|
L
<br />86- 1 03881
<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 unui such time as the requirement for the
<br />insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law.
<br />& laspKtion. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender
<br />shall gi%e Borrower nonce at the tome ofor prior loan inspection specifying 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 pan 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 wcur-d t,N this Security Instrument shall be reduced by
<br />the amount of the proceeds multiplied by the following fraction- !,i i the total amount of the sums secured immediately
<br />before the taking, divided by fb) 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 Lcrider to Borrower that the condemnor offers to
<br />make an award or settle a claim for damages, Borrower falls 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 pnncipal 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 bender Not a %kaiver. Extension of the rime 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 Burrower 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. An forbearance by Lender in exercising any right or remedy
<br />shall not he a waner ofor 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 thesuccessors and assigns of Lender and Borrower, subject to the provisions
<br />of paragraph i 7 Borrower's covenants and agreements shall be?oini and several Any Borrower who co-signs this Security
<br />Instrument but does not execute the Mote: (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: ibf 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 term, of this Secunty Instrument or the Note without
<br />that Borrower's consent
<br />12. Loan Charges. If the loan secured by this Security lnstrumcrit is suhimt 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 tai an such loan charge shall be reduced by the amount
<br />necessary to reduce the charge to the permitted limit, and (b) any ,corm already collected from Borrower which exceeded
<br />permitted limits will be refunded to Borrower Lender may , :hoosr tea make rho refund by reducing the principal owed
<br />under the Note or by making a direct par men to Borrower If a refit rid reduces principal. the reduction will be treated as a
<br />partial prepayment without any prepayment charge under the Nt-ir
<br />13. legislation Affecting lender's Rights. If enactment or rcprr:tn,,n if applicahle laws has the effect of
<br />rendering any provision of the Nc+te or this Sc uruy instrument unrnhrrccablc acconhng to ors terms, Lender, al its option,
<br />may require immediate payment in full of all sums %CSUred h, ;lit, 1CLuriii instrument and may inokc any remedies
<br />Permitted by paragraph ly If Lender exercises this c,puon, Lcnder shall take the steps specified in the second paragraph of
<br />Paragraph 1-
<br />14. Notices. Any notice ru BOITOwcr prostdcd for ill On, Sreunts In,trumcni shall be given by dehyering it of by
<br />marling it by first ;lass marl unless applicable law requires use of anothri method The notice ,hail he directed so the
<br />Property Address or any other address Borrower designates ha nos, c i.cnder Any nome to Lender shall be given by
<br />fir,t class mail to Lendcr', address stated herein or any other addrens I coder dc,ignatrs by notice to Borrower Any notice
<br />provided for in this Security Instrument shall be deemed to have been gisrn it) Horrower, •,it I ender when given as provided
<br />in this paragraph
<br />15. Governing law; Severability. fill, Security ITT,IrUrTIClll ,hail hC f'o,CrllCd h1 federal law and the law of the
<br />lunsdicnnn in which the Propens Is located In the cent that any f,rrsi,lou or Clause of (hi, >rcunty Instrument or the
<br />Note conflict, with applicable law ,uLh conflict shall not affmi ,other proyishrn of this Security Instrument (if the Note
<br />which can be given effect without the ,an1111L NY, pr,;%voon lo this end the puwlsom of rhls Security Instrument and the
<br />Note are declared to be s. srrahle
<br />16. Borrower's Cop}. Harr.,w<r ,halt be g).Cll One ,i1rlt0rTnCk1 .Ipv , -I the Note .ind of this Security instrumenl
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. 11 ,ill (,r any pan of the Property yr and
<br />interest it,, it is sold tit transferred toy if a henenciai interest in liorr(+wer is sold or tran,fert -tA acid Borrower is not a natural
<br />person) wirhout Lender's prior written somenl, Lender may, at its option, require minledlate payment in full of all sums
<br />secured by this Security In >trumcnr 1lowe%cr, this option shall not tar cxciuscd ha I ender It exercr,e is prohihoed by
<br />federal law as of the date of this Sec unh Instrument
<br />If Lender exercises this option.. Lender shall give &un.•wri noire (,t as,ric•raj:l I Ill n,uier shall pr,+uac A fierlud
<br />oaf not less than 30days from thr date the notice is delisered or mailed wrlhiti which B(+n(,wer mull pay all Burn, secured bs
<br />this Security Instrument 11' Borrower fails to pay these sums prnrT u, ihr ey)rratr.ln c,1 this pvi cod. I ender may nr,,,kc arts
<br />remedwr permitted by this'iaunty Instrument without further rwt,,r •.,r icmand ,vl IlOrt, iwl'I
<br />IS. Borrower's Right to Reinstate. if Borrowo meet, .rrtaln (vufui al,. lion,lwer shall hasr the light to hair
<br />rnfor,eff+ont c,(this Sc unty Instrument dncontniued aT any hmc ^rn r I., ibc carlicl A !.It s :iris (of such other period as
<br />apph,ahlc law may specify fin rrin,tainncnii hetwc ,aic ine llr,.pe :t. ; ursu.rnr wcr ,+I sale (olit,imed In tilt,
<br />tit+: *lis In,trunicnt ,rr ±ha rntn ra :,�Kmrnt :•nf,x,ing ;h.•. tic, i,I it nmtl Jµihur, . uc tn.0 Bor—wct
<br />4e1 payw I eider .nil ,unit whl,h w, uld he .fur under .(pd 11te t:(,tr had rte ,turi(•tai„ n
<br />,., urrnl h .,,re, Ito, default , +f any „rhrr ip•e a'I •+I► nws incurred rn nl..
<br />` , f`e r n;na h, YfA
<br />> , ur +: Ir•,,v. rr r.ni At,iud(nit nu! nett lurUeLt + , :, au•nehr .!:d (di 'akr, w,h x;hm a, 1 rnJer (Ira,
<br />rii.n.r i a„urr, ,aa, ,r:e Ire!, .,F !his 4; J•. I t i,
<br />- ,r• :ir�a .. �.•a. . (.. +' '. :d 1 otti-its arts IS
<br />J r +s „ b• , r.•, li . h n R d l pr,n
<br />,. � H .. . , �+ .•a., a ey �, -i ter ,' h, f`
<br />
|