|
<br />88- 105908
<br />
<br />If lender rcqUln:u mortgage insurnnce as a condition of making the loan !'iC'cured by this SccurilY Instrument,
<br />Borrower ..hall pay Ihe premiums required to maintain the insurance 111 clTeC'1 until such lime as the requirement for the
<br />in"unlnce terminate!'. in uccordance wilh Borrower's and Lender's wrillcn agreement or applicahle Jaw.
<br />8. Inspection. Lender or its agent may make reasonable entries upon and inspections of lhe PTeperty. Lender
<br />shall gl\'C Borrower notice at the time afor prior 10 an inspection specifying reasonable cause for the inspection.
<br />9. Condemnation. The proceeds of any award or claim for damages. direcl or consequential. in connection with
<br />any condemnation or other taking of any part of the Property. or for conveyance in lieu of condemnation. arc hereby
<br />assigned and shall be paid to lender.
<br />In the c\'ent of a total taking of the Propcrty. the proceeds shall be applied to the sums secured by Ihis Security
<br />Instrumenl. 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 (nstrument shall be reduced by
<br />the amount of the procl>eds multiplied by the following fraction: (a) the lolal amount of the sums secured immediately
<br />before the laking. divided by (b) the fair market valuc of the Propeny immediately before the taking. Any balance shall be
<br />paid to Borrower,
<br />[fthe Properly is abandoned by Borrower. or if. after-notice by Lender to Borrower that the condemnor offers to
<br />make an award or seUle a claim for damages. Borrower fails to respond to lender within 30 days after the date the notice is
<br />given, Lender is authoriz.cd to collect and apply the proceeds. at its opt inn. either 10 restorulion or repair of the Propeny or
<br />to the sums secured bv this Securitv Instrument. whether or 1101 then due.
<br />Unless lende; and Borrow~r otherwise agree in writing. an)' 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 paymems.
<br />10. Borrower Nor Releasedi Forbearance OJ; Lender Nor a Waiver, Extension of the time for payment or
<br />modification of amortization of the sums secured by this Securit)' Instrument granted by lender to Bny 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 ~hall nOl be required to commence proceedings against an).' SUCCl,'~SDr ill interest or refuse to extend time for
<br />payment or otherwise modify amortization of the ~ums secured by this Security Inslrument by rca...nn of any demand made
<br />by the original Borrower or Borrower's successors in interest. Any forbC'drance by Lender in e"crcising 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 LiabilitYi Co-siRners. The covenants and agreements of
<br />this Security Instrumenl shall bind and benefit the successors and assigm 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-slgns this Security
<br />Instrument but does not execute the Note: (a) is co.signing this Security ]nstrumenl only to mortgage, grant and convey
<br />that Borrower's interesl in the Property under the terms of this Security In!<ttrument: (b) is not pcrsonnlly obligated to pay
<br />the sums st"cured by this Security Instrument; and (c) agrees Ihat Lender and any other Borrower may agree to extend.
<br />modify. forbear or make any accommodations with regard to the term... of this Secunty 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 II law which sets mu,,-imum loan
<br />charges. and that law is finally interpreted so that the interest or other loan chargl.os collected or to be collected in
<br />connection with the loan exceed the penniued limits, then: (a) any such loan charge !othall be reduced by the amount
<br />necessary to reduce the charge to the permitted limit: and (b) any sum~ already collected from Borrower which exceeded
<br />penniued limits will he refunded 10 Borrower, Lender may choose 10 make this refund by reducing the principal owed
<br />under the Note or by making a direct payment to Borrower. ]f 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 enact men I or expiration of applicable laws has the effect of
<br />rendering any provision of the NOle or this Security Instrument unenforceable according to lIs terms. Lender, at its option.
<br />may require immediate payment in full of all sums secured hy this Security (nstrument and may im'okc any remedies
<br />pennitted by paragraph 19, If lender exen;:isl.'S lhis option, Lender shall take the steps specified in the second paragraph of
<br />paragraph 17.
<br />14. Noticcs. Any notice to Borrower provided for in thiS Securily ]nstrument shull be given hy delivering it or by
<br />mailing it by first class mail unlL-ss applicable law requires use of another method, The notice shall be directed to the
<br />Propeny Address or any other addre!\s Borrower designates hy notice to lender, Any notice to Lender shall be given by
<br />firsl class mail to Lender's address slated herein or IIny other addfl.~s Lender designates by notice to Borrower, Any notice
<br />provided for in this Security Instrument shall be deem~ to have been given 10 Borrower or Lender when given as provided
<br />in Ihis paragraph.
