|
In
<br />87- 102$88
<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 terminates in accordance with Borrower's and Lender's written agreement or applicable law.
<br />g. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender
<br />shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
<br />9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with
<br />any condemnation or other taking of any pan of the Property, or for conveyance in lieu of condemnation, are hereby
<br />assigned 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 />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
<br />the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sun.s secured immediately
<br />betbre 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 />10. Borrower Not Released; Forbearance 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 any successor in
<br />interest of Borrower shall not operate to release the habihty of the original Borrower or Borrower's successors in interest.
<br />Lender shall not be required to commence proceedings against any succesw,r in interest or refuse to extend time for
<br />Payment or otherwise modify amortization of the sums secured by this Sccunty Instrument by reason of any demand made
<br />by the original Burrower or Borrower's wcces. rs nt 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 />I1. Sacce"M and Assigns Bound; Joint and Several Liability; Co- signers. The covenants and agreements of
<br />this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions
<br />of paragraph 17. Borrower's covenants and agreements shall he jomI and several Any Borrower v. ho co -signs this Security
<br />Instrument but does not execute the Note (a) s co- signing this Srcurtly 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 pay
<br />the sums secured by tilts Secunty instrument: and (c) agrees that Lender and any other Borrower may agree to extend,
<br />modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without
<br />that Borrower'sconsent.
<br />12- L.wa Cltarges. If the loan inured by this Security Instrument is subject to a law which sets maximum loan
<br />charges, and that law s finally interpreted so that the interest or other loan charges collected or to be collected in
<br />connection with the loan exceed the Pcrmntc d limits, then: (a) any such loan charge shall he reduced by the amount
<br />necessary u, reduce the charge to the Permitted limit: and (b) any sums already collected from Borrower which exceeded
<br />permitted limits will he refunded to Borrower Lender may choose to make this refund by reducing the principal owed
<br />under the Note or by making a direct payment to Borrower. If 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 enactment or expiration of applicable laws has the effect of
<br />rendering any provision of the Nose or this Security Instrument unenforceable according to its terms, Lender, at its option,
<br />may require immediate payment in full of all wins secured by this Security Instrument and may invoke any remedies
<br />permitted by paragraph 1() If lender exercise% this option, lender shall take the steps specified in the second paragraph of
<br />paragraph 17
<br />10. Notices. Any nonce to Borrower provided for in this Security Instrument shall he given by delivering it or by
<br />mailing it by first class mad 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 mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice
<br />provided for in this Security instrument shall he deemed to have been given to Borrower or Lender when given as provided
<br />in this paragraph.
<br />15, Governing Law; Severability. Thu Security Instrument shall be governed by federal law and the law of the
<br />junsdiction to which the Property 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 affect other provisions of this Security Instrument or the Note
<br />which can be given effect 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. Traesfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any
<br />interest in it is sold or transferred (or if a beneficial interest in Borrower 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 not be exercised by 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. The notice shall provide a period
<br />of not loss than 30 days from the date the notice is delivered or mailed within which Borrower must Pay all sums 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 no licr. or demand on B)rrower.
<br />111. Borrowees RW4 to Rainstato, If Borrower meets certain conditions. Borrower shall have the right u+ have
<br />enforcement of this Security Instrument discontinued at any time prior to the earlier of, (a) S days (or such other period as
<br />applicaillk law may sPecify for reinstatement) before sale of the Property Pursuant to any Power of sale contained rn this
<br />Securtty (mtrutttent, ar (h) entry of a judgment enforcing this Security Instrument Those conditions are that lorrower
<br />(a) pays Lender all sums which then would he due under this Security Instrument and the Note had no accelera t(
<br />o(;VUfrecl; (b) cures any default of any other covenants tot agreements: (c) Pays 311 expenses incurred in cliforcinl; slits
<br />Security Instrument, including, but not limited to, reasonable attorneys' fees: and Id) rakes such „,-t,�nm as I cutler may
<br />r .. lily rrtiutcr tao assure that the Item of this Security instrument, Lender's rights in the Property and liorn,wer"
<br />o. start to pa., the sums sevueed by this Security Lnstnamrrit shall continue uncharigc*<I l'tson reinstarcn,cnt by
<br />K4rerwet. this Sreuitty Iamirumcm anti' ("iffat((ns srcureol hereby shall remain fully c"ectse as rf no at elcrati +,n had
<br />ew curfrol H+?wcser. iliac right to reinstate xhall not apply Its Ihe,a%e 4a4eelermi,,ri under p.u;ayrApit, I I- i'
<br />
|