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87- 103588
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<br />If Lender required mortgage insurance as a condition of making the loan secured by this Security In-
<br />strument, Borrower shall pay the premiums required to maintain the insurance in effect until such time as a requirement for
<br />the insurance terminates in accordance wit, Borrower's and fender's written agreement or applicable law.
<br />8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall
<br />give Borrower notice at the bone of or prior to an inspection specifying reasonable cause for the inspeccon.
<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 and
<br />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, whetheror not then due, with anyexcess paid to Burrower. In theevent of a partial takingof the Property, unless
<br />Borrower and lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount
<br />of the proceeds multiplied by the following fraction: (a) rile total amount of the sums secured immediately before taking,
<br />divided by (b) the fair market value of the Property immediately before the raking. Any balance shall be paid to Borrower.
<br />If the Property is abandoned by Burrower, or if, of ter notice by Lender ill Burrower that the condemnor offers to make
<br />an award or settle a claim for damages, Burrower fails to respond ro lxnde•r within 30 days after the date the notice is given,
<br />Lender is authorized al collect and apply the proceeds, at its option, either to restoration or repair of the Property or ro the
<br />sums secured by this Security Instrument, whether ur not then due.
<br />Unless Lender and Burrower otherwise agree in writing, any application of proceeds to principal shall not extend or
<br />postpone the due date of the monthly pdyrnents referred to in paragraphs I and ' or change rile amount of such payments.
<br />10. Borrower Not Released; Forbearance By lender Not a Waiver. Lxtension 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 interest of
<br />Borrower shall nor operate to release the liability of the original Borrower or Borrower's successors in ouerest. Lender shall
<br />not he required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise
<br />modify amortization of the suns secured by this St.•turity Instrument by reason of any demand made by theoriginal Borrower
<br />or Borrower's successors in ttrere%t. Any forbearance bs Lender in exercising any right or remedy shall not he a waiver of or
<br />preclude the exercise of any right or remedy.
<br />11. Successors and Assigns Hound; Joint and Several Liability; Co- signers. The covenanrs and agreements of this
<br />Security Instrument shall bind and benefit the successors and assigns of Lender and Burrower, subject to the provisions of
<br />paragraph 17 Borrower's covenants and agreements shall be joint and several Any Burrower who co -sign; this Security
<br />Instrument but does not execute the Note: (a) is cu- signing this Security Inst runlenl only to mortgage, grant and convey that
<br />Borrower's interest in the Property under the terms of this Security Instrument, 16) is nor personalty obligated try pay the
<br />sums secured by this Security Instrument; and to I agrees that Lender and ;sly offier Burrower may agree to extend, modify,
<br />forbear or make any Accommodations with regard to the terms of this SCCUrit) Instrument or the Note without that
<br />Borrower's consent.
<br />12, Loan Charges. If the loan secured by this Security Instrument is subject c,t a law which sets maximum loan
<br />charges, and that law is finally interpreted so that the imeresr or u(he•r loan charges collected or u) 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 ro the permitted limit, and (b) any sums already collected from Borrower whicll exceeded permitted limits will be
<br />refunded mil Borrower. Lender may choose tit make this refund by reducing the principal owed under the Note or by making a
<br />direct payment to Burrower If a refund reduces principal, the reduction will be treated as a partial prepayment without any
<br />prepayment charge under the Note.
<br />13. Legislation Affecting Lender's Rights. It enactment or expiration of applicable laws has the effect of rendering
<br />any provisionof the Note or this Security Instrument unenforceable according ro its terms, lender, at irsoptiun, 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 rake the steps specified in rhesel nd paragraph of paragraph 17.
<br />14. Notices. Any notice to Burrower pruvidtd for in this Security Instrument shall be given by delivering it or by
<br />mailing it by first class mail unless applicable law requires useof an the•r method. The notice shall be directed nil the Property
<br />Address or any other address Burrower designates by not ice to Lender Any not ice to lender shall be given by first class mail
<br />to Lender's address stated herein or any other address lender designates by notice to Borrower. Any notice provided for in
<br />this Security Instrument shall be deemed it) have been given to Burrower or fender when given as provided 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 Note
<br />conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument for the Note which can
<br />be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are
<br />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. If all or any part of the Property or :sly
<br />interest in it is sold or transferred (or if a beneficial interest ooh Burrower is sold or transferred and Burrower is nut a natural
<br />person) without Lender's prior written consent, Lender may, at its option, require imrnediare payment in full of all sums
<br />secured by this Security Instrument. However, this option shall not be-exercised by Lender if elcerclse is prohibited by federal
<br />law as of the date of this Security Instrument.
<br />If lender exercises this option, lender shall give Burrower notice of acceleration. The not ice shall pruvidea period of
<br />net less than 50days from thedate the nurice isdelivered or mailed within which Borrower must pay all suns secured by this
<br />Security Instrument. If Borrower fails to pay these sums prior tit the expiration of this period, Lender may invoke any
<br />remedies permitted by this Security Instrument without further notice or demand on Borrower
<br />18. Borrower's Right to Reinstate. If Burrower meets certain conditions, Borrower shall have the right ill have
<br />enforcement of this Security Instrument discontinued at any time prior u) the earlier of (a) i days tor such other period as
<br />Applicable law frlay specify for reinstatement) before'sale of the Ptoperty put' %Uallt to illy powe•t n1'sale(onalned in this Se
<br />curity )nstrouncnt; or (b) entry of a judgment enforcing this Security Insrnlnlent. Those co duions are that Burrower 1a I
<br />preys Lender all sums which then would bt•due under this Security Instrument and the Most had nu.tccelcraurnhrncurn•d, 161
<br />cures anydtfaultuf anyuthcr cunvrnamsur agretvue• nos; ;t 1 pays all expenses Intuited of entor.Ing lhis Seturtty lllsnruncvn,
<br />including, but not lolled u1, reasonable arturncys fees, and (dl take•% suth action es Lender n"1) reaslooahlr regime Ur a%
<br />%ore that the lien of this Security iris, loosens, Lender s rights nil till. prop ejt} and B,jlO%k , ohligal-11 n. pay )he ,urns
<br />secured by this Security Instrument %hall continue unchanged Upton relostatcrm:nl by Itolrower till %Svo,l tt Insnuncnl
<br />and the obligations %ecured hrrehg shall remain fully rtletovc a: If no accefrt.n ton had -tlrltr:l I1 --ti. 0", nyht 1,�
<br />rem %tat: %ball nor apply to rho• cave of atu•Ierauun under paragraph, 1 ti nr i ,
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