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<br />88- 104022
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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 t he premiums required 10 maintain the insurance in effect until such time as the requirement for the
<br />insurance terminates in accordance with Bon-ower's and Lender's wrillen 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 />In the event of a total taking of the Property, 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 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 mu]tiplied 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 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 the date the notice is
<br />given, Lender is authorized to collecl and apply the proceeds, al its option. either to restoration or repair of the Property or
<br />10 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 Ihe due dale 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 time for payment or
<br />modification of amortization of the sums secured by this Security Instrument granted by Lender 10 any successor in
<br />inlerest of Borrower shall not operate to release the liability of Ihe 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 ex lend time for
<br />payment or otherwise modify amortizalion of t he sums secured by t his Security I nst rument 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 bea waiver of or preclude the exercise of any right or remedy,
<br />11. Suc~n and AslIIP\I Bound; Joint and Several L1abli/ty; Co-signers. The covenanls and agreements of
<br />this Security Instrumenl shall bind and benefit the successors and It.'iSigns of Lender and Borrower, subject to the provisions
<br />of paragraph 17, Borrower's covenants and agreements shall bejoint and several. Any Borrower who co-signs this Security
<br />Instrument but does not execute the Note: (a) is co-signing Ihis Security Inslrument only to mortgage. grant and convey
<br />that Borrower's interest in the Property under the terms of this Security Instrumel11; (b) is not personally obligated to pay
<br />the sums secured by this Securily Instrument; and (c) agrees that Lender and any other Borrower may agree to extend,
<br />modify, forbear or make any accommodations wilh regard to the terms of this Security Inslrument or the Note wilhout
<br />that Borrower's consent.
<br />12. Loan Charaea. If the loan secured by this Security Instrumenl is subject to a law which sets mallimum loan
<br />charges, and that law is finally interpreted so that the interesl or other loan charges collected or 10 be collecled in
<br />connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amounl
<br />necessary to reduce the charge to the permined Iimil; 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 paymenl to Borrower. If a refund reduces principal, the reduclion will be: lreated as a
<br />partial prepayment without any prepaymenl charge under lhe Note,
<br />13. Lqislation Afrectlna Lender's Rlpt., If enactment or eJ\plrlllion of applicable laws has Ihe effect of
<br />rendering any provision oflhe NOle or this Security Instrument unenforceable according to its terms, Lender. at ils option,
<br />may require immediate paymenl in full of all sums secured by this Security Inslrumenl and may IIIvoke any remedies
<br />permilled by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of
<br />paragraph 17.
<br />14, Notice!i, Any notice III Borrower provided for in this Security Instrumelll shall be: given by delivering it or by
<br />mailing it by first class mail unless applicable law requires use of another method. The nollce shall be directed to the
<br />Properly Addrcs.. or any other addr,ess Borrower designates by nOllce to Lender. Any nntice to Lender shall be given by
<br />first class mail to Lender's address stated herein or any other address Lender designates by notice 10 Borrower. Any nOlice
<br />provided for in this Security Instrumenl shall be deemed 10 have been given to Borrower or Lender when given as provided
<br />in this paragraph.
<br />15. Goyemlng Law; Snerability. This Security Instrument shall be governed by federal law IInd Ihe law of the
<br />jurisdiction in which the Property is located. In the event that any provision or clause of IhlS Security Instrumenl or the
<br />Note eonfticts with applicable law, such contliet shallnol affect other provisions of this SecurilY Instrumenl or Ihe Note
<br />which can be given effect without the confticting provision. To this end the provisions of thIS Security Instrumenl and the
<br />Nole are declared to be severable.
<br />16. Borrower', Copy. Borrower shall be given one conformed copy of Ihe Note and of thIS Security Instrumenl,
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. If all or IIny part of the Property or any
<br />interest in it is sold or transferred (or ifa beneficial interest in Borrower is sold or lransferred and Borrower is nOl a natural
<br />person) withoul Lender's prior written consent, Lender may, at its option, require immediate paymenl in full of all sums
<br />secured by this Security Instrument. However. this option shall not be exercised by Lend,:r if exercise is prohibited by
<br />federal law as of the date of this Security Inst rument.
<br />If Lender eJ\ercises this option. Lender shall give Borrower notice of acceleration, The notice shall provide a penod
<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 Inslrument. If Borrower fails 10 pay these sums prior to lhe expiralion oflhis period, Lender may invoke any
<br />remedies permiUed by this Security Instrument without further notice or demand on Borrower.
<br />18, Borrower'. RIKhtto Reinstate. If Borrower meets certain condilions, Borrower shall have the right 10 have
<br />enforcement of this Security Instrument discontinued at any time prior to the earlier of: (n) 5 days (or such other penod liS
<br />applicable law may specify for reinstatement) berore sale of the Property pursuanl In any power of sale contained III this
<br />Security Instrument; or (b) enlry ofajudgment enforcing thiS Securlly Instrument Those conduIOns are thaI Borrower
<br />(a) pays Lender all sums which then would be: due under this Security Instrument and Ihe NOle had 110 accelerullOn
<br />occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses IIIcurn'd III enrllrcmg IhlS
<br />Security Inslrument, including, but nOllimitcd to, reasonable allorney~' fees; and (d) lakes such lIcllon :" Lcnder may
<br />reasonably require 10 assure Ihal the lien of this Security Instrument, lender's nghls In the Property and Borrower's
<br />obligation to pay the sums secured by thIS Security Instrument shall contmue unchanged l.'poll re"',lal'."ment hy
<br />Borrower. thIS Secunty Instrument and Ihe obhgllllons secured hereby shall remarn rully elfeL'll\e II' ,rno accelerlllll\JI hm'
<br />occurred, Howe\'er, th" nght 10 reinstate shallnOl appl}- in the case of at'cdera,,,,,. uOlkr paragraph, J 1", 17
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