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<br />88-106727
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<br />9. C'lIndrnmollnn. The prncccd!io of un)' IlwBrd or chum for dllnlllgc", direct liT L'tHl!\C''1UCIIIIIlI, in connection wllh
<br />lIn~ Wlull'l1lllnllUIl ur Hlher Inkmg or UII)' flllTt of the Prnflcrl)', or for CIlT1\IC)'IIIlL'C in Iicu uf L'lllldcmnnllon, nre herehy
<br />U....II!.IICd ~lI\d "hnll be pllld In Lender.
<br />In Ihe ('\-'cnt of II lulalIIlkill8 uf the Properly. the procccdr. shall be applied In the sums secured by this Security
<br />ImlTUlI1cnt. whether or 1101 Ihen duct wilh an)' excess puid 10 Borrower. In the event of u pnrtiultuking of the Propeny,
<br />unlC!\", Bono\\lcr and lender otherwise agree in wrhing. the sums 1'Iccurcd by this Security Instrument sholl be reduced by
<br />the amount of the proCCCd5 multiplied by the following fmelion: {n} the tolllJ amounl of the sums secured immedlalely
<br />before the Inking, dividcd by (b) Ihe foir market value oflhe Property immediately before Ihe tuking. Any balance shall be
<br />paid to Borrower.
<br />If1he Property is abandoned by Borrower, or if, after notice by Lender 10 Borrower that the condemnor offers to
<br />make IIn award or senle a claim for damages, Borrower fails to respond 10 lender within 30 days after the dale Ihe notice is
<br />given, Lender is authorized to collect and apoly the proceeds, at its option, ehher to resloration or repair of the Pmperty or
<br />10 the sums secured by this Security Instrument, whether or nol then due.
<br />Unless Lender nnd Borrower otherwise agree in writing, any application of proceeds to principal shall nol extend or
<br />postpone Ihe due dote of the monthly payments referred to in parngraphs I and 2 or change the amount of such payments.
<br />10, Borrower Not Released; Forbearance By '...ender 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 />inlerest 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 />sholl not be a waiver of or preclude the exercise of any right or remedy.
<br />11. Successors ond 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 bejoint 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 Propeny under the terms of this Security Instrument; (b) is not personaJly 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 of this Security Inslrument 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 interpreted so that the interest or other loan charges collected or to be collected in
<br />connection with the loan exceed the pennitted 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 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 />panial prepayment without any prepayment charge under the Note.
<br />13. Legislation Affecting Lender's Rights. If enactment or expiration of opplicable laws has tbe elfect 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 fun of aU 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 Harrower provided for in this Security Instrument shall be given by delivering it or by
<br />mailing it by first class mail unless applicable 13w requires use of another method. The notice shall be directed to the
<br />Property Address or any olher address Borrower designates by nolice to Lender. Any notice to Lender shall be given by
<br />first c1llSs 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 />IS, Governing Law; Severability, This Security Instrument shall be governed hy rc:dcrnlluw and the law of the
<br />jurisdiction in which the Property is located. In the event that any provision or c1au~c of till!'! Sccurily Instrument or the
<br />Note conflicts with applicable law, such conflict shall not affect other provisions of this Seeunt)' Instrument or the Note
<br />which can be given effect without the conflicting provision. To this end the provision!! uf Ihl!! Sccurily Instrument nnd 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 Sl'Curity Inslrument.
<br />17. Transfer or the Property or a Beneficial Interest in Borrower. If all or Ilny pllrl of Ihe ProperlY 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 0 natural
<br />person) without lender's prior written consent, Lender may, at its option, require immediulc paymenl in full of 011 sums
<br />secured by this Security Instrument. However, this option shall not be exercised by Lcnder if ellcrcise IS prohibited by
<br />ferlerallaw as orthedate of this Security Instrument.
<br />If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shull provide a period
<br />ofnm less than 30 days from the date the notice is delivered or mailed within which Borrower musl 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 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 of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as
<br />applicable Jaw may specify for reinstatement) before !\DIe of the Property pursuant to any power of sale contained in this
<br />Security Instrument; or (b) entry of a judgment enforcing this Security Instrumenl. Those conditions arc thai Borrower:
<br />(a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration
<br />occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this
<br />Security Instrument, including, but not limited 10, reasonable attorneys' fees; and (d) takes such pction as Lender may
<br />reasonably require to assure thai the lien of this Security Instrument. lender's rights in lhe Property and Borrower's
<br />obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by
<br />Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had
<br />occurred. However, this righl to reinstate shall not apply in the case of acceleration under paragraphs I J or 17.
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<br />NON.UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
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<br />19. Acceleration; Remedies. Lender shall give notiee to Borrower prior to acceleration following Borrower's
<br />brracb or IIIIY coyenant or agreement In thfl Security Instrument (but not prior to acceleration under paragraphs 13 and 17
<br />uDI.. opplleabl. 10" pro.ld.. nthe",lse>. lbe notice shall specify: (al the derault; (h) the aclioa required to cure the
<br />dersu1t; (el. dat.. Dot I.. than 30 days from the date the DotIce Is gi.en to Borro..er, by ..hich the derault mast be cared;
<br />aDd (d) that fallure to cure the default on or before the date specified in the notice may result in Beceleration of the sums
<br />_ured hy thm Sec:arll)' IUltrnm.atand sale or the Property, lbe notice shall rarth.r Inform Borro..er of the right 10
<br />rel:utate after acceleration IUId the ript to brinK a court action to assert the non"exlstence of n default or any other
<br />dor.... or Borrow.r to ICCOI.ralloD and BB1e.lfth. d.r.ultls not cured on or herorethe date specified In tbe nolice, Leader
<br />.t Ita apti.. BIB' require immediate pa,ment In rull oi all sums .ecured b, tbls Securltl' Instrumeot ..ithout farther
<br />_ and BIB' 1.'Dke the PDw.. or BBl. and any other remedl.. permined hy applicable I.... Lender shall be eatitled to
<br />collect .11 upe_ laturred In punulng th. remedl.. provided In Ihls paragraph 19, ladudiag, bal "lit limited Ill.
<br />rcuonsble anorne,..' ren and costI or title e,Jdence.
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