|
86- 103672
<br />If Lender required mortgage insurance as a condition of making the loan secured by this Security lnstrumcl;t,
<br />Bor—,s4W.pay thc,pp;Tiums required to maintain the insurance in effect until such time as the requirement for the
<br />insurinwiiihviinatesin am, ordance with Borrower's and Lender's written agreement or applicable law.
<br />S. Lender or itsagent may make reasonable entries upon and inspections of the Property. Lender
<br />shall liveftnotice at the time of or prior to an inspection specifying reasonable cause for the inspection.
<br />9. Candeninadon. 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 proceed., 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 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 smured 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 of any right or rerredv.
<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 bejoint 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 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) 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 S
<br />ecuraN 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 be collected in
<br />connection with the loan exceed the permitted limits, then (d) any such loan charge shall he 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 refund reduces principal. the reduction will he treated as
<br />partial prepayment without any prepayment charge under the Note.
<br />13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of
<br />rendering any provision of the Note or tnisSecuniv Instrument unenforceable according to its term,,. Lender, at its option,
<br />may require immediate payment in full if all sums secured by this Security v Instrument and may invoke any remedies
<br />permitted by paragraph 14. II'Lender exercises this option, Lender hall take the steps specified in the second paragraph of
<br />paragraph 17.
<br />14. Notices. Any v notrLe to Burrower proNidedl for in this Security Instrument shall he given by delivering it or by
<br />mailing it by first class mail unless applicable law requires use of another method The notice shall hc directed to the
<br />Property Address or any other address Borrower designates by notice to Lender Any notice to Lender shall be give]) by
<br />first clam 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 he deemed to have heen given to Borrower or Lender when given as lircr.ided
<br />in this paragraph.
<br />15. Governing Law; Severability. I'his Secuni% In%trurnviri shall he go%crned ha federal law and the law of the
<br />jurisdiction in which the Property is iocated In the event that any provision or clause of this Security Instrument or the
<br />Note conflicts with appitcabic 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 prmi%wns of this Security Instrument and the
<br />Note arc declared iobe stverabie
<br />116. Borrower's Cop),. Misro%er .hall be given one conformed cop, of the Note and ,,1 this Sours[) Instrument
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. It all or vi,, part sit file <,, any
<br />interest ill it is wld or transferred (or if beneficial intcre%t in Borrower is sold or lianstcired and Borrower is not it naiural
<br />person) %4tthout Lender's prior %%niten cow6ent. Lender may. at its option, require immediate payment in full of all sum,,
<br />secured by this Secunty Instrument Mvv%cv-.r, this "PlIOn shall not he exeicrwd by I critter it exercise is pl,biblied bN
<br />federal law asofthedatcoii this securuy Instrument
<br />If Lender exercises Owtoptio,n, Lender shall give Hoiro%cr notice of acceleration I he ricilicc shall Pr— ldc J perlircl
<br />ot'not lc-.,. than ?0 days from the date the nonce is deh%crcdor mailed within Ahr,h Borro%xcr must pay all urns secured by
<br />this Security Instrument If Borrow,.r tarp to pay these sums prim to the c.xpirdtion iii fill\ li•ritid. I order fna% :w—ke,n1%
<br />rcmmllc% permitted by this Security Instrument without further notice or dernarui,,n li,ifw%kcr
<br />18. Borrower's Right to Reinstate. If Borrower meets certain conditions, llorr,i%cr shall hays Oir right m ll,u
<br />enfoicement oft of Security In,irument discontinued at ans time prior t,, file earlier 14 fay , kJaNN [of 'u, h -)!hrr as
<br />applicable law may spec !y for reinstatement i before sale of the Pnilwri) pursuant ! , ri) r,,,u•r of lair —mamcd in 1111,
<br />Security In%tiumcril, or 111 -i e:tttN ilidgIfIrtli C11101'Ong this 'IeLlollv Inlruni•ill I hou orldill.,11, arc 01,11 14"11""Cl
<br />(it) pays Fender ail sum, which Itil) %oolcl ht due under this 'vtcurlfv inslyunwill and the Noic !lad n, .1—(leraiwr:
<br />occurtmi. Oil cure, any default it nn), other CO'C7131111 W A6!1e$:"lenT% 1L) pays all lfj,,u'TC'd ill 1fi,
<br />Smuniv Instrument. mcluditrig. hue not linine'i 1", rea%oriahir lmqnes, lccs and d. 1AC, su, !I ae tt,m .1, I -nd,, "u.,
<br />fell.09)Abiv rcqu,r, i-, i—we Oval the lien of this SMUrlt%
<br />� 17!sUUYTCW. I VIJVJ's In Olt V-1,T!S "I'l lil"T"I'l I
<br />"hilitaion !i, pa !hC 'UM, ,-,Wed hN Se,1ftv In,irurnew
<br />Om!! , -omk,, iti, h.,,e,,J I 1—r,
<br />an.) the ol-,Ilpilion, "-L(,;Te,l her,-!.) h;i;; roman, uil,
<br />--i
<br />
|