|
86--. 107267
<br />If Lender required mortgage insurance as a condition tit making the loan segued by this Security In-
<br />strument, Borrower shall pay the premiums required to maintain the insurance in effect until such time as a requirement for
<br />the insurance terminates in accordance with Borrower's and Lender s written agreement or applicable law.
<br />8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall
<br />give Burrower notice at the time of or prior to an inspection specifying reasonable cause for the inspeoton.
<br />I. Condemnation. The proceeds of any award ,,r claim for damages, direct or consequential. in connection with any
<br />condemnation or other taking of any part of the Proper(•, or for conveyance in lieu c,f condemnation, are hereby assigned and
<br />shall be paid to Lender.
<br />In the event of a total raking of the Property, the prceeds shall be applied to the sums secured by this Security
<br />Instrument, whether or not then clue, with any excess paid no Borrower In the event of a partial taking of rile Property, unless
<br />Borrower and Lender otherwise agree tit writing, the sums secured by this Security Instrument shall be reduced by the amount
<br />of the proceeds multiplied by the following fraction tai the total amount oI ill(: sums secured immediately before taking,
<br />divided by tb, the fair market value of the Property immediately before the caking Any balance shall be paid to Borrower
<br />If the Property is abandoned by Burrower, or if, after nonce by Lender to Burrower that the condemnor offers to make
<br />an award or settle a claim for damages. Borrower fails io respond to Lender within so days after the date the notice is given.
<br />i.ender is authorized to collect and apply the proceeds. at its option, euher n, restortri.m or repair of tile Property or to the
<br />sums secured by this Security Instrument, whether or nut then due
<br />Unless Lender and Burrower otherwise agree in writing, any application of pr cceds to principal shall nor extend or
<br />postpone the due date of the monthly payments referred o, tit paragraphs 1 and ' or change the amount of such payments
<br />10. Borrower Not Released; forbearance By Lender Not a Wainer. Extension of the nine for payment ur
<br />rnodifieariun of :unortazanon eat the sums secured by this St-wro, Instrumcm granted by Lendcr to any successor in interest of
<br />Burrower shall not operate to release the liability of the origmal Burrower ur Borrom ur s successors in interest Lender shall
<br />not be required tocuminence proceedings against any successor in interest or refuse io extend time fur payment or otherwise
<br />modify amortization of the suns secured by this Security Inutrttme'nr by reason of any demand made by the original Borrower
<br />or Borrowers successors ur intcresr Any forbearance by Lender in exere icing any right or remedy shall not be a wan cr of tit
<br />preclude the exercise of any right or remedy.
<br />11. Successors and Assigns Bound; Joint and Several Liability; Co- signers. Tilt: covenants and agreements of this
<br />Security Instrument shall hind and bc•ne•fn the• successors and assigns lot Lender and Borrower. subject no the pr-)% isions of
<br />paragraph I- Borrower's cionenanis and agrucinctns ,hail he joint and se•yc•rai Any Borrower who u> -signs this Security
<br />Instrument but does not execute the Note i a? is co- signing this Secunry Instrument only to rnnrtgage•,grant and convey that
<br />Borrower's interest in the proper(- under tire• rc•rmS of :Ills smunn hurn:ment; ; b is not personally obligated to par the
<br />sums secured by this Secunn Instrumenr: and -c r agrees that Lender and any ,tht:r Burrower may agree to extend. muditi .
<br />forbear or make any accommodations unh regard o, the term, tit tilt, security Instrument or the Note u.rhout that
<br />&>rruwer's consent.
