|
. . .... _
<br /> --._._ .. .
<br /> • . . r . . . . ._,�:
<br /> __ —.__,�� _ , � — — '- .--:
<br /> , __..�.__.�... _ . _ __ f ----�_ - --,���;
<br /> � . . , f -:=
<br /> , 7. Protec4ioa of Lender's Righ$s tn t6te Proper4y. it eorrower iaiis to perfartn the coYenants and egreements - ' �
<br /> contained I� th!s 3ecurity Instrumen�or there is a legal proceeding that may signiiiqntly attect Lendei s ria�hts in the Property (such es ; �_r,�
<br /> a proeeeding (n baniwptcy, probate,tor condemnation or to�tefture or to enforce laws ar reguWUcns�,then Lender may do and pay for •.�:
<br /> whatever Is necessery to proteci the vafue of the PropeRy and Lender s dghts In the Propetty. LenJer s actions may Indudo paying . , "�:
<br /> � eriy sums secured by a lien whlch has pdorlty over tfifs 3ecurity Instrument,appearing In coud, payfng reasonabte attomey's tees and � `�`` �=
<br /> entering an the Prope�ty to make repa!rs. Althougfi Lender may take actlon under this paragraph 7,Lender does not have to do so. ,. .r . '°"
<br /> � Any emounts disbursed by Lendsr under thls paragraph 7 shal 6ecoms addUona debt ot Borrower secured oy this Securityr � i - • - _ .
<br /> ' Instrumenl Unless Bortower and Lender aaree to other tertns of payment, these amaunts shaQ bear Interest from tha date o4 1 � �;
<br /> disbursement at the Note rate end ahatt be payabte,with Interest,upon noUce from Lender to 8or►ower requeslfng payment. � � . .- .
<br /> 8. Mortgage Insuranee. It Lender required mortgaga insurance as a candiifon o1 making the loan seaured by tht� . 'j�>�
<br /> •� Securiry Instrument. Bortower shall pay the premtums requUed to malntflln the mortgage insurance In effect. It, tor any reason, th�
<br /> ` moRgage insurance coverage required by Lender lapses or ceases to ba in eHeG, BoROwer shall pay the premtums required to obtair� � �• _
<br />- coveraga subsf:nifaliy eqv'r�alai! to the mortgage tnsurence previously in ef4ect, et a cost substanUally equivalevit to the cost t� , �'�.
<br /> • Bortower of the mortgage tnsu►ance prevlously in efEec�t, irom an aitemate moRgage insurer approved by Lender. It substanUall�
<br /> equivalent moRgaga insurance coverage Is not availabte, Bortower shail pay to Lender each month e sutra equat to onetwelfth oi th� • •
<br /> yearly mortgage insurance premium betng pafd by Borrower when the tnsurance coverage lapsed or ceased to 6e in effect Lender w10
<br /> s • . `�:
<br /> eccept, use and retain these payments es a loss resarve in fieu of mortgage insurance. Loss reserve payments may no tonger be
<br /> reqntred, at the opUon of Lender, H moRgage insurance coverage(tn the amaunt and tor ih8 perlod that Le�der requtresj provided by _ ` '�l___
<br /> an Insurer approved hy Lender agatn becomes avaitabte and Is obtained. Borrower shall pay the premlums requtred to matrdah� � . f�.:
<br /> mortgage tnsurance in efiect. or to provide a loss reserve, unUl the require�nent tor nartgaga fn�uratsca ersds irs axosdance witfi any � _,_ - ___ _--
<br /> written egreement between BoROwer and Lender or applicable law. • �
<br /> 9. II13ipeCtiOn. Lender or its agent may make reasonable eotries upon and inspecUons of the Properiy. Lendv shafl give " � '
<br /> Borrower noUce at the time oi or pdor to an InspecUon specftying reasonable cause tor the inspecNon. ; ���"
<br /> 10. Condemnation. The praceeds ot arry award or clafm for damages, dUect ar consequenttal, in connerdlon with any , , �
<br /> condemnaUon or other tak(ng of any part o1 the Property,or for conveyance in lieu ot candemnaUon,are hereby assi�ed artd sha11 be ' � `.� �.��`
<br /> pafd to Lende►. . �, ,••
<br /> � In tfie eva�t oi a total laking oi the Properry, the proceeds shalt be app0ed to the sums secured by this Se+a:�3y InsWmertL , ,;,. ,.�*�,^
<br /> whether or not tlten due,with eny excess pafd to Borro•ruer. In the eveni of a partiai taWng ot the Propert�l in which the fslr mazk�t �
<br /> ..,t.:__�`, _".