<br />15. GoveminR La..,; Severability, ThiS Security Imtrumenl o;hall he governed by federal law and the law of the
<br />jurisdiction in which thc= Propeny IS located, In lhe e\'ent that any provision or clause of this Security Instrument or the
<br />Note conflicts With applicable law. such conflict !>hallnot affect other prm'isions of this Security Instrument or the Note
<br />which can he given effect .....ithouI the conflicting provision, To this end the provi!>ions oflhi!> Security Instrument and the
<br />Note are declared to be M:verable,
<br />]6. Borrower's Copy. Borrower shall be gi\'en one confor'lled copy of the Note and ofthi<. Security Instrument.
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. ]f all or any part of the Property or an)'
<br />mterest m 1I1~ !told or lransferred (or if a beneficialmterest in Borrower is !tuld or transferred and Borrower is not a natural
<br />pen.onl WllhOUI Lcnder\ pnor written consent, Lender may. at its oplion, require immediate paymenl in full of all sum!t
<br />!Occured by thiS Secunty lO!tirument. However, this option shall not be cl\ercisc:d hy L(.-ndcr If C:l\CTCISC is prohihited h)'
<br />rederalla\A" as of the date of this Security Instrumenl.
<br />]f Lender e"-erclses thiS option. Lender shall give Borrower notice of acceleration, The notice !thai I provide a penl1d
<br />llfnolles.. than 30 day!<t from the date the IJotice is deli\'ered or mailed withm which Borrower must pay all..um!'t !'tecured hy
<br />thiS Secunly In~trument, If Borrower fads to pay these sums prior to the expiflltion nfthis period, Lender may invoke an)'
<br />remedlo pennmect by tlus Secunty Imtrument wilhout further nOlice or demand on B(lrrower.
<br />18. Borrow'er's RiRhl to Reinstate. If Borrower meers certain condil1ons. Borrower ...hall have the right 10 have
<br />enforcement of Ih,.. Secunly Instrument discontinued at any time prior to the earlier of: (a15 day.. (or such olher perioJ as
<br />applicahle law ml1~ speclf) fm rCInstatement) hefore sale of the Property pursuant to any power of sale L"'mtained In thts
<br />Secunty Instrumcl11, or (hI enlf) uf a Judgment enforcing this Security Instrument. Thn..e cC'llldil1ons are thul Borro.....er
<br />(a) pa~'~ Lender :111 ..ums whH:h ,hen \\'ould he due under this Secunty Instrumenl and the Note had no accdenllum
<br />u12currcd, (hI curt."" 1I11~ default of any olher l,'{)\:enant!ii or agreements; (c) pay.. all t"xpensC's Int:urrell In cnfi.lrc1I1l.! lhlS
<br />~t"I,:unt~ In..lrullIenl. IOdudlO~, hUI nnl lImIted 10, reusonable atturney..' fn"", and (d~ takt'.. ..u..:h U12110n a.. Lender may
<br />rt'll"lIl1ahl~ rC4ulft' III a....urt' lhat Ihe hen of IhlS Secunty In"trumt.'nt. I C'nder'.. rlgh,.. 11I the' Prppl,'n\ ,md Utlrrl!\\'C'r'..
<br /><1nh~all(ln In Poll\ thr "U1I1.. "n:urt'd h~ Ihl.. St."Cllnt~ In..lrumenl ..h~1J ~.tln'lIIuC' Ill1chung.ed t'rllll 1t'lIl..lall"l1lCl1t h~
<br />Illlffll\l.I"T ,Iil', "'Cl t1rlT~ In..lrUOl('1l1 and Ihe llhlll!atlllll\ \rcUTrd ht"rt."t'1\ ...hall rC'lllillll fllll~ dft'l,'lnl,' i'''!/ 11.' ",--,-'l'It'rall,m haJ
<br />"... urll.L1 Ill'l,l,('\rr lh,.. r1~illll\ rt.'lII\lall' ..hall lint ilpply IIllht' I it,,!" "f,Klt'kt,l'l"" undn rilril~Till'h.. I ; .'1 1-
<br />
|