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89-0: 100455
<br />U455
<br />If Lender required mortgage insurance as a condition of making the loan secured b)• thus Security Instrument,
<br />Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the
<br />insurance terminates in accordance with Borrower's and Lender's written agreement or applicable taw.
<br />8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Preperiy. Lender
<br />shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for 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 stuns 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 stems 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 />j 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 />i 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 referred 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 />slt,O not be a waiver of or preclude the exercise of any right or remedy. r
<br />• 11. Successors and Assigns Bound-, Joint and Several Liability; Co- signers. The covenants and agreements of ;
<br />Ois Security,Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions
<br />of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any BotroWtr who co-signs this Security ' 's•_
<br />1i struntent but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey
<br />that > .t= ewsr's ::Sts.; of in the °;opery uli�u'e; rise Terms of this Security instrument; (b) is not personally obligated to pay
<br />the sums secured by this Security Instrument; aad (c) agrees that Lender and any other Borrower may agree to extend,
<br />i modify, forbear or make any accommodations. with regard to the terms of this Security Instrument or the Note without
<br />that Borroweeici e' nsent
<br />12. Loan Cbargey.: If the loan secured b his Security Instrument is subject to a law which sets maximum loan
<br />charges, and that .law .L.% frhJi ly interpreted so that the interest or other loan charges collected or to be collected in
<br />1 connection with the loan exceed the tted limits, then: (a) any such loan charge shall be reduced by the amount
<br />necessary to redwt the charge to the peas» itted limit; and (b) any stuns already collected from Borrower which exceeded
<br />Permitted limits ±gill be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed
<br />under the Note & 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. I sNdon Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of
<br />renddring, and provision of the Note or this Security Instrument unenforceable according to its terms, Lender;, at its option,
<br />may require immediate payment in full' of all sums . secured by, this Security Instrument and may invalri any remedies
<br />p m.mtted by paragraph I9 If Lender exercises this ortiai , Lmderlsball take the steps specified in the second paragraph of
<br />paragraph 17. �.�
<br />14, Notices. Any notice to Borrower provided for in this Secur•ity•Iristrument shall be given by delivering it or by
<br />mailing it by, f#st 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 Fender. Any notice to Lender shall be given by
<br />first class mail to Lender's address stated herein or ahy other address Lender designates by notice to .Borrower. Any notice
<br />Provided for in this Security Instrument shall be darned to have been given to Borrower or Lender wh=given as provided
<br />in this paragraph.
<br />15. 1174yerning Law; Severability. This Security Instrument shall be governed by federal law and the law of the
<br />jurisdiction in.w4kh the Property is located. In the event that any provision or clause of this Security Instrumen t or the
<br />Note conflicts!sith ap*able law, such conflict shall not affect other provisions of this Security Instrument or the Note
<br />which can be given effect isith -out the conflicting provision. To this end the provisions of this Security Instrument and the
<br />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 Instrument.
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any pan of the Property or any
<br />interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred 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 sums
<br />secured by this Security Instrument. However, this option shall not 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 acceleration. The notice shall provide a period
<br />of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by
<br />this Security Instrument. If Borrower 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 conditions. Borrower shall have the right to have
<br />enforcement of this Security instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period 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 enforcing 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) pays all expenses incurred ut enforcing this
<br />°ifturity instrument, including, but not limited to, reasonable attorneys' fees, and (d) takes such action as Lender may
<br />reasonably require to assure that the lien of this Security Instrument, Lender's rr ht% in the 11ro crt '
<br />oblt anon to g p Y and Horrnwcr's
<br />B' pay the Burns secured by this 5ecunty Imtrument shall rmt :our unchanLCd 1'pun rcutstuitrnrnt by L.
<br />Horrouer. 11w. Security Instrument and the ohhgattow. wcured heichy shall renr:ms full% cfir..•ti%v a'. if Tit l at eicr:rri,In h:ul
<br />CCUrrvd If WA ever. this right to reuutaic Shull nut apply in the casc of ,ret elerau, m under paragi,i ph% 1 t „r i,
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