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<br />88- 106751
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<br />If Lender required mongage insurance as a condition of making rhe 10Bn sccured by this Security Instrument.
<br />Borrower shall pay the premiums required to maintain the insurnnce in (!JrCCI until such lime as the requirement for the
<br />insurance terminales in accordance with Borrower's and Lender's wriltcn agreement or applicable law,
<br />8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property, Lender
<br />shaJl give Borrower notice ut the rime of or prior to an inspeclion specifying reasonable cause for the inspection.
<br />9, Condemnation. The proceeds of Dny award or claim for damages. direct OJ' consequential. in connection with
<br />any condemnation or other Inking of Dny part of the Property, or for conveyance in lieu of condemnation, are hereby
<br />assigned and sholl be paid to Lender.
<br />In the e\oent of a totnl taking of lhe Property, the proceeds shall be applied to the sums secured by this Security
<br />Inslrument, whethl:!r or nollhen due, wilh any excess paid to Borro.....er. In tht: 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 muJtiplied by the following fraction: (a) the total amount of the sums secured immediately
<br />before the takin&, divided by (b) the f!lir market \o'alue 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 Lt:nder to narrower that the condemnor offers to
<br />make an award or settle n 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 ilS oplion, either to restoration or repair of the Property or
<br />to the sums secured by this Security Instrument, whether or not Ihen due.
<br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shaU not extend or
<br />postpone Ihe due date of the monthly payments referred to in parngruphs I and 2 or change the amoum 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 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 requir~d to commence proceedings against any successor in interest or refuse to extend time for
<br />payment or olherwise 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 />shall not be a waiver of or preclude 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 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 nOI execute the Note: (a) is co-signing this Security Instrument only to 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 pal'
<br />the sums secured by this Security Instrumenl; 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 this Security Instrument or the Note without
<br />that Borrower's consent.
<br />12. L1lRO 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 colJect.::d 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 coJlected 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 0
<br />partial prepaymenl without any prepayment charge under the Note.
<br />13. Legislation Affecting Lenderts Rights, If enactment or expiration of applicable Jaws has the effect of
<br />rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender. al its option,
<br />may require immediate payment in full of all sums secured by thi~ 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 Inslrument shall be given by delivering it or by
<br />mailing it by first class mail unless applicable law requires use of anolher method, The notice shall be directed to the
<br />Property Address or any other address Borrower designatcs 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 addres~ Lender designates by nOlice 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 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 wilh applicable Jaw. such conflict shaH not affect other provisions of this Securily Inslrumenl or the Nole
<br />which can be given effect without the conflicting provision. To this end the provisions of this Securit)' Instrument and the
<br />Note are declared 10 be severable.
<br />16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument.
<br />17. Transfer of the Property or B Beneficial'lnterest In Borrower. If all or any part of the Property or any
<br />interest in it is sold or lransferred (or if a beneficial interest in Borrower is sold or transferred lInd Borrower is not a natural
<br />person) wilhoUllender's prior written consent. lender may, at ils option, require immediate payment in full of all sums
<br />secured by this Security Instrumenl. However, this option shall nDt be exercised by Lender if exercise is prohibited by
<br />federal law as of the dale of Ihis Security Instrument.
<br />If lender exercises Ihis option, Lender shall give Borrower notice of acceleration. The notice shaJl provide a period
<br />of not less than 30 days from Ihe date the notice is delivered or mailed within which Borrower must pay all sums secured by
<br />this Security Instrument If Borrower foils to pay these sums prior 10 the expiration of this period, Lender may invoke any'
<br />remedies permitted by this Security Inslrument without further notice or demand on Borrower.
<br />18. Borrower's Right to Reinstate, If Borrower meets cerlain conditions. Borrower shall have the right to have
<br />enforcement of this Security Instrument discontinued at any time prior to the earlier tlf: (a) 5 days (0. such uther period as
<br />applicable law may specify for reinstatement) before sale: of the Property pursuant to any power of sale contained in Ihis
<br />Security Instrument; or (b) entry of a judgmem enforcing this Security Instrument. Those conditions are that Borrower:
<br />(a) pays Lender all sums which then would be due under this Security (nstrumcnt nnd Ihe Note hud nn ac~eJeralion
<br />occurred; (b) cures any default of Bny 01 her COVenants or agreements; fe) pays all expense!'. incurred in enforcing this
<br />Security Instrument, inclUding, but nol limited to, reasonable attorneys' fees; and Cd) tak~ .,uch action i1., Lender ma)'
<br />reasonably require to assure that the lien of this Security Instrument. Lender'o; righls in the Property and Borrower's
<br />obligalion to pay the sum!> secured by this Security Instrument .,hall L'"lllltinuc utll:hungcd l1plln reill'itutClT1l.'lIt hy
<br />Borrower. this Securily Instrument nnd lhe obligation", secured herch)' ..hall remain fully clTcctt\'l' a., .fno lIl:celeCllI II III had
<br />occurred. Howe\'cr, this nghllo rein!ttale shallnol appl~' in the ca.,c l)racn"leralillTl under pam~ruph.. 1-' nr 17
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