<br /> value of the P�aeRy tmmediateiy before the Lking is equal to ar greater than the amount of the sums seaired by this Seeu:w'y � - --
<br /> Instrument fmmediately beTore the tak(ng, ur,:�s Borrower and Lender otherwise agree in wrfNng,the sums secured by thls Securiry � .�:;%..'Lr"�'��'
<br /> � • ��,�•
<br /> Instrument shell be reduced by the amoant of the proce�ds muttlplied by the totlowing tracHon: (a) the to4af arr.aunt of the sums , %4;;::` ��`-",•'_�
<br /> secured immediatety before the taidng, dtvided by (b) the fair market value of the PropeRy immediately before th2 t3.��.Any balance �, • <<:.g�
<br /> shafl be paid to Bortower. In the event of a partial taldng o}the Property In which the fair market value of the Propeny immediately _ � :T`�:�5� .�
<br /> before the teWng Is less than the amount o;the sums secured immediatety trefore the taking, untess Barrower artd Lender othervvise � � -
<br /> • agree in wriUng or untess eppticabie Iaw olhervvise provides, the proceeds shall be applied to the sums secured by thfs Security � � �• �+ �
<br /> � ��
<br /> Instrument whether or not the sums are then due. �.�.��' ' �
<br /> it the Property is abandoned by BoROwer,or ti,after noUce by Lender to Borrower that the condemnor o8ers to make an award or � �� ,; ���
<br /> j settle e ctaim tor damagas. 8orrrnver fails to respond to Lende►within 30 days after the date the noUce is ghren, Lenatar fs authorized `��'. ��. ; �.,� "
<br /> ' to collect and apply the proceeds,at[ts option, either to restoraUon or repafr oi the PropeAy or to the sums secured by thts Sewrtiy `'�� � . .
<br /> ? Insbumen�wheih2r or not then due. : °—
<br /> ' Unless Lendzr and Borrower othetwlse egree in writing. any applicatlan of proceeds to prindpal shail noi exten�D or postpone t:;= . . .r�- _�,i� ,
<br /> due date o!the monthy payznents referred to tn paragraphs 1 and 2 or change the amount ot such payments. �fE . �--
<br /> 11. Borrawer No3 Reteased: Forbearan�o�y Lender Not a Waiver. Fxtenston ot the Ume for paymerrt or • . ,� E � _
<br /> modiflcetion of amortimUon oi the sums secured by this Security Instrument granted by Lender to any successor in interest ot Borrowe► � - �':,;�;: . •
<br /> shali not operate to release the Itab(lityr of the odginai Bortower or Bortowe�u successors in Interest. Lender sha0 nol be requlred to _ '" . tiP �,
<br /> commence proceedings against any suacessor fn interest or retuse to e�dend time for payment or otherwise modity amoNzatton of the �r �
<br /> sums seeured by this Security Instrument by reason of any demand made by the original Bortawer or Bortower's suecessors in " ��=�'% `
<br /> interes�My torbearance by Lender in lxercising eny�Ight or remedy shall not be a watver of or predude the exerctse oi any dght or � ���;:_� .
<br /> remedy. �
<br /> 12. Successora end Slssigns Bourtd: Joln4 and Several Uabllfty; Co-stgner9. The covenants ana! � '�
<br /> , ,:
<br /> a�eemenis of this Seairi:y Instrument shall bind and benaflt the successors and essigns of Lender and Borrower, subject to the . ���_,�--.
<br /> provfslons of paragraph 17. Borrower's covenants and agreements shall be Jolnt end several.My Borrovier who to-signs this Secudty � � " °i�
<br /> � InstrumeM but does not execute the Note: (a) is co-s'.c,,ning this Secudty Instrument ony to mortgage, grant, and convey that ` '� .�'''��`�'
<br /> • Borrower's interest in the Properly under the tertns of this Secudty Instrument; is not�2rson obll ted to the sums secured ��� ��� '�^
<br /> (bI �Y 3a Pav c:�- � :a,,.. .
