|
a6— 102585
<br />1 If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument,
<br />Borrower shall pay the prerrvutns 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 />8. 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 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 th- 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 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 opuort, 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 payrents 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 ofany 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 bcjoint 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 />:hat Borrower's interest in the Property under the terns of this Security Instrument; (b) is not personally obligated to pay
<br />the sums secured by this Security Instrument; and ic) 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 he 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 wvhout any prepayment charge under the Note
<br />13. Legislation Affecting lender's Rights. If enactment or expiration tit apphcabic laws has the effect of
<br />rendering any provision of the Noie or this Security Instrument unenforceable according to its terms. Lender. at its option,
<br />may require immediate payment in full of all sums %-Cured by this Securit y Instrument and may invoke any remedies
<br />permnied by paragraph lU if Lender exercises this option, Lender take the steps spccilied 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 a 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 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 faw of the
<br />jurisdiction in which the Property is located In the event that any prn iswn or clause of this Security Instrument or the
<br />Note conflicts with applicable law, such eun8ict shall riot 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 lnstrumeni
<br />17. Transfer of the Property or a Beneficial Interest in Burrower. If all or any part of the Property or any
<br />interest in it is sold or transferred (or !f a beneficial interest in B),rower 1s sold or transferred and Borrower is not it natural
<br />person) without Lender's prior written consent, Lcnder may, at its option, require immediate payment in full of ail sum,
<br />secured by this Security Instrument Nowev�r, this option ,hall not he eteicued by Lender if exercise its prohibited by
<br />federal law as ofthe date ofthis Security Instrument.
<br />If Lender exercises this option. Ler•.der shall give Borrower notice of acceleration hhr notice ,hall provide a period
<br />of not less than 30 days from the date the notice is delivered or mailed w ithm which Borrower must pay all sums secured by
<br />:his Security Instrument. if Borrower fails to pay these sums prior to the expiration of this period, tender may invoke any
<br />rrmedic, permitted by this Security Instrument without further notice or demand on Borrower
<br />18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrows•: ,hail have the right !o have
<br />enforcement of this Security Instrument d!s",nnnucd at any time prior to the earlier (If fai t days for Nish other period as
<br />appiicahie law may specify for rruniatemcnt f More sale of the Propcitc pursuant h! any p,,nvcr of ,ale ,owained in this
<br />security !n,irunient. or (b) entry of a )udgincnt enforcing ih;, Se,urin Instrumew fhu,c 011dwlm, ac !hen Boriowet
<br />tai pa , + _n ire ail ,urns which then would be duc under ih1, Se c ;1, ln,lrurncnt ind !hc• voice had nos aeselerauori
<br />,csrri.+ rI tics vt. default !;f ans " her .sinuit, _r i nays all expcn t:N ; i -urred n ,nt•orting this
<br />seeuri 1 n,,r trna _ mcluding, hilt i t ;;.,tiled io. e _ ivshle itr rn , .ins+ rci; ak"-, r 1: e riot .1, 1 cider mah
<br />.ca, i.sat,t, less' „c 1, a „ur. t-+.a 0:, ?en A .his SV lint. In, tit. r• 1 , rid- ,ghi r rapt , and ti.. T—,er ".
<br />F h;;
<br />r, ra, umC t! f: I i n c ; ,1 ; , FI
<br />t
<br />Ihpat..ns curry "t + ' .f 'It al ,e t, i I I :; ;..; I , ; I ha,1
<br />";n o': alt ,,1 a, ;�;. in. the ... , u.;<! el
<br />717 i
<br />J
<br />
|