|
gs_ 103033
<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 Borrowers 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 specif; ing reasonable cause for the 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 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 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 1 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 ofany 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 Borrowers 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 Cbargx. If the loan secured by this Security instrument is subject to a law which sets maximum loan
<br />charge,, 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 sums already collected from Borrower which exceeded
<br />permitted limits will he 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 without any prepayment charge uno(er the Note.
<br />13. Legislation Affecting Lender's Rights. If enactment or expiration of ai- r.!icable laws has the effect of
<br />rendering any provision of the Note or this Security instrument unenforceable according to it., terms. Lender. at its option,
<br />may require immediate payment in full of all sums secured by this Secunry instrument and may invoke any remedies
<br />permitted by paragraph 19. If Linder exercises this option. Lender shall take the steps specified m the second paragraph of
<br />paragraph 17
<br />14. Notices. Any notice to Borrower provided for in this Securny 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 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 />IS. Governing Law; Severabifity. 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 that an% 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 transferre; (or if a beneficial interest in Burrower 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 Secunty Instrument. However. this option shall not he exercised by Lender if exercise is prohibited by
<br />federal law as of the date of this Security Instrument
<br />If Lender exercises this option, Lender shall give Borrower notice of acceleration. ],he notice shall provide a period
<br />of not less than 30 days from the date the notice is delivered or maded within which Borrower must pay all Burns secured by
<br />this Secunty Instrument. If B:xrower fails to pay these sums prior to the expiration cif this period. Lender may invoke any
<br />remedies permitted by this Security Instrument without further notice or demand on Borrower
<br />18. Borrower's Right to Reinstate. If Borrower meets certain conditions. Borrower shall have the right to havr
<br />enforcement. of this Security Instrument discontinued at any time prior to the earlier of. ±a b � days Ior such other pericr d as
<br />spphi °ably law may specify for reinstatement) hefore sale of the Property pursuant to any dk1NCr of sale contained in this
<br />5ccurm) Instrument, or (b), entry of a judgrnetu enforcing this Security lnstrurnent I! o-c cundnionc are that Borrower
<br />141 PAys Lender all sums which then would he due under this v,. „irsiy tnstrunrenr and the Note had rti, ac ;eieratrori
<br />+'cur :eu, icp :UreS any default of ary other a,rrnantS "I zigrrernerus. i.! pass aft exp*ens.s Incurred Pn enfarcing this
<br />Serair+rr Instrument. ,aic €uding. Dui not hrmted ta, rcasana it attcrnc ;�' fee. and idi takr� suet; acticon as I -ender may
<br />r estsw,i arty rr;.tuiry i.- axurr . that the lien M thn SECuriay Insrn:meii I Crider s r;eht, .n !tic I'na,rrty sit.! Itrrmwc”
<br />crn9 g r a +he sums vend rid by 0 Sec,itltt lnsirt.trcw shat :�t,± . -t u i r s f i- i .rs,r.ri,rne• :r h•,.
<br />;,._ ...,: tl,. .... -: :t -.•�S rt . -. list are •..;ts; ,, .
<br />MI
<br />
|