|
87--- 104083
<br />If Lender required mortgage insurance as It 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 />S. Inspection. Lender or its agent may make reasonabic 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 part 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 Properly, the proceeds shall he 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 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 Burrower, or if, after notice by Lender to Borrower that the condemnor offers to
<br />make an award or settle a claim for damages, Burrower fails to re %pond 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 [ender 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 liability of the original Borrower or Borrower's successors in interest.
<br />Lender shall not tx 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 its exercising any right or remedy
<br />shall not he a waiver of or preclude the exercise of any right or remedy.
<br />lit. Saeeesson and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of
<br />this Security Instrument shall band and ticnefit the successors and assigns of Lender and Borrower, subject to the provisions
<br />of paragraph 17. Borrower's covenants and agreements shall he joint and several. Any Borrower who co -signs this Security
<br />Instrument but does not execute the Note: (a) is co- signing this Security Instrument only to mortgage, grant and convey
<br />that Borrower's interest in the Property under the terms of this Security Instrument: (h) is not personally obligated to payer
<br />the sums secured by this Security Instrument; and (c) agree% 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'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 he collected in
<br />connection with the loan exceed the permitted limits. then: (a) any such loan charge shall he reduced by the amount
<br />necessary to reduce the charge to the permitted limit; and (h) any sums already collected from Borrower which exceeded
<br />permitted limits will be refunded to Borrower. Lender may choose to make this refund b% reducing the principal owed
<br />under the Note 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. legislation Affecting L.endee% Rights. if enactment or expiration of applicable laws has the effect of
<br />rendering any 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 option, tender shall take the steps specified in the second paragraph of
<br />paragraph 17.
<br />14. Notices. Any notice to Horrower 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 Borrow,�t 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 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 he governed by federal law and the law of the
<br />jurisdiction in which the Property is located. In the event :hat arty 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 Se urily Instrument and the
<br />Note are declared to be severable.
<br />lb. Borrower's Copy. Borrower shall he given one c—nformo -d copy of the Note and of this Securit % Instrurent.
<br />y
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any
<br />interest tit 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 sutras
<br />secured by this Security Instrument. However, this option shall not he exercised by Lender if exercise is prohibited by
<br />federal law as (1f the date of this Sccurity Insi rumens.
<br />If Lender cxcrcises this option, Lender shall glyc Borrower notice of acceleruuni. I tic notice shall pim Idea period
<br />of not les, than 30 days from the date the notwe is delivered or mailed within which Borrower must pay all sums secured by
<br />tilts Security Instrument. If Borrower fails to pay these sums prior to the expiration of this ivril.d, Lender may nlvokr ally
<br />remedics permitted by this Smurily Instrument without further notice, or demand on Borrower.
<br />18. Borrower's Right to Reinstate. If Borrower Intel,, certain condmom, Borrower shall hare the right to have
<br />crifoic , nt of this Security Instrument discontinued at any lime prior it) the earlier of. (a) 5 days (or such tither per Lod a%
<br />Applicable law may %pectfy for ref "%tale'Inerrl) before sale of the III ol e:rty lilt r' %uanI to ally pow'cr 111 sale cl,litJIIlet] ire Ihl%
<br />Security Instrument; or (b) entry (if a enforcing It- Sct;ul Ilistf 1 how
<br />judgment 11ti uncut corldlit00% ate' Ihat Hot h!w'ci
<br />(a) pays Lender all sum% which their Would fie clue. nllder Ibis Security Instrumc'lil and the Note had toil acee'lerall„ n
<br />mcurre& (h) cure+ any default of any other covenants m :agreements: (c) pays all exl,enses incurred in cnforcing this
<br />urny Instrument, inJuj;ing, but not 1111111ed to. reascnlahle atioriey%' fiat%; and td) lakes such action as Lender Inav
<br />rif rnatgy r uire ul asvurc that the Ile" tit this Sccurny Inatrunlent, Lender's right% sit the Property ,Ind Ilolroikcr'%
<br />1 11gatstnl tO pity' the sum% %ecul'ed b y ills Security Instrument %11411 continue unchanged l'in >n n untatrnurnt h1
<br />a
<br />flsr -wcr, this S"urity Inslrnmcrit and the
<br />' obligatton% %vvtired hvrcbv' %bail rctilatn flrlly cnectl%c a%It no acccictillit?II 11:1,1
<br />lac;, "recd llovirscr, lilt% right li- temstate shall ritil ;11,11%' 111 the aw ill at tllldcl parlgraph, I o „1 I"
<br />
|