|
0
<br />F 86-- 102870
<br />If Lcnder required mortgage insurance as a cotdiuon 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. ingeetien. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender
<br />shall give Borrower notice at the lime ofor prior to an inspection specifying reasonable cause for the inspection
<br />f. Condetfattrtion. The proceeds of any award or clame fur damages, director conseyuenuat, in connection with
<br />any condemnation or other idising of atiy part of the Property, or for conveyance in lieu of condemnation, are hereby
<br />assigned send 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 this .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 Propeny immediately before [he taking. Any balance shall be
<br />paid to Burrower.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor utters to
<br />make an award or settle a claim for damages, Borrower fails to respond to lender within 10 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 witting, any application of proceeds to principal shall title 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 Releared; Forbelrance By Lender Not a Waiver. Extension of the time for paymcrit 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 onginal Borrower or Borrower's successors tai interest.
<br />[vender shall not be required to commence proceedings against any successor in interest or refuse to extend mite for
<br />payment or otherwise mollify amonization o€ 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 />WWI not be a waiver of or preclude the exercise of any right or remedy.
<br />11. Succesron trod Asslgid Bossed; Joint and Several U&MIlly; Co- signers. The covenants and agreements of
<br />this Security instrument shall limit and bertefit the successors and assigns of Lender and Burrower, subject to the provisions
<br />of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who ctrsigns this Smurn y
<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 Secunty Instrument; (b) is riot personally obligated to pay
<br />the sums secured by this Security lnatrurnent; aid (c) agrees that Lender and any other Borrower may agree to extend,
<br />modify, forbear or make any accommodations with regard to the tcrms of this Security Instrument or the Note without
<br />that Borrower's consent.
<br />12. Lnant CMrgee. 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 norrower which exceeded
<br />permitted hmnts will be «funded to Burrower. 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. Lespalatium Affeetiag Lender's Righta, If enactment or expiration of applicable laws huii tire effect of
<br />rendering any provision of the Note ur this Security Instrument unenforceable -according to its terms, Lender, at its Option,
<br />may require immediate payment in full of all sums secured by Ibis Security Instrument and fray invoke any rcmcdies
<br />permitted by paragraph 19. If Lender exercises the option. Lender shall lake the sacps specified to the second paragraph of
<br />paragraph 17
<br />14. Notce". Any notice w Borrower provided for tit this Security In%trunienf %ball t.e given by dehvcnng it in by
<br />fading it by first class mad unless applicable law requires use of another method The nonce shall be directed h) the
<br />Property Address or any aiher address Burrower designates by notice to Lender Any notice to Lender shall be given by
<br />first class mad to Lender's address stated herein or any other address Lendep dc%ignaies by notice to Ilorrowcr. Any notice
<br />provided for in this Security Instrument shall be deemed to have been given to Borrower of lender when given as provided
<br />in this paragraph
<br />15. Governing Low; 5everability. This Security Insirumcnt %hall he governed by federal law and the law of the
<br />junsdictan in which the Property is located. In the event that any provision Or clau %c of tht% Sccuntv lnstrumcm or thr.
<br />Note conflicts with applicable law, such conflict shall not affect other provisions of this Sccuruy Instrument or the Note
<br />which can be given effect without the conflicting provision. 'to this end the provisions of this Security Insirumcnt and the
<br />Note are declared to be severable .
<br />If. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument.
<br />17. Tromehr. of Ibt Property or a Beneficiiil Intere►t is Borrower. If all or any part of the Property or any
<br />interest in it is sold or tran►ferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is riot a natural
<br />person) without Lender's pear written consent, Lender may, at its option, require immediate payment in full of all sums
<br />secured by this Security Instrument. However, this option shall riot be exercised by Lender if esercree is prohibited by
<br />federal law as of the date of this Security Instrument,
<br />If Lender exercises this option. Lender shall give Borrower 'loner of acceleration The notice shall provide a pcntxd
<br />of not less than 30 days from, the date the notice is delivered ter mailed wrrhin which &mower must pay all sums %e urrd by
<br />this Security Instrument. If Borrower fadds to pay these sums prior to the expiration of this period, Lender may invoke any
<br />remedies permitted by ihisSecurtty Instrument without further notice or dcniand on Mirrower.
<br />III. Blorrowor'o RIgM to Reinstate. If Burrower meets certain conduton %, Borrower shall ha%e the right io have
<br />enforcement of this Security Instrument discontinued at any little prior to the earlier of (a) 5 days (or such other persist as
<br />Lapplicable law may specify for remsisiemciet) hetore sale of tile Property pursuant to any power of sale crintautett an ttu%
<br />Sectemy Instrument, or (h) entry of s judgment enforcing this Set unty Instrument I htt%e condition% are flim lorrower
<br />(a) pays Lender all sums which then would be due tinder the% Security Instrument muj tine Note had nu ar,rlvrrtion
<br />^curred. (h) cures any default of any other covenarn% Or agrrrmrnl% tcI pays all eslwnw% mturrr.l in rest: r ..,g Ou%
<br />Securers Instrunnenn including, but loin hrnitctl lo, reastmahie atturnevs' firs vnd tl) !;Ike% %u, h action n% 1 miler may
<br />reasonably require to as %ure (list The fire :f this %rcunly 11%%trunicur. Leaders fight, tit the I'n,pcny au,1 1s arr.%vct v
<br />uhtrgxtion ill pay the %urn% secured by us Security ler%irumew hail rontanur anihnnitrtf I!fu�a rrn,.r,n,i�rM hr
<br />Bnnnirer, !hit StcurOy li. +trutnent aaul ihe,�hgaUrnta ururret hereh% ,hail remain hill% Pnr, i•,.,• .e% i! n.� a., ricr.r,i :u, 'r a,1
<br />li - »rot'! sites irt;h! !„ rr :bi%l aye ',fi.,ff not ntq�lp m lE„ :., %r ••. t.. rl, ras ,, n u.:. is r � _ �� i :. .a .
<br />r
<br />f' m
<br />(01
<br />
|