|
,6, 10492
<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 Borrower's and Lender's written agreement or applicable law .
<br />g, lesli"tloe. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shalt
<br />give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
<br />9. Condemeatioe. 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 this 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 adandond 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 sutras 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 dux date of the monthly payments referred to in paragraphs t and 2 or change the amount of such payments..
<br />10. Borrower Not Released: Forbearance By Leader 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 Borrows-
<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 shalt not be a waiver of or
<br />preclude the exercise of any right or remedy.
<br />11. Successors and Assigns Bound; Joint and Several LiabUity; 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 be joint and several. Any Borrower who co- sighs 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: (b) is not personally obligated to pay the
<br />sums secured by this Security instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify,
<br />.,forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that
<br />Borrower's consent.
<br />12. Loan Charges. If the loan secured by this Security instrument is subject to a law which bets maximum loan
<br />charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in cannrctian
<br />with the loan exceed the permitted limits, then: (a) any such loan charge shall 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 he
<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. Legfdation Affecting Leader'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 .urns +ccured 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 S7.
<br />11. Notices. Any notice to Borrower provided for in this Security Instrument shalt to given by delivering it at by
<br />mailing it by first class mail unless applicable law requires use of another method, The notice shalt 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 first
<br />class mail to Lender', 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 in
<br />this paragraph.
<br />15. Governing Lew: Severabillly. 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 any provisions 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 he 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 Instrumert.
<br />17. Transfer of the Property or a Beneficial loterest in Burrower. 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 persony
<br />without Lender's prior written consent. Lender may. at its option, require immediate payment in full of all sums sectrred by
<br />this Security instrument. However, this option shall not he 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 of acceleration. The notice shall provide a period of
<br />not less than 30 days from the date the notice is delivered or mailed within which the Borrower must pay all sums secured by
<br />this Security Instrument If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any
<br />remedies permitted by this Security Instrument without further notice or demand on Borrower.
<br />i8. 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) 5 days (or such other period as
<br />applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this
<br />Security instrument; or (b) entry of a judgment enforcing this Security Instrument, Those conditions are that Bortowrr: la)
<br />pays Leader all sums which them would be due under this Security instrument and the Note had no acceleration occurred; (b)
<br />cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security instrument,
<br />including, but not limited to, reasonable attorney's fees: and td) takes such action as tender may reasonably require to assure
<br />that the lien of this Security Instrument, Lender's rights in the Property and Hwrower's obligation to pay the sums secured
<br />by this Security instrument .ball continue unchanged Upon reinstatement by Borrower, this Security instrument and the
<br />obhgatsons scoured heteby shalt temain fully effective as it no aueleration had occurted. However, this right io reinstate shall
<br />nip apply in the :age of a.oeteratum under paragraplis 11 ar 11
<br />
|