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<br />88- 105814
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<br />If Lender required mortgage intlumncc us u condili\1Tl of making the loun secured b~' Ihi!'i Security [nstrument.
<br />Borrower ~hall PDi)' the premiums required to maintain the insurance in effect until such lime IlS the requirement for the
<br />insurance h:rmiml1es in accordance wilh Borrower'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 Prcperty. lender
<br />shall give Borrower notice at the lime 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 (;onnection wilh
<br />any condemml1ion or other laking of any part of the Property, or for conveyance in lieu of condemnation, are hereby
<br />assigned and sholl be paid 10 Lender.
<br />In the event of a total taking of tht: 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 multiplied by the following fraction: (0) the totnl 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 />[f the Property is abandoned by Borrower, or if, after notice by lender to Borrm,'er that the condemnor offers to
<br />make Iln award arsettle a claim for damnges, Borrower fails to respond to Lender within 30 days after the date the notice is
<br />given, lender is authorized 10 collect and apply [he proceeds, at its option, either to restoration or repair of the Property or
<br />to 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 10 principal shall not extend or
<br />postpone the due date 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 Ihis Security Instrument gfllnted by lender to any successor iJ1
<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 hy reason nfany demand made
<br />by the original Borrower or Borrower's successors in interest, Any forbC'drance by lender in exercising any right or remedy
<br />shall not be a waiver of or precJude 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 nnd Burrower, 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 />Instrumenl but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant und convey
<br />that Borrower's interesl in the Property under lhe terms of this Security Instrument; (h) is nol personally obligated to pay
<br />the sums secured by this Security Instrument; and (c) agrees that lender and any other Borrower may agree 10 extend,
<br />modify, forbear or make any accommodations wilh regard to the terms (If this Securily Instrument or the Note withour
<br />thaI Borrower's consenl.
<br />12, LoBn Charges. If the loan sc..'Cured by this Security Instrument is subject to a law which sets maximum 10lln
<br />charges, and that law is finally interpreted so thai the interest or olher 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 permitted limit; llnd (b) any sums already collected from Borrower which exceeded
<br />permitted limits will be refunded 10 Borrower, Lender may choose to make this refund by reducing Ihe principal owed
<br />under the Note or by muking a direct payment to Borrower. If u refund reduces principal, Ihe reduclion wilt be treated a.... a
<br />panial prepayment without any prepayment charge under the Nole.
<br />13. Legislation Affecting Lender's Rights. IC enllctment or ell.piration 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 lQ. If Lender ex.ercises this oplion, Lender shall take the steps specified in the second paragraph of
<br />pOJ".grnph 17.
<br />14. Notices. Any notice to Borrower provided for in tIns Security Inslrument !thall 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 designates by notice to Lender. Any notice to lender shall be given by
<br />first class mail to Lender's address stated 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 10 Borrower or lender when given as provided
<br />in this paragraph.
<br />15. Governing Law; Severability. This Security Instrument shull he gm'erned by federal law and the law of the
<br />jurisdiction in which the Property is located. In Ihe eVent Ihat 1111)' provision or clause of this Security Instrument or the
<br />Note conflicls with applicable law, such conflict shall not affect olher provisions of Ihis Security Inslrument or the Note
<br />which cnn be given effect without the conflicting prnvision. To this end the provisions of this Security Inslrument and Ihe
<br />Note are declared to be severable,
<br />16. Borrower's Copy. Borrower shall be givcn one cnllfnnned copy of the Note and of1his Security Instrument,
<br />17. Transfer of the Itropcrty Of n Beneficial Interest in Porrower. If all or any part of the Property or any
<br />interest in it is sold or transferred (or if a bcneficial intere!tl in Borrower is sold or transferred and Borrower is nol a natural
<br />person) without lender's prior writtcn cnnsen., Lender may, at Its option, require immediate paymcnt in full of all sums
<br />secured by this Security Instrument. Howe\'er. this oplion shall nut he exercised by lender if exercise is rrohibiled b~'
<br />federal law as of the date of this Security Instrument.
<br />If Lender exercises lhis option. lender shall give Borrower nolice of acceleration, The notice shall provide n penod
<br />afnot 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. If Borrower fails to pay th~e sums prior to the expirution of Ihis period. lender may invoke any
<br />remedies permiued by this Security Instrument without further notice ordemund on Borrower.
<br />18, Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower !thall have Ihe right 10 have
<br />enforcement of this Security Instrument discontinued at any time prior to the curlier of: (n) 5 da)'!t (or such other peril1d u~
<br />applicable law may specify for reinslatement) heCore: sule of lhe Properly pursuant In any power of sale conlUtned in this
<br />Security Instrumenl; or (b) elllry of a judgment cnfnrcing this Security Instrument. Tho..e conditions lIrc thai Borrower:
<br />(a) pays Lender aU sums which then would be due under this Security Instrument and the Note had no lIccclcr:llion
<br />occurred; (b) cures any deCault of uny other covenants or agreements; fe) pay" all expcn!te.. incurred III cnforc1l1g thi!',
<br />Security Instrumenl, including. but nol Imllted tn. rea!tonable utlorney.... fees; und ((0 luke.. ...lJi:h aclIllfl il" Lender nt:Jy
<br />reasonably require to assure that the lien of till!t SecUflt)' In'tlruml'nl. Lender'.. nght!t 111 Ihe I~r\lpl'rty and !inffnwer'..
<br />obligDtion to pay the sums <;ccurc..od hy Ihl!t Secum)' In!tlrumenl ..hull ,,'(lfllmue unclmllt.:ed l 'pOll n'lmlal...lIl...nl hy
<br />Borrower, Ihl.. Secunly )oslrument nnd the obh~UII(lIl!t ..ccured hcrchy "!1lI11 remulII rully dT......II\ t' a.. lI'no a.,:L'dl'ntIHltl haJ
<br />llL'Currt:d Hfl\l;("'Vcr, thl'" nghl (n rein'\lale "hall nnlllpply mille LU'le llr ilcn:lentlllll1 \lnder rilfil~rarh.. Il"1" 17
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