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87-- 102281
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<br />M 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
<br />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
<br />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
<br />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 10 the sums secured by this Security
<br />i instrument, whether or not then due, with any excess
<br />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
<br />reduced by
<br />the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately
<br />I' before the taking, divided by (b) the fair market value of the Property immediately before
<br />paid to Borrower. th- taking. Any balance shall be
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to
<br />P make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the
<br />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 />z postpone the due date of the monthly payments referred in
<br />to 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
<br />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 in
<br />successors 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
<br />sums secured by this Security Instrument by reason of any demand made
<br />by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising
<br />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
<br />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
<br />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
<br />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
<br />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
<br />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
<br />a
<br />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 m make this
<br />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 he treated as a
<br />partial prepayment without any prepayment
<br />charge under the Note.
<br />13. Legislation Affecting tender's Rights, if enactment or expiration of applicable laws has the effect of
<br />rendering any provision of the Note or this Security
<br />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 19. If Lender exercises this
<br />option. Lender shall take the steps specified in the second paragraph of
<br />paragraph 17.
<br />t,
<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
<br />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
<br />or anv 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
<br />in this paragraph. when given as provided
<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 this Security
<br />of 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 call be given effect without the
<br />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. Transfer of the Property or a Beneficial Interest in Borrower.
<br />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
<br />not a natural
<br />person) without Lender's prior written consent. Lender may, at its option, require immediate payment in full of all sums
<br />secured by this Security Instrument. However,
<br />this option shall not be exeicised 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 it period
<br />of not less than 30 days from the date the notice is delivered or mailed within which Borrower
<br />must pay all wms secured by
<br />this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this peric:d, Lcrtder may lw.vke am,
<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 to have
<br />enforcement of this Security Instrument discontinued
<br />at any time prior to the earlier of: (a) 5 days (or such other period as
<br />Security law• may specify for reinstatement) before sale of the Property pursuant to any power of sale in
<br />Security
<br />contained this
<br />Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower
<br />(a) pays Lender all wms which then would be due
<br />under this Security Instrument and the Note had no acceleration
<br />occurred; (b) cures any default of any other covenants or agreements; (c) Pays all expenses incurred in enforcing [his
<br />Security instrument, including, but not limited
<br />#•
<br />to, reasonable attorneys' fees; and id) takes such action as Lender may
<br />reasonably require to assure that the lien of this Security Instrument, lender's rights in [he Property :ind I, t rower's
<br />obligation a, pay the sums secured by this Security
<br />Instrument shall continue unc'hangrd. C')am rem,t :ucnient t,i
<br />Borrower. this Security Instrument and the ohliganons secured hereby shall remain fully efiicmc as it fit, :
<br />,xcurred lfov�eerr. this right to ilk MCI had
<br />a
<br />reuratale shall not apply in the case of acccleran.n, uneicr pHCOIN plis I t t,
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