|
.. . . . . , , ... ,�._
<br /> � � . ' � � � , - ' . • . ,;,;-:. , • ,�
<br /> �_._. �_ _�_ . r. . ... . , . _ • ,, . . ' t ; ` ' �,. . . y�:
<br /> l f ,
<br /> ,�) . ' Borrower may cu� such a detauft and reinstate, as provided in paragraph 18. by caus�ng the acGon or proceedng to be � .. ., . � _
<br /> dismissed with a ruling that.in Lender's good taith determmation.predudes fortefture of the Bortower's mterest m the Properly or !
<br /> other mate.�al impalrment of the lien aeated by this Securfty InsVUment or Lenders secunty mterest. Bovower shall also be m � , , �-
<br /> �
<br /> defauR it Borrower, dudng the loan appiieati�n process. gave matenalty false or maccurate informaUO� or statements to Lender(or f _.
<br /> fatled to provide Lender wi[h any materlal intarmation) m Cannection with the loan evidenced by the Note. mciuding. but not � � , � .
<br /> IimRed to. representaUOns conoemmg Borrowers occupancy of the Property as a principal residence If this Security � , �
<br /> • InsWment is on a leasehold. Bonower shafi compty with atl the provisions of the �ease. It 8onower acquires fee Utle to the�
<br /> Properry, the leasehold end the fee tNe shall not merge untess Lender agrees to 2he merger in wrtting. ��� . _
<br />,' 7. Pratection of Lender's Rights in the Property. it Borrower ta��s to peAartn the covenants and agreements � .
<br /> conteined m this Securfry lostrument, or there is a tegai praceeding that may signficanUy aHect Lender's dghts m the Property � • �-
<br /> (such as a proceeding m bankruptcy,probate.for condemnaUon or toAeiture or to eniorce laws or regulaUOns).then Lender may O • �-
<br /> do and pay 4or whatever fs necessary to protect the value of the Property and Lenders nghts m the Property Lender's adians � • ,
<br /> may indude paying any sums secured hy a lien wh�ch has priortty aver th�s Security InsWment, appeanng m court. paymg .
<br /> reasonable attomeys'tees and entering on the Property to make repa'us.A�though Lender may take actian under th�s paragraph � __.__- -�_ - -. _
<br />� 7. Lender does not have to do so. �j . . •
<br /> Any emourts disbursed by Lender under paragraph 7 shail become additional dabt of Bortowe► secured by this SeCUrity • � +
<br /> Instrument Unless Borrower and Lender agree to other tertns of paymen� these amounts shall bear mterest from the date of .
<br /> dsbursement at the Note rate and shal�be payabie,with interest.upon notice from Lendet to Borrewer requestlng payment •
<br /> 8. Moatgage Insuranee. If Lender required mortgags insurance as a cond'Rion ot making the loan secured by this ,
<br /> . Security Instrument, Borrower shall pay the premiums required to ma�ntain the mortgage insurance in effect If,for eny reason.the - � �-�-..,��4�-�
<br /> r
<br /> . mortgage insurance coverage required by Lender lapses or ceases to be in ettect 8orrower shall pay the premiums required to , ��____,
<br /> obtain coverage substantlaly equrvalent to the mortgage insutance previousty in effec� at a cost substantlalty equivalent to the � �"..,,;_
<br /> cost to Borrower of the mortgage insurance previousty in effect. irom an attemate mortgage insurer approved by Lender. If � � ' . s, '-
<br /> substanUalry equivalent mortgage insurance coverage is not available, Bonower shall pay to Lender each month a sum equal to . . • ___--�-�'°�`-`-
<br /> one-twelfih of the yearly mortgage insurance premium being paid by BoROwer when the insurance coverage lapsed or ceased to • �"'°'P
<br /> �F.a%.
