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87-- 104585
<br />If [,ender required 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 requitement for the
<br />insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law.
<br />II, Inspection. Lender or its agent may intake 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 />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, 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. 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, narrower 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 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 Borrowers 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 of any 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 />II. Successors and Assigns Bound; Joint and Si venal Liability; Co- signers. The covenants and agreements of
<br />this Security Insuumcm shall hind and benefit the successors and assigns of i,ender and Borrower, subject to the provisions
<br />of paragraph 17. Borrowers covenants and agreements shall be joint and several. Any Borrower who co -signs this Security
<br />Instrument but does not execute the Note (a) is 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 obligated to pay
<br />the sums secured by this Security Instrument: and (c) agrees that tender and any other Borrower may agree to extend,
<br />modify. forbear or make any accommodations with regard to the terns of this Security Instrument or the Note without
<br />that Borrower's consent,
<br />12. LoaraClearves. 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 ar other loan charges collected or to be collected in
<br />connection with the Loan exceed the permitted limits. then: (a) any such loan charge %hail 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 digest payment to Borrower, If a refund reduces principal, the reduction will be treated as a
<br />partial prepayment without any prepayment charge under the Note.
<br />13. Leitiolatiors Affecting i.eader's Rests. If enactment or expiration of applicable laws has the effect of
<br />rendering any provision of the time or this Security Im- trurnent unenforceable according to its terms, Lender, at its option,
<br />may require immediate payment in full of all sums secured by this See -unty Instrument and may invoke any remedies
<br />permitted by paragraph 19. If Under exercises this option. Lender shall take the step% 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 />mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the
<br />Property Addrevs or any other address Borrower destgnatics by notice to Lender- Any notice to Lender shall be given by
<br />first class mail to 1- is address stated herein or any other address Lender designates by notice to Borrower. Any notice
<br />provided for in this Security Instrument 1 be dccmcd to have been given to Borrower or Leader when given as provided
<br />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
<br />Norte corallacts with applicable law, such "inflict shall not affect other provisions of this Security Instrument or the Note
<br />which can be given effect without the conflicting provision. To this end the provisions of this Security instrument and the
<br />Moe are dared to be severable.
<br />16 's Copy. Borrower shall be given one conf.: i med copy of the Note and of this Security Instrument.
<br />17. Transfer of the Property or a Beneficial Interest is Borrower. If all or any part of the Property or any
<br />interest in it niriolil or tr erred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural
<br />porson) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums
<br />socand by this Smeurny Ins t. However, this option shall not be exercised by Lender if exercise is prohibited by
<br />law as of the date of this Security Instrument.
<br />If Leader curcirses this opium. Leader shall give Borrower notice of acceleration. The notice shall provide a period
<br />oftiot lim than 30 days from the date the" a is delivered or mailed within which Borrower must pay all sums secured by
<br />this tnvtnmwm. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any
<br />z' remodics permatted by this ty Instrument without further notice cat demand on Borrower.
<br />1t; DonvwWs R , if Borrower meets certain conditions, Borrower shall have the right to have
<br />eakwornsurt tins Security Instrument d"ectninnsed at any time prior to the earlier of: (a) 5 days (or such of her period as
<br />Applicable taw may speedy for reinstatement) before sale of the Property pursuant to any plower of sale contained in this
<br />SMOMY I . to ow (b) entry od a jottimetu enforcing this Security Instrument. Those conditions arc that Borrower
<br />(a). Leader all vam which then would be due under this Security Instrument and the Note had no acceleration
<br />oacwrredn (b) any definaft of any other covenants or agreements; (c) pays all expenses incurred in enforcing this
<br />y Instrumem iveluding, but rm horned to, reasonable attorneys' fees; and (d) takes such action as Lender may
<br />isawwrob4 requim to insuire that the hen of this Security Instrument, Lender's rights in the liniperty and B'orrower's
<br />to pay the WM vocured by thea Security Instrument shall cii ntinue urwhanged l rAm reinstatement by
<br />homvwa, t k Instrument the (Migationsurcured hereby shall remain fully eflex tive as it no accelerai tton had
<br />crecwtird, Howeveir, this right to reinstate ll not apply in the ease rot° acceleration under paragraph% i I of 17
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