|
<br />88-105801
<br />
<br />If Lender required mortgage insurnnce as a condition of making the loun secured by this Security Instrument.
<br />Borrower sha1l pay the premiums required to maintain the insurance in etfecl until such time os the requirement for the
<br />insurance tenninates in accordance with Borrower's and Lender's written agreement or applicable law.
<br />8. Inspection. Lender or its agent may make reasonable enlries upon and inspections of the Property. Lender
<br />shall give Borrower notice allhe time of or prior to an inspection specifying reasonable cause for the inspection.
<br />9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with
<br />Ilny condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation. are hereby
<br />assigned and shall be paid to lender.
<br />In the event of a totaltnking of the Property, the proceeds shall be applied to 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 Propeny,
<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 amount of the sums secured immediately
<br />before the taking, divided by (b) the fair market value of the Property immediately before Ihe taking. Any balance shall be
<br />paid 10 Borrower.
<br />If the Propeny is abandoned by Borrower, or if, after notice by lender to Borrower thallhe condemnor offers to
<br />make an award or settle a claim for damages, Borrower fails to respond to lender within 30 days after the date 1he notice is
<br />given, Lender is authorized to coHeet and apply the proceeds., at its option, either to rest~ration 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 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 Ihe 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 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 a waiver afar preclude the exercise of any right or remedy,
<br />11. Successors and Assigns Bound; Joint and Seyeral Liability; Co~igners. 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 17. Borrower's covenants and agreements shall be joint 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 1he Property 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 thllt Lender Ilnd 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 />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 interpreled so that the interest or other loan charges collected or 10 be collecled in
<br />connection with the loan exceed the permitled limits, then: (a) any such loan charge shall be reduced by the amount
<br />necessary to reduce the charge to the pennit1ed 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 thp. principal owed
<br />under the Note or by making a direct payment 10 Borrower. If a rerund reduccs principal. 1he reduction will be treated as a
<br />partial prepayment without any prepayment charge under the NOle.
<br />13. Legislation Affecting Lender's Rights. if enactmenl or expiration of applicable Jaws has the effect or
<br />rendering any provision of the Note or [his Security Instrument unenforceable according 10 its terms, Lender, at its option,
<br />may require immedia1e payment in rull of all sums secured by this Security Instrument and may invoke any remedies
<br />penniued by paragraph I g, If lender exercises this option, Lender shall take the steps specified in the second paragraph of
<br />paragraph 17.
<br />14. Notices. Any notice to Borrower provided for in this Security Instrumen1 shall he given by delivering it or by
<br />mailing it by firs1 class mail unless applicable law requires use of another method. The nntie-e \hall 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 slated herein or any other nddress Lender designates by notice 10 Borrower. Any notice
<br />provided for in 1his Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided
<br />in this paragraph.
<br />15. Goyeming Law; Seyerablllly. This Security Instrument shall be governed hy federal law and the law of the
<br />jurisdiction in which the Property is localed. In the event that any provision or clause of this Sccurity Instrument or the
<br />Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Imilrument 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. Borrower's Copy. Borrower shall be given one conformed copy of the Note and oflhis Security Instrument.
<br />17. Transrer or the Property or a Beneficial Interest in Borrower. If all or any par1 of Ihe Property or any
<br />in1erest in it is sold or transferred (or if a beneficial interest in Borrower is solu or transferred and Borrower is not a natural
<br />person) without Lender's prior written consent, lender may, at its option, require imml.-diale payment in full of all sums
<br />!tCcured by this Securi1y Instrument. However, 1his option shall not he ex.ercised hy Lendcr if exercise is prohibited by
<br />federal law as or the date of this Security Instrument.
<br />If Lcndcr excrci5C51his option. lender shall give Borrower notice of Dcceleralion. The notice shall provide 11 period
<br />of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by
<br />this Security Instrument. If Borrower fails to pay these sums prior to the expiration of Ihis period, Lender may invoke any
<br />remedies permitted by this Security Instrument without funher notice or demand on Borrower.
<br />18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall ha\le the right 10 have
<br />enforcement of this Security Instrument discontinued at any time prior to the earlier of: fa) 5 days (or such nlher period as
<br />applicable la"" may speciry for reinsla1eml;nt) before sale of the Properly pursuant to any power of sale l,;ontained in Ihis
<br />Security Instrument; or (b) entry of a judgment enForcing thili S~urity Inslrument. Those condilion~ ure that Borrower:
<br />(a) pays Lender all sums which then would be due under Ihis Security In!)trument Ilnd the Nole had no acceleration
<br />occurred; (b) cures any default of any other cO\leOllOts or agreements: (c) pay" all ellpense!. Incurred in enforcmg thl!.
<br />Security ]nMrume=:nt, mc1uding, but llflt limited 10. reasonable Dnomeys' fe=:es; and <d) lah~ ~uch IlL'lInn us Lendl'r may
<br />reasonably require=: 10 assure that Ihe hen of Ihis Security Instmment, Lender's nghls III the Properly and Borrower'!.
<br />obhgalion 10 pay lhc ..urn!!. !Occured hy 1hl,. Security Instrument shall conllllue unchangt..-d lTpllTl rcm..I:llcmenl hy
<br />Borrower, thl\ Security In!.trument and Ihe nbligatioll'i !iccured hereby ...hllll remain full~' effedl\.'c U!> Iflllllll':l:c1l'ralltHl had
<br />,,,curred. Howl:',,'cr, thiS nght10 rCln!.tnlc ,.hall nnt uppl)' Illlhecase nfluxelcfllllllll undt..'r rarllJ,!flIph.. Illlr 17
<br />
|