|
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 dam ages, Borrower faits 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 I 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 Set urity Instrument by reason of any demand made
<br />by the original Borrower or Borrower's successors in interest. Any forbearzuce 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; Cu- 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 />charees. and that Isw is ;iraliy interpreted so that the interest or other loan charges collected or to be collected in
<br />connection •.viih 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 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 pros ision •,f t)x Note •,r 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 />ermined by paragraph 10. I; Lender exercises this option, Lender shall take the steps specified in the second paragraph of
<br />paragraph 17.
<br />14. Notices. An rtnUce r, Borrower rrovtded for in this Se'CtM'•: !rtstrurr.cnt shall be given by delivering it or by
<br />mailing it b% tint class tnatl antes apphctblc law requires use of another method The notice shall be directed to the
<br />Proper[. Address or any other address Borrower designates by notice to Lender Any notice to Lender shall be given by
<br />fir" class mail to Lender's address slated hereto or any other address Lender designates by notice to Borrower. Any notice
<br />provided for in this Security Instrument shall N 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 %hail be governed by federal law and 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 />w hick can he given effect without the con@ictine provision. To this end the provisions of this Security Instrument and the
<br />Notearc•dec!ared hr• (•,er 1,1e
<br />16. Borrower's Copy. Ih,rtower shall he ei,en one cont„rnied cep) �,i the Note and of this Security Instrument.
<br />17. Tran%ft•r of the Property or a Beneficial Interest in Borrower. It all i,r any part of the Property or any
<br />interest fit it is .rid +r ti anotsrred fct if a hcnetic:ai interest in Borrnw;:r is sold+ r transicrred and Borrower is not a natural
<br />person) without I endcr's pr r written consent. Lender may, at its opnon, require Immediate payment in full Of all sums
<br />secured by this Security instrument however. this option shall not he exercised by Lender dexercise is prohibited by
<br />federal law as of rite date oft hi,; Security instrument.
<br />If Lender exercises this cipuon. l.crider shall give Borrower not of acceleration The notice shall provide a period
<br />of not less than 10 days from [tie date the notice is dell %ered or mailed within which Borrower must pay all sums secured by
<br />this Security Instrument If Borrower fails to pay these sums prior to the expiration of this period. Lender may invoke any
<br />remedies permitted by this `ecunty Instrument without further notice or dernand on Borrower.
<br />14. Borrower's Right to Reinstate. if Borrower meets certain conditions. Borrower shall have the right to have
<br />enforcement 4th;, th;s Sectuwt instrument discontinued at any time prior to the earlier of. (a) S days for such other period as
<br />applicable !aw nia•. spcCd,, I+ r rewstatcmcni p before sale of the Property pursuant to any power of sale contained in this
<br />Security lnstrum"nt. ,r lb- -rite. •+f a judgment enforcing this Security instrument. Those conditions are that Borrower
<br />tai pays tend ^r all ums ti htL1i :!ern would be :lue under this Security Instrument and the dote had no acceleration
<br />occurred: fb) wires anv drt:utll A i an% other covenants or agieertients. (c) pays all e.xpcn. -. -•s incurred in enforcing this
<br />Sccunty lnsirru icnt. tncludmt, h,w not limited to, reasonable attorneys' fees; and (d) takes such aLtr)n as Lender may
<br />reasonahly rcquir_• to mswc shat the lien of On% Security instrument. Lender's rights in the Property and Burrowers
<br />obligation t•, pa;. 'he sUITIS •,ccorr•d ht this C,,cutny Instrument shag continue unchanged. Upon reinstatement hs
<br />BOrrowr, r. this Vic.: tint: ln•,triniant and the ohli¢arn >n% •..cured herehv .hall remain fully effective as if no acccleration had
<br />:Curred 1 L ,%C,er. 011, ugh! i +, r:in %:ate shall n..t 1;,I)I% in the case •,f acceicraiion under paragraphs I? or 1?
<br />titre.. t,'•at +,f+' -t Cvf`,ANTS iorrower and l_ ender ',urthercovettant and agteeasfollow •s:
<br />19. Aecelerofion; R: medics. i ender shall give notice to Borrower prior to acceleration following Borrower's
<br />breach of env covenant or agreement in this Security Instrument ibut not prior to acceleration under paragraphs 13 and 17
<br />sales% applicable law pro%idys otherwise). The notice shall specify: ta) the default; rib) the action required to cure the
<br />defsole. !c) a date. not Iris than 31) days from the date the notice is given to Borrower. by which the default must be cured;
<br />and (di that failure if) care the default on or before the date Specified in the notice may result in acceleration of the sums
<br />scarred by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to
<br />reinatale after acceleration and the right to bring a court action to assert the non- existence of a default or any other
<br />def"se of Borrower to scceltration and sale. If the default is not cured on or before the date specified in the notice. Lender
<br />at its option stay 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 he entitled to
<br />collect alt ei penses incurred in pursulnK the remedies provided in this paragraph 19, including, but not limited to,
<br />reasonable attorneys' fees and colits of title evidence.
<br />If the power of sale is invoked. Irusice shall record a notice of default in rash counts in which any part of the
<br />Property is locatrd and shall mail copirs of such notice in the manner prr%crihrtl by applicable law to Borrower and to thr
<br />ocher persons prr%ctdrrd by Applivahle law, After the time required by applicable law. I roster shall Vise public non r• 'If
<br />safe to the persons and in the manner piewribed by applicable law. Tru %ttre, without rteinand on livtrowrt. %hail sell the
<br />M]
<br />
|