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9
<br />85--001894
<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 l 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 />shall not be a waiver of or preclude the exercise of any right or remedy.
<br />I1- 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 Borrower's interest in the Property
<br />dify 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 />mo, forbear or make any accommodations with regard to the terms of this S
<br />Thai Borrower's consent. ecurity Instrument or the Vote without
<br />12• Loan 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 Iimtts will he refunded to Borrower. Lender may choose to make this refund by reducing the principal owed
<br />under the Vote 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 Security Instrument shall be given by delivering it or by
<br />matting 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 b
<br />first class matt to Lender' y nonce to [,ender. Any nonce to Lender shall be given by
<br />s address stated herein or any other address Lender designates by notice to Borrower. Any notice
<br />provided for in this Security instrument shall he deemed to have been given to Borrower or Lender when given as provided
<br />in this paragraph.
<br />IS. Governing law: Severability. This Security instrument shall he governed by federal law and the law of the
<br />jurisdiction to which the Property is located. in the event that any provision 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 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 of the Note and of this 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 transferred for if a beneficial 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 Security instrument. However, this option shall not be exercised 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 than 30 days from the date The notice IS delivered or mailed within which Borrower must pay ail sums secured by
<br />this Security I it trwnen[. if Borrower fads to pay these sums prior to the expiration of tills period. Lender may invoke any
<br />remedies permitted by this Security Instrument without further notice or demand on Borrower
<br />18. Borrower's Right to Reinstate. if Borrower meets certain conditions, Borrower shall hale rile right to hase
<br />enforcement of this Security Instrument di%continued at any time prior to the earlier of (a) I 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 to tilts
<br />Security Instrument or (bi entry "I'd judgment enforcing this Srcunty instrument. Those conditions arr. that Borrower
<br />(a) pays Lender all suns which Then would he due under this Security Instrument and the Note had nu acceleration
<br />occurred: +b) cures any default of anv tither covenants Or agreements: (c) pays all expenses incurred M enforcing this
<br />Security instrument, including, but n<;T limited to, reasonable attorneys tees: and (d) takes such action ,u 1_ender inns
<br />reasonably require to assure that the hen of this Security Instrument, Lender's rights in the Property and Borrower's
<br />Borrowon to pay the stints secured by this Security Instrument shall continue unchanged L'pon rern%[atcmen[ !n
<br />Borrower. this Srcunty Instrument and the ohligarions secured herehy shall remain fully eirectise :u if nu dcccletattun h,id
<br />of :curred. Iinweser, ih ;s right ro reinstate shall nut apply in the case +,f accelerth +rn under paragraphs 11 .,r I'
<br />NON - UNIFORM COVENS.-I TS Borrower and lender further covenant and agree as follows:
<br />19, Acceleration; Remedies, Lender shall give notice to Borrower prior to acceleration following Borrower's
<br />breach of any covenant or agreement in this Security Instrument tbut not prior to acceleration under paragraphs 13 and 17
<br />unless applicable law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the
<br />default; tcl a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured;
<br />and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums
<br />secured by this Security Instrument and sale of the Property. Ilse notice shall further inform Borrower of the right to
<br />reinstate after acceleration and the right to bring a court action to assert the non - existence of a default or any other
<br />defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender
<br />a1 its option may require immediate payment in full Of all sums secured by this Security instrument without further
<br />demand and may invoke the power of sale and any Other remedies permitted by applicable law. Lender shall be entitled to
<br />collect all expenses incurred in pursuing the remedies provided in this paragraph 19, including, hilt not limited to,
<br />reasonable attorneys' fees and costs of title evidence.
<br />If the poacr of sale is invoked, '1'rusdee %hall record a notice of default m each county tit +shirt, .mf part .,f the
<br />Property is located and shall ,nail copies ,(,inch notice in the manner prescnhcd h%' applicable ha» to Itm rnwrr ;end to rile
<br />other perurnw sons And d by applicable law. After the time required by applicable, I:aa, 1 na%ure shall the puiil,c m,tuc
<br />sale 4c. iha des +trios anti in tine Oeanncr prrscribcd hg :applicable IAK. Irrrate,, able la ,Irate % all gilt,
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