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89""' 104142
<br />If Lender required mortgage insurance as a condition of making the loan secured by this 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 lave.
<br />$ Intipeetion.; Len¢er,or*ils agent may make reasonable entries upon and inspections of the Property. Lender
<br />shall give BorWov er notice ai the time of or prior to an inspection speci°ytng reasonable cause for the inspection.
<br />9, Condemnation, The proceeds of any award or claim for damages. direct or consequential, in connection with
<br />any condemnation tit other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby
<br />assigned and shall he paid to Lender.
<br />in the event of a total taking of the Property, the proceeds shall he 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 (h) 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 referred to in paragraphs 1 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 covenant-, and agreements of
<br />this 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 shat) be joint and several. Any Borrower who ev- .gns this Security
<br />Instrument but does not execute the Note: (a) is co- signing this Security Instrument only to mortgage.. grant and convey
<br />that Borrowers interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay
<br />the sums secured by this Security Instrument; and (e2 agrees that Lender and any other Borrower niay agree io exictrd,
<br />modify, forbear or make any accommodations with reeZrd to the terms of this Security Instrument 'er the Note without
<br />that Borrower's consent.
<br />12. Loan Charges. if the Ioan 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 ffmits, then: (a) any such loan charge shall be reduced by the amount
<br />necessary to reduce the charge to the permitted Boccie. and (b) any sums already collected from Borrower which exceeded
<br />permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing dr-le principal owed
<br />under the Note or by making a direct payment to Borrower. If a refund reducers 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 .leas the effect of
<br />rendering any provision of the Note or this Security instrument unenforceable according to its terms, Lender, at its option,
<br />tn4y require immediate payment in full of all sums secured by this Security Instrument and may inwke 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 lave 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 be 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 Instrument 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 are declared to be severable.
<br />16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security I1strument.
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part 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 frU•rn t1ee&tethe•notice is.delivered or mailed within %hick Borrower must pay all sums secured by
<br />this Security Instrument. If Borro & 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 to 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 he 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 vxpenscs incurred to enforcing this
<br />Security Instrument, mcludung. but not limited to, reasonable attorneys' fees, and (d) take% such action as Lender nr,►y
<br />reaumalik require to assure that the hen of this Security Instrument. Lender's right-, in the Property and Horn,wer's
<br />nbhFatton to pay the sums secured by this Security Imirurent shall cotouiu,_ rtnch.,n);cd t'pon rrntstetrmrnt hs
<br />liortnwer, this Sc� unty Instrument and the obligatu,ns secured herehy shall ren a n talk AeL n%4- as it no act. vlrr.,tion liad
<br />~tumid M,uc%cr, thus right t„ rt•tnstateshall nrit apply its OwL,rsc•'.I t(., t,,h,•u „n b r I,ar. r�.,l hs I ;.n 1"
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