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87- 101145
<br />If Lender required
<br />mortgage insurance as a condition of making the Ivan secured by this Security Instrument,
<br />Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the
<br />insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law.
<br />8. Inspection. Lender or its agent may make reasonable entnzs upon and inspections of the Property. Lender
<br />shall give Borrower notice at the time of or pnor to an inspection specifying reasonable cause for the inspection.
<br />9. Condemnation. The proceeds of any award or claim for damages, director consequential, in connection with
<br />any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby
<br />assigned and shall be paid to Lender.
<br />In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security
<br />instrument, whether or not then due, with any excess paid to Borrower. In the 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 multiplied by the following fraction: (a) the total amount of the sums secured immediately
<br />before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be
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<br />paid to Borrower.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to
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<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
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<br />given, Lender is authorized to collect 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_
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<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 to it,, paragraphs 1 and 2 or change the amount 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 Secunty Instrument
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<br />granted by Lender to any successor in
<br />interest of Borrower shall not operate to release the Mobility of the original Borrower or Borrower's successors in interest.
<br />Lender shall not be required to o, ^„rence 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 ofany 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 />i1. Successors and Assigtis Bound Joint and Several Liahi6ty; 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
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<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 ibis Security Instrument only to mortgage, grant and convey
<br />that Borrower's interest in the Property under the terms of this Secunty Instrument, (b) is not personally obligated to pay
<br />the sums secured by this Security Instrument: 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 Secunty Instrument or the Note without
<br />that Borrower's consent.
<br />12. Loan Char¢es. If the loan secured by this Secunty 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 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 collected from Borrower which exceeded
<br />Permitted limits will be refunded to Borrower. Lender may choose to make this refund b reducing the
<br />Y 8 principal owed
<br />£'
<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 prepayment without any prepayment charge under the Note.
<br />13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of
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<br />rendering ariv provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option,
<br />may require immediate payment in full of all sums secured try this Secunty Instrument and may invoke any remedies
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<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 unless applicable law requires use of another method. The notice shall be directed to the
<br />Property Address or any other address Burrower designates 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 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 />15. Governing Law; Severabilitv. This Security inma.menr shall tt- governed by fedc al law and the law of the
<br />;unscircuon in which the Properly is located In the event that any provision or clause of this Security Instrument or the
<br />Note conflicts with applicable law, such conflict shall not affect other provisions of this Secunty Instrument or the Note
<br />which can be given effect without the conflicting proviston To this end the provisions of this Security Instrument and the
<br />Note are declared to 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 a Beneficial Interest in 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) wnhout Lender's pnor written consent. Lender may, at its option, require immediate payment to full of all sums
<br />secured by this Security Instrument However, this
<br />option shall not be exercised by Lender if exercise is prohibited by
<br />federal law as of the date of this Security instrument.
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<br />If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a
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<br />of not less than itt.iava from th d� °te th; „caice is delivered or mailed within which Borrower must pay all sums secured by
<br />this Security Instrument. If Borrower fails to these
<br />pay sums prior to the expiation of this period, Lender may mvake any
<br />remedies permuted by this Security Instrument without further notice or demand on Borrower
<br />18. Borrower's Right to Reinstate. If Borrower meets
<br />certain conditions, Borrower shall have the right to have
<br />enforcement of Security
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<br />this Instrument discontinued at any time pnor to the earlier of: (a) 5 days (or such other period as
<br />applicable law may specify for reinstatement) before sale of the Property
<br />pursuant to any power of sale contained in this
<br />Security Instrumem, or (b) entry of a judgment enforcing this Security Instrument Those conditions are that Borrower
<br />fa) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration
<br />occurred in) cures any default of any other covenants it agreemenis, (c) pays all expenses incurred
<br />in enforcing this
<br />Security Instrument, including, but not limned to, reasonable anurneys' fees, and (d) takes such action as 1. ender may
<br />rras,rrably require n, assure that the lien of this Security Instrument. Ixnder's rights ins the Property and Borrower's
<br />obligrnua to par the wms secured by Oils Security Instrument
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<br />shrill ,.mnnue unchanged Ulmn remstatement by
<br />b.rrrowcr ;his Security Instrument and ibeubhgationssecurcd hereby shall rernaui lulls effe.tise,ts it n, asreleralr,m had
<br />ikcurrcd H,iwri Cr. this right to rrinstmre shall nut apply ui theca +r n(acrrleraoon under paragraphs I 1,,i i'
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