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<br />88- 105965
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<br />If Lender required mortgage insumnce as a condition of making the 101m secured by Ihis Security lnstrument,
<br />Borrower shall pay the premiums required 10 maintain the insurance in effect unlil such time as the requirement for the
<br />insurance h:rminntes in accordance with Borrower's and Lender's wriuen agreement or applicable law.
<br />8. Inspection. Lender or its agent may make reasonable entries upon and inspections orlhe Prcperty. Lender
<br />shall give Borrower notice at the time oforpnor 10'011; Inspection specif~;,ing reasonable cause for the inspection.
<br />9. Condemnation. The proceeds of oo"y award or claim for damages. direct or consequential, in connection with
<br />any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby
<br />assigned nnd shall be paid to Lender.
<br />In the event of a lotal taking of the Property, the proceeds shall be applied 10 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: (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 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 to principal shall not extend or
<br />postpone the due date of the monthly payments referred to in paragraphs J 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 this Security lnstrument granted by Lender to any successor in
<br />interest of Borrower shan 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 Ihis Security Instrument by reason of allY demand made
<br />by the original Borrower or Borrower's successors in interest. Any forbearnnce 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 Severnl L1sbility; Co-signers. The covenants and agreements of
<br />this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subjecl 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: (n) is co-signing this Security Instrument only 10 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 thai Lender and any other Borrower may agree 10 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. Ifthe loan secured by this Security Instrument is subject to a law which sets maximum loan
<br />charges, and thai law is finally interpreted so thai the interest or other loan charges collecled or to be collected in
<br />connection with the loan exceed the permiued limits, then: (a) any such loan charge shall be reduced by the amount
<br />necessary to reduce the charge to the permitted limit; and (b) any sums already coUected from Borrower which exceeded
<br />permitted limits wHl 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 treated as a
<br />partial prepayment without any prepayment charge under the Note.
<br />13, Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws hus the effect of
<br />rendering an)' provision of the Note or this Security Inslrumenl unenforceable according 10 ils lerms, Lender, at its option,
<br />may require immediate payment in full of all sums secured by this Security Instrument and may invllkc uny remedies
<br />permitted by paragraph 19. If lender exercises this option, Lender shall take the steps specified in the second parngraph of
<br />paragraph 17.
<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 direcled 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 to Borrower or lender when given as provided
<br />in this paragraph.
<br />15. Governing LaWj Severability. This Security Instrument shall be governed by federal law and the law of the
<br />jurisdiction 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 conflict shall not affect other provisions of Ihis Security Instrument or the Note
<br />which can be given effect without the conflicting provision. To this end the provisions of Ihis Security Instrument and the
<br />Note are declared to be severable.
<br />16. Borrower's Copy. Borrower shan be given one conformed copy of ~he Note and of this Security Instrument.
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the })roperty or any
<br />interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not n natural
<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. However, this option shall not be exercised by Lender if exercise is prohibited by
<br />rederollaw as of the date of this Security Inslrument.
<br />If lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide n period
<br />of not less than 30dnys from the date Ihe notice is delivered or mailed within which Borrower must pay all sums secured by
<br />this Security l05trument. If Borrower 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 have the right to have
<br />enforcement ofthi!i Security Instrument discontinued at any time prior to the carlier of: (a15 days (or such other period as
<br />applicable law may specify for reinstatement) before sale of Ihe ProperlY pursuant to any power of sale contained ill this
<br />Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower:
<br />(a) pays Lender all sums which then would be due under this Security Inslrumenl and the Note had no acceleration
<br />occurred; fb) cures any default of any other covenants or agreements; {c) pays nil eXpense~ incurred in enforcing Ihis
<br />Security Instrume01, lIlduding, but nol limited 10, reasonable attorneys' fLoes; nnd (d) lakes such lIclion us lender muy
<br />reasonably require 10 o!<o!<oun:: Ihot the lien of this Securily Instrument, lender'!<o nghts in the ProperlY llnd Borrower'!..
<br />obligation to pay the ..urns ..ecured by this Security Instrument shall conllnu/: unchangccl. Upon rl'lIl.',tllll"mcllt hy
<br />Borrower, Ihl.. Secunl)' JD',lrUllicllt and the obligations secured herehy shall remolD fully efTt."t.:ll\'1.. as Ifno lIl'l"dcralltlll had
<br />lK:curred. Hnweo,'cr. thl'o nghltn rcin..talC: ~hltll nol apply in Ihe t.'use nrllt.'celt.Ti.llillll under rllTll~TIIrh.. I ~ tlr 17
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