|
85-- 004033
<br />1 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 to an inspection specifying reasonable cause for the inspection.
<br />9. Condemnation. The proceeds of any award or claim for damages, director 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 Lewder 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 shalt 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 of remedy.
<br />II. Successors and Aligns Bound; Joint and Several Liability; Co- signers. The covenants and agreements of
<br />this Secunty 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 thii 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 personalty obligated to pay
<br />the sums secured by this Secunty 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. Loa% Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan
<br />charge, 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 prepay mem without any prepay merit charge under the Note.
<br />13. legislation Affecting Lender's Righu. If enactment or expiration of applicable laws ha, the effect of
<br />rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lenocr, at its option,
<br />may require immediate payment in full of all sums secured by thts 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 b:
<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 tither address Borrower designates by nonce 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 />pros ided for to 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; Seserabiiity. Thu Secunty Instrument shall be governed by federal law and the law of the
<br />lurnd:ction 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 thu end the provisions of this Security Instrument and the
<br />Note are declared to be severable.
<br />16. Borrower's Copy, Borrower shall be green 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 (or if a benefi,;tal interest in Borrower is sold or transferred and Borrower is not a natural
<br />person) without Lender's prior w mien 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 excictsed by Lender if exercise is prohibited by
<br />federal law u of the date of this Security Instrument,
<br />If Lender exercises this option, Lender shall live Borrower nout•e of acceleration. The noire shall pros ide a period
<br />of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pa) all sums secured by
<br />this Seeunty Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke an'
<br />remedies permitted by this Security Instrument without further notice or demand on Borrower.
<br />13. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have
<br />enfMcemcni of this Security Instrument discontinued at any time prior to the earlier of: (a) ii days (or such other period as
<br />L applicabie law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this
<br />Sec utn) lnstrument. or (b) entry of a judgment enforcing this Security Instrument Those conditions are that ltorrowei
<br />tat pays Lender all sums which then %could be due under this Security Instrument and the Notc had nu aicelcratnm
<br />clscurred, for cures an) default of any other covenants or a regiments, (e) t� e
<br />g pays all expenses incurred in rnh,rcuig chi. t�l
<br />Sesurity Instrument. including, but not limited to, reasonable attorneys' fees, and (d) takes such action as 1 ender nil)
<br />seausna3i le4w,re rr, assure that the hen 4 this Security Insirurneni, Lender's rights in the Pr.,petts Ansl
<br />a%sir�al=, n t, pat the suns wturro h) this Securgy Instrurrieni shall — ittinue unchangcsi 111 ,n icu „tairnu n: i,s
<br />1W,urvi (nNitanornt Anil the ,ibhgallons teeurcd hrrri,} 011,;; rvm,lm fully Cithi;.r As ,t no a..6Cl,a:-n',.w
<br />w ,leer 11 + . rr this'lKht to rrin,1Atf 4hAli not apply in the : Air 't .,, r, trA ....I under paeAyre;, t: l ,•l 1
<br />
|