|
g6, 1 n28o3
<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 insurance
<br />the in effect until such time as the requirement for the
<br />insurance terminates in accordance with Borrower's and Lender's
<br />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 ofor prior to an inspection specifying reasonable cause for 1 he inspection.
<br />9. Condemnation. The proceeds of any award or claim for damages, director 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 procceds 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
<br />writing, the sums secured by this Security Instrument shall be reduced by
<br />the amount of the proceeds multiplied by the following fraction:
<br />(a) the total amount of the sums secured immediately
<br />before the taking, divided by (b) the fair market value of the Property immediately
<br />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 ' '! c Property or
<br />to the sums secured by this Security Instrument, whether
<br />or not then due.
<br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shit;! riot extend
<br />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 Waiver.
<br />a Extension of the time for payment or
<br />modification of amortization of file sums secured by this Security instrument, granted by Lender to any successor
<br />ul
<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
<br />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 demand
<br />any 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
<br />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
<br />successors and assigns of Lender and Borrower, subject to the provisions
<br />of paragraph 17. Borrower's covenants and agreements shall be
<br />joust and several. Any Borrower who co -signs this Security
<br />Instrument but does not execute the Note: (a) is co- signing this Security Instrument
<br />to
<br />only 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)
<br />'
<br />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
<br />that Borrower's consent. or the Note without
<br />12. Loan Charges. If the loan secured by this Secunty Instrument is subject to a law which sets maximum loan
<br />charges, and that law is finally interpreted so that the interest
<br />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
<br />may choose to make tfils refund by reducing the principal owed
<br />under the Note or by making a direct payment III Borrower If a refund reduces principal, the reduction
<br />,
<br />will he treated ;is
<br />partial prepayment without any prepayment charge under the Note. l
<br />13. Legislation Affecting [Ander's Rights. if enactment or expiration of applicable laws has the effect of
<br />rendering any provision of the Note this Secunty
<br />or instrument unenforceable according to its terms, Lender, at its option,
<br />ml
<br />may require mediate payment m full of all sums secured by this Security Instrument
<br />and may invoke any remedies
<br />permitted by paragraph 19. If Lender exercises this option, 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 lnsirument shall be given by delivering it or by
<br />mailing it by first class mail unless applicable law requires use of another
<br />method. The notice shall be directed to the
<br />Property Address or any other address Borrower designates by nonce to Lender. Any notice to Lender shall be given by
<br />first class mail to Lender's address stated herem
<br />or any other address Lender designates by noucc to Borrower. Any notice
<br />provided for in this Security Instrument shall be deemed to have been giver, to Burrower Lender
<br />in this paragraph. or when given as provided
<br />1S. 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 the event
<br />that any provision or clause of tills Security Instrument or the
<br />r if
<br />Note conflicts with applicable law, such conflict shall not affect ostler Secunty
<br />provuums of Ibis instrument or the c
<br />which can be given effect without the conflicting provision To this end the pro%lsruns of this Se.•urity Instrument and the
<br />Note are declared to be severable.
<br />16. Borrower's Copy. Borrower shall be green one conformed copy of the Note and of this Security instrument
<br />17. Transfer of the Property or a Beneficial Interest
<br />in Borrower. If all or an% pan of the Property or any
<br />interest in it is sold or transferred (or d a beneficial Interest in Borrower is sold or transferred and Borrower
<br />is nut a natural
<br />person) without Lender's prior written consent, Lender may, at its option, require unmedi-.rte payment in full of all sums
<br />secured by this Security instrument. However,
<br />this option shall not be exercised by Lender it excrcne a prohibited by
<br />federal law as of the date of this Security Instrument.
<br />if Lender exercises this option. Lender shall give Burrower notice of acceleration. The notice shall provide if period
<br />of not less than 30 days from the date the
<br />notice is delivered or malled within which Borrower must pay all .,urns secured h%
<br />this Security instrument If Borrower fails to these
<br />pay sums prior to the e%puation t,f tills pcno d, I ender ntal invoke an%
<br />remedies permitted by this Security Instrument without further rutr.e or demand on Borrower
<br />It. Borrower's Right to Reinstate. if Borrower meets certain cc,nduion%, fiorrovccr .hall face the right ro ha,e
<br />enforcement of thn Security Insir invent discontinued
<br />at r a,
<br />k an y mue nor to ibe cancci tit (a)
<br />s '
<br />'(her p,- pd ra pP licable law ma y specify for mtL,re sale o(the Prupcnv punuani t
<br />onui d
<br />„fo)
<br />any iS o a<a s.Ile c t
<br />Security Instrument; r (b) our) fa )udgmcnt cnforcurg thi Security Instrunent 1 hose a , are that Hot rower (a)
<br />L pays Lender all %urns which than w:,uiS tx due his '.IeLtlrlly
<br />under instrurnei t u.d t'ne \, to h:. n., a % Icrat:,,n
<br />incurred; (t} arcs anV Lfaalt of ley they eaants.x aLreer.irrlts t i , 1_.s u! ae;cn,cs III, ul v !u,
<br />Security lnstrumcnl, r is ludmg. but
<br />riot imp od !o. reasonable ttt"mr)" fee,. .,n + (!) laic. ! o d r mai
<br />reasonably require to assure that the lien c.f flits Sr:unty Instrument. I- Pis.
<br />1
<br />4m,er's n.
<br />F , % 1 ,d fit rf—,C,
<br />obi gatloa to pa the svims seta <d by tills >ruuuy Iri%vurnrnt vhil wii; ha !
<br />Fk tr wet, ;1 s Set Inviru
<br />tint, i-
<br />:.. cad r1i - huFa:: n, a .; :red eb} shall
<br />'k.eurted! l {,a.e.cr. ;fns re�ht tU s�in,,4dte chat: end at I -. ,:he -sir ;;t drt rice al;, .. ... „ •" •,• .r .- .is.l
<br />
|