|
<br />I
<br />
<br />r
<br />
<br />84~ 005343
<br />
<br />If the Propeny .s abandoned by Borrower, or if, afJer notice by Lender to Borrower that the condemnor offers to
<br />make an award or settle a claim for ,;amages, 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 ils option, either 10 restoration or repai- of the Property or
<br />[0 the sums secured by this Security Inslrument, whether or not then due,
<br />Unless Lender and Borrow~r otherwise agree in wriling, any application of proceeds to principal shall not extend or
<br />postpone the due date of the monthly payments reterred to in paragraphs I and 2 or change the amoum of such payments,
<br />10. Borrower ~ot Released; Forbearance By Lender Not a Waiver. Exlension of the time for payment or
<br />modification of amortizanon of rhe sums secured by this Secunty Instrument granted by Lender to any successor in
<br />.nterest of Borrower shall nOI operate to release the liability of the original Borrower or Borrower's successors in interest.
<br />Lender shall nOI 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 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 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 />th.s Secunty 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 bUI does not execute the NOle: (a) is co-signing this Security Instrumenl only to mortgage, gram 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 Borrowermay agree to extend,
<br />modify, forbear or make any accommodalions with regard to the lerms 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 suhjectto a law which sets maximum loan
<br />charges. and that law is finally .nlerpreted so that the mterest or other loan charges cc;llected or to be collected in
<br />wnnectlon wah the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by Ihe amount
<br />necessary to reduce the charge to the permllled limil; and (b) any sums already collected from Borrower which exceeded
<br />permitted limits will be refunded to Borrower. Lender may choose te make this refund by reducing the principal owed
<br />under the Note or bv makmg a direct payment to Borrower. If a r,""'1O reduces principal, the reduction will be treated as a
<br />partial prepayment WIthout :lny prepayment charge under tho(': 'Jot...
<br />13. Legislation Affecting L~!lder's Ri~ts, If c' . ,"e1il or expiratIOn of applicable laws has the e!fect of
<br />rendenng any prOVISIon of the Note or this Secunry instrument unenforceable according 10 ils terms, Lender, at its option,
<br />may reqUIre Immed.ate payment 10 full of all sums secured by this Security Instrument and may invoke: any remedies
<br />permllled by paragraph 19. If Lender e,<erclses this option, Lender shall.lake the steps specified in the second paragraph of
<br />paragraph i 7
<br />14, :'IIotices. Any notIce to Borrower provlded for in this Secunty Instrument shall be given by ddivering it or by
<br />maIling .t by nrst class mad unless appilcable law requIres use of another method, The notice shall be directed to the
<br />Property Address or any other address Borrower des.gnates by notice to Lender. Any notice to Lender shall be given by
<br />nrst class mall to Lender's address stated herem or any other address Lender designates by notice 10 Borrower, Any notice
<br />prov.ded for m thIS Secunty Instrumenr shall be deemed to have been gIven [0 Borrower or Lender when given as provided
<br />In [hIS paf3grapn.
<br />15, Governing Law; Severability, Th.s Secunty Instrument shall be governed by federal law and the law of the
<br />Junsdlcllon m wh.ch the Property IS located. In the event that any provlslOn or clause of this Security Instrument or Ihe
<br />'late conrlicts wah applicable law, such connict shail nOt affect other provisions of thIS Security Instrument or the Note
<br />....hlCh can be g.'en dTect ","hout the c'onn!Ctmg proVISIOn. To th.s end the proviSIons of this Security Instrumem and Ihe
<br />~oie .He dCl:"larc:u ill be se....eraoie.
<br />16. Borrower's Copy, Borrower shall be g.'en one <:onfonned copy of the Note and of this Security Instrumen!.
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any
<br />interest 10 it is sold or transferreu (or if a ben~fiClal mterest in Borrower IS sold or transferred and Borrower is not a natural
<br />person) without L~;nder's pnor wntten .....(Hixnt, Lender may, at (ts opilon. require immediate payment in fuB of all sums
<br />secured by th,s Secunty instrument Ho"',,'er. thIS opnon shall nor be e,\erclsed by Lender if exercise is prohibited by
<br />federal lJ.v.-;.iS \)fthe Jat.: \)fthlS Se~uflty Instrument.
<br />If Lender e.\erc,ses thiS "plIon, Lender ,hall g,'.'e Borrower not.ce of acceleration. The notice ,haH provide a period
<br />,)f not less rhan :0 days from (he JJ.le;: the now:e b ddivered or maded WIthin WhlCh Borrower must pay all sums s~ured by
<br />thiS Se..:umy In,[rumen!. If Rorro....er falls I" pay these sums pnor to the expiration of thIS perIod. Lender may invoke any
<br />remC.Jlc). r::rmJUeJ by :h.is. S.;:;.:unty !n~tfl.!n1t:jH u,nhout funher n0ii(-e ,}f dc::mand Oil. Borrower.
