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103707
<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 maintai[it lie insurance in effect until such time as a 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 pnteeds shall he applied to the sums srrlrrd 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 Pntperty,unless
<br />Borrower and Lender otherwise agree in wriring, the sums secured by this Security Insrrument shall be reduced by the amount
<br />of the proceeds multiplied by the following fraction: (a) the total amounr of the sums secured immediately before taking,
<br />divided by ib) the fair market value of the Property immediately before the taking. Any balance shall be paid to Burrower.
<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 ut respond to Lender within 3O days after the date the notice is given;
<br />Lender is authorized to 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 or not then due
<br />Unless Lender and Burrower otherwise agree in writing, any apphcarion.it proceeds to principal shall not extend or
<br />ponipme the due date of the monthly payments referred u) in paragraphs I and Z or Change the amount of such payments.
<br />14). Borrower Not Released; Forbearance By Lender Not a Waiver. 1 :xie•nsion of the time for payment or
<br />modification of amortizauun of the sums secured by thn,Secur ty instrument granted by Lender to any successor in interest of
<br />Burrower shall not operate to release the liability of theonginal Burrower or Burrowers successors in Interest. 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 amorrizauon of the sums secured by !his Security Instrument by reason of any demand made by rile original Burrower
<br />or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of ur
<br />preclude the exercise it any right or remedy.
<br />0 {
<br />11. Successors and Assigns Bound; Joint and Several liability; Co- signers. The covenants grid agreements of this
<br />Security Instrument shall bind and benefit the successors and assigns of Lender and Burrower, subject t:, the provisions of
<br />paragraph 17. Borrower's covenants and agreements shall to joint and several. Any Borrower who cu -signs this Security
<br />Instrument bur dotes 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 it i agrees that Lender and any other Burrower may agree m extend, modify,
<br />forbear or make any accommodations with regard to the terms of this Sccur y Instrument or the Note without that
<br />Borrower's consent.
<br />12. Wan 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 nl 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 front Burrower which exceeded permitted limits will be
<br />refunded to Burrower. Lender may choose to make this refund by reducing the principal owed under the Nuteur by making a
<br />direct payment to Burrower. If a refund reduces prinepal, 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 or expiration of applicable laws has the effect (if rendering
<br />any provisionuf the Note or this Security Instrument unenforceable according to its terms, lender, at itsuption, 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 specified in t he 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 usrof another method. The notice shall be directed to the Property
<br />Address or any other address Burrower designates by notice 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 Borrower. Any notice provided for in
<br />this Security Instrument shall bedeemed to have beengiven to Burruwerur Lender whengiven as provided in this paragraph.
<br />15. Governing Law; Severability. This Security Instrument shall be governed by federal law and die law of the•
<br />jurisdiction in which the Property is located. In theevent that any provision ur clause of this Security Instrument or the Note
<br />conflicts with applicable law, suchconflict shall not affect other provisions of this Security Instrument or rile Note which can
<br />he 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 he given was 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 any
<br />interest in it is suld or transferred Cur if a beneficial interest in Burrower is sold or transferred and Burrower is not a natural
<br />person) without Lender's prior written consent• lender may- it its option, require immediate payment in full of all sums
<br />securedby this Security Instrument. however, this option shall not beexercised 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 notice shall provide a period of
<br />nor less than 30days from thedate the notice isdeliveredur mailed within which Borrower must pay all sums secured by this
<br />Security Instrument. If Borrower fails to pay these sums prior r, 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. &xrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have
<br />enforcement of this Security In ittottte•nt discontinued at any time prior to the earlier uf' (a) 5 days cur such other period as
<br />applicable law tray specify for reinstatement) beture saleof the Property pursuant ro any power of saprconained in this Sc
<br />curity Instrument; or ih> entry of a judginvin enforcing this Security Instrument. Those conditions are that Horrower (;)
<br />pays leader all sums which then would he dur under this Security Instrument and the Note had no accleraunn occurred; ill:
<br />cures .default of any other cunvenrnts err agrrcuocots; tc ) pays ell expenses incurred in enforcing this Swtm ity Inst n;nt•nt,
<br />easy
<br />ttuludmpg, but Cur limited t{I, reasonable aril /ft,eys f[Y'9; allot td) takes suet{ action as Lender may reasonably tequire in a%
<br />lore that the hen of this security Instrument. Lender S lights Ill the Prii
<br />g piny and Borrower c ohhgunun r.. pay mile Soto
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<br />seetrted by tits Seauroy lnstnmoent shall tuntonur unthanged Upton remataremrnt by H rtuwer. this Seturity lnstnoo{•nt
<br />acrd mute obllgatiltns secured hereby shall terrain fully effective as it no at,cter;o ion had ,, —rrol Flowe•crr, iii, [,ght ❑i
<br />teener SUr Shall r -lt apply in the Lace° of utrk•ratisut under patagr;ilAn .r I -•
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