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<br />88.- 101303
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<br />If Lcnder required mortgage insurance as a condition of making the loan secured by this Security Instrument,
<br />Borrowcr shall pay thc premiums requircd to maintain the insurance in effcct until such timc as thc requircment for thc
<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. Condemnation. 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 shaH be paid to Lender.
<br />In thc event of a total taking of the Property, the proceeds shaH 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 shaH be reduced by
<br />the amount of the proceeds multiplied by the foHowing 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 shaH 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 within 30 days after the date the notice is
<br />given, Lender is authorized to coHect 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 shaH not extend or
<br />postpone the due 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 Borrowcr shall not operate to rc1case the liability of the original Borrower or Borrower's successors in interest.
<br />Lender shaH not be required to commence proceedings against any successor in interest or refuse to extend time for
<br />payment or othcrwisc modify amortization ofthc sums secured by this Security Instrument by reason of any demand made
<br />by the original Borrower or Borrowcr's successors in interest. Any forbearance by Lender in exercising any right or remedy
<br />shaH not be a waiver of or preclude thc 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 shaH bind and bcncfit the successors and assigns of Lender and Borrower, subject to the provisions
<br />of paragraph 17. Borrower's covcnants and agreements shaH be joint and several. Any Borrower who co.signs this Security
<br />Instrument but docs not cxccutc the Note: (a) is co-signing this Security Instrumcnt only to mortgage, grant and convey
<br />that Borrower's interest in !he Property under the terms of this Security Instrumcnt: (b) is not personaHy 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 Instrument or the Note without
<br />that Borrower's consent.
<br />12. Loan Charges. If the loan secured by this Security Instrumcnt is subjcct to a law which scts ma;,;iillum loan
<br />chargcs, and that law is finaHy intcrpreted so that the intcrest or other loan chargcs collected or to be coHected in
<br />conncction with the loan excecd the permitted limits, then: (a) any such loan chargc shall be reduced by thc amount
<br />necessary to reduce the charge to the permitted limit; and (b) any sums alrcady collected from Borrowcr which exceeded
<br />permittcd limits wiH be refunded to Borrower. Lender may choose to make this rcfund by reducing the principal owed
<br />under the Note or by making a direct payment to Borrower. If a refund reduccs 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 cxpiration of applicable laws has the effect of
<br />rendering any provision of the Note or this Security Instrument unenforceable according to Its tcrms, Lender, at its option,
<br />may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remcdies
<br />pcrmittcd by paragraph 19. If Lender exercises this option, Lender shall takc the steps specified in the second paragraph of
<br />paragraph 17.
<br />14. Notices. Any notice to Borrowcr provided for in this Security Instrument shall be given by dclivering it or by
<br />mailing it by first class mail unless applicablc law requircs usc of another method. The notice shall be directcd to thc
<br />Property Addrcss or any other address Borrower designates by notice to Lender. Any notice to Lcnder shall be givcn by
<br />first class milll to Lender's addrcss stated herein or any other address Lendcr designates by notice to Borrower. Any noticc
<br />providcd for in this Sccurity Instrument shall be deemed to havc bcen given 10 Borrower or Lcnder when givcn as provided
<br />in this paragraph.
<br />15. Governing Law; Severability. This Sccurity 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 />Notc conflicts with applicablc law, such conflict shall not affect other provisions of this Sccurity Instnlllll:nt or the Note
<br />which can be given effect without the conflicting provision. To this end thc provisions of this Security Instrumcnt and thc
<br />Notc are declared to bc severable.
<br />16. ,Borrower's Copy. Borrower shall be given onc conformed copy of the Note and of this Security Instrument.
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any
<br />interest in it is sold or transferred (or if a bcneficial interest in Borrower is sold or transferred and Borrower is not a natural
<br />pcrson) without Lcnder's prior written conscnt, Lender may, at its option, require immcdiate payment in full of all sums
<br />secured by this Security Instrumcnt. However, this option shaH not be cxcrciscd by Lender if exercisc is prohibited by
<br />federal law as of the date of this Sccurity Instrument.
<br />If Lcndcr exercises this option, Lendcr shall give Borrower notice of acceleration. The notice shall providc a period
<br />of not Icss than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums securcd by
<br />this Sccurity Instrument. If Borrowcr fails to pay these sums prior to the cxpiration of this period, Lendcr may invokc any
<br />remedies permitted by this Security Instrument without further notice or dcmand on Borrower.
<br />18. Borrower's Right to Reinstate. If Borrower mcets certain conditions, Borrower shall havc the right to have
<br />enforcemcnt of this Security Instrument discontinucd at any time prior to the earlier of: (a) 5 days (or such other period as
<br />applicable law may specify for reinstatcment) before sale of the Property pursuant 10 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:
<br />(a) pays Lender all sums which thcn would be due undcr this Security Instrumcnt and the Note had no accelcration
<br />occurred; (b) cures any default of any other covcnants or agreements; (c) pays all expenses incurred in enforcing this
<br />Security Instrument, including, but nol limited to, reasonable attorneys' fees; and (d) takes such action as Lender may
<br />reasonably rcquire to assure that thc lien of this Sccurity Instrument, Lendcr's TIghts in the Property and Borrnwcr's
<br />obligation to pay the sums sccured by this Security Instrument shall continue unchanged. Upon reinstatement by
<br />Borrowcr, this Security Instrument and the obligations secured hereby shall remain fully effective as iruo accckration had
<br />occurrcd. I lowever, (his right to reinstate shall not apply in the case of accelcratlonunder paragraphs 1.1 or I')
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