|
$?-- 105451
<br />If Leader required morriMet inarturturce as a condition oaf 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 Liar the
<br />insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law.
<br />g teraller or its armt 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. Condemination, The proceeds of any award or claim for damages, direct or consequential, in connection with
<br />any condiumstation 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 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 />stalm Borrower and Leader otherwise agree in writing, the sums secured by this Security instrui,nent 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, dived 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 />stake 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, Leader 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 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 />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 />Leader shall not he 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 />shall cox be a waiver of or preclude the exercise of any right or remedy.
<br />11, Secesistors and Assigns Bound, Joist and Severial 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 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 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 this Security 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's consent.
<br />12. Lon Cam. if the loan secured by this Security Instrument is subject io 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
<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 />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. Lexisdistitim ABectim Lender's 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 caption, Lender shall take the steps specified in the second 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 ctm trail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice
<br />proved 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 />13. Governing Law; Severability. 7 "ins Security Instrument shall he 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 tine
<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 />Ii. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Securit y Instrument.
<br />17. Translier of the Property or a Beneficial Interest is Borrower. if all or any part of the Property or any
<br />interest in it is sold or transferred (or ifs beneficial interest in Borrower is sold or transferred And Borrower is not a natural
<br />pariam) without Lender's prior written content, L..etider may, at its option, require immediate payment in full of all sums
<br />secured by this Security Instrument. However, this optio n shall not he exerciud by Lender if exercise is prohibited by
<br />federal law as of tie date of this Security Instrument.
<br />If Lender exmises, this option, lender shall give Borrower notice of acceleration. The notice shall provide a period
<br />of nest lots than 30 days from the date the notice is delivered or mailed within which lk�rrowcr must pay all sums securcc! toy
<br />t y Itnt t. If Borrower fails to pay these sums prior to the expiration od'this peruid, bender rrt3y invoke any
<br />ressalfies permitted by this Security Instrument without further notice or demand on Borrower.
<br />M 's R to Retimilawe, If Borrower mesas certain conditions, Borrower shall have itic right to have
<br />l of this 'unly Instrument discontinued at any time prior it) the earlier of: (a) i days (cot sued, of ht:r pem d 3,,
<br />appheatsk taw may wmafy for reinstatement) before sale of the PrQperty pursuant to any power of sale c ont3ined un tilt,
<br />Iffturcly lnstru t; or (b) entry of a judgment enforcing this Security Instrunicar Those conditions arc 11131 Nilrowcr
<br />(a) pays Lenswr all sums which their would be due under this Security lnstrunieni and the Noic had no acec°lrratiott
<br />otiwvrred„ (ho cut" Any defaull of any other covenants or agreements, (c) pays all c%lwnw% itwurrcil in ertforcutg. ilia,
<br />�wty 1 lr rat, trcludiing, but toot htnil to, reasonable attorneys' fees: and Idi Takes such acnost as I ender may
<br />r r rc ro &caste that the lWo of this " corny Instrument. Lender's rnglns m the 1'rupa•r1y and lturrowcr's
<br />o K"1 rot pay ltae win% wurftl by this aunty Instrument shall cronoinuc mivhangesl Vjiitin rrtnswtcmcm h�
<br />Ileac wet, tht% unity Itw1unw at and the oblitiallonf. cured heteby shall 'entain lulty eflet is%r as it n,,,rrrc letali, +n ftael
<br />occuifftl _ M,%rret, this rtiltitt to r€inslae ,hall nol apply of the 1110" 'I paragraphs 11 w !''
<br />
|