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<br />84 - 005501
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<br />If the Property is abandoned by Borrower, or if, after nolice by Lender to Borrower that the condemnor offers 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 aUlhorized to collect and apply Ihe 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 prc;ceeds to principal shall nol extend or
<br />postpone the due date of the monthly payments referred to in paragraphs! and 2 or change the amoun. of such payments,
<br />10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
<br />modificalion of amortization of the sums secured by this Security Instrument granted by Lender 10 any successor in
<br />interest .of Borrower shaH not operate to release the liability of the original Borrower or Borrower's succes.50rs in interest.
<br />Lender shaH not be required to commence proceedings against any successor in interest or refuse 10 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 />1 L Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of
<br />this Security Instrumem shall bind and benefit the successors and assigns of Lender and Borrower. subject to the provisions
<br />of paragraph 17, Borrower's covenants and agreemems shall be joim 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 imerest 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 lerms of this Security Instrument or the Note without
<br />thai Borrower's consent,
<br />12, Loan Charges. If the loan secured by this Security Instrumenl is subject to a law which sets maximum loan
<br />charges. and that law is finally interpreted so that Ihe interest or other loan charges co!lected or to be collected in
<br />connection with the loan exceed Ihe permitted limits. then: (a) any such loan charge shall be reduced by the amount
<br />necessary to reduce Ihe 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 ref"lld reduces principal. the reduction will be treated lis a
<br />partial prepayment without any prepayment charge under the ",,,t,~,
<br />13. Legislation Affecting Lender's Rights. If el' ,;..ent or expiration of applicable laws has the-.effect of
<br />rendering any provision of the Note or this Security Instrument unenforceable according (0 its terms, Lender. at. its option.
<br />may require immediate payment in full of all sums secured by Ihis Security Instrument and may invoke any remedies
<br />permitted by paragraph 19, If Lender exercises this option. Lender shall,take the steps specified in the second paragraph of
<br />paragraph I 7,
<br />i4. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by
<br />mailing it by first elass 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 notice to Lender shall be given by
<br />first class mail 10 Lender's address stated herein or any other address Lender designates by notice 10 Borrower. Any notice
<br />provided for in this Security Inslrumem shall be deemed to have been given 10 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 />jurisdicrion 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 confiicl shill not affect other provisions of this Security Instrument or the Note
<br />which can be given effect without the conflicting provision, To this end the provisions of Ihis Security Instrument and the
<br />Note are declared to be severable,
<br />16, Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument.
<br />17, Transfer of the Property or a Beneficial Interest in Borrower, If all or any part of Ihe Property or any
<br />interest in it is sold or [ransferred (or if a beneficiai interest In Borrower is sold or transferred and Borrower is not-a natural
<br />person) wilhout Lender's pnor wrillen consent. Lender may, at its option. require immediate payment in fuli of all SUillS
<br />secured by this Securily Inslrument, However, this option shall not be exercised by Lender if exercise is prohibited by
<br />federal law as of the date of this Securilv Instrument.
<br />If Lender exercIses this option. Lender shall give Borrower notice of acceleration, The notice shall provide a period
<br />of nOlless than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by
<br />this Secunty ~n:;tru.mcnL If B0rroWer f~i!~ ~:') p~y th~ s.ums. prior ~o ~he .exp;r;::;,tion cfthis period; Lender may invoke any
<br />remedies permilled by this Security Instrument without further notice or demand on Borrower,
<br />18. Borrower's Right to Reinstate, If Borrower meets certain conditions, Borrower shall have the right to have
<br />enforcement of this Securily Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as
<br />applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this
<br />Security Instrument: or (b) entry of a judgment enforcing this Security Instrument, Those conditions are that Borrower:
<br />(a) pays Lender all sums which then would be due under this Security Instrument and Ihe Note had no acceleralion
<br />occurred; (b) cures any default of any other covenants or agreements; (c) pays all e,'penses incurred in enforcing this
<br />Security Instrumea!. !Reluding. but not limned to, reasonable allorneys' fees; and (d) takes such action as Lender may
<br />reasonably require to assure that the lien of this Security Instrument, Lender's rights ;n the Property and Borrower's
<br />obligalion to pay the sums secured by this Security Instrument shall contin~e unchanged, Upon reinstatemenl by
<br />Borrower, this Security Instrument and the obligations secured hereby shall remalll fully effective as if no acceleration had
<br />occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 13 or 17.
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<br />NON.UNtFORM COVENANTS, Borrower and Lender further covenant and agree as follows;
<br />19. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's
<br />breach of any rovenant or agreement in this Security Instrument (but not prior to acceleration under paragraphs 13 and 17
<br />unless applicable law provides otherwise). The notice sball specify: (a) the default; (b) the action required to cure the
<br />default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured;
<br />and 10) that tailure to cure the default on or before the date specified in ine notice may result in acceleration of the sums
<br />secured by this Security Instrument and sale ot tbe Property. The notice sbaii further inform Borrower of tbe right to
<br />reinstate after acceleratioll and the right to bring a court action to assert the non-existence of a default or any other
<br />defense of Borrower to acceleration liIld sale. If the 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 Security Instrument without further
<br />demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to
<br />collect all expenses incurred in pursuing tbe remedies provided in this paragraph 19. induding, but not limited to.
<br />reasonable attorneys' fees and costs of title evidence.
<br />If the power of sale is invoked, Trustee shan record a notice of default in each county in which any part of the
<br />Property is Io<:ated and sball mail copies of such notice in tbe manner prescribed hy applicable law to Borrower and to the
<br />otber penona prucribed by applicable law. ACter tlte time required by applicable la.., Tru,tec ,hll.il g.,e public node< ,)(
<br />sale 10 tbe perSOM and in the manner pre:;crib.ld by applicable lalL Trostee. witbout demand un Borrower, shall sdl the
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