|
<br />I
<br />
<br />154c....... 004017
<br />
<br />r
<br />
<br />If Len,!er required mortgage insurance as a condition of making the loan secureri by this Security Instrument,
<br />Borrower shall pay the premiums required to maintain the insurance in effect until sucb time as the requirement for the
<br />insurance terminates in accordance with Borrower's and Lender's wrilten agreement or applicable law,
<br />8, Inspection, Lender or its agent may make reasonable entries upon and inspections of Ihe Property, Lender
<br />shall give Borrower notice at the time of or prior to an inspection specifying reasonable causeJor the inspection,
<br />9, Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with
<br />any condemnation or olher 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.theProperty;
<br />unless Borrower and Lender otherwise agree in writing, Ihe 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 offeI'S' 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 bv this Securitv Instrument, whether or not then due
<br />Unless Lende; and Borrow~r otherwise agree in writing, any application of proceeds to principal shall notexiendor
<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"ID
<br />interest of Borrower shall not operate to release the liability of the original Borrower or Borrower'~ 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 Dr othe..rw!~ modify amortiz.ation (lfthe sums sec:ured 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 afar preclude the exercise of any right or remedy,
<br />!l, Successors and Assigns Bound; Joint and Several Liability; t. ,igners, The covenants and agreements of
<br />this Security Instrument shall bind and benefit the <uccess . and assigns 01 Lender and Borrower, subjecl to the provisions
<br />of paragraph 17. Borrower's covenants and agreements shah De 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', in~erest 10 the Propeny 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 s,,:~ maximum loan
<br />charges. 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 tbe charge to the permitled 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 provision of the Note- or this. Security Instrument unenforceable according to its t.erms, 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 />permitted by paragraph 19. If Lender exercises this option. Lender shaH take the steps specified in the seCond paragraph of
<br />paragraph 17.
<br />14. "otices, Any notice to Borrower provided for 10 this Security Instrument shall be given by delivering it or by
<br />IlI.ll.ilin8 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 other address Borrower designates by notice to Lender, Any nolice to Lender shall be given by
<br />fiT'St class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower, Any notice
<br />proVIded for in this Security Instrument shall be 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 shall be governed by federal law and the law of the
<br />jurisdicl10n 10 whIch the Properly IS located, In the event that any provision or clause of this Security Instrument or the
<br />Note conflicts with applicable Jaw, such conftict shall not a!fect other provisions of this Security Inslrument or the NOle
<br />which can be given effect withoUlthe conflicting provision. To this end the provisions of this Security Instrument and the
<br />Note are declared to be severable.
<br />16, Borrower's Copy, Borrower shall be given one conformed copy of lhe Note and of this Security Instrument.
<br />17, Transfer 01 the Propert)' or a Beneficial Interest in Borrower, If all or any part of the Property or any
<br />interest in It is sold Of transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural
<br />person) w,thout Lender's pnor written consent, Lender may, at Its option, require immediate payment in full of all sums
<br />secured by thrs Security Instrument. However, this option shall nol be exercised by Lender if e..rcise IS prohibited by
<br />federal law as of the date of this Securitv Instrument.
<br />If Lender exercises lhis option, Lender shall give Borrower nottce of acceleration. The nOllce shall provide a period
<br />of not less than 30 days from the date the notice is dehvered or mailed within which Borrower must pay aU sums secured by
<br />tblS Security lns.trument, If Borrower fails to pay these sums prior (0 the expirauon of thls period, Lender may invoke any
<br />r"medIC" permitted by Ihis Secllrily Instrument withollt further nOllc, or demand on Borrower.
<br />18, Borrower's Right to Reinstate, If Borrower meets cenain condaions, Borrower shaU have the right to have
<br />enforcement of this Security Instrument discontinued at any time pnor to the earher of; (0) 5 days (or such other penod as
<br />applicable la.... may' specify for reinstatement) before ",Ie of tbe Property pursuant to any power of sale contamed In IbiS
<br />Security l1ll>trument; or (1)) ent!) of a Judgmem enforcing this Seeunty lnslrument. Those conditions arc thaI Borrower:
<br />(&, pa)'S Lender all 'ums which then would be due under this Se,umv In.trument and the Note had no acceleratIOn
<br />oc-cuned;, (b.) CUJ'~ an)' ddault of an;' other covenants Of agreements:.(c) pay~ ~il e.\pens.~ Incurred Ul enfor\.'ing thIS
<br />So::u,rtl)' lnstru~nt. indudmg. but nOl hnltted to, reJ,.~nablc- attorneys' fl:es; and (ct.) lake~ sud\ aL~li('11 as Lender mas
<br />re.t:Lwnabl)' require 1\) 1iMUrC that the lien of thi!" Secunty ln~trumen!'. Lender's nghb In the Prope_ft)' am; Borrowcr'~,
<br />(JbhaitlOn tf} pal the 'U.Ul~ ~ccu..ed by thl~ Security In~ltument :-.haU ctmlirme un.:-hangt-:-J. Upon relll~lalement hy
<br />Bouow(f, ttH1t S<<.\Jrll.\l In~trunH'ttH and the obhgativos \et'ur<<l hereby .)hail rem1im fully dfrcllve .\" If no ai.~,:elerathll\ had
<br />{"",-~'un~d, HO~~"e.f, thn- nght to I\!:ln'l~i-c ..hili_Ii nOt apply Hl the "a~ of al,:,;;t'lcrathHl UlH..kt p~1ra~r\iph.. \ 1 C\r I'"
<br />
<br />
|