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<br />88- 102451
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<br />If Lender required mortgage insurance as a condition of making the loan secured by this SecurilY Instrumenl,
<br />Borrower shall pay the premiums required 10 maintain the insurance in effect unlil such lime as Ihe requiremenl for the
<br />insurance terminales in accordance with Borrower's and Lender's written agreement or lpplicable law.
<br />8. Inspection. Lender or its agent may make reasonable enlries upon and inspections of Ihe 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 pari of the Property, or for conveyance in lieu of cundemnation, are hereby
<br />assigned and shall be paid to Lender,
<br />In the event of a tOlaltaking of the Property, the proceeds shall be applied 10 the sums secured by this Security
<br />Instrument, whether or not'then due:, with any excess paid to Borrower, In Ihe event of a partial laking of Ihe Propeny,
<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 mulliplied by Ihe following fraction: (a) the total amount of Ihe sums secured immediately
<br />before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shaU be
<br />paid 10 Borrower. .
<br />If the Property is abandoned by Borrower. or if, after notice by Lender to Borrower thatlhe 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 10 coUecl and apply the proceeds, al 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 Waiyer. 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 Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest.
<br />Lender shall not be required to commence proceedings againsl any SUCCesSOl 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 the exercise of any right or remedy.
<br />n. Successors and Assigns Bound; Joint and Seyeral 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 />[nstrument but docs not execute the Note: (a) is co.signing this Security Instrument only to mortgage, grant and convey
<br />that Borrower's interest in the Property under the terms of this Securily Instrumenl; (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 lerms of this Security [nstrument or the Note without
<br />that Borrower's consent.
<br />11. Loan Charges, If the: loan secured by this Security Instrumenl is subjecl 10 a law which selS maximum loan
<br />charges, and that law is finally interpreted so that the inlerest or other loan charges collected or to be: "ollected in
<br />connection with the loan exceed the: permiued limits. Ihen: (a) any such loan charge shall be: reduced by the amount
<br />necessary to reduce the charge to the permiUed limit; and (b) liny sums already collected from Borrower which exceeded
<br />pcrmiued 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 10 Borrower. [f a refund reduces principal. Ihe reduction will be: trealed as 3
<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 Securily Instrument unenforceable according to its terms, Lender. at its option.
<br />may require immediate payment in full of all sums secured by this Security Instrument and may in\'oke any remedies
<br />permiued by paragraph 19. If Lender exercises this option. Lender shall take the steps specified in the second paragraph of
<br />paragraph 17.
<br />14, Notices. Any notice to Borrower provided for in lhis Security Instrument shall be gi\'en 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
<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 to have been given to Borrower or Lender when given as provided
<br />in this paragraph,
<br />IS. Goyeming I...w; Seyer.billty. This Securily Instrument shall be govemt-d by federal law and the law of the
<br />jurisdiction in which the Property is located, bthe event that any provision or clause of this Security Instrument or the
<br />Note confliC15 with applicable law, such conflict shall not affect other provisions of this Security Instrumenl or Ihe Note
<br />which can be given effect without the conflicting provision. To this end Ihe provisions of this Security Inslrument and the
<br />Note are declared to be severable.
<br />16. Borrower's Copy. Borrower shall be given one conformed copy of the: Note and oflhis Security Instrument.
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of lhe Property or any
<br />interest in it is sold or Iransferred (or if a beneficial inlerest in Borrower is sold or transferred and Borrower is not a natural
<br />person) without Lender's prior wriUen conscnt, Lender may. al its opllon, require immediale paymenl in full of all sums
<br />secured by this Security Instrument. However. this op1l0n shall not be exercised by Lender 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 period
<br />of not less than 30 days from the date the notice is delivered or mailed wilhin which Borrower must pay all sums secured by
<br />this Security Instrument. If Borrower fails to pay these sums prior 10 the expiration of this period, Lender may lIIvoke any
<br />remedies permilled by this Security Instrumenl withoul further notice or demand :In Borrower,
<br />lB. Borrower's Rlg!!t to Reinstate. If Borrower meelS certain conditions, Dorrowcr shall have lhe nglll 10 h:."e
<br />enforcement of this Security Instrument discontinued at any time prior to Ihe earlier of: (a) 5 days (or such other pcnod '"
<br />applicable law may specify for reinstatement) before salc ofthc ProperlY pursuant 10 any power of sale .'onlamcd 11111",
<br />Security Instrument, or (b) enlry of ajudgmenl enforcing thIS Security Instrumcn!. Those conditions arc Ihat Dormwer'
<br />(a) pays Lender all sums which then would be due under thiS St'Curity Instrument and the NOle had no accclcmllon
<br />occurred, (b) cures any default of any olher covenants or agreements; (cJ pays all expenses lIIcurred III enfnrclllg th.s
<br />Security Instrumelll. including, but not limited 10, reasonable allorney" fccs; and (d) IlIkes such lIcllon us Lcndcr Illay
<br />reasonably rcqulre to a.ssure that the lien of this St'Curity Instrumcnt. Lcnder's nghls III thc I'ropcr!)' and Borrowcr's
<br />obligallon 10 pay Ihe 'UIIIS securcd by this Security Instrument ,hall cnntllluc \Indlllngcd. Upon rClllstut,'rncnl by
<br />Borrower,tlm S("eunty Instrument and the obligations secured hereb~ shall remll," fully cffecll\'C as Ifnn accclt'mllll1\ had
<br />(lceurred 11"lOc\'("r. th.. nghtto rCIII,tatc shall not apply In Ihe cn.. (If acccle".t1nn \Im;d paragraph, 1:1 or 17
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