<br />18. Borro....er's Right 10 Reinslate. If Borro....er m"ets certam condll",ns, Borrower shall ha'" the rIght to ha'e
<br />t.'n[on,,'em~IH ,_~{ !hl:' Secunr: Instrument (ils..:onIlnued at .ln~ time pnor [0 the earlier of: fa) 5 days (or sut:h other period as
<br />J.ppllcJ.bk law ma:- Spt;:';II\ for r~mSt.ilemcnn before s.ale 0f rhe Property pursuant to any power af salt: conl.amc::d In this
<br />Secunt~ In::.l.fumc-nL Jr ibi en:r~ _,f J. judgrnent entorcmg thl~ Seeunt:-' Instrument- Those (onditions are that Borr0~er:
<br />i_a) pd.~S Lender :.111 sums 'V.h!~h then \\.-ould be Jue und.er th;~ Secunty Instrument and the ~ote had n0 ac(derauun
<br />\-,(urrea, iO} \.'ur~~ .iny Je:3ui! ,.)f om:. t.)[ner -:t)\~I1J.nlS \..)r agre-cmefib. (c) pays J.H e,\pen~cs m~urred In enfDrcing [hiS
<br />Se\:urH~ fn~trume:u. Hh.::lud:ng, but n\.:( lmuted to. reas.onable J.t!orney~. r'ees: and (d) lakes su~h ;1(:tIon a:) Lend~r may
<br />;:-~+!~pn~hi\ r!""'-1Ipr~ :,-. .~~~1.2:'~ ~l::..:.~ ~:-:e ::~:~ :..~;- ~:;.~:;. ~~.::-~:-:~'-,' :n.\~r~;r.~~:, L:.::-:.J.e:->, :-:::::!~~:.; 1;~ :h~ P:-;.)ye:~'" ;l:;d Ek~!T0u,-=r'...
<br />\,)biigJ.t1Q; h..' ray- the .,urns '">ccured b~ thiS- Sc~urtty lr~~t;urnt;nt .,hall ,,>,:mtmu(' ~ull(hanged. l'p\.)n "rCmSEHC-n1Cllt h~
<br />Borro\\cr. ;hI~ Se~~.E'i~\. lfi~rrumcnt and rh~ Llbh~auon~ ...t(ui.'~d ht:n:b.., ~hall fern.un full\' etfec[l\c a~ If no .lL\.'t:kratl0n h3Q
<br />1c..:urre-',:L HI..,\\'e..er. ;h'lS nght tv reli1S~alc ~haH n:H oJrpl:- In the caSe 0/;'.h.."(ekr;HhJil ilnJe~r paragr3pt1s ! ~ or J 7
<br />
<br />:S-oN-L:~lFOR~ CO\'E~A:-.oTS. Bt)rrower and Lender further ;.:ovenant and agree as follows.
<br />19. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleralion fullowin!; Borro.....er's
<br />O.eacll of any co.enani Ot agreement in this Security Instrument (out nOi prior to acceleration under paragraphs 13 and 17
<br />unless applicable law pro. ides otherwise). The notice shall specify: 'ai the default; (b) the action required to cure the
<br />default; (c) a date, not less Ihan 30 days from the date the notice is gi'en to lIorro"er. by which the dciault must be cured;
<br />and id) tbat failure to cure the default on or ~fore the date specified in the notice may resull in acceleration of the sums
<br />secured by tbis Security I"",trument and sale of the Property, I'he notice shall further inform Borrower of Ihe right tn
<br />rtlDStatc after acceleration and tbe right to hring a COU" action tu asSert tilt: flon.exlsteiH:c of a default or ~n)' ather
<br />defense of Borrower to acceleration and sale, If tbe default is not cured on or before the date specified in the notice. Lender
<br />at its option may require immediate payment in full of all sums secured by this Securit) Instrument without further
<br />demand and may inlOke the power of sale and any "ther remedies permitted by applicable law, Lendet shali be eutitled to
<br />coU<<t all E:t~ns<<;i ini:iirrni tn pursuing the remedies provided in this pJiragrapn i 9. mduding. ~lUt rIOt limited to.
<br />reasonable altorney" fees and co.t'1 or title evidence,
<br />If the power of W~ is iU\loked"t Tfustl~ shaH record a notj~e of deb,uh m cadl (Hunt) in ~'hi,'h un} pun j-,( th~
<br />Prop<ert)' is h)('iued .and \h.H mail copies nfs.uch notice in th~ m~nner pres-cnbt.'d b): appHcahh~ law {D- Burn>"t;f ~Hid to tht'
<br />~-:th:ef p:tr~,m:; yrt"xd~:u b} avpli,.hi.t 1."-, i\ft~r tb." tlffii fi;i.{uir~a h~ ,.-:;;pp!i;::lbk la~, TrU5tt'i.-' ~h!-l.H g~n~ tH,i-;!it> noUn: ,J
<br />\.31~ to t~ per-sons ;loa ~n the- mal1nt'f pre-\cdbt::d n)' applicable law, Truste~:. \-~H!-WtH dnn<-lnd oil H(If! fj"ACi. ;tH.;;j :.-di l!h
<br />
|