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87101606
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10/19/2011 3:58:47 AM
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3/27/2008 2:04:08 PM
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DEEDS
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87101606
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87--.; 101808 <br />if Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, <br />Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the <br />insurance -rant -ate- in accordance with Borrower's and Lender's written agreement or applicable taw. <br />' �8. Inspection. Lender or its <br />agent may make reasonable entries upon and inspections of the Property. Lender shag <br />give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. <br />9. Condemnation. The prone -ds of any award or claim for damages, direct or consequential, in connection with any <br />condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned <br />and shall be paid to Lender. <br />i In the event of a total taking of the Property, the proceeds shall be applied to the stuns 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 Property, <br />unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the <br />amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the <br />taking, divided by (b) the fair market value of the Property imm--diately before the taking. Any balance shall be paid to <br />t Borrower. - <br />i <br />If the Property is adandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to <br />:Hake an award or settle 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, 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 <br />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 Leader Not a Waiver. Extension of the time for payment or modification <br />of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower <br />shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall not be <br />required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify <br />amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or <br />Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or <br />preclude the exercise of any right or remedy. <br />11. Successors and Assigns Bound; Joint and Several LiabiBtr; Co- signers. The covenants and agreements of this <br />Security Instrument shall bind and benefit the successors and ass-as of Lender and Borrower, subject to the provisions of <br />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 :Vote: (a) is co- signing this Security Instrument only to mortgage, grant and convey that <br />Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the <br />sums secured by this Security Instrument: and (c) agrees that Lender and any other Borrower may agree to extend, modify, - <br />forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that <br />Borrower's consent. <br />12. Lose 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 w that the interest or other loan charges collected or to be collected in connection <br />with the loan eict:td the permitted limits, then: (a) any such I:tati charge Shal l be reduced by the amount necessary to reduce <br />the charge to the permitted limit: and (b) any sums already collected from Borrower which exceeded permitted limits will be <br />refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making <br />a direct payment to borrower. if a refund reduces principal, the reduction will be treated as a partial prepayment wihout any <br />prepayment charge under the Note. <br />13. Legisiatkm Affecting Leader's Rights. if enactment or expiation of applicable iaw-s has the effect of rendering any <br />provision of the Note or this Security Instrument unenforceable according to its terns. Larder, at its option, may regeire <br />immediate payrnent in full of all sums secured by this Security Instrument and may invoke any remedies permitted by <br />paragraph 19. If Lender exercises this option. Lender shall take the steps specified to the second paragraph of paragraph '_?. <br />IC Notices. Any notice to Borrower provided for in this Security Instrument sham be given by delimtng it or by <br />mailing it by first class mail unless applicable law requires use of anculit. method. The notice shall be directed to the <br />Proper[. Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first <br />class mail to Lender's address stated herein of any other address Leader designates by notice to Borrower. Any notice <br />provide-- for in this Security Instrument shall be deemed to have been giver, to Borrower or Lender who given as provided in <br />this paragraph <br />15. Governing Law; Severabillty. This Security Instrument shall be go%emed by federal law and the law of the <br />.urisdiction in which the Property is located. In the event that any provisions 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 Note <br />which can be g ;ven effect without the conflicting provision. To this end the provisions of this Security Instrument and the <br />Note are declared to be severable. <br />14. Borrower's Copy. Borrower shall be given one conformed Copy of the Note and of this Sxurity Instrument. <br />17. Transfer of the Property or a Beneficial Interest to Borrower. If all or any pan of the Property or any interest in it <br />is sold or imnsferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) <br />without Lender's prior written consent. Lender may, at its option, require immediate payment in full of all sums secured by <br />this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by fedem: law as of <br />the date of this Security Instrument. <br />If Lender exercises this option, LeMer shall give Borrower notice of acceleration. The notice shall provide a period of <br />not less than 30 days from the date the notice is delivered or mailed within which the Borrower must pay all sums secured by <br />--his Security instrument. if Borrower fails 'he--- a ear av err - <br />- — troy � s�y�iaFit<n ` t -Fits �riOg'. L2n.7'C# rainy intifi);e an,: <br />remedies permitted by this Security Instrument without further notice or demand on Borrower. <br />18. Borrower's Rtglt to Reinstate, If Borrower meets certain conditions, Borrower shall have the right to have <br />enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) c days (or such other period as <br />apptleable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this <br />Security Instrument: on (b) entry of a judgment enforcing this Security instrument. Those conditions are that Borrower: (a) <br />pays Lender all sutras which then would be due under this Security Instrument and the Note had no acceleration occurred; (b) <br />cares any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, <br />including. but not limited to, reasonable attorney's fees; and (d) takes such action as Lender may reasonably require to assure <br />that the Lien of this Security Instrument, Lender's rights in the property and Borrower's obligation to pay the sums secured <br />by this Security instrument chill continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the <br />obligations secured hereby shall remain fully effective as if no acceleration had Occurred. However, this right to reinstate shall <br />not apply in the can of acceleration under paragraphs 13 or 11. <br />
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