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<br />88-10416~
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<br />If Lender required mortgage insurance as a cl'ndirion of making the loan secured by this Security Instrument,
<br />Borrower ;,hall pay Ihe premiums required to maintain the insurance in effect until such time as the requirement for Ihe
<br />insurance lerminates in accordance wilh Borrower's and Lender's written agreemenl 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 noticeallhetime 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 laking of any part of Ihe Properly. or for conveyance in lieu of condemnation, are hereby
<br />assigned and shall be paid to Lender.
<br />In the event of a lOlaltaking of the Properly, Ihe proceeds shall be applied 10 the sums secured by this Security
<br />Instrument. whether or not then due. wilh any e~cess 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 multiplied by the following fraction: (a) the lotal amount of the sums secured immediately
<br />before the taking, divided by (b) the fair market value of Ihe Property immediately before the taking. Any balance shall be
<br />paid to Borrower.
<br />If the Property is abandoned by Borrower, or if, after nO\1ce by Lender to Borrower Ihat the condemnor offers to
<br />make an award or sellle a claim for damages. Borrower fails to respond to Lender within 30 days afler the date the nOlice is
<br />given. Lender IS authorized to collect and apply Ihe proceeds, at its option, eilher to restoralion or repair of the Property or
<br />to the sums secured by this Security Instrument, whelher or not then due.
<br />Unless Lender and Borrower otherwise agr~-e in wming. any applicatIon of proceeds to principal shall not extend or
<br />postpone the due dale of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments.
<br />10. Borrower Not Released; Forbearance By Lender Not R Waiver. Extension of the lime for payment or
<br />modification of amorlizallon of Ihe sums secured by thIS Secunty Instrument granted by Lender 10 any successor in
<br />intcrest of Borrower shall nOl operatc to release the liability of the original Borrower or Borrower's successors in interest.
<br />Lender shall nOI be required 10 commence proceedings againsl any successor In 1111 crest nr refuse to extend time for
<br />payment or otherWIse modify amortization of the sums secured by Ihis Seeurily InslTumenl by reason of any demand made
<br />by the original Borrower or Borrower's successors in mlercst. Any forhearann' hy Lender III c~erclsmg any right or remedy
<br />shall nOI be a waiver of or preclude the exercise of any righl or remedy
<br />11. Succe!SOl'S and AssigM Bound; Joint and SeYeral Liability; Co-sillners. The ,'n\eIHIIlIs and agrcemellls nf
<br />this Security Instrument shall bmd and benefit the successors and assigns of Lender and Borrower, ~ubject lu the pTtl\'lsions
<br />of paragraph 17. Borrower's covenanls and agreements shall he joint and se\cral Any Borrower who eo-signs this Secunty
<br />Inslrumenl but does nul e~ecute the Nute: (a) IS CO-Signing thIS Securlly InSlrurnenl onl~ tn lIlorllt,,!!e. grant and Con\el'
<br />that Borrower's IlIterestlll the Property under the terms of thiS Seeurny Instrument: (hIlS not personally obligated 10 pal
<br />the sums secured by Ihis Securlly Instrumenl; and (c) agrees Ihal Lender and any olher Borrower may agree [(l c.\tcnd.
<br />modify, forbear or makc any accummodallons with regard 10 the terms of tlm Secunty Inslrumcnt or Ihe Note wllhoUI
<br />that Borrower's consent:
<br />12. Loan Charges. If Ihe loan secured by 11m Security Instrument IS subject 10 a law wtllch sels maXimum loan
<br />charges, and Ihal law is finally interprl.ted so that Ihe mlerest or other loan chargcs ",Ilected or 10 be collech:d III
<br />conneclion with lhe loan eAceed thc pcrnlltled limits. Ihen' (a) any sueh loan charge shall be reduced by the amOUIl!
<br />n~"C~"Ssary to reduce the charge to Ihe pcnmlled hmit: and (b) any sums already collected from Borrower which e~ceeded
<br />permitted limits will he refunded to Ilorrower Lcnder may ,'hoose 10 make tillS refund hy reducmg the pnncipal owed
<br />under the Nole or by makmg a dlrecI payrnenr to Borrower If a refund reduces principal. the reduction will he treated as a
<br />partial prepayment withoul any prepaymenl chllrge under Ihe NOle,
<br />13. I..egislation Affectinll Lender's Rlllhts. If enacl men I or expiration of applicable laws has the effect of
<br />rendering any prOVIsion of the Nule llr 11m Security Instrument unenforceable according In its terms, Lender. allts option,
<br />may require immediate paymell! III full of all sums secured hy tillS Secunty Instrumenl and may invoke any remedies
<br />penmtlcd by paragraph Iq. If Lender exerclscs I Ills oplUll1, Lender shall take lhe steps specifil-d in the second paragraph of
<br />paragraph 17.
