|
<br />88- 105859
<br />
<br />If Lender required mortgage insurance ns a condition of making the loan secured by Ihis Security Instrument,
<br />Borrower shall pa.}' the premiums required to maintain the insunmce in effect until such time as the requirement for the
<br />insurunce lenninntes in accordance with Borrower's and Lender's written agreement or applicable law.
<br />8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender
<br />shall give Borrower notice at the 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 />any condemnation or other laking of any part of the Property, or for conveyance in lieu of condemnation, are hereby
<br />assigned. Dnd shall be paid to Lender.
<br />In the event of a total taking of Ihe Property. the proceeds shoJI be Ilpplied 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 partial taking of the Property.
<br />unless Bonower 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 the taking. Any balance shall be
<br />paid ro Borrower.
<br />If the Property is abandoned by Borrower, or if, after nolice by Lender to Borrower that the condemnor offers to
<br />make an award or seltle 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, nt 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 />posrpone 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 11 Waiver. Extension of the time for payment or
<br />modification of amortization of the sums secured by this Security Instrumem 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 an)' successor in imeresl or refuse to extend time for
<br />payment or otherwise modify amortization of the sums secured by this Security Instrument by reason oraoy demand made
<br />by the original Borrower or Borrower's successors in interest. Any forbearance hy lender in exercising any right 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, subjecl to the provisions
<br />of paragraph 17, Borrower"s covenants and agreements shalJ bejoin1 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 inrerest in the Property under the 1erms of this Security Instrument; (bl i~ not personalJy 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 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 that the interest or other loan charges collected or to be collected in
<br />connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
<br />necessary to reduce the charge 10 Ihe pennitted limit; and (b) any sums already collected from Borrower which exceeded
<br />pennilted limits will be refunded 10 Borrower. Lender mllY choo:'ic to mllke this refund by reducing the principal owed
<br />under the Note or by making a direct paymem to Borrower. If a refund reduces principal, the reduction win be treated as n
<br />panial prepayment without any prepayment charge under the Nole,
<br />13. Legislation Affecting Lender~s Rights. If enactment or expiration of applicable laws has the effecl 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 />permitted by paragraph 19. If Lender exercises this option, Lender shall take the s1eps specified in the second pomgraph of
<br />paragraph 17.
<br />14. Notices. Any notice to Borrower provided for in this Security Instrument s.hall be given by delivering it or by
<br />mailing it by first class mail unless applicable law requires use of another method. The nOlice shall be directed to the
<br />Propeny Address or any other address Borrower designatcs by notice to Lender, Any notice to Lender shall be gi\'en by
<br />first class mail to Lender's address stated herein or any other addro~ Lender designates by notice 10 Borrower. Any notice
<br />provided for in this Security Instrument shall be deemed tn have been given to Borrower or lender when given as provided
<br />in this paragraph.
<br />15. Governing Law; Se,erability. This Security Instrument !<thull he governed by federal law and Ihe law of the
<br />jurisdiction in which the Property is located. In the event that any proviSion or clause of this Security Instrument or Ihe
<br />Note conflicl'> with applicable law, such conflict shall not affecl other provisions of this Security Instrument or lhe Note
<br />which can be given effect without the conflicting provision, To this end the provisions oflhis Security Instrument and the
<br />Note are declared to be severable.
<br />16. Borrower~s Copy. Borrower shall be given one conformed copy of Ihe Note and oflhis Security Insrrumenl.
<br />17. Transfer of tbe Property or B Beneficial Interest in Borrower. If all or any pari of rhe Property or any
<br />inlerest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is "nt a natural
<br />peT!'>on) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sum!<t
<br />secured by this Security Instrument. However, this option shall nol he exercised by Lender if exercise i!<t prohibited hy
<br />federal law as of the date of this Secunt\" Instrument.
<br />If Lender exercises this option, Lender shall gi..,c Borrower nolice ofaccelerulioll. The notice ,hall pnwidc a perilld
<br />of no I less than 30 days from the date the notice is delivered or mailed wilhin which Borrowl."r mu!<tt pay all sums !-:ecured b).
<br />this Security Instrument. If Borrower fails to pay these sums prior to the expiration ofthl!<t period. Lender may il1\'llke lIn~
<br />remedies permitted by this Securily Instrument without further notice or demand on Borrower.
<br />18. Borrowcr~s Right to Reinstate. If Borrower meers certain conditions, Borrnwer !<thall han. the righl III ha\"e
<br />enforcemenl of this Security Instrument disconlinued at an)' lime prior tn Ihe earlier of: (a) 5 day.. (or 'ouch Illhcr pr:rillJ as
<br />applicable la..... may specify for reinstlllemenl) hefore sale of the ]Jroperly PllfSULlll1 In ;tll~ ptlwt.'r uf ..ale (,olllainL'J ill 1111..
<br />Securil~. Jn~trument; or (b) elllry of a judgmcnl cnfurcing Ihi\ Securily 11l\lrUlIIcnl Thll..C .:nndninn, arl' Ihal nllTrlI\\'cr:
<br />(n) pay!<t lender 1111 sum!. whkh 1hen \Vould be due under thi!. Secllnl\ Imlrutllclll and Ihe NOll.' bud Ih) an.dr:ralloll
<br />occurred; (h) cure~ any defauh of any other cO\'enanl!<t or agreemclIl..;'ll:1 ra~" all C'Pl-'II"l-" lIll"llrred III cnfnrclI1!llll1'.
<br />St:l:unt)- In..lrumcnl, mdudmg, but nol hmited to, rea!<tonuhle iltlOrtlcy" fee... and IdJ lal..l" '>lIdl ;u:lltll1 a.. I,l-'Ihlr:r llIa~
<br />realotlnahl~ require tn ll!o..ure Ihat the hen nflhis Sccurily Instrumenl. I_cnder".. rEghh III lilt' 1'!'IJlt't1~ ,\lid Bn('nl\\l-'I""
<br />llhhgalllln tn pa) Ihe ..urn.. "l"CurCtl h} tlm. SeCUfll) hl!<tlrul11cnl ..Iwll 1.-"11111111111' UI1.'h;lII~l"d t .1',111 It"1l1''l.llt"lllelll h,
<br />Bnrrm..C'r, 1h" Sel.:ufll~ In"'rumC"nl and thl' llhligallllll" 'l'l:url'd Ilt:rr:h~ ..hall !l'fl);WI lulh ,.t'-", 11\ ,. .1" II I\".h, ,'kl.llh'll h,ld
<br />.t(;l--urrl'd I-II.Uol.\C'r. Ihl" fight In rl'm'late ..hall nol appl~ mlhe GI..e el! ,I~, ,,11-1,111, 'I) Ulhkl 1',11 .'~I,II,h" I: 'f ~-
<br />
|