|
85- 004220
<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. Inslieetion. 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, 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 t,
<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 en
<br />Instrumt, whether or not then due.
<br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds u) 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 Leader 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 I nstrument by reason of any demand made
<br />by the original Borrower or Borrower's successors in interest. Any forbearance by Lendcr 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 Ilorrow•er 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 xcured by this Security Instrument: and (c) agrees that Lender and any other Borrower may agree to extend,
<br />modify. forbear or make any accommotlations with regard to the terms of this Security Instrument or the Vote without
<br />that &xrowcr'sconsrnt.
<br />12. Loan Charges. If the loan secured by this Security Instrument i%%ubject to a law which sets maximum loan
<br />charges, and that law is finally interpreted so that the interest or other loan charges r. +IiertCd or to he collected in
<br />connection with the loan exceed the permitted limits, then: (a) any such loam charge shall he reduced by the anu,utr
<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 dote or by making:► direct payment to Borrower. If a refund reduce% principal, the reduction will be treated as a
<br />partial prepayment without any prepayment charge under the Vote.
<br />13. legislation Affecting Lender's Rights. If enactment or exPrraUon of applicable laws h : +% 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 illy remedies
<br />permuted by paragraph lot. If Lender exercises this option. Lender shall Lake the steps %peci ied un the second paragraph t +f
<br />paragraph 17.
<br />14. Notices. Any notice tit Borrower Provided form this Security Instrument %hail Ix given by delrvcring it or by
<br />mailing it by first class mail unless applicable law requires use of another method 1'he nonce %hall he direetol to the
<br />Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall he grsen by
<br />first class mail to Lender's address stated herein or any other address Lendcr designate% by notice to liortower Any notice
<br />provided for in IhisSecurity Instrument shall he deemed to ha:c been given to IAirrower or Lender w het gn -clr a% Pros'led
<br />in this paragraph,
<br />13. Governing Law; Severability. 'This Securny Instrument shall he go.erued by ttrderal I:iw and 'tic 1.1% of the
<br />jurisdiction in which the Property is located. In the c%cnt that any provision or clause elf this Sccurny lnstrunne't at the
<br />Note conflicts with applicable law, -such conflict shall not affect other pro%mon% of this security Illstrulllelf) or file Votc
<br />which call be given effect without the conflicting provi%hon. To this end the provisions of this Security ln%ltutncnt and the
<br />Note are declared to be severable.
<br />16. Borrower's Copy. Borrower %hall bt given one confiornted copy of the Vote and of flits Securty In%'nrmenl
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Properly or .'ray
<br />inicresl in it I% sold or transferred (or if a beneficial interest lit Borrower i, sold or transferred and Born, +err 1% m+t a moose
<br />person) without Lender's prior written consent. Lender may, at its option, tequuc nmmct ntic Payment rat full of all %um%
<br />secured by this Security Insirtunent llowescr, this option shall not Ix. cselc'%ed hs Lender if exercise is pndtits'lcd by
<br />federal law a% of the date of this Security Instrument
<br />If Lender exercises this option. Lender shall give, Ilorrowe nonce of accelciatlon i the nodes shall Pro% idea lert(,.t
<br />of not Ic%%than V) day%from the dine Zile notice Is deli%crcd of mailed within w'hic'h borrowel nn'sl Pity all -nits se. ured by
<br />thisSecutity Instrument. If borrower fails to pay these sums prior to the expiration tot this period, Lender Illa1 ins 4C .111%
<br />remedie%permitted by phis Security Instrument without further nonce or demand on Borrower
<br />18. 8prrewrr's R10t to Rovit�tate. If Borrower meet% certaill conditWl- HorrUwct %hall h%c (Ile tight to have
<br />enfaftc:ment of thissecurity Instrument diwoutinued at any lime Prior to the carher Of hit `dd%% ills air j' ("'let Cdr n into,
<br />applicable law play specify for r'etnualernent) Wore %ale of tors I oor'sy p +ursuant t„ tiny )
<br />Sccurily Ifi%tnotcni. a► (h) entry ill "I )udgnlenl enforcu'g this security Instrument i llow rondrtrons .oG that lI0l r, +%%c'1
<br />(a) pay% Icit "ke all Burn% which then would Mt title under this Scc'urity (nsttunnenl and tilt Vole fad n,1 at.clrrlu,,n
<br />mcurred: Ili) cures any dcfaull of any other cusrn :mt% or agreen cilK It.) Pays all cvpemcs incurred m rnt„r, tllg Ile,
<br />Security Instrument. r'icludu'g, bill not %ended to, reasonable atlorneys' ftcs. and tdi tallies wig ai u,m : +, I ender oral}
<br />rcasomahly require in assure thitl phi' het oil this sccurit% Instrunxv", 1 ender'% rtpth'%,n dw I''opvlly and lio'l "%% +'%
<br />adtligatln,n to Pay Ilse aunts secured by this sesurtly Inslitti cn' 'hall i.,11111111t, lltlihat,p`rtl ( I,,m o,•rmsloit•nlew l +,
<br />%iltwher. 011's1 'urily Irisltilmoll illid Ilic nhligatu,n%st"mcd hcrehy hall icnranl lulls rte,, 17,x.1, it M, A —Cl, r.rlann h,i,i
<br /><x, tined }luwrar,'hl%rtpthl to rt n1%Lnc shill not ;i) ply rm tilt• : ,isr „t .1. -111 lllrtl emir I .0 .i itr.11 h% 1 I �'o I
<br />
|