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<br />,- <br /> <br />u <br /> <br />88- 100547 <br /> <br />If Lender required mortgage insurarrce 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 Prop.my. Lender shall <br />give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. <br />9. Condem!:lfltlon. The proceeds of any award or claim for damages, direct or consequential, in connection with any <br />condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned <br />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 the <br />amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the <br />taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to <br />Borrower. <br />If the Property is adandoned 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 I and 2 or change the amount of such payments. <br />10, Borrower Nol Relel!.Sed; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification <br />of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrowel <br />shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall not be <br />required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify <br />amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or <br />Borr()wer's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or <br />preclude the exercise of any right or remedy, <br />n. Successors and Assigns Bound; Joint and Several liability; Co-signers. The covenants and agreements of this <br />Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of <br />paragraph 17. Borrower's covenants and agreements shall be joint 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 convey that <br />Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the <br />sums secured by this Security Instrument; and (c) &grees that Lender and any other Borrower may agree to extend, modify, <br />forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that <br />Borrower's consent. <br />12. Loan Cbarges. 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 ioan charges collected or to be collected in connection <br />with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce <br />the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be <br />refunded to Borrower, Lender may choose to make this refund by reducing the principal owed under the Note or by making <br />a direct payment to borrowe~. If a refund reduces principal, the reduction will be treated as a partial prepayment wihout any <br />prepayment charge under the Note. <br />13. LegWatlon Affecting Lender's Rlgbts. If enactment or expiration of applicable laws has the effect of rendering any <br />prOvision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may require <br />immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies permitted by <br />paragraph 19, If Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph t7. <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 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 first <br />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 in <br />this paragraph. <br />15. Gonmlna Law: SnerablUty, 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 provisions 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 />NOie are declared to be severable, <br />16. Borrower's Copy. Borrower shall be given one conformed Copy of the Note and of this Security Instrument. <br />17. Tralllfer of tile Property or I Btndldallntensl In Borrower. If all or any part of the Property or any interest in it <br />is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) <br />without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by <br />this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of <br />the date of this Security Instrument. <br />If Lender exercises this option, Lender shall give Borrower notice of accc:leration. The notice shall provide a period of <br />nOl less than 30 days from the date the notice is delivered or mailed within which the 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 permitted by this Security Instrument without further notice or demand on Borrower. <br />II. Borrower'. Rlallt to Rd..tlte, If Borrower mccts 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) S days (or such other period as <br />Ipplicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this <br />Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) <br />pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occurred; (b) <br />cures any default of any other .:ovenants or agreements; (c) pays all expense. incurred in enforcing this Security Instrument, <br />includins. bl.lt not limited to, reasonable attorney's fees; and (d) takes such action as Lender may reasonably require to assure <br />,that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the sums secured <br />by this Security Instrument shall continue unchanaed, Upon reinstatement by Borrower, this Security Instrument and the <br />obllptions secured hereby shall remain fully effective l\S if no acceleration had occurred. However, this right to reinstate shall <br />not apply in the cue of acceleration under parqraphs 13 or 17, <br /> <br />f <br /> <br />~j <br />,/ { <br /> <br />h <br />