<br /> � by lhis Secudty Instrument; and (c) agrees that Lender and any other Borrower may agree to aRend moddy,forbear or make erry �•��-•�
<br /> aecommodations wfth regard to terms o1 t;�:�Secudty Instrument or the Note without that Borrowera co.�ent : `�s �
<br /> 13. Loa�e Cha►ge9. Ii the loan sECUred by ihis Secudty Instrument is subject to e law wt,it:� sets maxtmum loan chargea, . ' �� "�` s„
<br /> � and that law is flnatly Interpre:ed so that the interest or other loan charges collected or to be wilected In conneeUon wfth the loan ,
<br /> �• exceed the permitted limris.then; (a) any such loan charges sha0 be reduced by the amount necessary to reduce tfie charge to the i.: � � �
<br /> permitted Iimtfi and (b)eny sums already colected irom Borrower which exceeded pemdtfed�mits wfll be retunded to 8arrower. L�der = . •
<br /> may choose to make this reiund by re�fl�c�g the pdncipal owed under the Note or by making a d!rect payment to Borrawer. tf a � � . �� _
<br /> retund reducQS principal,the reduction wifl be treated es a paNal prepayment without any prepayment charge under the Note. �• � ' '
<br /> 14. NOliC89. My nollce to Borrower provided for In this Security Instrument shall be glven by detivering it or by maiifng tt by . _
<br /> Orst class mafl unless apptirabte law requlrea use of e;�other method. The noUce shall be ditected to the Proper�y Address or eny
<br /> other address Bor►ower dessgnates by noUce to Lender. My notice to Lender shail be glven by tirst elass mail to Lender's address ' '�. . �
<br /> steted herein or any other address lender designates by noUce to Bortower. My noUce provlded for in this Securily InsUument sPs�.'1
<br /> be deemed to have been given to Borrower or Lender when ghren as provlded in this paregraph. � � '
<br /> 15. �OVe�nirtg L3w; Severabiiity. This Security Instrument shnit be govemed by tederal Iaw and the taw of tho �
<br /> jurisdlctlon in whloh the Property is located. In the event that any proviston or clause o1 this Secu�ity Instrument or the Note contlicts � •�
<br /> with epplicabte law, such conAtct shaii not altect other provlslons o1 this Secudty Instrument or the Note which ean be given eifect '. :
<br /> w(thout the contlicting provislon. To this end the provisions of this Securlty I�strument and the Note ere dectared ta�e severe6le. 1 �'
<br /> • 16. Borrower'8 COpy. Borrower shell be glven one conformed copy o1 the Note and ol ihts�ce:�p!�strumenL ,r .
<br /> �'__
<br /> 17. Transter o}the Property or a Beneflclal Interest in Borrower. n atl or arr� r.;rt ot the Property or any :
<br /> interest in it Is sold or transterred (or ii a beneflcial intr�rest in Borrower is so�d or tranaterted and Bonower Is not a naturai person)
<br /> vdthout Lender's prior wrrtten consent. Lender may,at Rs option, require Immediate payment in fuli o1 all sums secured by thi9 Securiry �
<br /> ' Instrument However,this option shall not be exercised by Lender H exerclse is prohibfterl by tederef law as of the date of this Security ' ��
<br /> . Instrument. - --
<br /> N Lender exerclses ihis optlon,Lender shall give Bortower no8se of acce(eretion.The notice shall provide a pedod of nat less iban ��
<br /> � 30 days from the date ihe natice is delhrered or mailed wNhin which the Bor►ower must pay ell sums secured by ihis Security • �
<br /> Instrument H Bonower fails to pay these sums prior to the expiration of this perlod, Lender may invoke any remedies pertn(tted by thi�
<br /> Securityl Instrument without turther notice or demand on Bonov�er. Form ao28 9�so '
<br /> F1029.LMU(2/96) Paqe 3 ot 5 - ���`�-
<br /> � .f"„`y
<br /> . ........--�--•.-__•._y ---�'; , :,, � � . • .: .. - „ , . f~- -� �c. . . � .
<br /> . . � • ;r . , . • . ' ` . . . . • . .
<br /> �. . , . . , . . . . . . �}. . . . . .. �� .. . . • � . • � - . . ... •• • , . ' _�.. .. ,_. . �. .. . .' . _ � . �,. . . .. . . � .
<br />
|