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<br />88- 106598
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<br />If Lender required morlgage insunmcc as n condition of making the loan secured by lhis Security lnslrument.
<br />Borrower sholl pay the premiums required to maintain Ihe insurance in effect until such lime as the requirement for the
<br />insurnnce termiml1cs in uccordunce with Borrower's and Lender's wriltcn agreement or applicable law.
<br />8. Inspection. Lender or Its agent moy make reasonable entries upon and inspections of Ihe Property. Lender
<br />shull give Borrower notice at the lime of or prior to an inspection specifying rensonable 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 tnking of any part of the Properly, or for conveyance in lieu of condemnation, are hereby
<br />ossigned ond sholl be pnid 10 Lender,
<br />In the event of n total tnking of the Property, the proceeds shall he applied 10 the sums ~t:curcd by this Security
<br />_nstrume"t, whether or not then due, with any e;(cess paid to Borrower. In the event of a partial taking of the Property,
<br />unless Borrower and Lender otherwise agree in writing, the sum!, secured by this Security Instrument shall be reduced by
<br />the amount of the proceeds multiplied by the following fraction: (a) 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 />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers t"
<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 I and 2 or change the amount of such payments.
<br />10. Borrower Not Releast-dj Forbearance By Lender Not a 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 oflhe 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 />shall not be a waiver afar preclude the exercise of any right or remedy.
<br />11. Successors and Assigns Boundj Joint and Several Liabilityj 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 shan 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 iOlerest 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 thb 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 which sets maximum loan
<br />charges, and that law is finally interpreled 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 permitted 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 lhe 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 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 this option, Lender shall take the steps specified in the second paragraph 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 melhod. 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 designatc:s 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 he governed by federal law and the law of the
<br />jurisdiction in which the Propcrty 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 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 and the
<br />Note are declared to be severable.
<br />16, Borrower's Copy. Borrower shall be given one conformed copy ofthc 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 Property 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 a natum)
<br />person) without Lender's prior written consent, Lender may, al its oplion, require immedillte payment in full of all sum!>.
<br />secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by
<br />federal law 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 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. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke uny
<br />remedies permined by this Security Instrument without further notice or demand on Borrower.
<br />18. Borrower's RIgbt to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to halt'c
<br />enforcement of this Security Instrument discontinued at any lime prior to lhe earlier of: (0) 5 days (or such other period as
<br />applicable law may specify for reinstatement) before sale of lhe Property pUr3uant to an)' power of :-tale I:llntamc:d in this
<br />Security Instrument; or (b) entry of ajudgmenl enforcing this Security Instrument" Those conditions are that Borrower:
<br />(a) pays Lender all sums which then would be due under this Security Instrumenl and the Note hud no acceleratIOn
<br />occurred; (h) cures any default of any other covenants or agreements; (c) pays all expensc:s mcurred 10 enfon:lI1g this
<br />Securily Instrument. including, but not limited 10, reasonable nllomeys' fees: and (d) takes ...uch llclinn a!oo Lcnder nUl)'
<br />reasonably requITe to assure that the lien of Ihis Security InSlrumenl, Lender's nght!oo in lhe Prnperl)" and IInrruwer',
<br />obligalton It) pay the ~ums secured by rhi!!. Securily Inslrumenl !-thall l;nn1inuc U1l1:hangl-d llpnn rCIll...tlItcl1\cnl by
<br />Borro\&"~r. thl'" Sc!cunty In..'rument and tbe obligntiom. secured herehy ,hull remam fully dfcc.::IIH" it.. If 1111 ih;,,"('JCl"illl''fl had
<br />occurred Htl....~"~r. Ihl!'io nghllo reim,tate shall nor apply In fhe cu\c nfaLTdcrat1t1l1under pllfll~rurh... ]l PI 17
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