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<br />- • t � 9769903 9�� �1��i�� �
<br /> „ R� L.OAN N0. ^�•°
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<br /> ti 8.Mortgagc lnsurancc. If Lcndcr requircd mortgngc insurancc ag a condttion of making thc lom�sccured by�his "",�.
<br /> � Securiry Instrument,Bonowcr shall pay thc prcmiums rcqwrcd to maintain thc niortgngs ins�+rancc in cffcct. If, for 1ny ',� .
<br /> i r�ason, the mortgage insurance covcrage reyuired by Lender lapses or ccases to be in effect, Borrower shall pay the
<br /> ° � 7 premiums required to obtain coveragc substantially equivalcnt to thc mottgage insuruncc previously in cffcct,at a cost 4,•
<br /> substantially equivalent io the cost ta Borrower of the mortgage insurance previously in effect, from an alternate .,�._
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<br /> mortgage insurer approved by I.ender. If substantlully equivalent mortgage lnsurancc caverage is not available, _
<br /> � � Borrowcr shall pay to Lendcr cach mon►h a sum cqu�l to onc-twelftft of thc yearly mortgage Insurancc premium bcing -;
<br /> paid by E3orrower when tlie insuranct coverage lapsed or ccased to be in effect. Lender will accept, use and retairt �°"`;�t::
<br /> -.�.+�'�� I thesc payments as a loss rescrve in lieu of mortgagc insurance, Lo�s cescrve paym�nts may no longer bc rcquired,ut �,��—
<br /> � *�rw�` • ,� thc option of Lender, if mortgage insurance covcragc(in the amounc and for the period that f..cnder requires)providcd —
<br /> �� , � by an insurrr approved by Lender again becomcs available and is obtained. Borrower shall puy thc prcmiums required �
<br /> ' # to maintaln mortgage insur��ce in effect, or to provide a loss eeserve,until the requirement for mortgage insurance F
<br /> • , � ends in accardance with any wrhten agreement between Borrower and Lender or appltcable law.
<br /> 9. Inspection. I.ender or its agent may m a ke rcasonable er��ries upon and Inspecttons of[he Propeny. Lender
<br /> : � � shall give Bonower notice at the time of or prior to an inspecdon specifying teasonabie cause for the lnnpection. �_ _
<br /> 10.Condemnation. The proceeds of any award or claim for damages,direct or consequential, In connection with
<br /> L� any condemnation or other taking of any part af the!'roperty,or for conveyance in lieu of condemnation, are hereby _
<br /> . � assigned and shali be paid to Lender.
<br /> In the event of a tatal taking of the Property,the procee,�is shall be applted to the sums secured by diis Security
<br /> ' Instrument,whether ar not then due,with any excess paid to Banower.In tha event of a parti�l taking of the Propeny
<br /> � in which thc fair markct value of the Property'unmedtat�ly before the taking is equal to or greater than the amount of
<br /> � the sums secured by tMs Securiry Instrument immcdiately before the taking, unless Honower and Lender otherwisa
<br /> agree in wdting, the sums secure.�i by this Security Instrument shall be reduceci Uy the amount of the proceeds
<br /> maltiplied by che following fractlon:{a)che total amount of the sums secured immediately before the tuking,divided by
<br /> (b)the fa3r market value of the Property immediately before the taking. Any balance shall be paid to IIonower. In the
<br /> � evenc of a partial taking of the Property in which the fair market value of the Propeny immediately before the taking is
<br /> less than the amoun[of the sums secured immediately before the taking,unless Bonower and L.ender o[herwise agree
<br /> - in writing or unless applicable law otherwise provides, the proceeds shsill be applied to the sums secured by this
<br /> ' Security Instrument whether or not the sums are then duc.
<br /> If the Property is abandoned by Borrower, or if,after notice by Lender to Borrower that[he condemnor offers to
<br /> mnke an award or settle a claim for damagcs, Borrower fails to respond to Lender within 30 days aftcr the datc the
<br /> � '�� notice is given, L.ender is authorized to collect and apply the proceeds,ac Its option,eicher to restoration or repair of
<br /> the Property or to the sums secured by this Security Instrument. whethlicationtofe ro eeds to rinci al shall not extend
<br /> � Unless L.ender and Barrowcr otherwise agrec in writing,any aPp� P P F� ,
<br /> --- -- or postpone[ne due dace uf tt�e«�.;r�thly pay:r,ent�refsr�nd to ;n paraaraphs 1 and 2 or change the amount of such
<br /> payments.
<br /> 11. Dorrower Not Rcleased; Forbearance By Lender Not a Waiver. Extension of the time for payment or
<br /> modification of amonization of the sums secured by this Seciiriry Instrument granted by I.ender to any successor in
<br /> . interest of Borrower shall not operate to release the liab3lity of t➢te original Bonower or Bonower's successors in
<br /> � interest. Lender shall not be required to commence proceedings against any successor in Interest or refuse to extend
<br /> � time ior payment or otherwise modify amorcization of the sums secured by this Security Instrument by reason of any
<br /> demand made by the original Borrower or Borrower's successors in interest.Any forbcarance by I.ender in exerclsing
<br /> ' any right or remedy sh�ll not be a waiver of or preclude the exercise of any rlght or remedy.
<br /> 12.Successors and Assigns Bound;Jolnt and Several Lfabtl[ty;Co-signers. The covenants and agreements
<br /> • � • of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the
<br />' provislons of paragraph 17. Borrower's covenants and agreemerits shall be Joint and several. Any Bonower who
<br /> .. , . co-signs this Security Instntrnene but does not execute the IJote: (a) is co-signing this Security Instrument only to
<br /> • rnortgage,grant and wnvey that Bonowcr's tnterest in the Property under the terms of this Security Insttvment;(b)is
<br />' ' not persanally obligaied to pay the sums secured by this Secunty Instrument; and(t) agrees that Lender and any
<br /> � othc*Borrower may agree to extend, modify, forbear or makc any accommodations with regard to the terms of this
<br /> � Security Instrument or thc No[e without that Bonower's consent.
<br />--?•:- 13. Los�n Charges. If the loan secured by this Secudty Instrument is subject to a law which sets maximum loan
<br />- charges, and that law is finally interpreted so tha� the interest or other loan charges collected or to be collected in
<br /> conziection with the loan exceed the permitted limits,then:(a)any such loan chazge shall be reduced by the amount
<br /> i . •. �'� necessnry to reduce the charge to che permitted limir and (b) any sums already collectecl from Borrower which
<br /> . r exceeded permitced limits will be refunded to Bonower. Lender may choose to make this refund by reducing the
<br /> • n principal owed under the Note or by making a direct paymcnt to Borrower.If a refund reduces prtncipal,the rcduction
<br />- � wilt be treated as a panial prepayment withaut uny prepayment cliargc under the Note. ___
<br /> � Forru 3028 9/90 -
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