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I
<br />ILI
<br />87- 101740
<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 />8. 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, direct or 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 />befc: • the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be
<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
<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 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 to in paragraphs I and 2 or change the amount of such payments_
<br />10. Borrower Not Releaseii: r'orbeorance By L-.r.,aa- 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 ofthe original Borrower or Borrower's successors in interesL
<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 Borrowers 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 />11. Successors and Assigns Bound; Joint and Several Liability, 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
<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 this Security Instrument only to mortgage, grant and convey
<br />that Borrower's interest in the Property under the terms 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
<br />that Borrower's consent.
<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 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 shalt 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 by reducing the principal owed
<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
<br />rendering any 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 by this Security Instrument and may invoke any remedies
<br />permitted by paragraph 14. If Lender exercises this opt!on. Lender shall take the steps specified in the second paragraph of
<br />paragraph l7.
<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 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; Severability. This Security Instrument shall be governed by 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
<br />Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note
<br />which can be given effect %% ithout 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 he given one conformed copy of the Note and of this Security Instrument_
<br />17. Transfer of the Property Ora Beneficial Interest in Borrower. If ail or any part of the Property .)r any
<br />interest in it is sold or transferred (or if a beneficial interest in Borrower a sold or transferred and Borrower is not a natural
<br />person) without Lender's prior written consent. Lender may, at its optior, require Immediate payment in full of all sums
<br />secured by this Security Instrument. However. this option shall not be exercised by I —d— tf el:erctSe 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 penal
<br />of not less than _ 0 days from the date the notice is delivered or mailed within which Borrower must pay alt ,urns secured by
<br />this Security instrument. If Borrower fails to pay these sums prior to the expiration of this period. Lender rna_v mvnke any
<br />remedies permitted by this Security 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 I(, haye
<br />enforcement of this Security Instrument discontinued at any time prior to the earlier of ia) 5 days (;•r such other rVrlod as
<br />applicable law may specify for reinstatement) before sale of the Property pursuant to any Power of sale contained u) ih,<
<br />Security Instrument. or (b! entry of a judgment eniforemg this Security Instrument Those zondm;lm arc €hat llr.rriwer
<br />(a) pays Lender all sums which then would he due under this Security Instrument and the Note had no acceleration
<br />occurred, (b) cures anti default of any other cirvenents or agreements; ic) pays all expense, incurred t) rcrcr,)ae tills
<br />Security irntrurneni. Including. but not limited to, reasonable attorneys' fees :.md (d) takes such ac lira? .is 1 ender ntak
<br />reati.mably require u, assure that the lien of this Security instrument, Lender s rights m the Prorierty And llrrrower's
<br />obligauun r pay the sums secured by tills Security Instrument shall continue unchanged L'pon ivois0 tirmenl by
<br />Borrower, this Security Instrument and the obligations secured herehy shall remain fully effective as tf urn a:clerauan had
<br />occurred 11,11, ver, this right to remstitle shall not apply m the case of accrlrratiuu under p.tt.)t riphs i i • c i
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