<br /> : 1 be in eftect Lender vnll accept, use and retain these payme�ts as a loss reserve in lieu oi moRgage insurance. Loss reserve ; ':�r.,-=�--�3
<br /> 1 payments may no longer be required,at the option of Lentler, if mortgage insurance coverage Qn the amount and for the period � `''•.�`}_"
<br /> � that Lender requires)provided by an insurer approved by lender again 6ecomes available and is obtained. Bortower shall pay . ; t''�;�.-l� . -
<br /> � the premiums required to maintain martgage insurance in effect, or to provide a toss reserve, untii the requirement for mortgage _�.��•.. �_
<br /> , -� insurance ends in accordence with any w�agreement between Borrower and Lender or applicable taw. � T�+;_�,-��
<br /> 9. II1SpeMlon. Lender or its agent may make reasonable e�tries upon and inspedions oi the Property. Lender shall give `��=5
<br /> ' Bar�ower noUce at the Ums of or pdor to an inspection specitying rea�onabte cause tor the inspection. � �'—
<br /> 10. Condemnatian.The proceeds of any award or ciaim tor damages, direct or conseqaentlal,in connecUon with any
<br /> .:�, condemnaUon ar other tsWng of any part of the Property, or for conveyance in lieu o f c on d e m n a 6 o n, a r e nereb assi gned and £��'
<br /> Y , t.tA'-���'" ..
<br /> ':1 shall be paid to Lender. . Y 't!•,r:, ..
<br /> In the event of a iotai laking oi ti�e Froperiy. the proceeds shall ba spplied to the sums secured by this Security ��`�-�•,.'
<br /> ,.'� Instrumen t,whether or not then due,with any excess paid to Bort'ower. in the event of a paNat taWng of the Property in which . . �'`,7*`;� ,4�� '.�
<br /> the faU market value oi the Propefty immedfatety before the taking is equal to or greater than the amount ot the sums secured •. 4,;,:. �J��,;
<br /> by this Securfty Instrument immediately before the taking, unless Borrower and Lender othenvise agree in miting, the sams ,'`'
<br /> s� secured by this Searily Inshument shall be reduced 6y the amount of the proceeds mutdpiied by the following iraction: (a) the � � �
<br /> " total amount of the sums secured fmmedi9tely before the taking. divided by (b) the fair market value of the Property immedlately •"''�``' � J
<br /> � before tfie taidng. My batance shall be �ald to Borrower. In the event of a partial takhig ot the Property in wh(ch the fair market •`
<br /> vatue of the Properiy Immediatery betore the taking is less lhan the amount of the sums secured immediatety before the taldrsg, ''`�'�' •�'�f"R;���r '
<br /> untess Borrower and Lender otherwise agree in writing or uniess appficable Iew othenvise provtdes, the proceeds shall be - �. •� �j f '
<br /> applied to the sums secured by this Security Instrument whether or not the sums are then due. •�` '' � � �
<br />• � it the Property is abandoned by 8orrower, or it, after notice by Lender to Bortowor that the condemnor ofters to make an � � : .._� �•
<br /> �; award or setda a daim for damages. Bortower fails to res ond to Lender within 90 da s after the date 1he noUce is given. ,'";�'"`� �E
<br /> P y
<br /> ' Lender is authorized to collect and appty the proceeds. at its option, either to restoraUon or repair of the Property or to the •+�?, �
<br /> �Mt:_•
<br /> sums secured by this 3ecurity Instrume�t,whether or not tt�e�due. - �
<br /> Unless Lender and 8ortower othenvise agree in writing, any appiication of proceeds to prinGpal shail not extend or . �.���
<br /> postpone the due date of the monthry payments referred to in paragraphs 1 and 2 or change the amount of such payments. •,��,
<br /> � 11. Borrower Not Releasod; Forbearance By Lender Not a Waiver.Extensfon of the Ume for payment or '�'��:'���
<br /> • � modiflcaUon of emortizatlon of the sums secured by thls Securiry InsUument granted by Lender to any suocessor in interest of � ' �-^-=.�
<br /> � Bortowe►shail noi operate to release the Ifability of the odginal Borrower or Bortower's successora in interest Lender shall not -..°�.::�':S`� '.,�
<br /> ' be requlred to commence proceedings against any successor in interest or refuse to extend Ume for payment or othervvise ''
<br /> modii�r amottizaUon ot the suma secured by this Securiry tnstrument by reason of any demand made by the odginal Borrower or , -�`,��_
<br /> .�� Borrower's successors in Interest. Any torbearance by Lender In exercistng eny dght or remedy shali not be a waiver of or ,. :,� ���I�r''
<br /> ,� � predude the exerdse of any dght or remedy. �.� ,:•;"� : �'-,�;,;,o,.;;;.:
<br /> � 12. Successors and Assigns Bound; Joint and Several Uability; Co-signers. The covenanu and _ "• u --�.
