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<br />88-102680
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<br />If Lender required mongage 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 terminates in accordance ~ith 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 Propeny. 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 pan of the Propeny, 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 Propeny, the proceeds shall 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 panial taking of the Propeny,
<br />unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by
<br />the amol'nt 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 Propeny immediately before the taking. Any balance shall be
<br />paid to Borrower.
<br />If the Propeny is abandoned by Borrower, or if, after notice by Lender 10 Borrower thaI the condemnor offers to
<br />make an award or settle a claim for damages, Borrower fails to respond 10 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 Propeny 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. Borro"er Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
<br />modification of amonization 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 against any successor in interest or refuse to extend time for
<br />payment or otherwise modify amonization 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 Cllercise of any right or remedy.
<br />11. Successon and Assilll15 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 Security Instrument only to mongage, grant and convey
<br />that Borrower's interest in the Propeny under 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 Instrument or the Note without
<br />that Borrower's consent,
<br />12, Loan CbUJles, 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 collected 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 sums already collected from Borrower which exceeded
<br />permitted 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 refund reduces 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 expiration of applicable laws has the effect of
<br />rendering any provision of the Note or this Security 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 ar.d may invoke any remedies
<br />permitted by paragraph 19, If Lender exercises this option, Lender shall take the sleps specified in the second paragraph of
<br />paragraph 17,
<br />14. Notices. Any notice to Borrower provided for in this Security Instrument 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 be directed to the
<br />Propeny 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. Governing La,,; Severability. This Security Instrument shall be governed by federal law and the law of the
<br />jurisdiction in which the Propeny 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 the Note
<br />which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the
<br />~u.e are declared to be severable,
<br />16. Borro"er's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument.
<br />17. Transfer of the Property or B 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 beneficial interest in Borrower is sold or transferred and Borrower is not a natural
<br />person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums
<br />secured by this Security Instrument. However, this option 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 within which Borrower must pay all sums secured by
<br />Ihis Security Instrument. If Borrower fails to pay these sums prior to the expiralion of this period, Lender may invoke any
<br />remedies permitted by this Security Instrument without further notice or demand on Borrower.
<br />18. Borrower's Right to Reinstate. If Borrower meets cenain conditions, Borrower shall have the right 10 have
<br />enforcement or this Security Instrument discontinued at any time prior to Ihe earlier of: (a) 5 days (or such olher period as
<br />applicable law may specify for reinstatement) 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 Instrumenl. Those condllions are that Borrower:
<br /><a) pays Lender all sums which then would be due under this Security Instrumenl and the Note had no acceleration
<br />occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing thIS
<br />Security Instrument, including, but nOI limited to, reasonable allorncys' fees; and (d) lakes such action as Lender may
<br />reasonably require to assure that the lien of this Securily Instrument. Lender's nghls In the Properly and Dorrower'\
<br />obligation to pay the sums secured by this Security Instrument shall continue unchanged lJpon reinstatement by
<br />Borrower, this Secunty Instrument and Ihe obligations secured hereby shall remain fully effecllve as If no accelerallnn had
<br />occurred, However. lhls nghtto reinstate shall not apply In the case of acceleratIOn under paragraphs 13 or 17
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