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r 87-- 102988
<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,
<br />shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. Lender
<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 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, Iht 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 takinZ. 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 Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
<br />modification of amortization of the sums secured by this Secunty 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 ofany demand made
<br />by the original Borrower or Borrower's 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 assi
<br />of Paragraph 17 Borrower's covenan gns of Lender and Borrower, subject to the provisions
<br />ts and agreements shall be joint and several. Any Borrower who co -signs this Security
<br />Instrument but does not execute the Note: (a) rs 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 obligo!td to
<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 acarmmtodanons with regard to It" tarns of this Security Instrument or the Note without
<br />that Borrower's consent.
<br />12. Lan 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 colleted 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 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 fiorrowcr If a refund reduces principal, the reduction will be treated as a
<br />partial prepayment without any Prepayment charge under the Note
<br />13. 11ATislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of
<br />rendering any provrsron of the Note or this Security Instrument wirnforceable 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 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 />marling 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 Honer 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; Severabilit . 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 a(;ect other provisions of this Security Instrument or the Note
<br />which can he given effect without the conflicting provision To this end the Provisions of this Security Instrument and the
<br />Note are declared to he severable
<br />16. Borrower's Copy, Borrower shall be. given
<br />17. Transfer of the one conformed copy of the Note and of this Security Instrument.
<br />Property or a Beneficial Interest 4.-, Borrower. If all or any part of the Property or any
<br />interest in iris sold or transferred (or if a beneficial interest in Berrowcr is sold or transferred and Borrower is 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, this uPtiot, shall not be 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 Period
<br />Of not less than 30 days from the date the notice is delivered or mailed within which Horrowrr must pay all sums secured by
<br />this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this Period, Pander may invoke any
<br />rerrtedics Permitted by this Security instrument without further notice or demand on Borrower
<br />Ill. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have
<br />enforcement 01`1111% Security Instrument discontinued at any time prior to the earlier of (a) 5 days (or such other period as
<br />APPlrcable law MAY %Pecify for reinstatement) before sale Of the l'ro rt
<br />Security Instrument: car (b) entry of a Judgment enforcing this Security Instrument Those conditions are that Borrower
<br />Pe Y Pursuant to any tower of sale contained in this
<br />!a1 Pays Lender sal sums which then would he due under this Security Instrument and the Note had no acceleration
<br />serail. fhi cure. any default of an$ other covenants or agreements, (c) pays all evPcnsrx incurred m enforcing this
<br />ieruriiv drostr.tmento a%%urrth t t not bridled kg too' t" aticl9teyc' fees. and (d) takes such action as Lender mas.
<br />rCdss riat.iy rertutrr a:, assure that the lien of this a:urity Instrwncnt, l.endcr's riJPubs tit the Property and liudersv
<br />hhRrt r. fad the earns secured by this Sceurrty Instrument shall .<,uunue umhanKeil t'p<,n read Bortent rs
<br />fts�r wr P,s',.uri +.y Insrrutttert and the -.n ipant!ns secwrd hrrrhy slta;l remain fully e)tectne as if no se's
<br />rtt�s right I- rnnsrrtr shall r ! apply set theca r .d .ac, cirratvon under L teci;l,e as t ; or`r� _ce)erahon had
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