|
<br />I
<br />
<br />e...-~
<br />84-, 005595
<br />
<br />84 - 005334
<br />
<br />:-
<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 req;;.irement Jonlk
<br />insurance terminales in accordance with Borrower's and Lender's written agreement or applicable law.
<br />8. Inspection. Lender or its agent Inay make reasonable ent..ries upon and inspections_of-the PtopP...Ity. L-endec
<br />shall give Borrower notice at Ihe time of or prior to an inspection specifying reasonable cause for the inspection,
<br />9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connectionwitb:-
<br />any condemnation or other 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 tolal taking of Ihe Property, the proceeds shall be applied to the sums secured by this Security
<br />Instrument, whether or nol then due, with any excess paid to Borrower, In the event of a partial taking. of tbeProJlerty,
<br />unless Borrower and Lender otherwise agree in writing, the 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 Ihe taking, divided by (b) Ihe fair markel value ofthe Property immediately before the taking, Any balance shall be
<br />paid to Burrower.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor olfersto
<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 co!!eet and apply the proceeds. at its option; either to restoration or repair QftheProperty-oT
<br />to the sums secured by this SecurilY Instrument, whether or not then due,
<br />Unless Lender and Borrower olherwise agree in writing, any application of proceeds to principal shall notextendor
<br />postpone the due dale of the monthly paymenls referred 10 in paragraphs I and 2 or change tbe 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 />interest of Borrower shall not operate to release the liability of the original Borrower or Borrowers successors -m interest.
<br />Lender shall not be required to commence proceedings againsl a"v successor in interest or refuse to extend time for
<br />payment or otherwise modify amortization of the sums secured hy tL'c '.-,curity Instro~ent by reason of any demand made
<br />by the original Borrower or Borrower's successors in interest. A :_rt~rance by Le,,:der in exercising any right or remedy
<br />shall nol be a waiver of or preclude the exercise ,,;- any right or I <wedy,
<br />11, Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of
<br />this Security Instrument shall bind and benefil the successors and assigns of Lender and Borrower, subject to the provisions
<br />of paragraph 17, Borrower's covenants and agreements shall bejoint and several, Any Borrower who co-signs this Security
<br />Instrument but does not execule the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey
<br />Ihat Borrower's interest in the Property under the terms of Ihis SecurilY Instrument; (b) is nOI 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 accommodalions 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 Instrumenl is subject 10 a law which sets maximum loan
<br />charges, and thai law is finally inlerpreted so that the interesl or other loan charges collected or to be collected in
<br />connection with Ihe loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
<br />necessary to reduce the charge 10 Ihe 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 Ihis refund by reducing the principal owed
<br />under the Note or by making a direcl payment to Borrower, If a refund reduces principai, the reduction will be treated as a
<br />partial prepayment without any prepaymenl 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 SecurilY Inslrument unenforceable according to its terms, Lender, at its option,
<br />may require immediate payment in full of all sums secured by Ihis Security Inslrument 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 17,
<br />14. Notices. Any notice 10 Borrower provided for in this Security Instrumenl shall be given by delivering il or by
<br />mailing il by firSI class mail unless applicable law requires use of another method, The notice shall be directed to Ihe
<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 to Lender's address stated herein or any other address Lender designates by notice to Borrowei. Any notice
<br />provided for in this Secunty Instrument shall be deemed to have been given to Borrower or Lender when given as provided
<br />in this oaragraoh,
<br />-15. -Governing Law; Severability. This Security Instrumenl shall be governed by federal law and the law of the
<br />jurisdiction in which Ihe Property is located. In the event that any provision or clause of this Securily Inslrumenl or Ihe
<br />Note conflicts with applicable law. such conflict shall not affect other provisions of this Securily Instrument or the Nole
<br />which can be given effect without the 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 the NOle and of this Securily Instrument.
<br />17, Transfer of the Property or a Beneficiai Interest in Borrower. If all or any part of the Property or any
<br />interest in 11 is sold or transferred (or if a b<.neficial interest in Borrower is sold or Iransferred and Borrower is not a natural
<br />person) without Lender's prior written consent, Lender may. at its option, require immediate payment in full of all sums
<br />secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by
<br />federal law as of the dale of this Security Instrument.
<br />If Lender exercises this option, Lender shall give Borrower notice of acceleration, The notice shall provide a period
<br />of not less Ihan 30 days from the dale the notice is delivered or mailed within which Borrower must pay all sums secured by
<br />this Security Instrument. If Borrower falls to pay these sums prior to the expiration of this period, Lender may invoke any
<br />remedies permitted by this Securily Instrument withoul further notice or demand on Borrower.
<br />18, Borrower's Right to Reinstate, If Borrower meets certain conditions, Borrower shall have the righl to have
<br />enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as
<br />applicable law may specify for reinstatemenl) before saie of the Property pursuant to any power of sale contained ID 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 Securily Instrumem and the NOIe liad no acceleration
<br />occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcmg this
<br />Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) lakes such action as Lender may
<br />reasonably require to assure that the hen of tillS Secunty Instrument, Lender's nghts IJ1 the Property and Borrower's
<br />obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by
<br />Borrower, this Security Instrument and the obligations secured hereby shall remam fully effective as Ifno acceleratIon had
<br />occurred. Ho\vever, this right to rein~late shall n01 apply In the ca~t: of aCl..elt:raIlO!l under paragraph~ ] -' or 1""1
<br />
<br />
|