|
86--1 105068
<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 Lenders written agreement or applicable law.
<br />S. 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 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 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 shalt 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 fire 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 8v Leader 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 anginal Borrower or Borrower's successors in interest -
<br />Lender shall not he 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 oiany 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 tight or remedy_
<br />11. Successors and AWgns 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 17. Borrowers covenants and agreements shall be joint and several_ Any Borrower who co -sagas this Security
<br />Instrument but does not execute the Notc: tat is co- sigmng 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 Secunty Instrument: and (c) agrees that Lender and any other Borrower may agree to extend,
<br />modify, forbear or make anv accommodations with regard to the terms of this Security instrument txr the ?slate without
<br />that Borrower's consent
<br />12. Loan Charges. If the loan secured bi, this Secunty Instrument is subject to a law which sets maxtmum loan
<br />charges, and that law is finally interpreted sit that the interest or other loan charges collected or to be collected in
<br />connection with the loan exceed the permitted limits, then: is) 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 faom Borrower which a iceedect
<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 it, Borrov, er. If refund reduces principal, the reduction will be treated as a
<br />partial prepayment without any prepayment charge under the Note.
<br />13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable taws has the effect of
<br />rendern-g any provision of the Note or this Security Instrument unenforceable according to its terms, Lender. at its option,
<br />may require immediate payment in full of all sums secured by this Security Instrument and.may invoke any remedies
<br />permitted by paragraph id. if tender exercises this option, fender shall take the steps specified in the secorid paragraphof
<br />paragraph 17
<br />14. Notices. Any notice to Borrower provided form this Security Instrument shall be given be 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_ Anv notice
<br />provided for in this Security instrument shall be deemed to hay e bee t.gmen to Borrower or Lender when given as provided
<br />in this paragraph.
<br />15. Governing Law; Severiability. Thts Security Irs;ruirr -at shall be governed by federal lase and the law aot' die
<br />jurisdiction in which the Property is locaiei. In the exert that any prevision or clause of this Security Instrument or the
<br />Note conflicts with applicable taw, such conflict shall not affect other provisions of this Security Instrument or the \Ere
<br />which can be given effect without the conflicting provision_ To this end the pro, isions of this Security Instrument and tie
<br />Note are declared to be severable.
<br />16. Borrower's Copy. Borrower shall be given one civaformed copy of the Note and of this Seciinis Ins- Wwrient
<br />17. Transfer of the Propem or a Beneficial Interest in Borrower. If all or ary part of the Property =ir any
<br />interest in it is sold or transferred for if 'a benefical interest in Borrower 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 be exerciud 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. The notice shall provide a period,
<br />of not less titan 30 days from the date the notate is delivered or mailed within which Borrower must pay all sutras sc uTes! lhi:
<br />this Security Instrument. If Borrower fails to pay these sums pnt:ir to the expiration of this pcnod. Gender miiv tit.. - kc pan.
<br />remedies permitted by this Security Instrument without further naticeorrdemand on Borrower.
<br />18. Borrower's Right to Reinstate. If Borrower meets ceriam conditions, Borrower shall have the right to has
<br />enforcement (if this ScLunt} Instrument discontinued at any time prior to the earlier of ta) z days for such other perarxl as
<br />applicable law may 'specify for reinstatement i before sale of the Property pursuant to any rx suer of sale contain d m this
<br />Socuritp Inntrunicni. or (b) entry of a judgment enforcing this Seiuriry Instrument I hose conditions are that i3ciie ,-T
<br />tat pa), Lender all sums which them would he due under this Security Instrument and the Note had rw asce;eiititm
<br />occurrcd. (h! Lures any default of any other Covenants it agreemerity, (c) pays ali expenses inetirted to c`nto ro °g 'F.4
<br />Secutnb Instrument. including, but not limited tic, reasonable attorneys: fees; and (di takes such action. as I.eiiddi
<br />reauina<bly require t,, assure that the hen of this Secuniy tnstrunterit, Lender`, righis iii One Pralcrn an 3
<br />r>bligatiim To naA the clubs ve;uted txv this -St unis Inwunwrit shall continue uno by ftcd L pon odic -t: t v ..
<br />Ikan,wer, tlnW 4r, aru± instr n?cat :u,ii thy. ahligatWris Sc+ rcd berets) v)iall remain full) effc,tl.c, x, 0 o, r -n hk,
<br />h. ort>'o{ I a:�cr, this I;Rh+ i:; shall snit 4ppd} ;ri thc cos. 4 31 :cci t + ,tkxa, =3n - . - -
<br />
|