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87-- 103 b gig
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<br />if Lender y the required mortgage insurance as a condition of making the loan secured by this Security Instrument,
<br />Borrower shall pa 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 />g. 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 />4, Condemeatiat, 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, 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 />before the taking, divided by (b) the fair market value of the Property immediately before the taking. ^.ny 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 1 and Z 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 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 succ
<br />Lender shall not be regw essors in interest.
<br />red to commence proceedings against any successor In interest or refuse to extend time for
<br />Payment or otherwise muddy' amortization of the sums secured by this Security instrument by reason of any demand made
<br />by the onginal Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any ri remed
<br />shall not be a waiver of or preclude the exercise of any right or remedy. ght or y
<br />11. Saccessom and Assigns Bound, Joint and Several Liability; Co si
<br />this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions
<br />sions
<br />ofparagraph 17 Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security
<br />Instrument but [Foes not execute the Note (a) is co- signing this Security Instrument only it, mortgage, grant and convey `
<br />that Borrower's interest in the property under the terms of this Security Instrument; (b) i,, not personally obligated to pay `
<br />the sums secured by this Security Instrument: and (c) agrees that !ender 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 Borrowers consent.
<br />12. 1-oaN ChRrMs. If the loan secured by this Security Instrument is subject to a law which sets maximum loan
<br />charges, and that law i% finally Interpreted so that the interest or other loan charges collected or to he collected in
<br />connection with the loan exceed the permitted limits• then id) only such loan charge shall be reduced by the amount
<br />necessary to reduce the charge to the permitted limit, and (h) any sums already collected from Borrower which exceeded
<br />Permitted limits will he refunded to Borrower Lender may chaise 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 princi
<br />Partial prepayment without any prepayment charge under the Note. pal, the reduction will be treated as a
<br />13. Legislation Affecting Lender's Rights. if enactment or exPirahon 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 Irl%triimenl and may invoke any remedies
<br />Permitted by Paragraph 19 If Lender exercise s this option. Lender shall take the steps %Pccified in the second paragraph of
<br />paragraph E 7. ,
<br />10. Notices. Any notice u, Borrower provided for in this Security Instrument shall be given by delivering a or by
<br />mailing it d first class mail tinted_% applicable law requires Esc of another method. 7'hc notice shall be directed to the
<br />Property Address or any other address Borrower designates by nonce to Lender Ally nonce is Lender shall be given by
<br />first class mail to Lender's address. stated herein or any other address Lender designate% by IIOIICC Ifr Ilorrllwer. Any notlCe
<br />In this pd for a than Security Instrument shall be deemed to have been green ka B Irrowrr or Linder when given as provided
<br />in this Paragraph.
<br />is. Governing Law; Severabi(ity. This Security Instrument shall be governed by federal law and the law of the
<br />jurr%dictaoon in which the Property Is kIcated. 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 m ntc Note
<br />which can be given effect without the conflicting provision. To this end the Provisions of tht% Srcunty Insrrument and the
<br />Note are declared to he severable.
<br />lh, Borrower's Copy, Borrower shall he given one Conformed cops of the Note and of this Security Instrument
<br />17, Transfer of the Property or a Beneficial Interest in Borrower. If iii or anv part of the Yroprrty or any
<br />antcrest an a as SOW or transferred (or if a beneficial interest in Borrower rs sold or transferred and Borrower is not a nature!
<br />I ) without Leruler's prior written consent, Lender may, at its option, require immediate payment in full t all sums
<br />secured by this Security Instrument. However• this option shall not be exercised by Lender if exercise is prohibited by
<br />feral law as of the date of i his Security instrument.
<br />If (,ender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a pencnl
<br />of not less than 30 days from the date the notice is delivered or mailed within which Borrower must Pay all sums srturenl by
<br />this Security lnstrumrnt. If Borrower fails to pay these sums prior to the exPiraunn of this crn(xl, Lender may secure anv
<br />e aazrrmtatcd by this See Instrument without further notice or demand on Borrower.
<br />III. Borrower's Right to Rei&tatt. If Borrower meets certain conditions, Borrower %flail have the right to have
<br />enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days tnr such other pericid a%
<br />APP' law may specify for reinstatement) before sale of the Property pursuant to any Power of %ale cootasned In 1111%
<br />Security Instrumem: or (b) entry of a judgment enforcing this Security Instrument, Th(ise conditions arc mhos Borrower
<br />(a) pays lender All sums which then wr.uld he due under this Sr'unty Instrument and the Note had n„ acceleration
<br />(xx;urred; lhp cures any default oaf any other covenants or agreements c
<br />Saeunty Inerrursrent, Including. g () pays all expenses Incurred In cnti,rcrng 1, IN
<br />rea g
<br />not limited ter. reasonable hk attorneys' fees; and (d) take% such action a% (.ender play
<br />y 4, pgrp to assure that the lien of than Security Instrument, tandem'% right% nl tilt Property and Bolrowrr's
<br />tgetta t +a Pay the %users secured by this Security lnstrumcm shall colannue unchanged ('
<br />Brxrs,wer. ilia% Sea uraty ltystrorrapnt egad the Obligations secured hereby %flail remain fully efrectivr ay it no acceleration i14d
<br />g p(raa mean %tatcnu•ni by
<br />('e urred Ifow"er. this right I() reinstate shall not apply in the cage of aceeleratii,n under patapral,hs 1 1 „v I
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