|
85-005048
<br />"I Lend:r required mortgage insurance as is condition of making the loan secured by this Security Instrument,
<br />&"rower 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 />g. lagectiva. 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 />!. Cuarwatiloo. 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 candemnatton, are hereby
<br />aecigned and shall be paid to Lender.
<br />!n the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security
<br />lnurirment, whether or not then dire, with any excess paid to Borrower. In the event of a partial taking of the Property,
<br />unto" borrower aryl Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by
<br />the atrruunt of the proceeds multiplied by the following fraction: (a) the total amount of the sums siocured 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 ikvrrower that the condemnor offers to
<br />make an award or settle a claim for damages, Borrower falls 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 In sitrumcitt, whether or not then due.
<br />Urdcm Lender and Burrower 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 tit paragraphs I and 2 or change the amount of such payments.
<br />10, burrower Not Released; Forbearance By Under 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 />unterest of Borrower shall not operate to release the lability of the original Borrower or borrower's successors by interest.
<br />Lender "I not be required to commence proceedings against any successor in Interest o; refuse to extend time for
<br />payment or otherwise modify amortization of the sums soured by this Security Instrument by reason of any dertand made
<br />by the original Borrower or Borrower's successors in intereu. Anv forbearance by Lender in exercising any sight or remedy
<br />skull not be a waive of or preclude the exercise of any right or remedy.
<br />11. Sgceeastsn OW Awigittf Barad; Joint gad Several Lfahfffty; Co-signers. The covenants" agreements of
<br />this Siauniy Instrument shall bused and benefit the succcrosors and assigns of Lender acrd Borrower, subject to the provisions
<br />of paragraph 17. Borrower's covenants Aid agreements shall be joint laid several. Any burrower who co-signs this Security
<br />Instrument but dom not execute, the Note: (a) is co- signing this Security Instrument only to mortgage, grant and convey
<br />that burrower's mtcrest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay
<br />the sums aecurod by this Security Instrumetil; and (c) agrees that Lender and any other Burrowcr 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. Logs Chgrgee. If the loan secured by this Security Instrument is subject to a law which sets maximum loan
<br />charges. and that laws finally interpreted so that the interest or other loan charges collected or to be collectied to
<br />connection with the loan exceed the permitted limits, then: (a) any such lion charge shall be reduced by the amount
<br />necessary to reduce the charge to the permitted limit; and (b) any sums ae� cady collected from Borrower which exceeded
<br />permitted limits will be refunded to Burrower. Lender may choose to make this refund by reducing the principal owed
<br />under the Note or by making a direct payment to Burrower. If it refund reduces principal. the reduction will be treated Ss a
<br />partial prepayment without any prepayment charge under the Note.
<br />13. Lestil"ioa Affecting Leader's Rig6u. If cnactmeni or expiration of Applicable laws has the effect of
<br />rendering any provision of the Note or the Security Instrument uncnfurccisblc .According to ns arms, Lender, at Hs option,
<br />may require Immediate payrncnt try full of all sums soured by this Sccurdy IilstrBniealt and may invoke any remedIcs
<br />permitted by paragraph 19. If Under exercises this option. Lender shall takc the steps %pccjlicd in the second paragraph of
<br />paragraph 17
<br />14. Nulices. Any notice to lknrrower provided for tit this Security Instrument shall be given by delivering ti eir by
<br />moiling it by first class m411 unless applicable law requires use of A other mcthucd. The notice shall be directed to the
<br />Property Address or any other address borrower designates by notice to Lcndcr Any notice to Lender shall be given by
<br />hrA class marl to Lender's address stated herein or any other address Lcndcr designates by notice to Borrower. Any Wiwi:
<br />provided for in this Security Inslrunicill shall be deemed to havc teen given to Ikrrrowcr ur Lcndcr whcn given As provided
<br />In this paragraph.
<br />15. Governing Law; Severability. This Security Instrument shall tic bovcnled by tcdCral law and the law of the
<br />jurisdiction m which the Property is lucalcd. Ili the event that any provision uI I:Ieusc of tikes Sr.unly Instruurcnt or the
<br />Note conflicts with applicable flew, such conflict shall nut affect tither provtsnms of this Security Inslrunnent or the Nile
<br />which call be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the
<br />Note are decharcd to be severable
<br />16. burruwtr's Copy. Burruwcr shall he givcii one .onformed ropy of the Note and of this Security Instrument.
<br />17. Traaskr of the Prupsity or a Beneficial Inleresl to Burrower. if Ali ur Any part of the Propetry or ally
<br />gnteresl to it es sold ter transfer red fur if it, beneticwl Interest in lkxrowcr s sued or I ranbicri c e. and borrower is nut a natural
<br />person) without Lender's print written comic lt, Lanier may. at its uptiun, require imaneinatc payment in lull of all sums
<br />secured by this Security Instrument liuwever, this option shall not be exerviwd by Lender if exercise is prohibited by
<br />federal law as of tdic date of this Security Instrument.
<br />If lender exercises this option. Lender shall gave iMnoWer notice 4-f accekrauon the uuue:e shall provide a perused
<br />oft" less that: 3Udays front the date the notice Is delivered or marled within which horruwer must pay all sums secured by
<br />ties Security Instrument. If burrower lads to pay these sums prior hi the expnratiou of this per od. Lender mAy invoke Any
<br />rctncdtts permitted by this Security Instrument without further rioticc or dcutand ins iklrrower
<br />Ni. Uiitrxwes's RiSM Its Reinstate. It Borrower meets certain 0111dna11%, Ikatowcr .hall have: the right tit have
<br />elifurccnteni of ihes Security III.'+lrnnler1l des.untmucd at any time prior III the canner of (A) S day %(or such other period as
<br />Appticahle law relay spicLay for reulslatcntcnt i before %ale of the Prupxrty pulsu,im hi any punier Ili sak contatued Ili this
<br />security Insttuniroil, or fbi entry of d juognrr11t cnfor:ing this lwcurity In%trunicul Ihow c(utdntutys are that lionuwel
<br />(at pays Lender All sums whlth liken would be dut under this Security lnsirumrnl "III 'tit Note had nu actrlerlititul
<br />,.Li urrcii fhi ,.urns any ilefsull ul ally other covrlial'IN or agrcc•nienh. (cl pays ell rtjun%rs iii, uricd in rnliaroig Ihl%
<br />SCL%Jllfy hi)truinctil. incindmg„ bun 114-1 hauled u,, ICA%tntabie auuniry%' Inc%. end +d) l.Ikrs such Acunn a% t rn/iel may
<br />icv%+I tably irlyhirr u, assure Ihat tiler Iicn III 1111% Sttultiy lnsniuoncni. I rndri'% right% Ili Oie Ihufierty and h- 11—c"s
<br />,"ileain,n 1 , L.+y .he %ullis .cured ny lhu Srttirity In %Iruaicnl ,hall ,onnuur unc11migcd I'lam truntetcn,cat h
<br />1Y,ir:+wrr +ht% SC. Will IH%I(UnlrI,; end Ibr ..htigAU,un %f urrd herrtIV %lied! r<m,Ini hid!% rflr; Inc .,% a +u. a..ririuu4-u tend
<br />N
<br />.03
<br />u'el
<br />
|