|
87"' 102731
<br />"W"If Li"r required mortgage insurance as a condition of snaking the loan secured by this Security Instrument,
<br />Shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the
<br />insurance terminators in accordance with Borrower's and Lender's written agreement or applicable law,
<br />g' I . Lender or its agent May make
<br />shall give borrower tuM(ce at the time roof or prior o an in bk entries upon and inspeet�as of the Property. Lender
<br />,, spec"O n specifying reasonable cause for the inspection,
<br />The proceeds Of any award or claim for damages, direct or consequential, in connection with
<br />any COOdORMNiOn or other taking of any pan of the Property, or for conveyance in lieu of condemnation, are hereby
<br />"Agred and 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 />instrannent, whether or no then due, with any excess paid to Borrower. In the event of a partial taking of the Property,
<br />union BOrmwer and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be roxlucrd 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 to Borrower.
<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 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 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 1 and 2 or change the amount of such payments.
<br />19. Borrower Net Belo Parbeaance By LeMer Not a Waiver. Extension of the time for
<br />modification of amortization of the sums secured by this Security instrument granted b Payment or
<br />interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors nc interest.
<br />Lender Lender shall not be required to commence proceedings against any successor in 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 />by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy
<br />shag not be a waiver of or preclude the exercise of any right or remedy.
<br />I1. Sneees§M amd A'� , Joint SAW -*vend Li�ility;
<br />this Security Instrument shall bind and benefit the successors and assigns of Lender CO-signers. Borrower, subject o 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 dotes not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey
<br />that Borrower's interest in the Propcny under the terms of this Security instrument; (b) is not personally 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, fOfbear of make any acconnmodations with regard to the terms of this Security Instrument or the Note without
<br />that Borrowers consent.
<br />12. Loon Charon. 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 sot 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 to the permitted limit; and (b) any sums already collected from Borrower which exceeded
<br />permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed
<br />utdher the Noe or by making a direct payment to Borrower. If a refund reduces principal. the reduction will he treated as a
<br />Partial prepayment without any prepayment charge under the Note.
<br />13 ion M►eetmg Leader's Rights. If enactment or expiration of applicable laws has the effect of
<br />rendering y 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 optitrn, (..ender shall take the steps specified in the snood paragraph of
<br />paragraph 17.
<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 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 maib to Lender's address Slated herein or any other address I.rnder designates by notice L Borrower. Any notice
<br />provkled 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• wing Law; Severabiiity. This Security Instrument shall be governed by federal law and the law of the
<br />jurisdiction in which the Properly is located. In the event that any provision or clause of this Security Instrument or the
<br />Note conflicts with applicable law, such conflict shall not aRect other provisions of this Security Instrument or the Note
<br />which can cl Given effect without the txmA'cling 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 tme conformed coPy of the Note and of this Security Instrument.
<br />17. Tour of tote Property or a Beaefleid Interest in Borrower. if all or any part of the Property or any
<br />finer t is it is sold or transferred (or if a benck -W interest in Borrower is sold or transferred arid Borrower is not a natural
<br />withotu! Lender's ono[ written consent. Lender may, at its option, require immediate payment in full of all sums
<br />fildend secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohihited by
<br />law ns of the date of this Security Instrument.
<br />If Lender exorcises this option. Lender shall give Borrower notice of acceleration. "he notice shall provide a Peru I d
<br />(If not less than .10 days from the date the notice is delivered or mailed within which Borrower must pay all sums scoured by
<br />rmmdm this Security Instrumem, If Borrower fails to pay these sums Prior to the cxPiration of this period. Lender may invoke an
<br />Permitted by this, Security Irwirument without further lxxwe or demand on Btrrowcr. y
<br />1#` norrowers Right to Roloome. If Borrower meets certain conditions, Borrower shall have the right to have
<br />nt of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 Jays (or such other iteriexd a%
<br />aPPksbk ba y r (h from reinstatement) of a anent} heforr sale of the Property pursuant to any (x,wcr o! sate cuntatnrtf in ihi%
<br />afity Instrument; or (b) entry trod% judgment enforcing this (Security. Instrument. I�hose conditions arc that lkrrruwer
<br />(a) Pays Lender aN ,sums which there werukl he due under this Security Instrument arid the Note had net acceleration
<br />nt , (h) c any default of any other covenants of agreements: (c)
<br />unity hrastr eft. trra.luding, but not limited toss, rea�mable attorney%' fee andflJl take, surjh ac it +,nntstl enJct�tnay
<br />y aarre to re shat the Ilea of this Se:urtty Instrument. Lender's rights tot the proVcrty and lte,truwcr'%
<br />nor" tot pay ncc sums secured by 'his Seturrly Instrument shall continue unchangct Cpv,n rctnsttueotcnt t,v
<br />florretwer, titt%lWSOUttty ttrattumrno %rod thcttbaligatiomsseurcd Mereby %hall rontatn fully r @'ocrtoc a% tort , a crferao,+tt had
<br />tt atrrr d hlsewever, this faght rte reumate shall not apply in the case ref accetcrau„tt under paragr q,h%
<br />i '
<br />
|