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<br />88-104418
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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 terminates in ac;:cordance with Bo"rrower.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 nptice 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 Properly, or for conveyance in lieu of condemnation, are hereby
<br />assigned and shall be paid to Lender.
<br />In the event of a total raking of the Property, the proceeds shall be applied to the sums secured by this Security
<br />Inslrumenr, whelher or not then due, with any cxcess 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 total amount of Ihe sums, secured immediately
<br />beforc lhe laking, divided by (b) the fair markel value of lhe Property immediately before the taking. Any balance shall he
<br />paid to Borrower.
<br />If the Property is abandoned hy Borrower, or if, after notice hy Lender 10 Borrower thaI the condemnor olTers to
<br />make an award or settle a claim for damages, Borrower tails to respond to Lender within 30 days after the date 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 />10 the sums secured by this Security Instrument, whether or nol then due.
<br />Unless Lender nnd Borrower otherwise agree in writing. any application of proceeds to principal shall not extend or
<br />postponc the due date ofrhe monthly payments referred to in paragraphs I and 2 or change thc amount of such payments.
<br />10, Borrower Nor Released; Forbearanee Dy Lender Not a Waiver, Extension of the rime for payment or
<br />modification of amortization of the sums secured by this Security Instrument granted by Lender to any succ~or in
<br />interest of Borrower shall nol operate to release the 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 extend time for
<br />payment or Dlherwise modify amDnizntion of the sums secured by Ihis Security Instrument by reason of any demand made
<br />by I he original BDrrower Df Borrower's successors in interl..ast. Any forbearance hy Lender in exercising any right or remedy
<br />shall not he 0 waiver of or preclude the exercise of any right or remedy.
<br />II, Successors and Assigns Bound; Joint and Sevcral Llabilily; Co.slgners. The c'JVenants and agreemenls of
<br />this S!:curity Instrument shall bind and benefit the successor) nnd ll'isigns of Lcoder and Borrower. subject to the provisions
<br />of paragraph 17, Borrower's covenants and agreements shall be joint and ~\'eral. Any Borrower who co-signs this Security
<br />Instrument but does not execute the Note: Ca) is co-signing Ihis Sel,:urlty Instrument only to mongagc, grant and coove}'
<br />that Dorrower's interesl in Ihe Property under Ihe terms of thIS 5<:<'u"t) In" rument; (b) IS not peNlnally obligated to pay
<br />the sums secured by this Security Instrument; and (c) agrees that Lender and an)' other Borrower may agree to extend,
<br />modify, forbear or make any accommodations with regnrd to Ihe lerms of this Security Inslrumcnl or the Note wi.houl
<br />thut Borrower's consent.
<br />12. Loan Charges. If Ihe loan secured by Ihis Securil}' Inslrument is suhjecl In a law which sels maximum loan
<br />charge!!., und [hur law is (inally interpreted so that the interest or other loan churgc~ l:OIlCCll.'d or 10 be collecled In
<br />connection with the loan exceed the permitted limits, Ihen; (a) any such loan chargc shall be reducL-d by Ihe amounl
<br />occessary to rcduce the charge 10 Ihe permilled limit; and (b) any sums already collected from Dorrowcr which exceeded
<br />permilled limits will be refunded to Borrower. Lender may chnose tn make this refund hy rcducmg Ihe principal owed
<br />under Ihe Note or hy making a direct payment to Dorrower. If a refund reduces principal, lhe reducllon will he treated as a
<br />partial prepayment without any prepayment charge under the NOle.
<br />13, Leglslltion Affecting Lender's Rlghls, If enactment or expIration of applicahle laws has the elTeet of
<br />rendering nny provision of the Note or Ihis Security Instrument unenforceable according 10 lh Icrm!t.. lender, at its opllon,
<br />may require immediate payment in full of nil sums secured by this Security Instrument and ma}' invoke any remedies
<br />permitted hy paragraph 19. If Lender exercises this option, Lender shall lake the steps specified m Ihe second paragraph of
<br />paragraph 17.
<br />14, Notlees, Any 1I0lice to Borrower provided for in this Security Instrumenl shall he givell by dchvcring II or by
<br />mailing il hy first class mail unless applicable law requires use of another method. The 1I0lice shall he directed 10 the
<br />Properly Address or uny other address Borrower designates hy notice to Lender. Any notice to Lcnder shall be given hy
<br />first cla~s muil to Lender's address ~tated herein or any other address lender designates by notice 10 Borrower. Any ootke
<br />provided for in this Security Instrument shall he deemed to huve been given 10 Borrowcr or Lender when given as provtded
<br />in this paragraph.
<br />IS. Governing Law; Scverabilily, TillS 5ecurlly In"rument shall be governed b}' federalla", and the law of the
<br />jurisdiction in which the Property is located. In the eYent lhut uny provis.ion or clnuse of Ihi~ Security In!l.lrument or the
<br />Note confticts with applicable luw, such cOllfliCI shull nut affect other provisions of this Securit}' Instrumcnt or the Nole
<br />which can be given effect without Ihe conflicting provi~lml. To I hi!!. end the provisions of this Security Inslrument and Ihe
<br />Notc are declared to he severahle.
<br />16. Borrower's Copy. Borrowcr !Iohull be gi\'C."11 onc ....onformed COP~! oflhc Note and ofthi~ Security Inslrument.
<br />17, Transfer of the Property or a I1enellclll Inlercsl In Borrower. If all IIr an)' part of the I'roperty or any
<br />interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or tran!loferred and Borrower i~ not a natural
<br />person) without Lender's prior written consent, Lendcr ma)', al iL~ option, requirc immediale piJ)'menl in full of all ~um!lo
<br />secured by this Security Instrument. Howevcr, this uptiulI shall not bc excrcised by Lender if excrci!loc i!lo pruhibited by
<br />federal law as oflhe date oflhis Security Instrumen!.
<br />If Lender exercises this option, Lender shulJ give Borrower nolice of acceleration. The notice shall pro,,'ide a period
<br />of not less than 30 days from thedatc lhe notice is delivcred or mailed within which Borrower musl pay all sums secured by
<br />this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may im'oke any
<br />remedies permlUed by this Securily Instrument without further notice or demand on Borrower.
<br />18, Dorrower's Right 10 Reinslate, If Borrower meets certain conditions, Borrower shall have the right 10 have
<br />enforcement of this Security Instrument discontinued at any time prior to thc earlier of: (a) 5 days (or such other period as
<br />applicable law may specify for reinslalcment) hefore sale of lhc Property pursuant to any power of sale cOlllaincd in Ihis
<br />Security Instrument; or (b) entry of a judgment enforcing this Security Instrument_ Those conditions an; that Borruwer:
<br />(al pays Lender all sums which then would be due under this Security Instrumenl and Ihe Note had no acceleration
<br />occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing Ihis
<br />Security Instrument, including, but nol limited to, reasonable allorncys' fees; and (d) take~ such action l.I!o. Lender may
<br />reasonably require to assure that the lien of this Security Instrument, Lender's nghts in the Properly and Borrower's
<br />obligation to pay the sums secured by this Security Instrument shall conlinue unchanged. Upon rein!oolalement by
<br />Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective a!lo if no accelerution had
<br />occurred. However, this right to reinstate shall not apply in the case of accelerution under paragraphs I ~ (lr 17.
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