|
85-004123
<br />t 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 />shalt 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, 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 shalt be paid to Lender.
<br />In the event of a total taking of the Property, the proceeds shall be applied t0 the %ums 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 amowit 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 he
<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 of-
<br />postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such pay mems.
<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 1-t interest. Arty forbearance by Lender in exercising any right or remedy
<br />shall not be a waiver ofor preclude the exercise ofany 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. Horro%er's cmenants and agreements shall bat joint and several. Any Borrower %N [to co -signs lilts Security
<br />Instrument but does not e.xecutc the Nolte: (a) is co- signing this Security Instrument only to mortgage, grant and convey
<br />that Borrower's interest 1-I the Property under the terms of this Security Instrument: ib) Is no! personally obligated to pay
<br />the sums secured by this Security Inslrlllttlrlt: and (c) agrees that Lendcr and any other Borrtmcr may agree to exlcnd.
<br />modify, forbear or make any accommodat it) its with regard to the terms of Ihs Secant} Insti ununt or the Note wn lit) Lit
<br />that Borrower'sconsent
<br />12. Loan Charges. If the loan secured by tills Security Instrument a subject to a law which sets rrta.xununt loan
<br />charges, and that law is finally interpreted so that the mlctrsi or other loan :harL!c` :ollecicd or to he :ollecied in
<br />connection with the loan exceed the permitted limits, then (a) any such loan charge shall he redLKTd by the anwunl
<br />necessary to reduce the charge to the permitted Iinu1, amt (h) ;Illy sums ahrcad% collected front Borrower %% It exceeded
<br />permitted limits will he refunded to Horrower lender ntay :hI ,Nc fn make th!, refund by reducing the principal (meet
<br />under the Note or by I making a direct payment to Borrower If a refund reduces principal. the• reduction well be healed ;Is a
<br />partial prepayment without any prepayment charge under the Note
<br />13. Legislation .Affecting lender's Rights. If' enactment Itr e•xplration of apphcahle laws has Ihe effect (It,
<br />rendering any pro%Isum of the Note or ihs Security ins!rurnenl unrntitrcrahlc a,cl nhng to It, terms, Lender. ;It us option.
<br />may require immediate payment In full of all sums secured by this Secunly 111,1rinnent .Ind ntay imokc any rcmedrrs
<br />permitted by paragraph 19. If Lender exercises this option. Linder shall take the slips spe:lficvl 1-t the second paragraph of
<br />paragraph 17.
<br />14- Notices. Any notice to Horrower pro%Ided for III thl, Security In%trunicnl shall be even by dehr cling It or by
<br />m ling it by first class mail unless applicable law requires use of antthc•r 1110110d. The noucc ,hall he dlreCled 10 Ihe
<br />Properly Address or any other address Borrower designates by noucc to 1 ender. Any nonce tit Lendcr shall he green by
<br />first class mail to Lender's address stated herein or any other address 1 ender designates by notice to Borrower Any nonce
<br />provided for in this Security Instruincat shall tie deemed Io hit%(' been glvcn tit Horitmer or Lender n hen glcen as pro, sled
<br />1-t this paragraph.
<br />15. Governing Laa; Severability. Thus Sa corny iI11Irlllltelll shall he Fo%erned by federal la%% mud the LI%% of the
<br />jurisdiction 1-t which the Property, 1s located. In the c%cnt that any pro%islon or clause of tilts Sccuruy Instrument Or the
<br />Note conflicts with applicable law. such conflict ,hall not affect other provisions of'thn Security Instrument Or file Note
<br />which call to gfvcn etTccl without the conflicung provs:on To till, cod the 111`0%1`0011, of 11111 Security Instruntcnl ;Ind the
<br />Note are declared tote sc%eiahlc.
<br />16. Borrower's Copy. Iforrm%er shall he g1ve11 one :onlonncd :1t11y Of the \o 1`c ;std 01 Ihe, Secttru% Insttunu•nt
<br />17. Transfer of the Property or a Beneficial Interest in Burrower, li all 1-t any pill of the Property Or sty
<br />interest in it s wild or transferred (or if a beneficial Interest ❑t Borrower Is Sold or liallsterrcd ,Ind Horrowcr 1, ll "I a nawl al
<br />persc)m without I_ ender'% prior written consent, Lender may, at Is option• rcquitc witucd0ate pay11x•11t tit full of Al ,ant,
<br />secured by this Security Ltstruntcm Ifuwever, this option shall not he exclLl,cd by i.Cllde'r II e%el:isc Is pl'0hlhucd l,
<br />federal law as of the date of the Security Instrument.
<br />If Lender c%crCSCs This option, Lendcr shall give Horrowcr noucc of accelcr,Iuon 1 he noti:c shall pro•• Ide .I pci wd
<br />of not less Than 30days from the elate the nonce is delscrcd or nialed wuhnt Milt lfornowel nnl,t p,ty all sum, sc,: tucd h%
<br />this Security Ifist rumen I. If Horrower falls it; pay these sums poor to the exprratton of till, pel loll. 1 ender 111.1} 111%40 alto
<br />remedies pernuned b., tilts Sceurty Instrument milloul further noucc or demand on Horio%%cr
<br />18. Iktrtower's Right to Reinstate. II' Borrower meet crlant omdtrtons. HOrn%%er ,hall lent the rlplit II' h;oe
<br />enhrismcnt of rhts Sccunly Instrurnant discontinued a art time prior tit IhL cancct of fa) s da%%1 ,r su,h otlul pulo,l ,I,
<br />al-Phtahfe fax slay %tinily fur nlnstakntcnU hclore sal I I the Problem pursuuo t ,,Im po%%e: 'I Nall rnt•unr,f tit till
<br />Sl.,unl, In,uuntenl. or pill ninny t :f n 1udgrncni cif -I,Ing lilt, tic,urlty lu.!r unlrnt ih„s, ,oud,tlon, a1`% !hat Hnl n,w cl
<br />I'll pay" I rider .III sum, which Ihcn x1-41111 I,e tilt(' unLlcr Ihe. Se,uruy Inslnnn :nl .std th; \lye h.ld m, .u,rlel.Itt,vl A
<br />" trued. Ehl ;nil•` .I1C 1 ,11111 1-1 all% Ilthet - Acilallls .'I It ICi Inelll,, 1, i p.ly, .il: , ,1, :Its. I'I, rlllt'd III Ili `I. 11 :y IIt:
<br />yter, I'1` tt: II,,I nwr•rnt. I udsnp. hilt not hunted Ic Icasorl.l 1. :Olorlu% lac,, and 1,11 I Ii�,...1,,f. ern A, I rti,i,I nLI%
<br />a °a, atah!, r y.nlc t • .,.,,r: Ihat ill, lien of 1hls se,wl!y I :,lnnurn, I :,Irt'. Ilpvill, .L I.•. I'll I . r,% .In,l
<br />�„ usl-,1 L% 11.1: ,e, stony. Ill,u u+ncnt •.h.tll . .._.,., stn, 1 ,I,„,. 1 v rr�.u..I,. �u, u� ,
<br />IlItIn
<br />.. !I ., ., •f.;.. ;slip I:. i i.t.,I, .fcllinul If pi_ I.. ,I.: I. � ,„1 � ',
<br />
|