|
$6- 101428
<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 />S. 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 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 />unless Borrower and Lender otherwise agree in writing, the sums secured by tilts Security Instrument shall be reduced by
<br />the amount of the proceeds muhiplied 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 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 />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 />shall not be a waiver of or preclude the exercise of any right or remedy.
<br />11. Successors 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 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. 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 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 slims 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 it direct payment to Burrower. 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 Note or this Security Instrument unenforceable according to is terms, Lender• at its option,
<br />may require immediate payrnent lit full of all sums secured by this Security instrument and may invoke any remedies
<br />permitted by paragraph )v. If Lender exercises this option. Lender shall take the steps specified in the second paragraph of
<br />paragraph 17.
<br />14, Notices. Any not 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 Burrower 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 be governed by federal law and the law of the
<br />jurisdiction in which the Property is located. 1n 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. Transfer 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. Ifoivever, this option shall not he exercised by Lender if exercise is prohibited by
<br />federal law as of the date of;hts Secunry Instrument.
<br />If fender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide it period
<br />of not less than 30 day, front the date the notice is delivered or marled within which Borrower roust 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 notice or demand on Borrower.
<br />18. Borrower's Rikht to Reinstate. If Borrower meets certain conditions. Borrower shall have the right to have
<br />enforcemenl of this Security Instrument dis ;oiitinued at any uric prior to the cdrher of` (t) 5 days (or such outer period as ,
<br />applicable law may sptuf% for rrnr,l :dcrnc nt 1 hcfore sale of the Property punuani to any power of sale contained in ihi,
<br />seeunty lnsuuu nt. i t ! ) ;•nits f iudpanent enforcing thi S urity Instrument Those condittons are that Honowcr
<br />fill piss I.crdcr ail ruins which liken would he due under this Sc,tlr' [nstrurncnt and the Note had nu acccicratmn rx
<br />ncctirr d. !h) (,arcs .,n. iclnulr ,f ,ups �,Iher uwenants ur iFic n!enrs, (c) pays till expenses lmurred lit enforcuic this;
<br />5c[.i, ply toil r.mur.l. n. ludtnc., i.ul n +n hnuted tn, leascaatbl,..+Itonieys' fees: and (,It lakes wch :ic!unt as t ruder fury ±t-
<br />-asm: :lilt rh,d !hr lice of this So, uriiN Insirurnew. I.cruJcr's ngitls in ow Nrr,perty and Horoiwrr's
<br />pt, :h:. .�.ini, •,cuucd i,, !ht, Se, :ur;lc Instrument :hall tununuc um :h,wg, -J 1 pon roil. "myth h,
<br />Hr ., c: ti Sec "t—, In r11,1 the :,hh�aurrt�� ,e,:,: ui iirucby ,`mO l tot, as :! iw a„ c!"I'llnm had
<br />Ih !r trm"talr shill1 . n�.rt appris !hr �a�c ! rr,,, irtal .0 :tit, h, r (•_n ,i �': ;t ph. .v
<br />_J
<br />
|