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<br />88- 100565
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<br />If Lcnder requircd mortgagc insurancc as a condition of making the loan sccured by this Sccurity Instrument,
<br />Borrower shall pay the prcmiums rcquircd to maintain the insurance in effect until such time as thc rcquirement for thc
<br />insurance terminates in accordance with Borrower's and Lender's wrillen agrecmcnt or applicable law.
<br />8. Inspection. Lender or its agcnt may make reasonable entries upon and inspections of thc Property. Lendcr
<br />shall give Borrower notice at thc time of or prior to an inspection specifying reasonable cause for thc inspection.
<br />9. Condemnation. The proceeds of any award or claim for damagcs, direct or consequential, in connection with
<br />any condemnation or other taking of any part of the Property, or for conveyance in licu of condemnation, are hereby
<br />assigned and shall be paid to Lender,
<br />In the event of a total taking of the Property, the procceds shall be applied to the sums secured by this Security
<br />Instrument, whether or not thcn due, with any cxcess 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 rcduced 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, dividcd by (b) the fair market valuc of thc Property immediately before the taking. Any balancc shall bc
<br />paid to Borrower.
<br />If the Property is abandoned by Borrower, or if, after notice by Lcnder to Borrowcr that the condemnor offers to
<br />make an award or sell Ie a claim for damages, Borrower fails to rcspond to Lender within 30 days after the date the notice is
<br />given, Lender is authorizcd to collect and apply thc 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 By Lender Not a Waiver. Extcnsion 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 operatc to rclcasc thc liability of the original Borrower or Borrowcr's successors in interest.
<br />Lender shall not be rcquircd to commence procecdings against any successor in intcrcst or rcfuse to extcnd time for
<br />paymcnt or otherwise modify amortization of the sums secured by this Security Instrument by rcason of any demand made
<br />by the original Borrower or Borrower's succcssors in intcrest. Any forbearance by Lcnder in cxercising any right or remcdy
<br />shall not bc a waiver of or precludc the cxercise of any right or remedy.
<br />11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. Thc covenants and agreemcnts of
<br />this Sccurity Instrument shall bind and benefit the successors and assigns of Lcnder and Borrower, subjcct to the provisions
<br />of paragraph 17. Borrowcr's covcnants and agreements shall bc joint and several. Any Borrowcr who co,signs this Security
<br />Instrument but docs not exccutc thc Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey
<br />that Borrowcr's interest in the Property unrler the terms of this Security Instrument: (b) is not personally obligated to pay
<br />the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend,
<br />modify, forbear or make any accommodations with regard to the terms of this Security Instrumcnt or the Note without
<br />that Borrower's conscnt.
<br />12, Loan Charges, If thc loan secured by this Security Instrument is subjcct to a law which sets maximum loan
<br />charges, and that law is finally intcrprcted so that the interest or other loan chargcs collcctcd or to bc collcctcd in
<br />conncction with the loan cxcced the permilled limits, then: (a) any such loan charge shall be reduced by the amount
<br />necessary to reduce the charge 10 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 Borrower. If a rcfund rcduces principal, the reduction will be treated as a
<br />partial prepayment without any prcpayment charge under the Note.
<br />13, Legislation Affecting tender's Rights. If enactment or expiration of applicable laws has the effect of
<br />rendering any provision of the Notc or this Sccurity Instrumentuncnforceable according to its terms, Lcndcr, at its option,
<br />may require immediate paymcnt in full of all sums secured by this Security Instrument and may invoke any rcmedics
<br />permittcd by paragraph 19, If Lcndcr cxerciscs this option, Lender shall take thc steps spccified in thc sccond paragraph of
<br />paragraph 17.
<br />14, Notices. Any noticc to Borrower provided for in this Security Instrument shall be givcn by dclivcring it or by
<br />mailing it by first class mail unlcss applicable law requires use of another method. The noticc shall be dircctcd to thc
<br />Property Address or any other address Borrower designates by noticc to Lender. Any notice to Lender shall bc given by
<br />first class mail to Lender's address stated hcrcin or any other address Lender designatcs by noticc to Borrower. Any notice
<br />provided for in this Security Instrument shall be deemed to have been given to Borrowcr or Lcndcr whcn givcn as provided
<br />in this paragraph.
<br />15, Governing Law; Severability, This Security Instrumcnt shall bc govcrncd by fcderallaw and thc law of thc
<br />jurisdiction in which the Property is located. In thc event that any provision or c1ausc of this Sceurity Instrumcnt or the
<br />Note conflicts with applicable law, such conflict shall not affect othcr provisions of this Security Instrumcnt or thc Note
<br />which call be given cffect without the conflicting provision, To this cnd the provisions of this Security Instrumcnt and the
<br />Note are declared to be severable.
<br />16. Borrower's Copy. Borrower shall be given one conformed copy ofthc Note and of this Sccurity Instrumcnt.
<br />17. Transfer of the Property or a Beneficial Interest in Borrower, If all or any part of thc PropCrly or any
<br />interest in it is sold or transferrcd (or if a bencficial interest in Borrowcr is sold or transfcrred and Borrower is not a natural
<br />pcrson) without Lendcr's prior wrillen consent, Lendcr may, at its option, requirc immcdiate payment in full of all sums
<br />secured by this Security Instrumcnt. Howevcr, this option shall not be cxerciscd by Lcndcr if excrcisc is prohibitcd by
<br />federal law as of the datc of this Security Instrument.
<br />If Lender cxercises this option, Lender shall give Borrower notice of acceleration. Thc notice shall provide a period
<br />of notlcss than 30 days from the datc tht' notice is dclivcred or mailcd within which Borrowcr must pay all sums secured by
<br />this Security Instrument. If Borrower fails to pay these sums prior to thc expiration of this period, Lender may invoke any
<br />remcdies permillcd by this Security Instrument without further notice or demand on Borrower.
<br />18, Borrower's Right to Reinstate. If Borrower mects certain conditions, Borrowcr shall havc the right to havc
<br />cnforcemcnt of this Sccurity Instrument discontinucd at any timc prior to thc carlier of: (a) 5 days (or such olher period as
<br />applicable law may spccify for reinstatcment) bcforc sale of thc Property pursuant to any powcr of sale contained in this
<br />Sccurity Instrumcnt; or (b) entry of a judgment cnforcing this Sccurity Instrumenl Those conditions are that Borrower:
<br />(a) pays Lender all sums which thcn would be due undcr this Security Ins~rumcnt and the Note had no acccleralion
<br />occurred; (b) cures any default of any other covcnants or agreements; (c) pays all cxpenscs incurred In enforclIlg thiS
<br />Security Instrumcnt, including, hut not limited to, rcasonable allorneys' fees; "nd (d) takes such actIon as Lender may
<br />reasonably rcquire to assure that thc lien of this Sccurity Instrument, Lcnder's nghts III the Property alld Borrower's
<br />obligation to pay thc sums securcd by this Sccurity Instrument shall continue unchanged, l'pon reinstalemcnt by
<br />Borrower, this Security Instrumcnt and thc obligations secured hcrcby shall relllalll fully ell'ective as If IH' av'cl'leralHlIl had
<br />occurred, 1I00n'ver. this nghtto rcinstatc shallllot apply mtlt" casc of acceleratHlIl under para!!ral'hs 11 or I'
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