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<br />88-- 10186'1
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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 lerminates 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 al tlie 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 shall be paid to Lender.
<br />In the event of a lotal taking of the Property, the proceeds shall be applied to the sums secured by this Security
<br />Instrument, whether or not Ihen due, with any excess paid to Borrower. In the event of a part al 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 Ihe 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 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 Ihe 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 ~y 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 t he 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 be joint and several. Any Borrower who co-signs this Security
<br />Instrument but does not execute the Note: (a) is co-signing this SecurilY Instrument only to mortgage, grant and convey
<br />that Borrower's interest in the Property under the terms of this Secunty Instrument; (b) is not personally obligated to pay
<br />the sums secured by this Security Inslrument; and (c) agrees that Lender and any other Borrower may agree to extend,
<br />modify, forbear or make any accommodations with regard 10 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 Instrumenl is subject to a law which sets maxirnum loan
<br />charges, and that law is finally interpreted so that the inleresl or otlll'r loan charges collecled or to be collected in
<br />connection with the loan exceed the permilled limits. then: (a) any snch loan charge shall be reduced by the amount
<br />necessary to reduce the charge to the permilled limit; and (b) any S1IIl1S already collecled from Borrower which exceeded
<br />permitted limits will be refunded to Borrower. Lender may choose 10 make Ihis refund by reducing the principal owed
<br />under the Note or by making a direct payment to Borrower. If a refund reduces principal. Ihe reduction will be treated as a
<br />partial prepayment without any prepaymen! charge under the NOle.
<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 Ihis Security Instrumeut unenforccable according to Its 1erllls, Lender, at its option,
<br />may require immediate payment in full of all sums secured hy this Security Instrument and may invoke any remedies
<br />permitted by paragraph 19. If Lender exercises this option. Lender shall take lhe steps specified in Ihe second paragraph of
<br />paragraph 17.
<br />14. Notices. Any notice to Borrower provided for in lhis Secuflly lnstrumenl 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 he direcled to the
<br />Property Address or any other address Borrower designates by nOlice to Lender. Any notice 10 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 10 have been given to Borrower or Lender when given as provided
<br />in this paragraph,
<br />15. Governing Law; Severability. This Security Instrument shall be governed hy 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 Ihe 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 conformed copy of the Nole and of this Security InSlfUmenl.
<br />17. Transfer of the Property or 8 Beneficial Interest in Borrower. I f all or any part of the Properly 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 writtcn consent, Lender may, at its option, require immediate paymenl in full of all sums
<br />secured by this Security Instrument. However, lhis option shall not be exercbed by Lcnder if exercise is prohibited by
<br />federal law as of the date of this Security Instrument.
<br />If Lender exercises this option, lender shall give Borrower notice of acceleration, The notice shall provide a periocJ
<br />ornot less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured hy
<br />Ihis Security Instrument, If Borrower fails to pay thcse sums prior 10 the ('xpiration of this period, Lender may invoke any
<br />remedies permilled by this Security Instrument without further nOlice or demand on Borrower.
<br />18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the righl to halT
<br />enforcement of this Security Instrument discolltinued al any time prior to the earlier of: (a) 5 days (or such other period as
<br />applkable law may specify for reinstatement) before sale of the Property pursuant 10 any power of sale cOlllained III 11m
<br />~curity In!>trument; or (b) elltry of a judgment enforcing this Security InstrullIent. Those conditions arc lhal Borrower:
<br />~a) pays Lender all sums which then would be due under this Security Instrument and lhe Note had no ,lccelerallon
<br />occurred; (b) cures any default of any olher covenants or agreemenls; (c) pays all eXpense~ IIKurred ill cnforl'lng II1IS
<br />Security Instrument, including, but not limited to, reasonable allofl1eys' fees; and (d) take~ such action as Lender Il\ay
<br />reasonably require 10 assure that lI.e lien of this Security Instrument, Lemler's rights in the ProperlY ami Borrower.s
<br />obligation 10 pay Ihe sums secured by Ihis Security Instrument shall continuc unchanged. Upon relllstillement hi
<br />Harrower, Ihh Seeunty Inslrument and the obligations secured herehy shall rcmalll fully dfecll\'c as If no arrclcralHIIl had
<br />occurred. However, thi<, nghl to reinstate' shalll10t Ilpply in lh(~ C1ISC of accclerallllll under paragraphs 11 or 1'1
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