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<br />
<br /> « n nor, t
<br /> SFr i ~
<br /> 7
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<br /> -1036-43
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<br /> if Lender required mortgage, insurance. as a condition of malaria the, loan secured by this Security Instrument,
<br /> Borrower shall pay the premiums required to maintain the insurance in eWect until such tittle as the requirement for the
<br /> insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law.
<br /> S. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Prcpetty. Lender
<br /> shall give Borrower notice at the time ofor prior to an inspection specifying reasonable cause foie the inspection.
<br /> 9. Condemnation. The proceeds of any award or claim for damages, director consequential. in connection with
<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 total taking of the Property. the proceeds shall be applied to the sums secured by this Security
<br /> Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property,
<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 the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be
<br /> paid to Borrower.
<br /> If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to
<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 collect and apply the proceeds, at its option, either to restoration or repair of the Property or
<br /> to the sums secured by this Security Instrument, whether or not then due.
<br /> Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
<br /> postpone the due date of the monthly payments rellcrred to in paragraphs i and 2 or change the 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 Borrower's successors in interest.
<br /> Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for
<br /> payment or otherwise modify amortization of the sums secured by this Security instrument by reason of any demand made
<br /> by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy
<br /> shall not be a waiver of or preclude the exercise of any right or remedy.
<br /> 11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of
<br /> this Security insiniment shall bind and benefit the successors and assigns of Lender and I)orrower, subject to the provisions
<br /> of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security
<br /> instrument but dotes not execute the Note: (a) is ca-signing this Security Instrument only to mortgage; grant and convey
<br /> that Borrower's interest in the Property under the terms of this Security instrument; (h) is not personally obligated to pay
<br /> the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend,
<br /> modify, forbear or make any accommodations 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 Instrument is subject to a law which sets maximum loan
<br /> charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in
<br /> connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
<br /> necessary to reduce the charge to the permitted limit; at:d (b) any sums already collected from Borrower which exceeded
<br /> permitted limits will be refundzd to Borrower. Lender may choose to make this refund by reducing the principal owed
<br /> under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a
<br /> partial prepayment without any prepayment 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 Security Instrument unenforceable according to its terms, Lender, at its optin►►,
<br /> may require immediate payment in full of all sums secured by this Security Instrument 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 to Borrower provided for in this Security Instrument shall be given by delivering it or by
<br /> mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the
<br /> Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall he given by
<br /> first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice
<br /> provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided
<br /> in this paragraph.
<br /> 15, Governing Law; Severability. This Security Instrumetit shall be governed by federal law and the law of the
<br /> jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the
<br /> Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note
<br /> which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the
<br /> Note arc declared to be severable.
<br /> 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument,
<br /> 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or nny
<br /> interest in it is sold or transferred (or if a beneficial 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 gums
<br /> secured by this Security Instrument. However, this option shall nc•t be exercised by Lender if exercise is prohibited by
<br /> federal law as of the date of this Security instrument.
<br /> If Lender exercises this option, Lender shall give Borrower notice of acceltrniinn 1'hr• iml ice shall provide it periexi
<br /> of not Icm than 30 days from the date the notice is delivered or :nailed within which Borrower must pay all %ums ,secured by
<br /> this Security Instrument. If Ilorrower fails to pay these sums prior to the expiration of this period, Lender may invoke any
<br /> remedies permitted by this Security Instrument without further notice or demand on Borrower.
<br /> 18. Borrower's Right to Reinstate. If Borrower meets certain conditiom, Borrower shall have tile,, right to have
<br /> enforcement of this Security Instrument discontinued at any time prior to il,e rather nf: (a) S Clays (or Stich other periml as
<br /> applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this
<br /> Security instrument; or (b) entry of a judgment e,iforcing this Security Instrument. Those conditions are that Borrower:
<br /> (a) pays Lender all sums which then would be due under this Security instrument and the Note had no acceleration
<br /> occurred; (b) cures any default of any other covenants or agreements; (c) paya all expenses incurred in enforcing this
<br /> Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Leti(Ir•r may
<br /> reasonably require to assure that the lien of this Security Instrument, Lender's rights in the. Property and ilorro wcr's
<br /> obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by
<br /> Borrower, this Security Instrmrlent and the obligations secured herchy shall remain fully effective as if nu acceleration had
<br /> occurred, However, this right to reinstate shall not apply in the care of acceleration under paragraphs 13 or 17.
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