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<br />88- 102743
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<br />If Lender; required, mor~gage insurance as a condition of making the loan secured by this Security Instrument,
<br />Borrower shall.pay the premiums requir~i;I to maintain the insurance in effect until such time as the requirement for the
<br />insurance terminates in ac~ordance with Borrower's and Lender's wrilten 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 shall be paid 10 Lehder.
<br />In the event of a total taking of I he Property, the proceeds shall be applied to the sums secured by this Security
<br />Instrument, whether or nOlthen due, with any cxcess paid to Borrower. In the event of a partial taking of the Property,
<br />unless 30rrower and Lender otherwise agree in writing, the sums secured by thi~ 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 sha:l be
<br />paid to Borrower.
<br />If the Properly 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 dale 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 the amount of such paymenls.
<br />10. Borrawer 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 Inslrument 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 interes!.
<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 this Security Instrument by reason of any demand made
<br />by the original Borrower or Borrower's successors in interesl. 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 covcnants 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 mortgage, grant and convey
<br />that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay
<br />the sums secured by this Securily Instrument; and (c) agrees thaI Lender and any other Borrower may agree to extend,
<br />modify, forbear or make any accommodations with regard to the temlS of this Security Instrumcnt or the Note without
<br />that Borrower's consenl.
<br />12. Loan Charges. If the loan secured by this Security Instrument is subject 10 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 10 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 Securily Instrument unenforceable according to its terms, Lender, at its oplion,
<br />may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies
<br />permitted 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 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 />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 Ihis paragraph.
<br />15. Governing Law; Severability. This Securily 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 Ihe
<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 Ihe
<br />Note are declared to be severable.
<br />16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrumen!.
<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 beneficial interest in Borrower is sold or transferred and Borrower is not a natura]
<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 Instrumen!. However, this option shall not be excrcised by Lender if excrcise is prohihited by
<br />federal law as ofthe~ate of this Security Instrument.
<br />If Lender exercises this option, Lender shall give Borrower notice ofacceleration. Thc 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 hy
<br />this Security Instrument. If Borrower fails to pay these sums prior to Ihe expiration 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 certain conditions, Borrower shall have Ihe right to h:lve
<br />enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such olher period as
<br />applicable law may specify for reinstatement) before salc of the Propcrty pursuant to any power of sale contained in Ihis
<br />S.ecurity Inslrument; or (b) entry ofajudgment enforcing this Security Instrument. Those conditions arc that Borrower:
<br />(a) pays Lender all sums which thcn would be due under this Sccurity Instrument and the Note had no acceleration
<br />occurred; (b) cures any default of any other covenants or agreemenh; (c) pays all cxpcnscs incurred in l'nrnrl'ing this
<br />Security Instrument, including, but not limited to, reasonable attorneys' fees; und (d} takes such action as Lender llIay
<br />reasonably require to assure that the lien of this Security Instrumenl, Lender', nghh in the I'rnperty and Bormwer's
<br />obligation to pay the sums securcd by this Security Instrument shall continue unchanged Upon relllSl:llclIlcnl hy
<br />Borrower, this Security Instrument and the obligations secured hereby shall rernalll fully effect" e as If no aCl-clcralH'n had
<br />occurred_ However, this right to reinstate shall nol apply 111 the case "r accclerallllll under pamgraphs 11 "' 17
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