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98� i�3o4z
<br /> Losn No. 05-980221
<br /> � If the Property is abandoned by BoROwer, or if, after notice by Lender to Borrower that the condemnor offers to make an award or
<br /> settle a claim for damages, BoROwer fails to respond to Lender within 30 days aiter the date the notice is given, Lender is authorized to col-
<br /> lect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Security Instrument,
<br /> whether or not then due.
<br /> Unless Lender and Borrower otherwise agree in writing,any application of proceeds to principal shall not extend or postpone the due
<br /> date of the monthly payments referred to in paragraphs 1 and 2 or change the emount of such payments.
<br /> 11.Borrower Not Released;Forbearance By Lander Not a Walver. Extension of the time for payment or modification of amor-
<br /> tization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to
<br /> release the liability of the original Borrower or Borrower's successors in interest. Lender shall not be required to commence proceedin�s
<br /> against any successor in interest or retuse to extend time for payment or otherwise modify amortizaUon of the sums secured by this Secunty
<br /> Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in ex-
<br /> ercising any right or remedy shall not be a wafver of or preclude the exercise of eny right or remedy.
<br /> 12.Successors and Asslgns Bound;Jolnt and Several Uablllty;Co-slgners. The covenants and agreemenb of this Security
<br /> Instrument shali bind and benefit the successors and assigns of Lender and Borrower,subiect to the provisions of paragraph 17. Borrower's
<br /> covenants and agreements shall be joint and several. Any Borrower who co-signs this�ecurity Instrument but does not execute the Note:
<br /> (a)is co-signing this Security Instrument onl�r to mortgage,grant and convey thet Borrower's interest in the Property under the terms of this
<br /> �ecurity Instrument; (b)is not personally obligated to pay the sums secured by this Security InsVument; and(c)agrees that Lender and any
<br /> other Borrower may agree to extend,modify,forbear or make any acxonxnodatlons with regard to the terms of this Security Instrument or the
<br /> Note without that Borrower's consent.
<br /> 13.Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that
<br /> law is Tinally interpreted so that the interest or other loan charges collected or to be collected in wnnecUon with the loan exceed the permitted
<br /> limits,then:(a)any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted Iimit;and(b)any sums
<br /> already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by
<br /> reduc(ng the principal owed under the Note or by making a direct�ayment to Borrower. If a refund reduces principal,the reductlon will be
<br /> treated as a partial prepayment without any prepayment charge under the Note.
<br /> 14.Noticas. Any noUce to Borrower provided for in this Security instrument shall be given by delfvering it or by malling it by flrst
<br /> class mail untess applicable law requires use of another method. The notice sha►I be directed to the Property Address or any other address
<br /> Borrower desfgnates by noUce to Lender. Any noUce to Lender shall be given by first class mail to Lender's address stated herein or any
<br /> other address Lender designates by noUce to Borrower. Any notice provided for in this Security instrument shall be deemed to have been
<br /> given to Borrower or Lender when given as provided in this paragraph.
<br /> 15.Goveming Law;Severablllty. This Security Instrument shall be governed by federal law and the law of the jurisdiction in
<br /> which the Property is located. In the event that any provision or clause oi this Security InsVUment or the Note conflicts with applicable law,
<br /> such conflict shali not afiect other provisions of this Security Instrument or the Note which can be given effect without the conflicUng
<br /> provision. To this end the provisions of this Security InsVument and the 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 InsVument.
<br /> 17.Transier of the Properly or a Beneflclal Interest in Borrower. If all or any part of the Property or any interest In it is sold or
<br /> Vansfened(or if a beneficial interest in BoROwer is sold or transferred and Borrower is not a natural person)without Lender's prior written
<br /> consent, Lender may, at its option, require immediate payment(n full of all sums secured by this Security Instrument. However,this optlon
<br /> shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Secu�iry Instrument.
<br /> If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shali provide a period of not less than
<br /> 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by th(s Security Instrument. If
<br /> Borrower fails to pay these sums prior to the expiraUon of this period, Lender may invoke any remedies pem�itted by this Security InsVument
<br /> without further notice or demand on Borrower.
<br /> 18.Borrower's Right to Relnstate. If Borrower meets certafn conditions, Borrower shall have the right to have enforcement of this
<br /> Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law may specity for
<br /> reinstatement) before sale of the Property pursuant to any power of saie contained in this Security Instrument;or(b)enVy of a judgment en-
<br /> forcing this Security Instrument, Those condrtions ere that Borrower:(a)pays Lender all sums which then would be due under this Securiry
<br /> Instrument and the Note as if no acceleration had occurred; (b)cures any defauft of any other covenants or agreements;(c)pays all expen-
<br /> ses incurred In enforcing this Security InsVUment, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as
<br /> Lender may reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and �orrower's obligation to
<br /> pay the sums secured by this Security Instrument shall conUnue unchanged. Upon reinstatement by Borrower, th(s Security Instrument and
<br /> the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However,this right to reinstate shall not apply in
<br /> the case of acceleration under paragraph 17.