<br />14. Notices. Any notlce to borrower pro\lded for mlltls Secunly Instrumenl shall be given by delivering if or by
<br />mailing it by first class mail unless applicable hlw requires use of another method. The nolice shall be directed 10 the
<br />Property AddR"Ss or any other addr~"Ss Borrowcr deSignates by notice 10 Lender. Any nOllce to Lender shall be gi\ien by'
<br />first class mail to Lender's address stated herem or any other address Lender designates by notice to Borrower. Any notice
<br />provided for in this Securlly Inslrument shall be deemed to ha\c bcen given 10 Borrower or lender when given a~ pro\iided
<br />in I his paragraph.
<br />15. Governing I.aw; Severability. TIlls SeclITlty Instrument shall be governed hy fcderallaw and Ihe laVo of the
<br />jurisdiction in which the Property i, located. In the e\enl Ihal any provision or clause of thiS Security Inslrumenl or the
<br />Note confticts with applicable law. such conllict ,hall not alTect olher provisions of this Security Instrument or the Nole
<br />which can be given effect wilhout the conftlcllllg proVISion. ro tillS end the provisions of this Security In~lrument and Ihe
<br />Note are declared to be scverable.
<br />16. Borrower's Copy. Borruwer shall he glvcn one conformed cnp)' of Ihe Note and of this Security Inslrument.
<br />17. Transfer of the I'roperty or a Beneficial Interest in Borrower. If ,Ill or any par! uf the Properly or any
<br />interest in it is suld nr transferred (or if a beneflcl3lllllerest In Borrower Is sold or lransferred and Borrower i, nnt a nalural
<br />person) without Lender's prior wrillen consent. Lender may. al Its opllon, require immediate payment in full of all sums
<br />!'tCcured by this Sel'urily Instrument. However, Ihis opllon shull nOI be exell'ised by Lender if e~crcise is 1'T<1luhited by
<br />federal law as of the date of this Security Instrument.
<br />If Lender exercises Ihis oplion, Lender shall give Borrowcr nolice of accelerution The nolice shall pro\'lde a period
<br />of nolless than 30 day's rrom Ihe datc the notice is delivered or mailed within which Borrower mU~l pay all SUI11S seeured by
<br />Ihis Security Instrulllent. If Oorrower fails to pay lhese sums pTlor 10 Ihe e~pimtion "f Ihls pcrllm, Lender ma)' 111\ oke an)'
<br />remedies permillcd by this SL'Curity Instrumelll without further nolice or dcmand on Borrower.
<br />18. Borrower's Riabt to Reinstate. If Borrower meels certaill conditions, Borrower shall ha\c the right hI JUtve
<br />enforcement or this Security Instrument discontinued at any time prior to the earlier of: (al 5 days (or such olher peri"d as
<br />applicablc law mny specify fur rcinstalemenl) bcfore sale of Ihe Propcrly pursunnl 10 any powcr of ~all' l'llntallled IIIthl'
<br />Security Instrumenl; or (b) cntry of a Judgment enforCing IIIIS Securily IlIsrrunl\'nt. Those eo",lilulIls arc Ihal nOTTOW"r
<br />(1I) pays Lender all sums which then would be due undcr Ihis Security IlIstrumcnt alld Ihe NOle had no aCL,deratll.n
<br />occurred; (b) cures any default of any olher covenants OJ agreemenl~. lc) pays alll'~pl'ml's Incurrl-d ill l'nt'lIelllg tlus
<br />Security Instrumellt, IIlcludmg, bul nol Iimitcd 10. reasollable altornC)'~' fl,es, and (,II Illk,'s '.ud, lIell,,,, us t ,'n,ler may
<br />reasonably requlrc In assurc Ihal Ihe lien of IhlS SeclITlly InslrumclI!. I.ender\ IlghlS III the I'mpel'l)' ami ll"rrllwI'I\
<br />obligallo" to pay' Ihc ~ums ~ecured by Ihis Security IlISlrulllenl shui! ...'n\111 Ul' Ulld1l1nj,!I'd l'l'"n f'I'IIISlall,'I1lI'lIl hl
<br />f111rrnVoer. 11m Securil) InstrulTlcllt IIlUlthc "hhgllll"n~ 'ecured herehy ,h"II"'",,,,n full) dfl'cII' " ,IS ,I' "" "" dL-' al1<'" h"d
<br />"lTurred """e'er. lhls TIght I" rClnslalc ~haJlll"llIppl) 1I1lhl' rll'" IIr il' rdl'Ii'"""UIldcT f'ara~1 aI'''' 1'", I'
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