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87- .102405
<br />If Leader required mortgage insurance as a condition of making the loan secured by this Security Instrument,
<br />3 Nrrwver $hall 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 />0. NlapeNN. 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 tdsah be paid to Leader.
<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 no 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 Saurily Instrument shall be reduced by the
<br />amamt 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 as 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 reEtoration 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 />IS. Borrower Not Releaser; Forbearance By Leader Not a Waiver. Extension of the time for payment or modification
<br />of amortization of the sums secured by this Security Instrument granted by Lender 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 extend 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 successor 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. Srecesom 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 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 Security Instrument only to mortgage, grant and convey that
<br />Borrower's interest in the Property under the terms of this Security Instrument; (b) is 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 terms of this Security Instrument or the Note without that
<br />Borrower's consent.
<br />12. Lop 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 connection
<br />with the loan exceed the permitted limits, then; (a) any such loan charge shall be reduced by the amount necessary to reduce
<br />the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be
<br />refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making
<br />a direct payment to borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment wihout any
<br />prepayment charge under the Note.
<br />13. Legislation Affecting Leader's Rights. If enactment or expiration of applicable 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 shall take the steps specifies in the second paragraph of 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 first
<br />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 in
<br />this paragraph.
<br />13. Governing Law; SeverabWty, 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 provisions 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 without the conflicting provision. To this end the provisions of this Security Instrument and the
<br />Note are declared to be severable.
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<br />16. N,rower'a CePY. Borrower shall be given one conformed Copy of the Note and of this Security Instrument.
<br />17. Trawler of the Property ear a Beneficial In$~ in Rerrower. If ail 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 natural person)
<br />without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by
<br />[I" Security lowumem, However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of
<br />the dace of Otis Security Inrirument.
<br />If Lender 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
<br />the Security tastrumeml. If Borrower fails to pay these sums Prior to the expiration of this period. Lender may invoke any
<br />reaadies Pnratiued by this Security Instrument without further notice or demand on Borrower.
<br />IS. Nerson's Right to Reinstate. If Borrower mats certain conditions, Borrower shall have the right to have
<br />sn(orCMMt of this Security Instrument discontinued at any time prior to the earlier of: (a) S days (or such other period as
<br />ap10111c le law may specify for reinstatement) before sak of the Property pursuant to any power of sale contained in this
<br />Setarky lnansutsent; or (b) entry of a judg isent enforcing this Security Instrument. Those conditions are that Borrower: (a)
<br />Pairs Lender all sus which then would be doe under this security Instrument and the Note had no acceleration occurred; (b)
<br />L"M atY "0" of any other camwu Or agreements; (c) pays all expenses incurred in enforcing this Security Instrument,
<br />but not hlaked to, reasonable ailorrsey's fns; and (d) takes such action as Lender may reasonably require to assure
<br />dM11 the hsn Of this SWK*Y Instruenent, Leader's rights In the Property and Borrower's obligation to pay the sums secured
<br />by this iOGWkY lOanrtnneal SW catdaue unchanged, Upon reinstatement by Borrower, this Security Instrument and the
<br />oblismionis secured hereby Ihah remain fully effective a$ if no acceleration had occurred. However, this right to reinstate shall
<br />asst gPI.in Ilne case of aewkraion under paragraphs 13 or 17.
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