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C 10631.99 + 7 Protection of Lender's Rights in the Property. If Borrower fens to perform the covenants and agreements contained in this Security Instrument, or there is a kmai proceeding that may significantly affect Lender's rights In the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then Lender may do and pay for Whatever Is necessary to protect the value of the Property and Lender's rights in the Property. Landers actions may Include paying any sums secured by a len which has priority over this Security Instrument, appearing in court. paying reasonable sttometr's fees and entering on the Property to matte repairs. Although Lander may take action under this paragraph 7. Lender does not have to do so. Any amounts disbursed by Lender under this paragraph 7 shag become additional debt of Borrower secured by this Sewtfty Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shat beer Interest from the date of disbursement at the Note rate and shag be payable, with Interest, upon notice from Lender to Borrower requesting payment B. Mortgage Insurance. If Lender required mortgage insurance as n condition of making the loin secured by this Security Instrument, Borrower shag pay the premiums required to maintain thu mortgage insurance In effect. if, for any reason, the mortgage insurance coverage required by Lander lapses or ceases to be In effect, Borrower shag pay the prendums required to obtain coverage substantially G equIvaleent to the mortgage InL-wunce previously In effect, at a cost oubaWtlaly equivalent to the cost to Borrower of the mortgage Insurance previously In effect,, from an aftemate mortgage Insurer approved by Lender. If substsrl"mlfy t:~quhralsnt mortgage Insurance coverage Is not available, Borrower shall pay to Lender each month a sum equal to one-twelfth of the yearly mortgage Insurance premium being paid by Borrower when the Insurance coverage b%psed or ceased to be In effect. Lender wig accept, use and retain these payments as a loss reserve In Neon of mortgage Insurance. Loss reserve payments may no longer be required, at the option of Lender, If mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an Insurer approved by Lender again becomes available and is obtained. Borrower shall pay the premiums required to maintain mortgage Insurance In effect or to provide a loss reserve, until the requirement for mortgage insurance ends in accordance with any written agreement between Borrower and Lender or applicable law. 9. Inspection. Lw,--Iw or its agarrt may make reasonable entries upon and inspections of the Property. Lender shag give Borrower notice at the time of or prior to an Inspection reasonable cause for the Inspection. ~i 10. Condemnation. The proceeds of any award or cbuin for damages, &ad or consequential. In connection with any condemnation or other taking of any part of the Property, or for conveyance in Neu of condawation, are hereby assigned and shag be paid to Lender. .in the. event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property In which the fair market value of the property Immediatey berfore the taking is equal to or greeater than the amount of the sums secured by this Security Instrument immediately before the taking, unless Borrower and lender otherwise agree In writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property Immediately before ire inking. Any balance shag be paid to Borrower. In the er/ent of a partial taldn; of the Property In which the fair market value of the Property immediately before the taking Is less than the amount of the sums secured immediately before the taking, unlese Borrower and Lender otherwise agree In writing or unless applicable law otherwise provides, the proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or. H, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower, falls to respond to Lender within 30 days after the date the notice is given, Lender Is authorized to collect and apply the proceeds, at is opt on, either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. Unless Lender and Borrower otherwise agree In writing, any application of proceeds to principal shag not extend or postpone the due date of the monthly payments referred to In paragraphs 1 and 2 or change the amount of such payments. 11. Borrower Not Released: Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor In Interest of Borrower shag not operate to release the liability of the original Borrower or Borrower's successors In Interest Lender shag not be required to commence proceedings against any successor in Interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrowers successors in Interest. Any forbearance by Lender In exerdsing any right or remedy ahan not be a waNer of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this Security instrument shag bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shag be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) Is co-signing this Security Instrument only to mortgage, grant, and convey that Bormwees Interest In the Property under the terms of this Security Instrument (b) Is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to terms of this Security Instrument or the Note without that Borrower's consent. 13. Loan Charges. if the loan secured by this Security Instrument is subject to a law which sets miminum loan charges, and that law Is finally Interpreted so that the Interest or other loan charges collected or to be collected In connection with the loan exceed the permitted rumps, then; (a) any such loan charges shag be reduced by the amount necessary to reduce the charge to the permitted limit: and (b) any sums already collected from Borrower which exceeded permitted Iimlte win be refunded to Borrower. Lander i ney choose to make This refund by reducing the principal m ed under the Note or by making a direct payment to Borrower: If a refund reduces principal, the reduction will be treated as a earlier prepayment without any prepayment charge under the Note. 14. Notices. Any notice to Borrower provided for In this Security Instrument shag be given by delivering it or Ly mailing it by first class rrall unless applicable law requires use of another method. The notice shag be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lander shag be given by first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for In this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provider! in this paragraph. r 15. Governing Law; Severabllity. 'NI-3 Security Ineteiment shag be governed by federal law and the law o' the j+r:i-cilet;on in which the Property is located. In the event that many provialml or clause of this Sgcunty Instrument or the Note cc.'lfne^O with Annilcvble law, such conflict shall not affect other provisions or this Sacurlty Instrument or the Note which stn be given efts:t *Ithttui the co,-X%fng provision. To this end the provisions of this Security °nstrument and the Note ate. d glared to be severable. 16. Borrower's Copy. Borrower shag be given one conformed copy of the Note and of thl,, Srxurtty Irnse.un"nt. 17. Transfer of the Property or 4-erreficlal Interest in Borrower. If an or any wart of t~e Ror,Kor1,y or any interest M it Is sold or transferred (or If a benal6al inlarmat In Borrower is said or transferned and Borrower sa not a n!lwrai parson) without Lander's prior written consent, Lender may, at its option, require Immediate payment In fun of all sums secured by thin Secauri y Instrument. However, this option shall not be exercised by Lender N exerc!se is prohibited by federal law as of the date of this Security Inetnu,rent. If Lender exercises this option, Lender shag give Borrower notice of acceierallon. The notice shall provide a pealed of not lean than 30 days from the date the notice Is delivered or mailed within which the Borrower must pay an sums secured by this Security Instrument. It Borrower falls to pay therm:. sums prior to the expiration of this period, Lender may Invoke any remerfies permitted by this Security Instrument without further notice or demand on Borrower. r • Page 3 of 5 Farm 3025 9/90 F10291MO (2/93) 111493-1-19 1 r. rr..