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S6- 1064 6
<br />Y. Condemnation. The proceeds of any award of claim for damages, direct or consequential, in connect an wall any
<br />condemnation or other taking of any part of the Property, or for conveyance in lieu of condem not idol, are hereby assigned and shat l
<br />be paid to Lender.
<br />In the event of s total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument,
<br />whether or not then due. with any excess paid to Borrower. l n the eventof a partial taking of the Property, unless Borrower and
<br />Iwnderotherwise agree in writing, the sums secured by this Security Instrument shalt be reduced by the amountof the proceeds
<br />multiplied bythefolktwin# fraction:( a) thetotalamountofthesumssecuredimmediatelybeforethetaking ,dividedbylb) the ejr
<br />market value of the Property immediately before the taking. Any balance shall be. paid to Borrower.
<br />11 the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make sn
<br />award ortiettleaclaim fordamages. Borrower fails to respond to tender with in 30 days after the date the notice is given, Lende'r;is
<br />autborited toeollect.and apply the proceeds, at itsoptiun, either to restoration or repai r of the Property or to the sums secured,by
<br />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 postpone
<br />the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments.
<br />10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extensiun of the time for payment or modification
<br />of amortization of thesums secured by this Security Instrument granted by Lender to any successor in intereatof Borrower shall
<br />notoperaW to release the liability of the original Borrower or Borrowers successors in interest. fender shall not be required to
<br />commence proceedings against any successor in interest or refuse to extend time for payment or otherwise mod ify amortization of
<br />the sumasecured by thin Security Instrument by reason of any demand made by the original Bnrroweror Borrowers successors in
<br />interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right
<br />or remedy.
<br />I1. 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 be 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: (b) is not personally obligated to pay the sums
<br />secured by this Security Instrument: and le) agrees that Lender and any other Borrower may agree toextend, modify, forbear or
<br />make any accommodations with regard to the terms of this Security Instrument or the Note without 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 charges.
<br />and that law is finally interpreted ao that the interest or other loan charges collected or to he collected in connection with the loan
<br />exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the
<br />permitted line; and (b) any sums already collected from Borrower w hich exceeded permitted limits will be refunded to Borross er.
<br />Lender may choose. to make this refund by reducing the principal owed under the Note or by making a direct payment to
<br />Borrower. If a refund reduces principal. the reduction will betreated asa partial paynietn with out any prepayment charge under
<br />the Note.
<br />13. Legislation Affecting Lender's Right*. 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 Sectit ity Instrument and may invoke any remeahes permitted by paragraph
<br />19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17.
<br />14. Notices. Anynoticet oBorrowerprovideadforinthisSecuritylnstrumentshallbegivenbydeliveringitarbymailingat
<br />by first cis" mail unless applicable law requires another method The notice shall be directed to the Property Address or any
<br />other address Borrower designates by notice to Lender. Any notice to Lender shall be given by fi rst clash mail to Lender's address
<br />stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument
<br />shall he deemed to have been given to Borrower or tender when given as provided in this paragraph.
<br />15. Governing Law: Severability. This Security Instrument shall tw governed by federal law and the law of ihs
<br />jurisdiction in which the Property is h aced- In ! he• event that any provision or clause• r,f this Security instrument or the Note
<br />conflicts with applicable law, such conflict shall not affect other provisions of this Security Instruni nt or the Note which can be
<br />given effect without the conflicting provision. To this ened :he provisions of thin Security Instrument and the Note are declared to
<br />be severable.
<br />16. Borrower's Copy. Borrower shall (tc given one conformed crop), of the Note and of this Security instrument.
<br />17. Transferof the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is
<br />sold or transferred for if a beneficial interest in Borrower is sole or transferred and Borrower is not a natural person) without
<br />Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security
<br />Instrument. However, this option shall nut be exercised by Laender if exercise is prohibited by federal law as of the date of this
<br />Security Instrument.
<br />If Lender exercises this opt ion, Lender shall give Borrower notice of accele rat ion. The notice shall provides period of not less
<br />than 30days from the date the notice is delivered or maned within which Borrower must pay all sums secured by this Security
<br />Instrument, If Borrower fails by pay these sums prior to the expiration of this period. Lender may invoke any remedies permitted
<br />by this Security Instrument without further notice or ,letnand , +n Borrower
<br />In. Borrowers Rignt to Reinstate. If Borrower meet., certain conditions., Borrower shall have the right to have
<br />enforcement of this Security Instrument discontinued at any t ime prior to the earlier of: (a) 5 days for such period as applicable law
<br />may specify for reinstatement) before sale of the Property pursuant to any power of sale contained to this Security Instrument; or
<br />(b) entryof a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which
<br />then would be due under this Security Instrument and the Note had no acceleration occurred: (b) cures any default of any other
<br />covenants or agreements; Ic) pays all expenses incurred in enforcing this Security Instrument• including, but not limited to,
<br />reasonable attorneys' fees; and id) takes such action a; Lender may reasonably require to assure that the lien of this Security
<br />Instrument. Lenders rights in the Property and Borrower's obligation to pay the sums secured by this Security lnstrumentshall
<br />continue unchanged. Upon reinstatement by Borrower, this Security Instrument and theohligations secured hereby shall remain
<br />fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under
<br />pareatiplta 13 or 17.
<br />NON- UN1Ft11111COVEN'ANTS. Borrower and Lender further eonvenant and agree as follows:
<br />19. Ateeloradmr Remedies. Lender shall give notice to Borrower prior to acceleration following lorrower's
<br />breackof any eevenanta► agreement In this Security Instrument (but not prior to acceleration under paragraphs 13 and
<br />17'anlers applieablr law provides otherwise). The notice *hall specify! in) the drfsuis; (b) the action required to cure the
<br />dolls t; tc) adetect„ notlesstitan3lldaysfromthedate( hentdieeisgiv en( oBorrow• er ,bywhichthedefaultmustbecuret(;
<br />and W that failure to cure the default an or he fore the elate isliecified in the mote may result in acceleration of the %ums
<br />secured by this Security i nstrument and sale of the Properly. The notice rhail further inform Borrower of the right to
<br />relossiste after secoUrattewt and the right to bring a court action to assert the non - existence of a default or any other
<br />4ofease wf Burrower to screlerotian and sate, It the default is not rurrdl on or lwforr the date %perIGM in the notice,
<br />l,irndor at its option may r"wilrr immediate payment In full of all sums wwured by this Security instrument without
<br />forthordemand and may invoke! the power air sale and any uthcr remerdle% permitted by applicaioe law_. l ender shall toe•
<br />otAklod hear fleet old rapoaoro incurred In;wr*ming the ren wiles provided in Otis parr sraph lu. Ittetudina, but riot
<br />liwailed to, rosooshM► atiorallyli dwell sad took of this ovitioticr, 1`00W Stt t. *WA 14M
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