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<br />87- 107395
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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 accordance with Borrower's and Lender's written agreement or applicable law,
<br />8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property, Lender
<br />shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection,
<br />9. Condemllation. The proceeds of any award or claim for damages, direct or 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 atotal.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 thc condcmnor offers to
<br />make an award or settle a claim for damages, Borrower fails to respond to Lcnder within 30 days after thc date the notice is
<br />given, Lender is authorized to collect and apply the proceeds, at its option, either torcstoration or repair of the Property or
<br />10 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 duc date of thc 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 10 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 covenants 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 shall bejoint and several. 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 convcy
<br />that Borrower's interest in the Property under the terms of this Security Instrument: (b) is not personally obligated 10 pay
<br />the sums secured by this Security Instrument; and (cl agrees that Lender and any other Borrower may agree to e:\tend,
<br />modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without
<br />lhat Borrower's consent,
<br />12. Loan Charges. If the loan 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 limits. then: (a) any such loan charge 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 will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed
<br />under the Note or by making a direct payment to BiJrrowcr. If a refund reduces 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 has the effect of
<br />rendering any provision of the Note or this Securily Instrul11ent uncnforccablc according to its terms. Lender, at its option.
<br />may require immediate payment in full of all sums secuf<'d by this Security Instrument and may invoke any remedies
<br />permitted by paragraph 19, If Lender exercises t his opt ion, Lender shall take t he steps specified in the second paragraph of
<br />paragraph 17.
<br />14. Notices, Any notice to Borrower proVided for IIIlhis Security Instrument shall be given by delivering it or by
<br />mailing it by first 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 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 />IS. GO\'erning 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 confornJed copy of the Note and of this Security Instrument.
<br />17, Transfer of the Property or a Beneficial Interest in Borro"'cr. 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 Instrtlment.
<br />If Lender exercises this option. Lender shall give Borrower nollce 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 permi1led by Ihis Security Instrument without further notice or demand on Borrower.
<br />18. Borrower's Right to Reinstate. If Borrower meets certam conditions. Borrower shallliave Ihe rig.hlto havc
<br />enforcement of this Security Inslrument discontinued at any time prior to Ihe 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 contall1ed 111 111IS
<br />Security Instrument: or (b) entry of a judg.ment enforcing this Sccurity Instrument. Those conditions arc that Il,Jrn)\\er'
<br />(a) pays Lender all sums which then would be due under this Secunty Instrument and the Note had no acccleratllJn
<br />occurred; (b) cures any default of any other cQ\'enants or agreements; (c) pays all expenses incurred in enforcll1!! 111IS
<br />Security Instnlment. mcluding" but not hmited to. reasonable a1lorneys' fees: and (dJ takes such acllon as Lender Illa)
<br />reawnably requlrc 10 assure that the lien of thiS Security Instrument. Lendcr's r1ghh m Ihe I'ropclI~ and lIo[fm\l'r\
<br />obligallon 10 pay the smns sccured by this Secunty Instrumcnt shall conllllUl' unchan!!eJ L'pon remslall'l11enl 111
<br />Borrower. Ihls SecUnl) Instrument and the obligallons secured hereby shall rernam fully elTecll\e as If no a(celeralloll had
<br />occurred 1I0"l'\cr, thiS right 10 remstate shall not apply mlhe ,.-ase of '\Cl.'ekraIWn ulllkr paragrapl" 1 '<I' 1"
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