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<br />87-- 1004.53
<br />If Lender required mortgage insurance as a Condition tit rttaktng the Iran segued by this Security In-
<br />strument, Borrower shall pay the premiums required n> maintain the insurance in efft•eT until suds time as a requirement for
<br />the insurance terminates in accordance with &>rntwea s anti Lenders written agreement or applicable law.
<br />8. Inspection. Lender or its agent mar make rcasunabie entries upon arid, inspect it inn of the Property. Lender shaII
<br />give Borrower notice at the time of or prior to an inspection spe•cifc:ng reasonable cause for the inspection.
<br />9. Condemnation. The proceeds of any award or claim for dam.rges_ direct ur .onscQuenri ai, in connection with and
<br />condemnation or other raking of any part of rile Property, or for Lonve lot in lieu of E. ondletnnatiIII. are hereby, assigned and
<br />shall be paid to Lender.
<br />In the event of a total raking of the Property. The proceeds shall lie Applied td) the sons secured by this Seatrity
<br />Instrument, whetherur not then due, unit ari excess paid to Burrower. In the event of a partial takingof the Property,unless
<br />Borrowerand Lender otherwise• agree in writing, the sums secured by this Security Instrument shall be reduced by the amount
<br />of the proceeds multiplied by the following traction: ta) the total amount of the sums secured immediately before taking,
<br />divided by (b) the fair market value of the Property immediately before the taking. Ant balance shall be paid tx, Borrower.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers n) make
<br />Ali award or settle a claim for darnages, Borrower fails to respond to Lender within ;0 days after the dare The notice is given,
<br />Lender is authorized to collect and apply the proceeds, at its option, either r) restoration or repair of the Property or to the
<br />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 nu in paragraphs 1 and ' or change the amount of such payments.
<br />10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the rime for payment or
<br />modification of amortization of the sums secured by this Security Instrument granted by ]ender to any successor in interest of
<br />Burrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest_ Lender shall
<br />not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise
<br />modify amortization of the sums secured by this Security Instrument by reason of any dennarid made by the original Burrower
<br />or Borrower's successors in interest. Any forbearance by Lender in exercising any right or tr remedy shall not be a waiver of or
<br />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 this
<br />Security Instrument shall hind and benefit the successors and assigns of lender and Burrower, subject to the provisions of
<br />paragraph 17. Borrower's covenants and agreements shall he joint and several Any Borrower who u;- signs this Security
<br />Instrument but does not execute the Note (a) is cu- signing This Security Instrument only to mortgage, grant and convey that
<br />Borrower's interest in the Property under the Terms of this Security Instrument; (b? is not personally obligated nu pay the
<br />sums secured by this Security Instrument, and (c) agrees that Lender and any other Borrower may agree u) extend, nwdity,
<br />forbear or make any accommodations with regard to the Terms Of this Security Instrument or the Note without That
<br />Borrow'er's consent
<br />12- Loan Charges. if the loan secured by this Security Instrument is subject to .t 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 connection
<br />with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary To reduce
<br />Tire charge to the permitted limit, and (b) any sums already collecred from Borrower which exceeded permitted limits will be
<br />refunded to Borrower. lender may choose to make this refund by reducing the principal Owed under the Note or by making a
<br />direct payment it) Burrower. If a refund reduces principal. the reduction will be treated as a partial prepayment without anv
<br />prepayment charge under the Note.
<br />13. Legislation Affecting Lender's Rights. if enactment or expiration cut applicable laws has the effect of rendering
<br />any provision of the Note or this Security Instrument unenforceable according to its ternns, lender. at its option, may require
<br />immediate payment in full of all sums secured by this Security Insrr[:[11Cot and may invoke any remedies permitted by
<br />paragraph 19. If lender exercises this option, Lender shall take ( fie• steps specified in it set and paragraph of paragraph l
<br />14. Notices. Any notice to Burrower provided for in this Security Instrument shall be given by delivering it or by
<br />mailing it by firs[ class mail unless apphc :file law requires useot anothe r:nerht;d. The notice shall be directed u) the Property
<br />Address or any other address Burrower designates by notice ro Ien,(r Any notice tit lender shall he given by first class trial]
<br />to Lender's address stated herein or any other address ].ender dt•sign n
<br />,ores by nor to Borrower Any nuticr provided fur in
<br />this Seatrity Instrument shall to deemed ro have fx•en given 1.a Born;we•r ur Lender when given as prc%idrd u1. this paragraph.
<br />15. Governing Law; Sewerability. This Security lnsrrunu•nt shall be governed by federal lain and the law of the
<br />jurisdiction inw hit h (lie Proper tyislucued Inthcu ventthatanypro% isi, nn tit dausr tit ThisSecuri IN- lnstrumenturt lie Note
<br />conflicts with applicable law, such conflict shall not affect other provisions o f t his Sen[rm I list nnnenr or The Note which can
<br />be given effect without the conflicting pro%isiun. To this end th( provisions ill this Sr rarity Instrument sod the• Note arc
<br />declared it, be severable.
<br />16. Borrower's Copy. Borrower shall be gnen one tonforined .opy of the Note and of this Secural, Instrument
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. 11 all or any part of the Propern or an%
<br />interest in it is sold or transferred our if a benef mal interest in Borrower is Sold or transfer rcd a nd Borrower is not .1 natural
<br />person; without Lender's prior written consent, Lender nwk.. at its option. rcqutre innnnedtare payment t t fill] of .tli sum,
<br />secured h) this Se•curin Instrument. However, this opt tun shall not be e-x(rd iced by Lender it cxer, cse is prohibired by tcder.,l
<br />law as of the date of this Security Instrument
<br />If lender exercises this opt ion, Leander shall give Borrower nutiLv of accelcr.uum l he IlUttee shall pru%idc a periord of
<br />not less than ill days from the dare• the [h It ice• is dei1VCTCd or mailed w'It It! n which furrower must pay all sums ,ccure•d by [Ill,
<br />Sonority Instrument If Burruuer fails to pity these sums prior to [he expiration of this pcnod. 1,CoLler tint) imukc
<br />remedies permitted by this Security Instrument wuhou[ further u-MIC or demand on Borrower
<br />18. Borrower's Right to Reinstate. It Boro)wrr meets certain turdirtuns, Borrot %(t sh,rll h.t%e the :;eh; 10 l:..tc
<br />e'nturrement of this Security Instrument any 1.111( prior to rile carLcr ill ., d'os ur sukh other perna' is
<br />applicable law tn:ry specify tilt rcimtatentc III ; hetore saleof the Prnportc pursuant ro air p, % , .,I sail <ont.urt,i ut flu, %
<br />,Curi u
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