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, U6/�1/99 MON 1a:24 FAX 704 679 4500 EQtTIFIRST f�005
<br /> 99 1os � ss
<br /> Any amounts disbur�ed by Lendcr undar this para�raph 7 shsill becume additipnal debt of Borrower yecured by this
<br /> Security Instrument Unless$orrower and Lender agree to vther tcrms of payment,these amounts shall bear interest fram the
<br /> date of disburecment at the Nate rate and shali be payable, with interest, upon noacc from Lender to Borrowar requesting
<br /> payment.
<br /> 8. Mortg�ge Insqrance. If Lender r�uired martgage insurancc as a condition of makir�g the lvan secured by rhis
<br /> Security Inst�ument, �orrower shalI pay the premiums required to mttintain the mortgage ;nsarance in affect If, for any
<br /> reason, the mortgagc insurance coverage required by Lender lapses or cease3 to be in effeet,Bonower shatl pay the premiu�n,s
<br /> required to obta9n coWCrage substantially equivalent to the mort�age insuranee previously in ef,Pect, at a cost substantially
<br /> equivalent tp the eqst to Bonowtr of the martgage insuranca previously in effcct, from an alternau mortgage insvrer
<br /> appro�vcd by Lander.Yf suhstentixlly equivalent mortgaga fnsurance coverage is not available,Borrower shall pay ta Lender
<br /> each month a sum equal to one-twalfth of the yearly mortga�e insurance premium being paid by Borrower when the
<br /> insuranee coveragc lapsed pr cease:d to be in effeet Lender will acccpt,use xnd retain these payment�as a loss reserve in lieu
<br /> af mortsage insurance. Loss reserv� paymen�s may no longer be requir,ed, at the option of r,cnder, if mortgage i�suraace
<br /> coveragc(in tha dmount and for the period that T.cnder requires)provided 6y an insurer approved by L.ender agaln bccomes
<br /> avaitable and ie obtaincd.Borrower shall pay thc premiums required to mainrain mortgaga insurance in effect,or to provide a
<br /> losti reservc,unti!the requirement for mortgage instrr;�nce ends in aceorddnce with any written agreement between Borrower
<br /> and Lender or applicabla law.
<br /> 9• Inapection. Lendcr nr ltti r,gent mdy make ru,tionub�e entries upon and inspections of th�property. Lendcr shall
<br /> give Boaowcr notice at the time of or prior to an inspectian speci fying reasonable cause for che inspeedon.
<br /> 10. Condemnation. The proeeeds of sny award or claim for damages, direct or oonsequcntial, in conneetipn with
<br /> any epndemnation or other taking of a�,y p�of the Property,or for convey:u,ce in lieu of condemnation,are hcreby assigned
<br /> and shall bn paid to Lender.
<br /> In the event of a total taking of tl�e Prpperty, the nrocc�ds shall be app�ied to th� sums secured by this Sc�urity
<br /> Instrumcnt, whether or not thea due, with any exccss paid to Borrower. Yn the event of a partial taking of the properry in
<br /> whleh the fair ma�•�et value of�,o Property immcdiatety bcfore the taking is equ�l to or greatcr than thc amount of the sums
<br /> secured by this Sccurity Ynstniment immediately befare the tatcin�;, unl�ss Borrower and Lender otherwise agree in writing,
<br /> thc sums secured by this Securlry instnymcnt ahall be reduced by the amount of the proceeds multiplied by the fallowing
<br /> trucdon: (a) tht total amount of the aums secured irrunediat�iy befare Uie taking, divided by (b)the fair market value af the �
<br /> ProPerh� immedia[ely befor� the taking. Any ba�ance shall bc paid to Borrower. In the event of a parti�l taking af the
<br /> proPeny in which the fair market value of the Ptuperty immediately before thc taking is�ess than the amaunt of the sums
<br /> sccura! im�nedia�ely before the cakinS, unless Bnrrower and Lender otherwise agrcc in writing or unless applicable law
<br /> otherwise provides,the proceeds ahall be applied ko th�sums securod by this Security Instrument whether or not the sums are
<br /> then dve,
<br /> If the Property is sbandoned by Borrower, or if,�ftcr nodce by Lendc;r to Borrower thaC the condemnor offers to make
<br /> an awarcl to settle�ciaim f.or dama�es,Borrower fails to respond to Lender within 30 days after the date the notice is givtn,
<br /> Lender is authorizcd to colleet and appty thz proceeds, d�its opcipn, elther to restoration or repair of tha l�roperry ar to the
<br /> sums secured by this Security Ins�ument,whether or not than due.
<br /> Unless Irender and Borrower oU�e�wise agree in writing, dny application of proceeds to pr7ncipa[ ehall not extend or
<br /> postpone the due date of the monthly paymcncs referred to in paragraphs 1 and 2 or chan�e the amount of such payments.
<br /> 17,. Borrower Not Relr,ascd; �'orbearxnce By Gender Not a Waiver. �xtension of the qme fdr p�ymcnt or
<br /> modificatien of amortization of the sums sc:cnred by this Szcurity I�lstru�nent granted by Lendar to any successor in interest
<br /> oF$orrower sheIl not operau to release the llability of tl�c arigina� Borrowmr or Borrower's successor,in interes� Trender
<br /> shall not be rcquired to commence proceedings tt�ainst any successor in interest or refuse to extend time for payment or
<br /> otherwisa modif� �unor[iz�hon of the sum,ti seeured by this Security Instrument by reason of any demanQ made by the
<br /> original Borrower or$onowar's succeasors in interest. Any forbearance by Lender in exercising any rlght or remedy shall
<br /> not be a waiver of oe preclude the exercise of any right or remedy,
<br /> 12. Successors and,4ssigns Bound;Joint and Several Liability;Co�si�ner�. The covenant�and agrcements of cbia
<br /> Seeurity Instru,nent sha]1 bind and br.nefit Eha successo[s and s�ysigns of Lender and Borrower, subject ta the pro�isions af
<br /> paragraph 17. �orrower's covenants and agreements sh�i1 be joint and se:veral, Any garrower who co-signs t}us Seeurlty
<br /> Instrument but does not execute tha Note;(a)is Co-Signing thi�Security Instrumcnt only(o mortg�ge, grant and eonvcy that
<br /> Borrower's interest in the Property under th�terms of this Securiry Instrument;(b)is not personally obligated to pay the sums
<br /> �ecured by this Securiry Instrumcni;and(c)agrees thAt Lender and any other Botrower may agree to cxtend,modify,forbear
<br /> or malce any accommodations with rega�•d to the terms of this Securicy Instrument or the Not� without that Borrower'S
<br /> aensenL
<br /> fPagr 4 qf ti puges)
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