|
86-- 103894
<br />if Lender required mortgage 'ins'urance 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 Borrower's and Lender's written agreement or applicable law.
<br />S. Inspection, Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall
<br />give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
<br />9. Condemnation. The proceeds of any award or claim for damages, direct or consequential. in connection with any
<br />condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned
<br />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 !his Security instrument shall be reduced by the
<br />amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the
<br />taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to
<br />Borrower.
<br />If the Property is adandoned 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 charge the amount of such payments.
<br />10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification
<br />of amortization of the sums secured by this Security instrument granted by Lender to any successor in interest of Borrower
<br />shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall not be
<br />required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify
<br />amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or
<br />Borrower's successors in. interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or
<br />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 this
<br />Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of
<br />paragraph 17. Borrower's -covenants and agreements shall he 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 that
<br />Borrower's interest in the Property under the terms of this Security Instrument; eb) is not personally ,litigated to pay the
<br />sums secured by this Security Instrument; and 1c) agrees that Lender and any other Borrower may agree to extend, modify,
<br />forbear or make any accommodations with regard to the terms of tai, Security Instrument or the Note without that
<br />Borrower's consent.
<br />12. Loan Charges. If the loan secured by this Security Instrument is c:bject 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 connection
<br />with the loan exceed the permitted limits, then: (a) any such loan, charge shali be reduced by the amount necessary to reduce
<br />the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be
<br />refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making
<br />a direct payment to borrower. If' a refund reduces principal, the reduction will be treated as a partial prepayment wihout any
<br />prepayment charge under the Note.
<br />13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of rendering any
<br />provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may require
<br />immediate payment in full of all sums secured by this Security instrument and may invoke any remedies permitted by
<br />paragraph 19. If Lender exercises this option. Lender shall take the steps specified in the second paragraph of paragraph !7.
<br />14. Notices. Any notice in Borrower provided for in this Security instrument shall be Riven by delivering it or by
<br />mailing it by first class mail unless applicable law requires use of another method. the notice shall he directed to the
<br />Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first
<br />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 giver, to Borrower or Lender when given as provided in
<br />this paragraph.
<br />15. Governing I.aw; SeverabNily. This Security instrument shall he governed by federal law and the law of the
<br />jurisdiction in which the Property is located. in the event that any provisions or clause of this Security Instrument or the
<br />Note conflicts with applicable law. such convict 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 />14. Borrower's Copy. Borrower shat( he given one conformed Copy of the Note and of this Security Instrument.
<br />17. Transfer of the Property or a Benefkfal Interest In Borrower. If all or any part of the Property or any interest in IT
<br />is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person)
<br />without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by
<br />this Security instrument. However, this option shall not ix exercised by Lender if exercise is prohibited by federal law as of
<br />the date of this Security Instrument
<br />If Lender exercises this option, Lender shall give Borrower notice ,f acceleration. 'the notice shall provide a period of
<br />not less than 30 days from the date the notice is delivered tit mailed within which the Borrower must pay all sums secured by
<br />this Security Instrument. If Borrower fads to pay these sums prior to the expiration of this period, Lender may invoke any
<br />remedies permitted by this Securir; 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 have
<br />enforcement of this Security instrument discontinued at any time prior to the earlier of (a) S days for such other period as
<br />applicable law may specify for reinstatement) before gale of the Property pursuant to any power of .ale contained in thi,
<br />Security instrument, or tot entry of a judgment enforcing this Security lnstrument. Those conditions art *bar Borrower tit)
<br />pays Lender all Burrs which then woulct ht due under this Security instrument and the Note had no acceleration occurred; fb)
<br />s=utra any default of tiny other covenants or agreements_ (c) pay, all expenses incurred in enforcing this Security instrument,
<br />ineiudina, but n t lirniteu io, eessonable attorney's fees: and (d) takes su,,h action as I ender may ccasonahly !equine to assure
<br />That the hell of this 4itcurity Instrument. Leruler`s :fight, :n the Property and $orrowrr'� . hligatior, to t,as the +urns secured
<br />tit this 'snurily Insttutnent s}aall Continue inctianged iJ;xut reiastatenscni ny B[lrri,wct, :hit Sc ions i- =,Iron.ei9t and 01-
<br />�i#xlz�atsuny secvrex,4 hereby ,hail rrmaSrt flltll affective as If n,, a <ctkeratum hard -,.'c:: :i -cut t1 �s•.e�.�.r ,i.,•, r,eht e.n.?atr +!cal:
<br />•t<rr epr<iv in she j," ±f ui elraaisori ..ml €r 11 of 1"
<br />
|