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<br />88-
<br />t;.,.
<br />
<br />105250
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<br />If lender required mortgage insurance ns 11 condition of making the loan secured by this Security Instrument.
<br />Borrower ShRlI pay the premiums required to maintain the insurance in effect until such time as lhe requirement for the:
<br />insurance tcmlinatcs in accordance with BorrO\\'er'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 Pre-perty. Lender
<br />shall give Borrower nolice allhe 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 Ihe Property. or for conveyance in lieu of condemnation, arc hereby
<br />assigned and shall be paid to Lender,
<br />In the event of a total taking of the Properr:', the proceeds shall be applied to the sums secured by this Security
<br />Instrument, whether or not then due, with any cx(..~ss Jinid 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 fonowing 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 collect and apply the proceeds, at its option, either to resto~ation or repair of the Property or
<br />to the sums secured by this Securit), 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 1 and 2 or change the amount of such payments,
<br />10. Borrower Not Released; Forbearance By Lender Not B Waiver. Extension of the time for payment or
<br />modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in
<br />interest of Borrower shall not 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 otherwise modify amortization of the sums secured by this Security Instrument 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 />shaH not be a waiver of or preclude the exercise 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 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 interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay
<br />the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower 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 Instrument is subject to a law whi::h sets maximum loan
<br />charges, and that law is finally interpreted so that 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 to reduce the charge to the pennitled limit: 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 payment 10 Borrow/~r, If a refund reduces principal, the reduction will be treated as a
<br />partial prepayment without any prepayment charge under Ihe Note,
<br />13. Legislation Affecting Lender's Rights. If enactment 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 />permitted by paragraph 19. If Lender exercises Ihis oplion. Lender shall take the steps specified in the second paragraph of
<br />paragraph t 7.
<br />14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it 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 other address Borrower dL'Signates by notice to Lender. Any notice to Lender shall be given by
<br />first class mail to Lender's address slated herein or any other address Lender designates by notice to Borrower. Any notice
<br />provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided
<br />in this paragraph.
<br />15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the
<br />jurilidiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the
<br />Note conflicts with applicable law, such connicl shall not affect olher provisions of this Security Instrument or the Note
<br />which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument lInd the
<br />Note are declared to be severable,
<br />16. Borrower's Copy. Borrower shall be givon one conformed copy of the Note and of this Security Instrumenl.
<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 it is sold or transferred (or ifn beneficial interest in Borrower is sold or transferred and Borrower is nol 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 this Security Instrument. Huweyer, this option shall not be exercised by Lender if exercise is prohihited by
<br />federal law as of the date of this Security Instrument,
<br />If Lender exercises this option. Lender shall give Borrower notice of acceleration. The notice shall provide a period
<br />of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by
<br />this Security Instrument. lfBorrower fails to pay these sums prior to the expiration of this period. Lender may invoke any
<br />remedies permitted by this Security Instrument without further notice or demand on Borrower.
<br />18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall huve the right to have
<br />enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period liS
<br />applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sule contained in this
<br />Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions arc Ihat Borrower:
<br />(,,) pays Lender all sums which then would be due under this Security JnMrumenl and the Note had no ucccleratioll
<br />occurred: (b) cures any default of any other covenants or agreements; (c) pays nil ex.penses incurred in enforcing thi!<
<br />Securit}' In'itrumenl, including, but not limited tn, reasonable ulIomeys' fees; and (d) takes such nclinn as Lender may
<br />reasonably require to assure that the lien of this Security Instrument, Lender''i rights in the Property and Borrower's
<br />obligation to pay the sums secured by tillS Security Instrument shall cOlltinue unchanged. Upnn reinslall'menl h>'
<br />Borrower, tl11!'. Securit~. Instrument and rhe llbligntions secured herchy \hall remam fully dfcl:livC' <l!'. irnn ;u..',,:t:k-ralltlll h;ul
<br />lICt.:urrcd. Hnwevcr, this right to reln~tllu" ~hall nol apply in the case Ofill:L'c1cralltlllundcr paragraph.. D (Ir l'
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