|
X
<br />MSG=
<br />If Lender required mortgage insurance as a condition of making the Juan secured by this Security In-
<br />strument, Borrower shall pay the premiums required u) maintain the insurance in effect until such time as a requirement for
<br />the insurance terminates in accordance with Burrower s and Lender's written agreement or applicable law.
<br />ti. Inspection. Lender or its agent stay make• reasonable entries upon and insyec[ ions of the Property. Lender shall
<br />give Borrower notice it the time of ur prior nt an inspection specifying reasonable cause for the inspection.
<br />9, Condemnation. The proceeds of any award or claim for damages, direct ur cunscquenrial, in connection with any
<br />condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and
<br />shall to paid to lender.
<br />In the event of a coral taking of the Property, the proceeds shall he applied «) the sums secured by this Security
<br />Instrument, whether or not then due, with any excess paid mt Burrower. In the cveta of if partial taking of the Property, unless
<br />Borrower and Lender Otherwise agree in writing, the sums secured by this Security Instrument shall lie reduced by the amount
<br />of the proceeds multiplied by the following fraction: (a) rile total :unounr of the Sums secured immediately before taking,
<br />divided by (b) the fair market value Of the Property immediately before the taking. Any balance shall be paid to Burrower.
<br />If the Property is abandoned by Burrower, or if, after notice by 1-rndcr ut Burrower that the cundemnoroffers nr make
<br />an award or settle a claim for damages, Burrower fails nr respond to lender within i0 clays after the• dote the notice is given,
<br />Lender is authorized a) collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the
<br />sums secured by this Security Instrument, whether or riot then due.
<br />Unless Lender and Burrower 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 Z 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 I.ender to any successor in interest of
<br />Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall
<br />not be required to commence proceedings against any successor in interest or refuse u) extend time for payment our otherwise
<br />modify amortization of the sums secured by this Security Instrument by reason of any demand made by theoriginal Burrower
<br />or Borrower's successors in interest. Any forbearance by lender in exercising any right or remedy shall not be a waiver of or
<br />preclude the exercise of any right or remedy.
<br />11. Successors and Assigns Bound; Joint and Several Liability; Co- signers. Thecovenants and agreements of this
<br />Security Instrument shall bind and benefit the successors and assigns Of lender and Burrower, subject to the pruvisiuns of
<br />paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Burrower will) co -signs this Sccnrity
<br />Instrument but does not execute the Note: (a) is co- signing this Security Instrument only nr mortgage, grtnt and convey that
<br />Borrower's interest in the Property under the terms of this Security instrument; (b) is not personally Obligated to pay the
<br />sums secured by this Security Instrument, and (c) agrees that Lender and any other Burrower may agree to extend, modify,
<br />forbear or make any accommtafations with regird to the terns of this Sccurity Instrument or rile Note uithuur that
<br />Borrower's consent.
<br />12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which secs maximum loan
<br />charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection
<br />with the loan exceed the permit red limits, then ( a) :try such loan charge shall be reduced by the amount necessary to reduce
<br />the charge to the permitted liinIr; and I b) any sums already collected from Borrower which exceeded permitted limits will be
<br />refunded to Borrower. lender may (:boost u) make this refund by reducing the principal owed under the Note or by making a
<br />direct payment tl) Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any
<br />prepayment charge under the Note
<br />13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of rendering
<br />any provision of the Note or this Security Instrument unenforceable according mo its terms, lender, at its option, may require
<br />m mediate payment in full of all sums secured by this Security instrument and may invoke any remedies permitted by
<br />paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of 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 Property
<br />Addressor any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail
<br />to Lender's address stated herein or any other address lender designates by notice ut Borrower. Any notice provided for in
<br />this Security Instrument shall be deemed at have been given to Borrower-or Lender when given as provided 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 theevent (hat any provision or clause• of this Security Instrument ur rile Note
<br />conflicts with applicable law, such conflict shall nut affect other provisions of this Security Instrument tut the Note which can
<br />be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are
<br />declared to be severable.
<br />16. Borrower's Copy. Burrower 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. If all or any part of the Property Air any
<br />interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or O ansferrcd and Burrower 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, dais option shall nut be exercised by Lender if exercise is prubillued by federal
<br />law as of the date of this Security Instrument.
<br />If lender exercises this option, lender shall give Borrower not ice uf acceleration "I'he notice shall provide a period of
<br />not less than 30 days from the date the notice is delivered or rmailet] widiin which Burrower must pay all suits secured by this
<br />Security Instrument. If Borrower fails m pay these sums prior to the expiration of this perioal. Lender may invoke any
<br />remedies permitted by this Security Instrument without further notice or demand on Burrower.
<br />18, Borrower's Right to Reinstate. If Borrower meets certain cundilions, Burrower shall have the right to have
<br />enforcement of this Security Instrument discontinued at any time prior to the earlier ut: (:u 5 days (or such Other period as
<br />applicable law may specify for reinstatement 1 before sale of the Property pursuant ro any power of sale contained in this Se
<br />curity Instrument, or 16) entry cif a judgrttent enlurcing this Security lnstrunient. 'those conditions art• that lorrower (a)
<br />pays Lender al! Sums which then would he due under thissecurity lnsu unutnt and the Now had no MLVI •tatlrm uct lit red. (b:
<br />tunes any' default col arty uthet conve italics ar agrucrucnts, (c ) pay>,rll expensus incurred ht enfurt mr, this Sctunry Instnnncnr,
<br />ituluding, but nut limited tit, reasonable .tttoroeys' fees; and Id) takes Such autun at. I ender may reasonably requae btu as
<br />Sure that the fiClt of this Sc•turny Instrument, Lender's rights io the lrn,perry mill Mortimer s nbllgattun t., pey the ±umr
<br />sttsrrcd by this Security Instrrmment shall (ontuutt- unoiearlged f)Iant rcutsratcn*cnt hs K,rn,uv t Slut Set umf In.rnnncm
<br />and tilt trhliganunw sc(uted hereby shall remain fully Hic(lOt as if nu al1(Itt,etlutt It.i,i "(tuirt.) Iluwcse t, this uM,ht W
<br />renstale shall root apply m the (sore of aneletetknt undo paragtapli, I; .r I '
<br />I
<br />r`
<br />u„. e
<br />
|