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<br />88- 107075
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<br />If Lender r<quired mort sese insurance as a condition of mokins Ihe loan secured by Ihis Security Insrrumenl,
<br />Borrower shall pay Ihe premium. requiredJo maintain the insurance In elfecl until such time as the requirement for Ihe
<br />insurance: Icnnin..cs in ACCordan;~e with BoI'iowcr's and Lender's wrineR agreemenl or applicable law.
<br />8. In.pectlon, ~. ,...:"t <>r il. ollCllI may make reasonable cnlries upon and inspections of Ihe Property. Lender
<br />shall sive Borrower noti... '" ;_". lime of or prior 10 an Inspection .pecifyinS reasonable cause for the inspection.
<br />9. Condemnation. The proceeds or any award or claim for damagcs, direct or consequential. in connec;:tion with
<br />any condemnation or "lher laking of any parI of the Property, or for conveyance in lieu of condemnalion, ore hereby
<br />essisned and shall be paid to Lender,
<br />fn the event of a toleltakins of Ihe Property, the proceeds shall be applied to the sums sccured by this Security
<br />fnstrument, whether or nolthen due, with any excess paid to Bonower. In the evenl of a partialtakins of the Property,
<br />unless Borrower and Lender otherwise asree in writing, the sums securrd by this Security Instrument shall be reduced by
<br />the amoUIll of the proceeds multiplied by the following froclion: (a) the total amount of the sums secured immediately
<br />before the taking, divided by (b) the fair market value oflhe Property immediately before the taking. Any balance shall be
<br />paid to Borrower.
<br />If the Property is abandoned by Borrower, or if, after nolice by Lender to Borrower Ihat 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 resloratioo or repair oflhe 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 ofproceeds 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 paymenls.
<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 succcssors 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 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 rcmedy.
<br />11. Successors and Assisns Bound; Joint and Several Liability; Co-sisners. The covenants and agreemenls of
<br />this Sccurity Instrumeot shall biod and beoefitthe successors and assigns of Lender and Borrower, subject to the provisions
<br />of paragraph 17. Borrower's coveoants and agreements shall bc joint and several. Any Borrower who co-signs this Security
<br />fnstrument hut does not execute the Note: (a) is co.signing this Security Instrument ooly to man gage, 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 to extend,
<br />modify, forhear or make any accommodations with regard to the terms of this Securily Instrumenl or the Note without
<br />that Borrower's consent.
<br />12. Loan Charges. If the loan secured by this Security Instrumenl is subject to a law which sets maximum loan
<br />charges, and Ihat law is finally interpreled so that the interest or other loan charges collecled or to be collected in
<br />1:onnection wilh the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
<br />neccssary to reduce the charge to the permilted limit; and (b) any sums already collected from Borrower which exceeded
<br />permiltcd limits will be refunded to Borrower. Lender may choose to make this refund hy 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 prepaymcnt without any prcpayment charge under the NOle.
<br />13. Legislation Affecting Lender's Rights. If enaclment or expiration of applicable laws has the effect of
<br />rendering any provision of the Note or this Security Instrument unenforceable according to ilsterms, Lender, at its option,
<br />may require immcdiate payment in full of all sums secured by Ihis 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 uoless applicable law. requires use of another mcthod. The notice shall be directed to the
<br />ProperlY Address or any other address Borrower designates by ootice to Lender. Any notice to Lender shall be givcn by
<br />first class mail to Lender's address stated herein or any other address Lender designates by notice 10 Borrower. Any notice
<br />provided for in this Security fnstrument shall be deemed 10 have been given to Borrower or Leoder 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 ofthe
<br />jurisdiction in which the Property is located. In the event that any provision or clause of this SccurilY Instrument or the
<br />Nole confticts with applicable law, such conllict shall not affect other provisions of this Securily Inslrument or the Note
<br />which can be given elfect without the conllictins provision. To this end the provisions or this Security Instrument and the
<br />Note are declared to be severable,
<br />16, Borrower's Copy, Borrower shell be given one conformed copy of lhe Note and of this Securily Instrument.
<br />17. Transfer of the Property or a Benellcial Interesl in Borrower. If all or any part of the Property or any
<br />interest in il is sold or transferred (or if a beneficial interesl in Borrower is sold or transferred and Borrower is not a natural
<br />person) without Lender~s prior wriuen consent, Lender may, at its option. require immediate payment in full of all sums
<br />secured by this Security Inslrument. Howevcr, this oplion shall not be exercised by Lender if exercise is prohihited by
<br />federal law as of the date of this Security Instrument.
<br />If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shell 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 any
<br />remedies permilted 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 or this Security Inslrument discontinued at any time prior to lhe earlier of: (a) 5 days (or such other period as
<br />epplicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this
<br />Security Instrumcnt; or (b) enlry of a judgment enforcing this Security Instrumenl. Those conditions are Ihal Borrower:
<br />(a) pays Lender all sums which thcn would be due under this SecurilY Instrumcnt and thc Note hed no acceleration
<br />occurred; (b) cures any defauh of any other covenants or agreements; (e) pays all e"penses incurred in enforcing this
<br />Security Instrument, including, but not limited 10, reasonable 811omcys' feesj and Cd) takes such action. s lender may
<br />reasonably require to assure that the lien of thi!i Security Instrument, Lender's nghts in the Properly SilO Darrower'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 obHsalions secured hereby shall n:mam fully effective as if nn ucccleralion had
<br />nccurrrd lIow-:ver, this right 10 reinltateshall not apply in thecasc: ofacceleralinn under pllrugraph!ro I J ur 17
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