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87-- 101205
<br />if Lender required mortgage insurance as a condition of making the loan securxsils�)jlath)as MftritY ]Astruiltertt,
<br />Borrower shall pay the premiums required to maintain the insurance in effect until such tit as - Wk- iequitement Tor the
<br />insurance terminates in accordance with Borrower's and Lender's written agreement or*s"
<br />S. inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall
<br />give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
<br />9. Condemnation, The proceeds of any award or claim for damages, direct or consequential, in connection with any
<br />condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned
<br />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 the
<br />amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the
<br />taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to
<br />Borrower.
<br />If the Property is adandoned by Borrower, or if, after notice by Lender to Borrower that 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 />giver., 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.
<br />Unless Lender and Borrower otherwise agree in writing, any apphcation of proceeds to principal shall not extend or
<br />postpone the due date of the monthly payments referred to in paragraphs I and -1 or change the amount of such payments -
<br />10. Borrower Not Released; Forbearaoee By Leader Not a Wits r. Extension of the time for payment or modification
<br />of amortization of the suns secured by this Security Instrument granted by Leader to any successor in interest of Borrower
<br />shall not operate to release the liability of the original Borrower or Borrower's successors in interest_ Lender shall not be
<br />required to commence proceedings against any successor in interest or refuse to emend time for payment or otherwise modify
<br />amortization of the sums secured by this Security instrument by reason, of any demand made by the original Borrower or
<br />Borrower's successors in interest. Any forbearance by Lender in exerc-tsiang any tight or remedy shall not be a waiver of or
<br />preclude the exercise of any right or remedy.
<br />11. Secretion aad Assigns Bound; Joint and Serernt Llahitrt ; C.o.sigeera, The covenants and agreements of this
<br />Security instrument shall bind and benefit the successors and assigns of lender and Borrower, subject to the provisions of
<br />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 this Securitv Instrument Only to mortgage, grant and convey this
<br />Bnrrower's interest in the Property Under the terms of this Securn% Instrument; (b) L` not personally obligated to pay the
<br />sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify,
<br />forbear or make any accommodations with regard to the tents of this Security Instrument or the Note without that
<br />yam,
<br />Borrower's consent.
<br />12. Loan Charges, If the loan secured by this Security Ir,rrurtuttt xs subject to a law which sets maximum loan
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<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 stall be reduced by the amount necessary to reduce
<br />=
<br />the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be
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<br />refunded to Borrower. Lender may choose to make this refund by reducing the prrncipai owed under the Note or by making
<br />a direct payment to borrower- if a refund reduces principal, the reduction will lie treated as a partial prepayment wihout any
<br />prepayment charge under the Note.
<br />13. Legislation ,Affecting, Lender's Rights- If enactment or expiration of apphabk laws has the effect of rendering any
<br />provision of the Note or this Security Instrument unenforceable according to its terms. Lender, at its option, may require
<br />immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies permitted by
<br />paragraph 19- If Lender exercises this option, Lender shah take the steps specified in the second paragraph of paragraph 17.
<br />lei. Notices. Any notice to Borrower provided for in this Security instrument shall be given by delivering it or by
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<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 Borrower designates by notice to Lender. Any notice to Lander shall be given by first
<br />class mail to Lender's address stated herein or any other address Lender designates by
<br />notice to Borrower. Any notice
<br />provided for to this Security Instrument shall he deemed to have been given to Borrower or Lender when. given as provided in
<br />this paragraph.
<br />15. Governing Law; Severrability. This Security Instrument shall be governed by federal law and the law of the
<br />jurisdiction in which the Property is located. to the event that any provisions or clause of this Security Instrument or the
<br />Note conflicts with applicable law, such conflict shall not affect other provision. of 1hL. Sec ty Ir t the •fie
<br />which can be given effect without the conflicting provision. 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. Ttnmfer of toe Property or a Beneficial interest in Borrower. If all or any part of the Property or any interest in it
<br />is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a naturai person)
<br />without Lender's prior written consent, Lender may, at its Orion, require immediate payment in full of ail sums secured b-,-
<br />this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of
<br />the date of this Security Instrument.
<br />If Leader exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of
<br />not less than 30 days from the date the notice is delivered or mailed within which the Borrower must pay all sums secured by
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<br />this Security Instrument. If Borrower fails to pay thew suns prior to the expiration of this period. Lender may invoke anv
<br />Sss.s IMStrunicifft without Further notice or demand on Borrower. ii .
<br />Borrower's Right to Reinstate. If fiortower 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 oche period as
<br />applicable law may specify for reinstatement) before sale of the Property to
<br />pursuant any power of sale contained in this
<br />Security Instrument; or (b) entry of a judgment enforcing this Security instrument- Those conditions are that Borrower: (a)
<br />pays Lender an sutra which then would be duct tinder this Security Instrument and the Note had no acceleration occurred; (b)
<br />cures default
<br />any of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument,
<br />including, but not limited to, reasonable attorney's fees; and (d) takes
<br />such action as Lender may reasonably require to assure
<br />t@ lien
<br />Inc of This Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the sums secured
<br />by this Security Instrument shall continue unchanged. Upon
<br />reinstatement by Borrower, this Security Instrument and the
<br />oblyatiom wcurexd hereby shall remain fully effective as if no acceleration had
<br />occurred. However, this right to reinstate shall
<br />not apply in the cane of acceleration under paragraphs 13 or 17.
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