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87- 101586
<br />if Lender required mortgage insurance as a condition of making the loan 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 />S. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender
<br />shall 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, director consequential, in connection with
<br />any condemnation or other taking of any part of the Property, or for coiveyance 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
<br />paid to Borrowcr.
<br />If the Property is abandoned by Borrower, cr 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 />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 Secunty 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 to in paragraphs I 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 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 required to commence 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 of any demand made
<br />by the original Borrower or Borrower's successors to 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 Lnhi6ty; Co- signets. 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 be 3omt and several Any Borrower who co-signs this Security
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<br />Instrument but does not 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 terns of this Security 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 Security instrument or the Note without
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<br />that Borrower's consent,
<br />12. Loan Charges. If the loan secured by this Secunty Instrument is subject to a law which sets maximum ban
<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 limn; and (b) anv sums already collected from Borrower which exceeded
<br />permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed
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<br />under the Note or by making a direct payment to Borrower. ifa refund reduces principal, the reduction will be treated as
<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
<br />rendering any pro%isuin of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option,
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<br />may require immediate payment in full of all sums secured by this 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 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 Lender shall be given by
<br />first class mad 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 />IS. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the
<br />junsdiction in which the Property 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 provisrcrts of this Security Instrument or the Note
<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 vopy of the Note and of this Secunty Instrument
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. if all or any par•, 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) without Lender's pnor written consent, Lender may, at its option, require immediate payment in full of all stims
<br />secured by this Security Instrument. however, this option shall not he exercised by Lender if exercise is prohibited 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 shall provide a pcnod
<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 these sums
<br />pay prior to the expiration of this period. Lender may invoke any
<br />remedies permitted by this Secunty 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 of this Security Instrument discontinued at any time prior to the earlier of (a) 5 days (or such tither period as
<br />applicable law may %wiry for reinstatement) before sale of the Property pursuant to any power of sale contained in this
<br />Securit) Instrument, or (b) entry of a judgment enforcing this Secunty Imirument Thosc .onditions are that Borrower
<br />ia) pays !.ender all sums which then would be duo- under this Secunty Instrument and the Note had no acceleration
<br />occurred. (h) cures any default of any other covenants ur agreements, (o-) pays all c"n,es incurred in enfirving this
<br />Sea uric) Instrument, including, but not horned
<br />to, reasonahle atu,rnrys' tern, and (d) takes such action as I ender may
<br />reavonahly requirr In assute that the lien ,it this ,rrunty Instrument. Lender's rights in the Prolwit) and Huimwrr's
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<br />oblig4ta.,n h, pay the sums seourcd h) this ycourity Instrument shell i „minor unchanged L {x*n rcuisiatenicw by
<br />b.,rmwet this SCtU;1l) Instrument and the,rt,hgau ins hereh)
<br />srL urrd shill! irntam lulls rtfi•ilnr es 11 nu aC,+.fAll0f1 had
<br />,�—rred 11, -w r'- this light to tcurstatc shall out w tlir lase ,1 undet parikr,ptis I lot i'
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