|
<br />r
<br />
<br />L
<br />
<br />84 - 005334
<br />
<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 rerJuirement for,the
<br />insurance tenninates in accordance with Borrower.s and Lender's written agreement- or applicable-law.
<br />.s. Inspection. , Lender ~r its agent may make reasonable e,:tries upon at.Jdinspection~ofthe Property, Lender
<br />shall glve Borrower nonce at the time of or pno:r to an inspectIOn specitymg reasonable cause for the InspectiOn.
<br />9. Condemnation. The proceeds of any award or claim for damages, direct of consequential. in connection' with
<br />any condemnation or other taking of any part of the Property, or for conveyance in lieu' of condemnatilln, , are hereby
<br />assigned and shall be paid to Lender. .
<br />In the evenl of a total taking of Ihe 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 ofa partial taldngofthe'property',
<br />uniess Borrower and Lender olherwise agree in writing, Ihe sums secured by this Security Instrument shall be reduCedcby
<br />the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediatcly
<br />before Ihe 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 abandone<l 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 10 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 restoralion orrepair of the Property or
<br />to the sums secured by this Security Instrument. whether or not then due,
<br />Unless Lender and Borrower olherwise agree in writing, any application ofproc:eeds 10 principal shallnot extend or
<br />postpone the due date of the monthly payments referred to in paragraphs I and 2 or change th~ 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 />interesl 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 ~ny successor in interest or refuse to extend time for
<br />payment or otherwise modify amortization of the sums secured by,;, Security Instrument by reason of any demand made
<br />by the original Borrower or Borrower's successors in intere5t. " :'.:.-mearal!ce hy Lmder in exercising any right or remedy
<br />shall not bea waiver of or preclude the exerciSe of any lightG. '~rnedY'
<br />n. SuccessQ!'s am! Assigns Bo!llld; Joint and Several Liability; Co-si!lllers. The covenants and agreements of
<br />this Securily Inslrument 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 jcint and several. Any Borrower who co-signs this Security
<br />Instrument bUI does nOl 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 olher Borrower may agree to extend,
<br />modify. forbear or make any accommodations with regard to Ihe terms of this Security Instrument or the Note without
<br />that Borrower's consenl,
<br />12. Loan Charges. If the loan secured by this Security Instrument is subjecl to a law which sersmwmum 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 limils, then: (a) any such loan charge shall be reduced by the amount
<br />necessary 10 reduce the charge to the permitted limit: and (b) any sums already collecled from Borrower which exceeded
<br />permitted limils will be refunded to IkJrrower. 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, Ihe reduction will be treated as a
<br />partial prepayment "~Ihout any prepaymenl charge under the Note.
<br />13. Legislation Affecting Lender's Rights. If enactment or expiration oi applicable laws has The effect of
<br />rendering any provision oithe Note or th,s SecUriTY InSTrument unenforceable according to ilS terms. Lender, al its oplion,
<br />may require immediale payment in iull oi all sums secured by Ihis Security Instrument and may invoke any remedies
<br />permiued by paragraph 19, If Lender exercises this option, Lender shall take the sleps specified in the second paragraph of
<br />paragraph 17,
<br />14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by
<br />mailing it by first class mail unless applicable law requires use of another melhod, The notice shall be directed to the
<br />Propeny Address or any other address Borrower designates by nolice to Lender. Any notice to Lender shall be given by
<br />first class mail 10 Lenders address stated herein or any other address Lender designates by notice to Borrower, Any notice
<br />provided for in thiS Se\:urity Instrumelll shall be deemed to have been given 10 Borrower or Lender when given as provided
<br />m this paragraph,
<br />15. Governing Law; Severability, This Secunty Instrument shall be governed by federal law and the law of the
<br />jurisdiction in which the Prcperty is located. In the event Ihat any provision or clause of this SecurilY Instrumenl or the
<br />Note contlicts with applicable law. such contlict shall nol affect olher provisions of this Security Instrument or the Note
<br />which can be given effect without ,he conflicting provision, To this end the provisions of this SecuriTY Instrument and lbe
<br />Note are declared to be severable,
<br />16. Borrower's Copy. Borrower shall be g,\en onc conformed copy of the Note and of this Security Instrument.
