|
k:
<br />r
<br />I
<br />85... 000225
<br />If Lender required mortgage insurance as a condition of making the loan cured 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 />8. 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 />4. Condemnation. The proceeds of any awarJ or claim for damages, direct or 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 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
<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 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 1 and 2 or change the amount of such payments.
<br />10. Borrower Not Released; Forbearance By Lender 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 original Borrower or Borrower's successors in interest.
<br />Lender shall not be 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 of any demand made
<br />by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy
<br />11. Successors and Assigns Bound; Joint and Several Liability; Co- signers. The covenants and agreements of
<br />this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions
<br />of 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
<br />that Borrowers interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay
<br />the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend,
<br />modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without
<br />that Borrower's consent.
<br />12. Loaa Charges. If the loan secured by this Security Instrument is subject 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 be collected in
<br />connection with the loan exceed the permitted limits, then: (a) 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 from Borrower which exceeded
<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 to Borrower. If a 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 laws has the effect of
<br />rendering 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 19. If Lender exercises this option. Lender shall take the steps specified in the second paragraph of
<br />paragraph 17.
<br />14. Notices. Any notice to Borrower provided for in this Secuniv Instrument shall be given by 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 clam 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 given to Borrower or Lender when given as provided
<br />in this paragraph.
<br />15. 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
<br />Norte conflicts with applicable law, such conflict 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 />16. Borrower's Copy. Borrower shall be given one conformed copy o f f he Note and o f t his Security Instrument
<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 transferted (or if beneficial interest in Borrower is sold or transferred and Borrower as not a flatural
<br />perm) without Lender's prior written consent. Lender may, at its option, reyuirc ""'Mediate payment in full of all sums
<br />secured by this Security Instrument. However, this option shall not be e.xc:acised by Lender of exercise is prohibited by
<br />federal law as (if the date of this Security Instrument.
<br />If Lender exercises this option, lender shall give Borrower notice of acceleraIloll. Hic notice shall provide a period
<br />of not less than 30 days from the date the notice Is delivered or mailed within which Hor'rowcr must pay all surnls secured by
<br />this Security Instrument, If Borrower fails to pay these sums prior to the expiration o f t his period. I.endcr allay mvoke any
<br />remedies permitted by this Security Instrument without further notice or demand on liorrowct.
<br />18, Homwer's Right to Reinstate. If Borrower rrlc°et% certain conditions. Mortimer shall have the right to have
<br />enforcement of this Security in9truntcrit dnsLontinued at any tattle prior to Ills' car'her of 01 S daps (or such other period as
<br />applicable law may specify for rcinsttatcment) before %ale of the llrolrcrty pursuant to any powcl of salt .nntalaaccd In this
<br />Security Instrument; or (b) entry of a judgment enfurcirng this Securtyy Insn unlent. Those enndntons ;ere that liorrowrr'
<br />(a) pay-- Lender all sums which then would he due under this Security ln%irumeni and the Neric had no ;secrleranon
<br />occurred; (h) cures any default of any other covenants or agrrerncnts: Ic) pays all expense, Incurred Ili enGttrrnl; tills
<br />Security Instrument, inclualing, but not limited to, reasonable attorneys fees: and fdt lakes such action a% Lender Ilia%
<br />reasonably reclutre fit assure that the hen (if this Security Instrument, I cnder'% rights III Ili[' "i'nle't:\ ;snit fdorrower'.
<br />("'Natusn to pay the %urns secured by this Security Instrument shall cnnunuc unrhan;ted I'lku, n•mstanenunl bs
<br />Iklrn +wet. tills fsccatnly lnstrurnent altl' Itte obligations secured hereby shall rc•matn fully 01rolxe a. it m,'i -O v:atlon hurl
<br />(,,curred Ilnwever, this right to rehu5late shall not apply in the case of accelcrat,on u11,1, paragraph, I t „I I "
<br />--ii
<br />
|