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<br />88- 104359
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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 the premiums required to maintain the insurance in effect until such time as the requirement for the
<br />insurance terminales in accordance 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 al 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 conneclion 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 e"C<.'Ss 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 />Ihe amount of Ihe proceeds multiplied by the following fraclion: (a) the total amount of the sums,secured immediately
<br />before the taking. divided by (b) Ihe fair markel 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 10 Borrower that the condemnor offers to
<br />make an award or seule 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, eit her to restoration or repair of the Property or
<br />to the sums secured by this Security Instrument, whether or nOI then due,
<br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds 10 principal shall not extend or
<br />postpone the due date of the monlhly 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 Ihe sums secured by this Security Instrument granted by Lender to any successor in
<br />interest of Borrower shall not operate to release the liabilily of the original Borrower or Borrower's successors in interest.
<br />Lender shall not be required 10 commence proceedings against any successor in interest or refuse 10 extend time for
<br />payment or otherwise modify amortizalion of the sums secured by this Security Instrument by reason of any demand made
<br />by Ihe 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 e"ercise 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 10 the provisions
<br />of paragraph 17, Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this SecurilY
<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 obligaled to pay
<br />the sums secured by this Securily Instrument: and (c) agrees that Lender and any other Borrower may agree 10 eXlend.
<br />modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without
<br />Ihat Borrower's consent.
<br />12. Loan Charges. If the loan secured by this Secunty Instrument is subject to a law which sets maximum loan
<br />charges. and Ihat law is finally interpreted so that the inlerL'S1 or other loan charges collecled or to be collected in
<br />connection with Ihe loan exceed the penniUed limits, then: (a) any such loan charge shall be reduced by the amount
<br />necessary to reduce the charge to Ihe permiued limit: and (b) any sums already collected from Borrower which exceeded
<br />pemliued 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 Irealed as a
<br />partial prepayment \\ ilhout any prepayment charge under the Note,
<br />13. Legislation Affecting Lender's Rights. If enaClment or expiration of applicable laws has the effecl of
<br />rendering any provision of the NOll' or this Securny Instrument unenforceable according to lis terms, Lender, at ilS option,
<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 oplion, Lender shall lake the sleps specified in the second para~raph of
<br />paragraph 17.
<br />14. Notices. Any nOlice to Borrower proVIded for m this Se.:urity Instrument shall be given by delivering il or by
<br />mailing it by first class mail unless applicable law requires use of anolher melhod, The notice shall be directed to the
<br />Property Address or any other address Borrower designates by notice to Lender. Any norice to Lender shall be given by
<br />first class mail to Lender's address stated herein or any other address Lender designales by notice 10 Borrower. Any nOlice
<br />provided for in this Security Instrumenl shall he deemL-d 10 have been gl\'en to Borrower or Lender when given as provided
<br />in this paragraph.
<br />15. Governing Law; Severability. This Secunly InMrument shall be governed by federal law and the law of the
<br />jurisdiction in which Ihe Property is located, In Ihe 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 Instrumem or Ihe Note
<br />which can be given effect without the conflIcting provision. To this end Ihe provisions of this Security Instrument and the
<br />Note are declared to be severable,
<br />16. Borrower's Copy, Borrower shall be given one .:onformed copy of the Note and of Ihis Se.:urily Instrument.
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of Ihe Property or any
<br />interest in il is sold or Iransferred (or if a beneficial intere.~l in Borrower is sold or transferred and Borrower is not a nalural
<br />person) without Lender's prior written consent, Lender may. at its option, require immediate payment in full of all sums
<br />secured by Ihis Security Inslrument. However, Ihis oplion shall not be exer.:ised by Lender if exercIse is prohibited by
<br />federal law as of the date of this Security Instrumenl.
<br />If Lender exercises this option. Lender shall give Borrower notice of accelerallOn, The notice shall pro\'ide a period
<br />of not less Ihan 30 days from the date the notice is delivered or mailed within whIch Borrower must pay all sums secured by
<br />this Security Instrument. If Borrower fails 10 pay these sums prior to the expiration oflhlS period. Lender may m'oke any
<br />remedies permllled by this Security Instrument without further notice or demand on Borrower.
<br />18. Borro..er's Riaht to Reinstate. If Borrower meets certain conditions, Borrower shall have the righl to have
<br />enforcement oflhlS Security Instrument discontinued at any time prior 10 the earlier of: (a) 5 days (or sUL'h other penod as
<br />applicable law may specify for reinSlalement) before sale of the Propeny pursuant 10 any power ofsak contamed 111 th"
<br />Security Instrument: or (b) entry of a judgmenl enforcing Ihis Security Instrument. Those conduions arc thaI Bon""er
<br />(a) pays Lender all sums which then would be due under Ihis Securily Instrument and the Note had no a""elcralion
<br />occurred; (b) cures any default of any other covenants or agreements; (cl pays all e,\penses mcurrL-d m enfornng IIIIS
<br />Secunly Inslrumem, mduding, but nOllimited to. reasonable anorneys' feo; and (dl lakL'" su.:h aCtion as Lender ma,
<br />rea.onably reqUire In a'-\ure thallhe lien of this Secunty Instrument, Lender's ngh.. m the Prnperr, and Borro","s
<br />obhgatlon 10 pay Ihe sums !oCCured by Ihis Security Instrument shall continue un.:hunged l'pon "'II,slalemelll by
<br />norrower, II", SeL'unty Instrumenl and the obhgatlons secured hereby shall remulll fully dTed"e a' II no a,'.:c1eratlon had
<br />occurred Ilowe,,',. Ih" nghtlo remstatc shall nOl apply m the case of accelerat,,'n und", paragrarhs 11 or J 7
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