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<br />88- 1039r..:t1
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<br />[f Lender required mortgage insurance as a condition of making the loan secured by this Sec~ty Instrument,
<br />Borrower shall pay the premiums required to maintain the insumnce in 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 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 to Lender.
<br />[n the event of a total' taking of the Property. the proceeds shall be applied to the sums secured by this SecurilY
<br />Instrument, whether or not then due. with any excess paid to Borrower. [n 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 tOlal amount of the sums secured immediately
<br />before the taking, divided by (b) the fair market value of the Property immedintely before the taking, Any balance shall be
<br />paid to Borrower,
<br />[f the 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 Ihe date Ihe notice is
<br />given. Lender is authorized 10 collect and apply the proceeds, at its option. either to resloralion 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 Waiver. Extension of the lime for payment or
<br />modification of amortization of the sums secured by this Security [nstrument granted by Lender to any successor in
<br />interest of Borrower shall not operate to release Ihe 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 eXlend time for
<br />payment or otherwise modify amortization of the sums secured by this Security [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 nOl bea waiver of or preclude the exercise of any right or remedy,
<br />11. Successors and AuillDl Bound; Joint and Several Liability; Co-signen. The covenants and agreements of
<br />this Security 'nstrument 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 mortgage, grant and convey
<br />that Borrower's interesl in the Property under the terms of this Security Instrument: (b) is not personally obligated 10 pay
<br />the sums secured by this Security Instrument; and (c) agrees that Lender and any other B"rrower 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 [nstrumenl is subject to a law which sets maximum loan
<br />charges. and that law is finally interpreted so thaI 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 10 reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded
<br />permilled limits will be refunded to Borrower, Lender may choose to make Ihls refund by reducing the principal owed
<br />under the Note or by making a direcl payment to Borrower. If a refund reduces prinCIpal. the reduction will be trealed as a
<br />partial prepayment without any prepayment charge under the Note,
<br />13. Legislation AffectinG Lender's Ripts. [I' enaclment 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 and may invoke any remedies
<br />permilled by paragraph 1 q, [I' Lender exercises this option, Lender shall take the steps specified in the second paragraph of
<br />paragraph 17.
<br />14. Notil:ell. Any notice to Borrower provided for in this Security Instrument shall be given by delivering il 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 olher 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 Inslrument shaJJ be deemed 10 have been given 10 Borrower or Lender when given as provided
<br />in this paragraph,
<br />15. GoverninG Law; Severability. TIns SeCUrJ1y InSlrumenl shall be governed by federal law and the law of the
<br />jurisdiction in which the Property is local ed, In the event Ihal any provision or clause of this Securily Instrument or the
<br />Note conflicts with applicable law, such conllict shall nol affect other prov'isions of this Securily Instrument or the Note
<br />which can be given effect withoutlhe conllicllng proviSIOn, To this end the provisions of this Security Instrumenl and I he
<br />Note are declared to be severable,
<br />16. Borrower's Copy. Borrower shall be given one conformed copy of the Nme and of this Security Instrument.
<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 il is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is nol a natural
<br />pen.on) without Lender's prior wrillen consent. Lender may. at its option, require immediale payment in full of all sums
<br />secured by this Security Instrument, However, this option shall nol be eJl.en:is"d by Lender if e.ercise is prohibited by
<br />federal law as of the date of this Security Instrument.
<br />[f Lender exercises this option, Lender shall give Borrower nmice of acceleration, Tlie notice shall provide a period
<br />of not less than 30 days from the date the not.ce is delivered or maIled within which Borrower must pay all sums secured by
<br />this Securily Inslrumenl. If Borrower fail. to pay these sums pnor 10 Ihe expiration of th" period, Lender may invoke any
<br />remedia ptrmilled by this Security [nslrument without further notice or demand on Dorrower.
<br />18. Borrower's Riallt to Reill5tate. If Borrower meets certain conduions, Borrower shall Iiave thc righlto Iiave
<br />enforcement of this Security [nSlrument discontinued at any lime prior In the earlier of: (a) 5 days (or such olher period as
<br />applicable law may specify for reinstatemenl) before ""Ie of Ihe Properly pursuant 10 any power of sale contwned in Ilus
<br />Security Instrument; or (b) entry of a judgment enforcmg this SccUrHy' Instrument Those condItions ale that Dorrmwr
<br />(a) pays Lender all sums whIch then would be due under this Secunty Instrumenl llnd the NOle had no accelemtlon
<br />occurred: (bl cures any deiauh of any other co\'enanls 01 agreement" (cl pays all e'pens,.., ,"curred '" enforcmg th"
<br />Sccunty Instrument, ,"eluding. but not hm.ted to. rea.\Onable allomey' reo; and ld) ta~'" such aellon as Lender maj
<br />reasonably requ,re 10 a..ure that the hen of th.. Securuy lnstrumen', Lender's ngh'. In the Prupcrt~ and Ilnrrn\\'Cl"s
<br />obh,allOn 10 ~)' the .um. ..,cured bY' this Secunty Instrumen! .hall canllnuc unchnnged l'plln relllstntemenl h)
<br />Bnrro\lo'cr. thl!~ Sc:cUrit)i In\trumcnl and the obligallon!. M:t:urcd hcrch) ...hall remain full) ciTeL'II\(, i1'- If 11\' u":1.:e!cr,JlI0n had
<br />Il(Cuned H"'ac\'er. thn. nght to rcm"tatC' !i.hall nnl appl) IfI rhe ~:_a"C' of al.:rdC'rB1uIn undcr rilra~r aph.. l' l" 1 ":'
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