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87-101708
<br />If Lender requir" morfgaga. insurance as a condition of making the loan secured by this Security In-
<br />strument, Bprr slfall fay thepremiums required to maintain the insurance in effect until such time as a requiremene for
<br />the insuran t� r mower's and lender's written agreement or applicable law.
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<br />8. Intre"ttni- tetrdev ti f11*1 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 and
<br />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 Burrower. In the event of a partial taking of the Property-, unless
<br />Borrower and 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 fraction: tai the total amount of the sums secured immediately before raking,
<br />divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower.
<br />If the Property is abandoned by Borrower, or if, after notice b- Lender ro Burrower that the condemnor offers to make
<br />an award or settle a claim for damages, Borrower fails •o respond to Lender within i0 days after the date the notice is given,
<br />Lender is authorized it) collect and apply The proceeds, at its option, either to restoration or repair of the Property or to the
<br />sums secured by this Security Instrument, whether or not thca :re.
<br />Unless Lender and Burrower otherwise agrc-- Ea 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 _' 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 tit amortization of the sums secured by this Security Instrument granted by Lender ao any successor in interest of
<br />Burrower shall not operate co release the liability of the original Borrower or Borrower's successors in interest. Let
<br />not be required to commence prtceedings against any successor in interest or refuse to Lender shall
<br />extend time for payment
<br />modify amortization of the sums secured by this Security Instrument by reason of any demand made by theoriginal Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or 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 bind and benefit the successors and assigns of Lender and Borrower, subject to the provision
<br />paragraph paragraph 17. Borrower's covenants and agreements shall be joint and seseral Any Burrower who co -signs this Security
<br />Instrument but does nut execute the Note: (a) is co- 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; i b) is nut personally obligated to pay the
<br />sums secured by this Security lnsrrument; and ( c) agrees that Lender and any ocher Borrower may agree to extend modify—
<br />forbear or make any accommodations with regard to The Terms of this Sctvrtry Instrument or the Note without that s.
<br />&xrower's consent. a
<br />12. Loan Charges. If the loan secured by this Security' Instrument is subject to a law which sets maximum loan
<br />charges, and that law is finally interpreted so that the interest orother loan charge-collected or to be collected in connection
<br />with the loan exceed the permitted limits, Then- (a) any such koan charge, lac reduced by the amount necessary zu reduce
<br />the charge to the permitted{ limit; and t b i any sums already collected from Burrower which exceeded permitzed limits will be
<br />refunded cu Burrower. Lender may choose ter make this refund by reducing the principal owed under the Noteor by making a
<br />direct payment to Burrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any
<br />prepayment charge under the Note
<br />13- Legislation Affecting Lender's Rights. If enactment or expiration .,t applicable laws has the of €etc of rendering
<br />any 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 inytike any remedies permitted b
<br />paragraph 19, It Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph I-;,-
<br />14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by deiiyering it or In
<br />mailing it by first class mail unless applicable law requires use of another method. The notice shall bedirectev ro the Property
<br />Addressor any other address Burrower designates by aurice to Lender. Any notice to Lender shall be given by firs; class mail
<br />to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any melee provided for m
<br />this Securit Instrument shall be deemedno have been given to Borruweror Lender when given as provided in tilts paragraph.
<br />15. Governing Law; Severability. This Security Instrument shall be governed In federal law and the law of the
<br />jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the \ore
<br />conflicts with applicable law, such conflict shall not affect other provisions of thisSecwit Instrumentor the \ore which can
<br />be given effect without the conflicting provision, To this end the provisions of This Securinv Instrument and The Note are
<br />declared to he severable.
<br />16. Borrower's Copy. Burrower shall be given tine 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 rranste rred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural
<br />person) without Lender's prior written consent, lender mav, ar it—p.ri— r yu_re i.— nmediare payment in full of all sums
<br />secured by this Security Instrument. However, this option shall not beexercised by Lender if exercise is prohibited by federal --
<br />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 period of
<br />tuft less than ;0 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this
<br />Security Instrument If Borrower fails to pay these sums prior To the expiration of this period, I -ender may invoke any
<br />remedies permitted by this Security Instrument without further notice or demand tin Borrower
<br />18, Bo"owers Right to Reinstate. It Borrower meets certain conditions. Burrower shall have the right to have
<br />enforcement of this Security Instrument discuntinuetd at any time prior to, the earlier of to , i days for such other peritxl as
<br />Applicable law may specify for reinstatement) befure sale of the Property pursuant to any p iwerot sale contained in Tills sr-
<br />cutity'Instrument, or (h) entry of a judgment enforcing this Sttiurity- Instrument Those c,mditions art, that Borrower in,:
<br />F*JY-i lender Al sums which then would be• due under this Security Instrument .ind rho Note had no ac,elerati,rn ocurrrcd, ; b,
<br />cures any default , rl any other tuoyenants or agreements, k" pays all rxptnscI {m arced m enforung this Securm instrument
<br />tncluditrg. but not mimed lo, reasonable attorneys' fees, and d � takes such a,rwn .,s Lender may reasonably ruclwit tai .,.
<br />sure that the lien .,f this se °uirrty Instriunent, Lender s rights in tilt- Pr,, trt and B;r ,arts „hltgan..,o t.r hat the sums T
<br />secured bA The Setmtn Instrument shell ('infinite uruhanged. Up „n minstatc -nett hr H ,m,.wrr. tivs 4•,vrity lnaramrot rr
<br />and the dihkit -11, ground ht•rrhy shall remain hrilY rffcuive as ii
<br />frin n...urcicran�et
<br />sra 'hell not r apply m rite oast .d atcelcran�,n undet paragraph: 'I „t I .
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