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<br />87- 107341
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<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 accordam:e with Borrower's and Lender's written agreement or applicable law.
<br />.8. Inspection.. ~~~ ~e reas<.'nable e~t~es upon and inspections o~ the P~operty. Lender
<br />shall gIve Borrower nO!1 ~etl .qt '9 an Inspecl1~n speclfymg reaso~able cause for the ,:"s~tlOn, , ,
<br />9. Condemnati <fr;;jny award or chum for damages, direct or consequential, In connection With
<br />any condemnation or 0 "y' 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 ""ithin 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 I and 2 or change the amount of such payments.
<br />10. Borrower Not Released; Forbearance B)' Lender Not 8 Waiyer. 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 utend 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 fOlbearam:e b)' Lender in uercising any right or remedy
<br />shall not be a waiver of or preclude the exercise of any right or remedy.
<br />11. Suc:cessors and Assigns Bound; Joint and SeyeraJ Liability; Co-5igners. The covenants and agreements of
<br />this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the pro"isions
<br />of paragraph 17. Borrower's covenants and agreements shall be joint and se\'eral. Any Borrower who co-signs 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 Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay
<br />tbe sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to utend,
<br />modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note ~ithout
<br />that Borrower's consent.
<br />12. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets muimum loan
<br />charges, and that law is finally interpreted so tbat tbe interest or other loan charges collected or to be collected in
<br />connection with the loan uceed tbe permitted limits. then: (a) any sucb loan cbarge shall be reduced by the amount
<br />necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded
<br />permilled limits ""ill be refunded to Borrower. Lender ma)' choos.e to make this refund by reducing the principal owed
<br />under the Note or by making a direct payment to Borrower, If a I",fund rrouces principal, the reduction \\ill be treated as a
<br />partial prepayment ",ithout any prepayment charge under the Note.
<br />13. Legj.slatiOD Affecting Lender's Rlpts. If enactment or expiration of applicable laws has the effect of
<br />rendering any provision of the Note or this Socurit)' (nstroment unenfo~able according to its terms, Lender, at its option,
<br />may require immediate payment in full of all sums secured b)' this Security Instrument and may im'oke any remedies
<br />permilled by paragrl\ph 19. If Lender uercises this option, I..t'nder shall take the steps specified in the second paragraph of
<br />paragraph 17.
<br />14. Notices. Any notice to Borrower pro\'ided for in tbis Securit)' Instrument shall be gi\'en by deli\-ering it or by
<br />mailing it by first class mail unless applicable law requir~ use of another method. The notice shall be directed to the
<br />Property Address or any other address Borrower designates by notice to Lender. An)' notice to Lender shall be given by
<br />first class mail to Lender's address Slated herein or any other add~s Lender designates by notice to Borrower. An)' notice
<br />provided for in this Security Instrument slutIl be deemed to ha\'e been giwn to Borrower or Lender when ginn as pro\ided
<br />in this paragraph,
<br />15. Gonming LaW; Severability. This Security Instrument shall be go\'emed by federal law and the law of the
<br />jurisdiction in which the Property is located. In the e\'entthat any plO\ision or clau\<: of this Security Instrument or the
<br />Note conflicts "ith 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 pro\isions of this Security Instroment and the
<br />Note are declared to be se,,'erable.
<br />16. Borrower's Copy. Borrower shall be gi\'en one conformed copy of the Note and of this Security Instrument.
<br />17. Transfer of tbe Property or a Benefidal 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 wrillen consent. l..ender may, at its oplion, require immediate payment in full of all sums
<br />secured by this Security Instrument, Howe\'er, this option shall not be exercised by lender if exercise is prohibited by
<br />federal law as of the date ofthis Security Instrument.
<br />(fLender exercises this option, Lender shall gi\'e 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 prio; to the expiration of this period, lender may invoke any
<br />remedies permilled 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 ha\'e the right to have
<br />enforcement oflhis 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 <'ontained in this
<br />Security Instrument; or (b) entry of a judgment enforcing this Security Instrument, Those conditions are thaI Horrower:
<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 in enforcing Ihis
<br />Security Instrument, including, bUI not limited to, reasonable allomeys' fees; and (d) takes such action as Lender may
<br />reasonably require to assure that the lien of this Security Instrument, Lender's nghls III the Property and Borrower's
<br />obligation to pay Ihe sums secured by this Secunty Instrument shall continue unchanged. Upon relllslatemenl by
<br />Borrower, Ihls Securily Instrument and Ihe obliga\lons secured hereby shall remalll fully elf<'CIl\'e a~ If no accelerallon had
<br />oceurred. However, IhlS nghtlo rein~late shall nol apply 111 the ca\e of acceleralHHl under paragraphs I ~ or 17
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