a) the total amount of the sums secured immediately
<br />before the taking, divided by (b) the fnir market value of the Property immediately before the taking, Any balance shaU 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. Borrower fails to respond to Lender withif! 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 lhe 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. Borrower Not Released; Forbearance By Lender Not a Waiver, Extension of the 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 n~t operate 10 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 amortil.lltion of the sums secured by this Security Instrument by reason of any demand made
<br />by the original Borrower or Borrower's successors ill 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 />II, Successors and Assigns Bound; Joint and Senral Liability; Co-signers, The covenants :md 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 and agreements shall be joint and se-veraI. 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 lerms of this Security Instrument; (b) is nol personally obligated 10 pay
<br />the sums secured b}' this S~urity Instrument; llnd (c) agrees Ihat lender and any other Borrower may agree to extend.
<br />modify, forbear or make any accommodations wirh regard to the terms of this Security Instrument or the Note without
<br />that Borrower's consent,
<br />12. Loan Charges, If the loan secured by this Security Instrument is subject to a law which sets maximum loan
<br />charges, and that law is finally interpreted so lhat the interest or other loan charges coIJectcd or to be collected in
<br />connection with the Joan exceed the permittt:d limits. then: (11) any such loan charge shall be reduced by the amoun1
<br />m.'CI."Ssary to reduce the charge to the permitted limit; and (b) any sums already coUected 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 a direct payment 10 Borrower. If a refund reduces principal. the reduction will be trealed 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 ha.c; the effect of
<br />rendering aQY provision of the Note or this SecurilY Instrument unenforceable according to its terms. Lender. al its option,
<br />may require immediate payment in full of all sums secured by Ihis Security Instrument and may invoke any remedies
<br />permitted by paragraph 19. If Lender exercises this option. Lender shnlllake the steps specified in the second paragraph of
<br />paragraph 17.
<br />14. Notices. Any nolice to Borrower provided for in this Security Instrumenl shall be given hy delivering it or by
<br />mailing il by first class mail unless applicable Jaw requires use of another method, The notice shall be directed 10 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 other address Lender designales by notice to Borrower, Any notice
<br />provided for in this Security Instrumenl shall be deemed 10 have been given to Borrower or Lender when given as provided
<br />in this paragraph.
<br />IS. Governing LaW'j Se\'efability. This Security Instrument shall be gov(.fned by federal law and the law of the
<br />jurisdiction in which the Property is located. In the event tha1 any provision or clause of thilt Security Instrument or the
<br />Nole conflicts with applicabJe law, such conflict shall not alfect other provisions of :his Security Instrument or the Nole
<br />which can be given elfect without the conflicting provision. To thi~ end the provisions of thi!'. Security Inslrument and the
<br />Note are declared to be severable,
<br />16. Borrower's Copy. Borrower shuil be given one conrormed cupy uflhe Note and of this Security Instrument.
<br />17. Transfer of tbe Property or a Beneficlallnterest in Borrower. If all or any part or the Property Of any
<br />interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or tran!'.fcrrcd and Borrower is nnl a natural
<br />person) without Lender'lj, prior written consent, Lender may. at its option. requirc immediate payment in full of ull sums
<br />secured by this Security Instrument. However. this option shall nOI be exercised l1y Lender if eJlercise is pmhihited by
<br />redc:rallaw as of the date of this Security Instrument.
<br />If Lender exercises this option, Lender shall give Borrower notice of al.:celeration. The notice shall prnvide a period
<br />of not less than 30da)'s from the date the notice is delivered or mailed within which Borrower mu!'.t pay all !'.ums sel'urcd l1y
<br />thi!o Security Instrument, If Borrower fails to pay these sums prior to the cxpiration of I hi!'. pcrind. Lender may invoke uny
<br />rc:medies permitted by this SecurilY Instrument without further nut ice or demand on Borrowt'r.
<br />18_ Borrower's RIght to Reinstate. If Borrower meets certain condition!!.. Borruwe-f shull have Ihe right (0 huve
<br />enforcement ofthi!'l. Security In!olrumc:nt discontinued at any time prior 10 the earlier of: (11) 5 duy" (or sUl:h olher period us
<br />applicable law may specify for rein!otatcmenr) before sule of the Property pursuanl to any po\\'cr of sale I..'OntillllcU in till,
<br />Security Instrument; or (b) enlr.)' of a judgment enforcing Ihis Security Instrumcnl Thtl"lc comlitlon... an: lllill Bllrnl\\o'cr
<br />ta) pa)1l Lender all sums which then would be dO!: under this SCl'urny Instrumenl i!.nd thc Nole had IlU 1lI..'I,:c1l'ralliln
<br />ocf:urred; (b) cures. any defaull of any olher cO'o'enunts or Ilgreemcnl~; Ie) PIlY!. nil e"pcO!ol.... II1curn:d 111 !.'llf\,n.:lI1l! Ihl'
<br />Sccuril) )nslfumrnt, IIIduding. hut not hnuted to. reaMmahlc auurn!.')',' fee~, and (d IlakL.... ...1Id! m:lulIl :I, I cnd,,', nw)
<br />rea!.Onably requ!fI: tn a5.~urr: Ihul the hen of [1m. Sccurit)i In!ltrumel1l, Lench:r', nf,:ht.. III rhe I'rppcrl~ ,lIId Hnlrl"U'I',
<br />ubhgallUn In pa) Ihe ,urn" 'oC,,'Ufl-J h) thl" Scl.:urily In!otfumenl ,hall nlllIIIlU(," Undmflf,:cd l'pllll ll'llhl,llL'llU'Il! h,
<br />Rnrr,,"'cr, ,h,.. SO:UflI) In"lrumcru and the Ilhhgul1ul1\"Cl:ured hCfCb) ,hall fCtll;llll full> l"ft'LlI\C .,..11".. ,I., ,.I\'f.llh'll lI:td
<br />......"-urred lim"C'\C'I.lh" flghl hi rctll,tatt",halllltll apply IIllhl'l..'lI,eClflh.:cdl"tlllltlll UllIk, P,lt,lllt.trh..11." I'
<br />
|