|
( If Lender required mortgage 8/- 102458
<br />grequ
<br />Borrower shall pay the premiums Security Instrument,
<br />red to maintain the insurance a in effect luntilssucheldtme
<br />insurance
<br />as the the
<br />terminates in accortianct "with Borrower's and Lender's written agreement or applicable law.
<br />8. Inspection, Lender or its agent may make reasonable
<br />entries upon and inspections of the Property. Lender
<br />shall give Borrower notice at tliilt curie of or prior to an inspection specifying reasonable cause for the inspection.
<br />9, Condemnation, The proceeds of any award or claim for damages,
<br />director consequential, in connection with
<br />any condemnation or other taking of any part of the Property, or for conveyance
<br />assigned and shall be paid to Lender. in lieu of condemnation, are hereby
<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
<br />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
<br />the amount of the proceeds multiplied by
<br />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
<br />paid to Borrower. before the taking. Any balance shall be
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to
<br />make an award or settle a claim for damages, Borrower fails
<br />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
<br />to the sums secured by this Security
<br />Instrument, whether or not then due. or
<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
<br />By Lender Not a Waiver. Extension of the time for payment or
<br />modification of amortization of the sums secured by this Security Instrument granted by Lender to
<br />interest of Borrower shall
<br />any successor in
<br />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
<br />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 />r by the original Borrower or Borrower's
<br />successors in interest. Any forbearance by Lender in exercising any right or remedy
<br />shall not be a waiver of or preclude the exercise of any right or remedy.
<br />II. 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
<br />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
<br />Instrument only to mortgage, grant and convey
<br />that Borrower's interest in the Property under the terms of this Security instrument; (b) is not personally obligated to
<br />the sums secured by this Security Instrument;
<br />pay
<br />and (c) agrees that Lender and any other Borrower may agree to extend,
<br />modify, forbear or make an y accommodations with regard to the terms of this Security Instrument
<br />that Borrower's
<br />'.
<br />consent. or the Note without
<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
<br />or other loan charges collected or to he 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 to the
<br />permitted limit; and (b) any sums already collected from Borrower which exceeded
<br />permitted limits will he refunded to Borrower. Lender may choose to
<br />under the Note or by making a direct payment to Borrower. If refund reduces princ
<br />make this refund by reducing the principal owed ipal, the reduction will he treated
<br />partial prepayment without any
<br />e•
<br />prepayment charge under the Note. as a
<br />13. Legislation Affecting Gender's Rights. if enactment or expiration of applicable laws has the
<br />rendering any provision of the Note
<br />effect of
<br />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
<br />permitted by invoke
<br />may any remedies
<br />paragraph 19. If Lender exercises this option, Lender shall take the step, s
<br />paragraph 17. Ps specified in the second
<br />'
<br />paragraph of
<br />14, Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by
<br />mailing it by first class mail unless applicable law
<br />requires use of another method. The notice shall 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 stated herein
<br />or any other address Lender designates by notice to Borrower. Any notice
<br />provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided
<br />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
<br />any provision 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
<br />which can be given effect
<br />or the Note
<br />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 of this Security Instrument.
<br />17. Transfer of the Property or a Beneficial Interest in Borrower.
<br />If all or any part of the Property or any
<br />interest in it is sold or transferred (or ifa beneficial interest in Borrower is sold or transferred and Borrower is not a natural
<br />person) without Lender's prior written consent, Lender may, its
<br />at option, require Unrnediate payment in full of all sums
<br />secured by this Security Instrument. However, this option shall not be exercised b% Lender if exercise is prohibited by
<br />federal law as of the date of this Security Instrument.
<br />if Lender exercises this option, Lender shall give Borrower notice of acceleration. 7 he notice shall provide a period
<br />of not less than 30 days from the date the notice is delivered or marled within which
<br />Borrower must Pay all strtns secured by
<br />this Security Instrument, If Borrower 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
<br />notice or demand on Borrower.
<br />It. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have
<br />enforcement of this Security Instrument discontinued at
<br />any lime prior to the earlier of (a) ? day s (or such other period as
<br />L applicable law may specify for reinstatement) before sale of the property pursuant to any power of sale contained in this
<br />Security Instrument; or (b) entry of a judgment enforcing this Security
<br />Instrument I'how conditions arc that Borrower:
<br />(a) pays Lender all sums which then would be due under this ,LTUrity Instrument and the Note had nu acccleratwn
<br />occurred: (h) cures any default of any other covenants or
<br />agreements; (c) pays all expenses incurred m cnfurcinF this
<br />Secunty Instrument, including, hilt not limited to, reasonahle attorneys' fees; and (d) takes such acuuu :u Lender mat
<br />reaKUtattly require to assure that the hcn of this Security
<br />Instrument, Lender's rights m the property and ttorrourr'%
<br />ubhgaUirn to pay ttre suit's secured by this Security Instrument shall conunuc unchanged. UpHm rrrnstat nt,,rri bt.
<br />lklrrowrr, this Sccurty Imirument and the obligations
<br />%ecurcd hcrcb% %hall reinam itrli1 Ctfect"c as 11 nil accelcrlt non hint
<br />Incurred ll lAc%er, this right io rcrnstate %hall nut apply in the ease of aceeleratLorl under Imragt,il,hs I ? of
<br />9 �
<br />
|