<br /> .._..:.•..�-�.-
<br /> agreements ot this Securily Instrument s�all bmO ena Oenetn tne successors an�assigns of Lender and 8orrower, subjeci tu ti�n -- -
<br />- provlsions of paragraph 17. Bortower s covenants and agreements shall be jolnt and several. My Bortower who co-signs this _. ` - r�P
<br /> Security Instrument but does no2 execute the Note: (a)ls co-signing thls Security Instrument only to mortgage,grant and convey .. • '"�p�
<br /> that Bortower's interest In the PropeRy under the terms of thls Secudry Instrument: (b) Is not personalty obligated to pay the ' . � , a_
<br /> . sums secured by thls Security Instrumenx and(c) agrees that Lender and any other Bonower may agree to extend. modity. . � .`��"_
<br /> forbear or make any accommodatlons witfi regard to the tertns of thls Security Instntment or the Note without that Bortower's • . . . _-_
<br /> . consent. `",;'-` ..° `
<br /> 13. Loan Charges. I} the loan secured by thls Securlty Instrument Is subJecc to a law which sets maximum loan '�"-�"—�
<br /> charges, and that law is finally interpreted so that the interest or other Ioan charqes collected or to be collected In connectlon ,
<br /> with the loan exceed the pertnitted limits.then: (a)any such Ioan charge shatl be reduced by the amount necessary to reduce
<br /> the charge to the pertnitted limit; and (b) any sums already collected irom Bortower whlch exceeded pertnitted limlts will be , .
<br /> refunded to BoROwer. Lender may chaose to make this refund by reducing the prindpal owed under the tVote or by maWng a .
<br /> direct payment to 8onower. If a retund reduces principal. the reductton will be Veated as a partial prepayment wfthout any _ .
<br /> prepayment charge under the Note. � � � ' .
<br /> 14. Notieea.Any notice to Bonower provided for in lhis Security InsVument shall be given by dellveflng it or by mailing it , •
<br /> by flrst ctass mail unless applicable law requires use o1 another method. The notice shall be directed to the Properry Address _
<br /> or any other address 8ortower designates by no6ce to Lender. Any notice to Lender shall be given by first class mail to :
<br /> Le�der's address stated hereln or any other address Le�der designates by notice to Bortower. Any notice provided for in this . , �
<br /> Securiry Instrument shall be deemed to have been given to Borrower or Lender when given as provlded In this paragrsph. '
<br /> � 15. C4overning �.aw; S8ver8bllity. This Security Instrument shall be governed by federal law and the law of the
<br /> jurlsdlction in which the PropeRy is located. In the event that any provision or clause of this Security Instrument or the Note
<br /> confllcts with appllcable law. such conflict shall not aHect other provisions o}thls Security Instrument or the Note whlch can be
<br /> glven eNeet without the conflicting provision. To this end the provisions ot this Securiry Instrument and the Note are decfared to �
<br /> be severable. . �
<br /> . �
<br /> 16. Bor►ower's Copy. Bortovier shall be glven one conformed copy of the Note and of this Security InsVument.
<br /> . .
<br /> t
<br /> - F73t61M0 1�/97i Paqi 1•-+5 _ �
<br /> :
<br /> .. � ' _ _. .-...._ _. _�..-.
<br /> i
<br /> e�n.so •
<br /> � L _ _.
<br /> i f.-•---�, .- -• - -- : ,
<br /> � .
<br /> —. `tE ' . � ,`'' .�� � : . , .. .. .. , �� '
<br /> ,. . , „_
<br /> ,,.. .. . . . ;r�.. . , . . ... �� . . . . ..... ., . .� . . . . . . ._ . . . . , .. .
<br />
|