<br />12. Loan Charges. If the luau secured by this Security Instrument is sul-iect to a law which sets maximum loan
<br />charges, and that law is finally imerprrred so that t he interest or other loan charges collected or w be collected in :unncction
<br />with the loan exceed the permitted limits. then ' a, any such loan charge shall be reduced by the amount necess.uy to reduce
<br />the charge to the permitted limit, and � b? any sums already collected trom Borrower which exceeded permitted limits will be
<br />refunded to Borrower lender reap choose oil :Hake tilt, refund by reducing the principal owed under the Nure ur by making a
<br />die•ct payment to Borrower if a refund reduces principal, the reductuotl will be treated as a partial prepayment without any
<br />prepayment charge under the Note
<br />13. Legislation Affecting Lender's Rights. It enactment or cxpirariun of applicable laws has the effect of rendering
<br />any provision of the Note or rhos Security Instrumenr uner forceable according to its terms, Lender, at its option, stay require
<br />immediate payment in toll tit all suns secured by this Security Instrument and may invoke any remedies permitted by
<br />paragraph It-). It !.ender exercises thisopnon. lender shall take the steps specified in the second paragraph of paragraph 17
<br />14. Notices. Any notice oil Borrower prinidt i tilt in This Se-curn% Nutriment shall be given by delivering it or by
<br />matting i t by first class mail unless applicable law requires use of another mudicrci The notice shall be directed t o t he Property
<br />Address or any other address Burrower designates by nut ice r, Lender. Any not it) Lender shall be given by first class mail
<br />to ixnder's address stated herein or any other address Lender designates by nonce to Borrower. Any notice pro%tded for in
<br />this Security Instrument shall be deemed to have teen given to Borrower or Lendcr when given as provided in this paragraph
<br />IS. Governing Law; Severability. 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 provision or clause of this Security Instrument or the Note
<br />conflicts with applicable law, such conflict shalt not affect other provisions of this Security instrument or the Note whit Ilk an
<br />be given effect without the conflicting provision. To this end the provisions of this Security instrument and the Note are
<br />declared ro be severable.
<br />16. Borrower's Copy. Burrower shall be given one conformed copy of the Note and of his Security lustrument
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any
<br />interest in it is sold or transferred tilt if a beneficial interest tit Burrower is sold ur transterred ,Ind 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 Security Instrument. However, thisoption shall not be exercised by lender if exercise is prohibited by federal
<br />law as of the date of this Security instrument.
<br />if Lender exercises this option, Lender shall give Borrower not ice of acceleration The• notice shall provide• a peso J of
<br />not less than ifldays from the date the notice is delivered or mailed within which Burrower must pay all ,tuna secured by this
<br />Security Instrument. if Borrower fails to pay these sums prior to the expiration of this pariod, Lender may Invoke any
<br />remedies permitted by this Security Instrument without further notice or demand stn Borrower
<br />18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have tile right no have
<br />enforcement of this Security Instrument discontinued at any time prior to the earlier of '.o: 5 days for Such other jet. of as
<br />applicable law may specify for reinstatemeno before sale of the Property pursuant ro any po we r of salt- comrunc i lit this Se-
<br />(urity instrument; or 16) entry of a judgment enforcing this Security Instrument Those conditions arc that Bon mer .n
<br />pays Lender all sutras which then would bedue under this Security Instrument Sind rile Note had nu.tlte'IeratWD (lccurred. ,h!
<br />cures any default of :nyothera,nvenansoragrec• mums.' t) paysallexpenSesmurn •dutontnrcing tills Svuvnu Instrument,
<br />including. but not limited ill, reasonable attorneys' fees, and o & takes such attiun as I.endei may tcason -obly rcyuoe ii, is
<br />sure tL -at rile lien of this Sccunt} Instrument. Lander s rights in the Propum and Boa rower , •hN anon :o, pay the• ,stn,
<br />,tuned by th„ Senuny instrument shall eununue unchanged Lipon remstaretnew by t, tilts Sectuni In,t;nirent
<br />.—d the ut-iigarons Secured herehy Shai's ienram tulle effetilne as it n".uceler,in�•n h:.! , c,�: :nevi H. ;u -%t-t �Itr, nl;h( 'll
<br />rc"ni,t.tre ,)tali not apply m ;Ire case ,d undue i• rny;raph, 1 < 'r
<br />
|