|
85'' 002760
<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 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 town inspection specifying reasonable cause for the inspection.
<br />9. Condemnation. The proceeds of any award 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 d 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 />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 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 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. 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 he collected in
<br />connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
<br />jecessary 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 he 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 he given by delivering it or by
<br />mailing it by first class mail unless applicable law requires use of another method. 'The notice shall he 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. 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 aril 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 />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 Nrupern or any
<br />interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or Iransferre(d and Borrower is riot a natural
<br />person) without Lender's prior written consent, Lender rnay, at its option, require immediate payment in full of all sums
<br />secured by this Security Instrument. However, this option shall not be I:xcncised by Lender if exercise is prohibitctl by
<br />federal law as of the date of this Security Instrument,
<br />If Lender exercises this option, i.ender shall give Borrower notice of acceleration. 7 he notice shall pro%ide a periml
<br />of not less than 30 days from the date the notice is delivered or enabled within which Borrtmer ►trust pay all `11111% secilled by
<br />this Security Instrument. if Borrower fails to pay these sums prior to the expiration of thin i�criod. i.ender rnay in�,�i;e ;:1ry
<br />remedies permitted by this Security Instrument without further notice or demand ore Borrower.
<br />18. Harrower'% Right to Reinstate. If B orrowcr meets certain corntiitions, Borrower shall have the right ter have
<br />errfootcetnent oftltis security ln+trument di-wont tit tied at any tittle prior to the earlier of: (a) 5 day. (or such other period as
<br />applicable law may specify for reinstatement) helore `axle of the Prollerry pursuant to any poevcr of solo L:olltainecl in this
<br />curity instrurtoo nt; or (h) a;ntr} elf a
<br />judgment enforcing this Su<nro Imtrunlc ill Those conditions ,etc that Hoi rower
<br />(a) pays Lender all still's which then would he dun titnder this Security Instrument and the Nortc hand no ac�rleraulon
<br />occurred; (b) cabrc:s any daefault of any other corvenants or agreetlaents; (c ►pays all cxl>a uses incurrt ^oi in rnforctnf, this
<br />curity Irlstrutttcnt, ittcluo,ling, hart riot I11111M] to, rrasonabie attorneys' fires, anti toil t,tloe% suo h action pis 1 o^nciel rn:ny
<br />rcasc>nahly requira it) a%%orc that till; lien of tit's sctttrlty Instrument, l antler% rights rn thtr ploprjrty ;aid llorr„tarr',
<br />orhingAtlon 14_r poll tilt." %sunk wl° ured b` this 'sa;Glar`'ty Inserttnlc''tt hall t:1111t'nlic miciallgCt) 1,'(rit11 It`lrt�taie'Itrc'rrt 1�
<br />W1rr1i%4Cr, llistlimi °rnt and tilt' "NIgaet'r,n, SCcelIe'd llvlerhti 01fiiil Icinaln 1'i01% -fI'rk nvc.1s if' it, ,It "rirr;atIt'll tail
<br />k % LitrM Ili --rovi tal• Ow, right to reillvtAte° Shall not apple m fit° i ilsc• ��f.at F e it-I . 1i'll olld.. r tam .4, !' iph% i 1 oz t
<br />s
<br />
|