<br />17, Tflu.sfer of the Property' or a Beneficial Interest in Borrower, If all or any part of the Property or any
<br />interest in it is sold or transferred (or if a beneficial mleresl m Borrower is sold or transferred and Borrower is \lot a natural
<br />perwn) WilhoUl Lender'~ prior written consenI, Lender may. at its option. require immeoiale paym~lli in ruB of ail sums,
<br />=ured by this Security Instrument. However, this option shall \lot be e~ercised by Lender ,I' e,\erClse is prohibited by
<br />federal law as of the date of this Securitv Instrumeni,
<br />Ii Lender e>.ercises Ihis option. Lender shall gl\e Borrower nOlice of acceleration, The \lolice shall provide a period
<br />of not less than 30 days from the date the nollce is delivered or mailed within whIch Borrower muS! pay all sums secured by
<br />thi~ ~UrilY Instrument. If Borrower fails to pay these sunlS prior to the expiration of thIS- periL1d, Lender may invoke any
<br />remedIes oermitted bv this. Securitv Instrument without further notice or demand on Horrower.
<br />18: Burro,,'er;s Right to Reinstate. If 30rrower meels certam conditions, Borrcmer shail have the nght 10 have
<br />enforc..:meut of thi~ Security Instrument discontinued at any time pnOJ to the earlier of (a) .5 day~ (or sUi.:-h ..)ther period ~s
<br />applicable law may :i.pecify for retns.l~lC'menO befl1re ~le of tht: Property pursuant to any po\\cr of sale ....'onlallleJ In thl~
<br />5e.cunt, In'!'lrumenl~ or (b) entry of a judgment enforcing thi:, Se..:-urity In~trumcnL Tho...c l.:ondlllOIlS an.' that Borrower;
<br />(a) pays- Lender all \Unb which then would be due under Ihh Securit'i InSlfumenl and the ~ote had no dcceIt..~ratwn
<br />oc,,"urred; (b} cur~~ any dcfault of any other \.:\.)venJ.ntSc or aSft~nlcHh'~(('J pap, alll.:,':\pCIl....6 m...:urfl:,'d III l:Ut'Ol'L.lng tIo:)
<br />Security Instruml;"nt. mduJlng, hut Hot hmllcd tu, rca~onable Httorney~' fees. and hi) t<.kt;~ ....u...:h ,H,:(IO!'l a" Lender ma)
<br />reaStmabiy rc:quin.~ in ;!!:l,5\urc that the hen uf Ihh ~'Unl) In~trumeI!t. Lt;ndcr\ nghh HI :h(' Pr(lpi.'n~ ;tllJ Burro\o\cr\,
<br />obligatwn to pay lhe :-our'll:- \Cl.'lacJ b:. thl' S~urn) In~trwneni ...huH 1.:I.Jlilmut: Hn..:haHf.~.:J- t:rl~n rt:Hbt~iil':mcttl !,~
<br />BO[HJ\\otf, l tH~ St,'",;unty IJ~~ll umcnt and I hl'.; ubhgatll.lH:). \,lxureJ h~n'by ~haH {'-cUI"tiH f~llJ: dl~r,:ll\ t ,j', If Ill) "}';"-'t'~t~r~ltl~H1 had
<br />1 I;.'\: LHH'd, Ht..., (,.'\ \:f, thh rl~iH h' r;;:-m~l.d\;' ...hull fl~}: apply H\ ltu: ~:.b<; ,-'I ,h.:\~ck::.:dlt") lJihkl r,lj,l~r;j;+' ! ~ ~'I j"
<br />
|