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87- 103626
<br />if AVquired°`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 it requirement for
<br />the insurance terminates in accordance with Borrower's and Lender'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 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 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, whether or not then due, with any excess paid n) Brrower. In the event of a partial taking of the Property, unless
<br />Borrower and Lender otherwise agree in writing, the sums secured by t his Security Instrument shall be reduced by the amount
<br />of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before raking,
<br />divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower.
<br />if the Property is abandoned by Borrower, or if, after notice by lender to Burrower that the condemnor offers to make
<br />an award or settle a claim for damages, Burrower fails in respond to lender within it) days after the date the notice is given,
<br />Lender is authorized to collect and apply the proceeds, at its option, either to re•sturation or repair of the Property or to the
<br />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 reterred to in paragraphs I and 2 or change rile amount of such payments.
<br />10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment ur
<br />inudifieation of amortization of the sums secured by this Security Instrument granred by Lender to any successor in interest of
<br />Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall
<br />not be required to commence prceedings against any successor in interest or refuse coextend time for payment or otherwise
<br />modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower
<br />or Borrower's successors 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 ur remedy
<br />11. Successors and Assigns Bound; Joint and Several liability; Co- signers. Tile covenants and agreements of this
<br />Security Instrument shall bind and benefit the successors and assigns of Lender and Burrower, subject to the pro -Lions of
<br />paragraph 17. Borrow'er's covenants and agreerents shall be joint and several. Any Burrower who co -signs this Security
<br />instrument but does nut execute the Note: (a) isco- 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 (() agrees that Lender and any other Burrower may agree to extend, modify,
<br />forbear or make any accommoxlacions with regard to the terms of this Security Instrument or the Note without that
<br />Borrower's consent.
<br />11. 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 ur other Ivan charges coillecred or to becollected 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 ro make this refund by reducing the principal owed under the Noteor by making a
<br />direct payment to Borrower. 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. If enactment nr expiration of applicable laws has the effect of rendering
<br />any 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 lenderexercises thisoprion, lender shall rake the steps specified in rite 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 anot her method The nonce shall be directed to the Property
<br />Address or any other address Borrower designates by not ice to lender Any notice it) lender shall be given by first class mail
<br />to lender's address stated herein or any other address lender designates by notice to Burrower. Any notice provided for in
<br />this Seturity Instrument shall be deemed ur have been given to Borrower or Lender 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 thee•vent that any provision or clauseof this Security Instrument or the Note
<br />conflicts with applicable law, suchtonflict shall not affect other provisionsof this Security Instrument or 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 (if this Security Instrument.
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. It all or any part of the Property or any
<br />interest in it is sold or transferred (or it a beneficial interest in Borrower is sold or transferred and Burrower 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 option shall not be exercised by Lender if exercise 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 nutlet• shall provide a period of
<br />not keys than 10days from the date the notice is delivered or mailed within which Burrower must pay all sums secured by tills
<br />Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, lender may invoke any
<br />remedies permitted by this Security Instrument without further notice or demand tilt Borrower.
<br />18. Borrower's Right to Reinstate. If Borrower meets certain conditions. Borrower sha11 have the right ur have
<br />enforcement of this Security instrument discontinued at any (fine prior cu the earlier of o a i 5 days (or such tidier Perim! is
<br />applicable law may specify for reinstatement) before sale of the Property pursuant n) any power of sale cnmained in this Se.
<br />coney Insrrumvnc, or fb) entry of a judgment enforung this Security instrument Those conditions are that Borrower: �a i
<br />pays Loonder ail sums which then would bedue under chi %Se•turity los(runtent ind the• Note had n , atteleraciuu t toured; obi
<br />cures any default of any Bather (urtve(tants tit agreements, oc ) pays all viol rases incurred in enforong this seturi(y Instruott•nrr,
<br />irchooding, but [Nit hmited eo, reasonable attorneys' fees: and id) takes such action as l.cnticr may rc;istiftalily ic�ctuirc to ,t,
<br />cute (hat chic lwn rat this Stv,urity Imirumrnt, Lender s riglns in rite I'mperry anti Bormwet s ohligarion w pay fhc suns
<br />srauterl by this Security insorun 'Wnr shall candnue unchanged Upm mmstarrmcnt by Burtnwer. till, Nml( y Instrunu m
<br />aril rile iibligateom secured Itcrehy %hill tematn fully efieuivc as if nil mi.eleracion hail t,x :ri, d fb otter, rho ,;kilt r..
<br />trinaeate° shall float Apply in five case of tar.«•h�ratinn under pna(ar;raphs 1 i or 1
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