|
$7-- 102057
<br />ut
<br />If Lender required mortgage insurance as it condition of making the Ivan secured by this Security In-
<br />strument, Borrower shall pay the premiums required to maintain the insurance in effect until such time as a requiremrm For
<br />the insurance terminates in accordance with Borrower's and tender's written agreement or applicable law.
<br />8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall
<br />give Borrower notice at the time of or prior w an inspection specifying reasonable cause for the inspec•ticn.
<br />9. Condemnation. The proceeds 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 condernnation, are hereby assigned and
<br />shall be paid to Lender.
<br />In the event of a total taking 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 theevent of a partial takingof the Property, unless
<br />Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount
<br />of rite proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before taking,
<br />divided by (b) the fair market value of the Property immediately before the raking. Any balance shall be paid to Borrower.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make
<br />an award or settle a claim for damages, Borrower fails to respond to Lender within 10 days after the date the notice is given,
<br />Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the
<br />sums secured by this Security Instrument, whether or not then due.
<br />Unless lender and Burrower 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 />rnoxlification of amortization of the stuns secured by this Security Instrument granted by Lender to any successor in interest of
<br />Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. lender shall
<br />not be required to commence proceedings against any successor in interest or refuse ro extend time for payment orotherwise
<br />rruxlify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower
<br />or 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 Liability; Co- signers. The covenants and agreements of this
<br />Security Instrument shall bind and benefit the successors and assigns of Lender and Burrower, subject to the provisions of
<br />paragraph 17. Boirrower's covenants and agreements shall be joint and several. Any Burrower who co -signs this Security
<br />Instrument but does not execute the Note: (a) isco- 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 tot 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. 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 connection
<br />with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce
<br />the charge to the permitted limit, and (b) any sums already collected from Burrower which exceeded permitted limits will be
<br />refunded to Burrower. Lender may choose to make this refund by reducing; the principal owed under the Note or by making a
<br />direct payment to Burrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any
<br />prepayment charge under the Note.
<br />13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of rendering
<br />any provision of the Note or this Security Instrument unenforceable according to its terms, lender, at its option, may require
<br />immediate payment 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 in the second paragraph of paragraph 17.
<br />14. Notices. Any notice to Burrower provided for in this Security Instrument shall be given by delivering it or by
<br />mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property
<br />Addressor any other address Borrower designates by notice to Lender. Any notice to Lender shall begiven by first class mail
<br />to Lender's address stated herein or any other address Lender designates by notice to Burrower. Any notice provided for in
<br />this Security Instrument shall be deemed to have been given to Borrower or lender when given as provided in this paragraph.
<br />15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the
<br />jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note
<br />conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can
<br />be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are
<br />declared to be severable
<br />16. Borrower's Copy. Borrower shall he given one conformed copy of the Note and of this Security Instrument.
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any pan of the Property or any
<br />interest in it is sold or transferred (or if a beneficial interest in Burrower is sold or transferred and Borrower is not a natural
<br />person) without Lender's,prior written consent, Lender may, at its option, require immediate payment in full of all sums
<br />secured by this Security Instrument. However, this option shall nut beexercised by Lender if exercise is prohibited by federal
<br />law as of the date of this Security Instrument.
<br />If Lender exercises this option, Lender shall give Burrower noticeof acceleration. The notice shall provide a periodof
<br />rot less than 30days from the date the notice is deliveredor mailed within which Burrower must pay all sums secured by this
<br />Security Instrument. If Burrower fails to pay these sums prior to the expiration of this period, Lender may invoke any
<br />remedies permitted by this Security Instrument without further notice or demand on Borrower.
<br />18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Burrower shall have the right nu have
<br />enforcement of this Security Instrument discontinued at any time prior to the earlier of: tat 5 days for such other period AN
<br />aPPIKable law may specify for reinstatement) before sale of the Property pursuant to any pxlwer of sale contained to this Sr
<br />curiry instrument, or (b) entry of a judgment enforcing this Security Instrument Those conditions are that Borrower (a)
<br />P3V%Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occurred; ) b)
<br />t:ur" any default of any other convenants or ag;reerrivnts: tc) pays All expenses incurred in enforcing; this Security Instrument,
<br />tree kAmg, but curt limited to, reasonable attorneys' fees, and td) takes sueh acnun :u Lender 111.1y. re.uun,tbly reyutrc ni ;u-
<br />sure that the lien of this Security lost rutent, Lender's rights in rho• Property and Burrower , ohhganon to p.1y the sums
<br />wi:un'd by this 'srscitify instrument Shall (onunuc• unchanged. I'pan mutsran-onrno it1 Nornawrt, this Seutnn- Instnunc•nt
<br />arc! the "frliganoos secured herchy shall remaut fully Hictnve as tf nu a,trirr.tr,:n lia.l,kttuIo! Hots rvcr, thus nghi to
<br />to "wary shall nett aptply to the case oI -it, 0-411-1 under I � ,-r ;
<br />
|