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<br />88- 101511
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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 III 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 i!3 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 spedfying 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 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 b)' 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 nmice 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 ils option, citht'r to restoration or repair ofthc 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 10 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 ~ot Released; Forbearance By Lender ~ot a Wail'er. Extension of the time for payment or
<br />modification of amortization of the sums secured by this Secumy Instrument granted by Lender to any successor in
<br />interest of Borrower shall not operate to release the liability of t he 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 extend time for
<br />payment or otherwise modify amortization of the sums secured by I his Security I nstrument 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 t'()\'enants and agreements shall be joint and several. Any Borrower who co~signs this Security
<br />Instrument but docs nOI execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey
<br />that Borrower's interesl in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay
<br />the sums secured by tillS Securuy 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 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 cnllecled 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 slims already collected from Borrower which ext'eeded
<br />permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed
<br />under Ihe Note or by making a direct payment (0 Borrower. If a refund reduces principal. the reduction will he 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 Securny Instrument unenforceable according to ns terms, Lender, al its option,
<br />may require immediate payment in full of all slims secured by this Security Instrument and may invoke (lilY remedies
<br />permilled by paragraph II), If Lender exercises this option, lender shall take the steps specified in Ihe second paragraph of
<br />paragraph 17.
<br />14. Notices. Any notice to Borrower proVIded for III this Secunty Instrumelll shall be given by delivering it or by
<br />mailing it by firsl class mail unless applie;lble law reqUires use of another methcd. The notice .,hall be directed to the
<br />Property Address or any other address Borrower deSIgnates by notice to Lender. Any notice to Lemler shall be given by
<br />first class mail to Lender's address stated herem 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 />15. GOl'erning Law; Severability, ThiS Security Instrument shall be governed by fcderallaw and the law of the:
<br />jurisdiction in which the Property is located. In the event that any provision or clause of this Securily Inslrument or the
<br />Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrumelll or the Note
<br />which can be given effect without the conflicting provision. To this end the proviSIOns of thi.. Security Instrulllenl alll! Ihe
<br />Note are declared to be severable.
<br />16. Borrower's Copy. Borrower shall be gIven one conformed copy of the Nule: and of thi:, Security IlIstrtllhenl.
<br />17. Transfer of the Property or a Heneficial Interest in Borrower. If all or any part of Ihe Property or all)
<br />interest in it is sold or transferred (or if a benellcllllmterestlll Borrower IS sold or transferred and Borrower is not a natural
<br />person) without Lender's prior wrillen consent, Lender may, at it!. option, require immediate payment in full of all SlIItIS
<br />secured by this Security Instrumcnt. However, this option shall not be exercised by Lender if exercIse IS prohiblled by
<br />federal law as of the date of this Secunty Instrument.
<br />If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period
<br />of not less than 30 days from the date Ihe Ilotlce is delivered or mailed within which Borrower must pay all "mIlS secured hy
<br />this Security Instrument. If Borrower fails \0 pay these sums prior 10 the expiration of 11m period, Lender may IIlvoke any
<br />remedies permitted by this Securily Instrument without funher notice or demand on Borrower.
<br />18. Borrower's Right to Reinstate, If Borrower meets certain conditions, Borrower shall han' the right 10 ha\e
<br />enforcement of Ihis Secllrity Instrument discuntinued at any time prior 10 the earlier of: (a) S days (or sllch other period as
<br />applicable law may specify for rcinstatemelll) before sale of the Property pursuanl to any power of sale COlltallleO ill 11m
<br />Security Instrument; or (b) entry of a judgmcnl enforcing this Security Instrument. Those conditions arc Ihat Borrower
<br />(a) pay... Lender all sums which then would be due under this Sccurity IJl5trument and the Note had no aCl'c1eralitln
<br />occurred; (b) curc.s any defaull of any other covenants or agreements; (e) pays all expense.. incurred III en:~')rclll!l thi..
<br />SecurilY Instrument, including, but not limited to, reasonable attorneys' fees; and Id) lakes ..uch acllt'll as l.endel ilia)
<br />reasonably reqUIre to a..!oure that the lien of thiS Security Instrument, Lender's nghls III the Prop"rl) and BOrl'l\\cr'..
<br />obligalion tn P;IY Ihe SUnts .....curcd by this Security Instrument shall CLllltlllUC ullchang<'J Upon rClII..lalcllwnl b)
<br />Borro,",...r, I Ills SCf,:IHIlY InSUUlIICIll and the ohligations ..ccured hereby "hall relllaln fully dfc\.'lI\C a.. If 1l1l.I<Tell'raIIlHI had
<br />()(;currcd Ilowcvcr, tlw. rig htlo reimtatc shall not llppl)' in thc c;I'e of ,Iccclcral HlIIundcr paragraph.. jl or I"}
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