<br /> 19.Sale of Note;Change of Loan Servlcer. The Note or a partial interest in the Note(together with thfs Security Instrument) may
<br /> be sold one or more times without prior notice to Borrower. A sale may result in a change in the entity(known as the"Loan Servicer") that
<br /> collects monthly payments due under the Note and this Securiry Instrument. There also may be one or more changes of the Loan Servicer
<br /> unrelated to a sale of the Note. Ii there is a change of the Loan Seroicer, Borrower will be given written notice of the change in accordance
<br /> with paragraph 14 above and applicable law. The notice will state the name and address of the new Loan Servicer and the address to which
<br /> payments should be made. The notice will also contain any other information required by applicable law.
<br /> 20.Hazardous Substancas. Borrower shall not cause or permit the presence,use,disposal,storage,or release of any Hazardous
<br /> Substances on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property that is in violation of
<br /> any Environmental Law. The preceding two sentences shall not apply to the presence,use,or storage on the Property of small quantities of
<br /> Hazardous Substances that are generally recognized to be appropriate to normal residentiat uses and to maintenance of the Property.
<br /> Borrower shall prompUy give lender written notice of any InvestigaUon, claim, demand, lawsuit or other action by any governmental
<br /> or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law Af which Borrower has ac-
<br /> tual knowledge. If Borrower learns, or is notified by any governmental or regulatory authority, that any removal or other remediation of any
<br /> Hazardous Substance affecUng the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance wfth
<br /> Environmental Law.
<br /> As used ln this paragraph 20, "Hazardous Substances" are those substances defined as toxic or hazardous substances by
<br /> Environmenta� Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and
<br /> Environ8mentalaLaw's�means�federal laws and laws of thesjunsdiction whe ey he Pr perty�isl cated thati elat to health,�safety oraenvlr nmen�
<br /> tal protectlon.
<br /> NON-UNIFORM COVENANTS.Borrower and Lender further covenant and agree as follows:
<br /> 21. AcceleraUon;Remedlas. Lender shall glve noUce to Borrower prlor to acceleraUon following Borrower's breach of any
<br /> covenant or agreemant In thls Securlty Instrument(but not prior to acceleraUon under paragr h 17 unless appllcable law provides
<br /> otherwise). The noUce shall specity:(a)tha detault;(b)the actlon required to cure the default;�c)a date,not less than 30 days trom
<br /> tha date tF�e noUce Is given to Borrower,by whlch tha default must be cured;and(d)that fallura to cura the detault on or before the
<br /> data specified In the noUce may result In acceleratlon of the sums secured by thls�ecurlty I�strument and sale of the Proparty. The
<br /> noUce shall further Inform Borrowar of the right to relnstate after acceleraUon and the rlgF�t to bHng a court actlon to assert the non-
<br /> exlstence of a default or any other defense of Borrower to acceleratlon and sale. If the default Is not cured on or before the date
<br /> speclfled in the notice, Lender at Its opUon may requlre Immedlata payment In full of all sums secured by this SecuNty Instrument
<br /> without further demand and may Invoke the power of sale and any other remedies permitted by applicabte law. Lender shall be en-
<br /> UUed to collect all expenses Incurred In pursuing the remedles provlded In this paragraph 21, Including, but not Ilmlted to,
<br /> reasonable attomeys'fees and costs of Utle avldence.
<br /> If the power of sale Is invoked,Trustee shall record a noUce of default In each coun In which an
<br /> cated and shail maii copies oi such noUce in the manner prescrlbed by appllcable law�to Borrower end to the otherepers ns
<br /> prescribed by appilcable law. After the Ume required by appilcable law,Trustee shall give publlc noUce of sale to the persons and In
<br /> the manner prescHbed byapp Ilcable law. Trustee, without demand on Bonower, shali sall the Property at publlc actlon to the
<br /> hlghest bldder at the Uma and placa and under tha terms deslgnated In the noUca ot sale In one or more parcets and In any order
<br /> Trustee determines.Trustee may postpone sale of all or any parcel of the Property by publlc announcement at ths tlms and place of
<br /> any pravlously achedulad sale. Lender or Its designee may purchase the Properly at any sale.
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