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<br />88- 105941
<br />
<br />RE.RECORDEB
<br />88- 106628
<br />
<br />If Lender required mort.ase insurance .. a condition of maklns the loan secured by this Security Inslrument,
<br />Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the
<br />insurance lennin.lts in accordance with Borrower-sInd Lender's wrinen agreement or applicable law.
<br />8. l.upectioD. Lc:ndcr or its Dlcut may make reasonable entries upon and inspections of the Property. Lender
<br />shallslve Borrower nollce althelime of 01 prior 10 an Inspection specifylns reasonable cause fur tbe inspecllon,
<br />9. CoDdelllllatlon. The proceeds of any award 'Of claim for damages, direct or consequential, in coMcction whb
<br />any condemnation or other lakina of any pari of the Property, or for conveyance in lieu of condemnation, arc hereby
<br />assigned and sMlI be paid to Lender. -
<br />In the event of a total takins of tbe Property, the proceeds sMlI be applied to Ihe sums secured by tbls Security
<br />Instrument, whether or nOllhen due, with any excess paid to Borrower. In Ihe event of a partiallakins of the Property,
<br />unless Borrower and Lender otherwiae agree in writing, the sums secured by Ihis Security Instrumenl .MlI be reduced by
<br />Ihe amount of the pr"""",,, multiplied by the followins fraction: (a) the total amounl of the sums secured Inlmedlately
<br />before the taking, divided by (b) the fair marlu!t value of the Property Immediately before the taking, Any balance .hall be
<br />paid m Borrower.
<br />If the Property i. abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor oll"e.. 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 coUcct 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 princip&l sban note..end Dr
<br />postpone the due date of the monthly payments referred to in paragraphs I and 2 Dr cbangelhe amount of such payments,
<br />10, Borrower Not Releued; Forbearance By Lender Not. Waiver, Exten.ion 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 />.hall not be a waiver of Dr preclude the exercise of any riSht or remedy.
<br />11. Succeuon and Aaalps BoUDd; Jomt and Several UabWtr, Co..lgners, 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'. interest in the Property under the terms of this Security Instrument; (b) is not personally oblisated to pay
<br />the sums secuRd by this Security Instrument; and (e) agrees that Lender and an)' other Borrower ma)' agree to extend,
<br />modify, forbear or make any accommodations with regard 10 the terms or this Security Instrument or the Note without
<br />that Borrower's consent.
<br />12. Loan 0Iarges. If the loan secured by this Security Instrument is subject to a law which sets mWmum loan
<br />chuSes, and that law is finally Interpreted so tbat the interesl or other loan charses 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 charse to the permitted limit; and (b) any .urns already collected from Borrower which exceeded
<br />permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducins the principal owed
<br />under the Note or by making a direct payment to Borrower. If a refund reduces principal, Ihe reduction will be treated 85 a
<br />partial prepayment without any prepayment charse under the Note.
<br />13. LePaJatloa Alfectlq Lender'a Rlgh.... If enactment or expiration of applicable Jaws b85 the ell"ect 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 or all sums secured by this Security Instrument and may invoke any remedies
<br />permitted by paragraph 19. If Lender exerel... this option, Lender shan take the sleps .pecified in the second parasraph 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 />mailins it by fi..t class mail unless applicable law requires use of another method. The notice .hall be directed 10 the
<br />Property Address or any other address Borrower designates by notice 10 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 .hall be deemed to have been given to Borrower or Lender when given 85 provided
<br />in this paragraph. .
<br />15. Gov.minS LaW; S.verablllty. This Security Instrumenl .hall he 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 Securi.ty Instrument or the
<br />Note conflicts with applicable law, such conniet 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'a Copy. Borrower .hall be given one conformed copy of the Note and of this Security lostrumenl.
<br />17, TnDlfer of the Property or a Benelleiallnterest m 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 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 />federal law 85 of the date of this Security lostrument.
<br />If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period
<br />of no. less than 30 days from the date the notice is delivered or mai1ed within which Borrower must pay all sums secured by
<br />this Security Imtrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke an)'
<br />remedies permitted b)' this Security Instrument without further notice or demand on Borrower.
<br />11. Borrower'. R1pt to RelDltate. If Borrower meets cc:rtnin conditions, Borrower shall have the right to have
<br />enforcement ofthi! Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as
<br />applicable law may specify for reinstatement) before sale of the Propeny pursuant to any power of sale conlained in this
<br />Security Inltrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower:
<br />(a) paYI Lender aU sum. which then would be due under this Security Instrument and the Note had no acceleration
<br />occurred; (b) CUrci any default of any other covenants or agreementsj (c) pays all expenses incurred in enforcing this
<br />Security Instrument, including, but not limited to, reasonable anorneys' fees; and Cd) takes such aClion as Lender may
<br />reasonably requi", to assure that the lien of this Security In.trument, Lender'. nghts in the Property and Darrower'.
<br />obIiption to pay the sums secured by thirt Security Instrument shall continue unchanged. Upon reinstatement by
<br />Borrower. this Security Instrument and the obliBation~ secured hereby shall remain fully effcctlve as if no acceleration had
<br />occurred. However, thu. ri&hl to reinstate shaH not apply in the case of acceleration under paragraphs t J or 17.
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