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87- 100248
<br />If Lender required mortgage insurance as if 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 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 file Property. Lender shall
<br />give Borrower notice at rile 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 />condemnationor other takingof any part of the Property,or forconveyance 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 Ix applied to the Sums st_ured by this Security
<br />Instrument, whether or not then due, with any excess paid to Borrower. In the evens of a partial taking of 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) the total amount of rile sums secured immediately before taking,
<br />divided by (b) the fair market value of rile Property immediately before the taking. Any balance shall be paid to Borrower.
<br />if the Property is abandoned by Borrower, or if, after novice by Lender rat Borrower that the condemnor offers to make
<br />an award or settle a claim for damages, Borrower fails to respond to Lender within W days after the date rile 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 to the
<br />sums secured by this Security Instrument, whether t r not then duo:.
<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 n) 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 ur
<br />modification of amortization of the sums secured by this Security Instrument granted by Lender w any successor in interest of
<br />Burrower shall not operate to release the liability of the original Borrower or Borrower's successors to interest. lender shall
<br />not be required to commence proceedings against any successor in interest or refuse to extend 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 or remedy.
<br />11. Successors and Assigns Bound; Joint and Several Liability; Co- signers. The covenants and agreements of this
<br />Security Instrument shall bind and benefit the successors and assigns of Lender and Narrower, subject ro the provisions of
<br />paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co -signs this Security
<br />Instrument but dues not execute the Noce: (a) is co- signing this Security Instrument only rat mortgage, grant andconvey drat
<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 (c) agrees that Lender and any other Burrower may agree to extend, modify,
<br />forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that
<br />Borrower's consent.
<br />12. 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 or other loan charges collected or to 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 />thecharge tothe permitted limit, and (b) any sums already collected from Borrower which exceeded permitted limits will he
<br />refunded to Burrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a
<br />direct payment to Borrower. If a refund reduces principal, the reduction will bt 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 of rendering
<br />any provision of the Note or this Security I ns(rument 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 Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 17.
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<br />14. Notices. Any notice u) Borrower provided for in this Security Instrument shall be given by delivering it or by
<br />it by first
<br />mailing class mail unless applicable law requires use of another method, The notice shall be directed to the Property
<br />Addressor any other address Borrower designates by notice to lender. Any notice 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 Burrower. Any notice provided for in
<br />this Security Instrument shall be deemed to 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 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 oft his 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. Burrower 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 any
<br />interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural
<br />person) without Lender's prior written consent. Lender tray, at its option, require immediate payment in full of all sums
<br />secured by this Security Instrument. However, thisoption 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 Borrower notice of acceleration. The notice shall provide a period of
<br />not less than 30days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this
<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 on Burrower.
<br />L8. Borrower's Right to Reinstate. If Borrower meets certain conditions, Burrower shall have the right to have
<br />enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period is
<br />applicable law may specify for reinstatement) before sale of the Property pursuant toany power of salt- contained ill this Se-
<br />curity Instrumenr,; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Burrower: (a)
<br />pays Lender all sums which then would be due under this Security Instrtonent and the None had nn acceleration occurred; ( W
<br />dote%any default of any ocher conventions ar agreements; (c) pays all expxrnses incurred in enforc rig this Security Insrrunu•nt,
<br />inclirding, but not limited to, reasonable attorneys' fees; and (d) takes, such action as Lender may reasonably reopinc' to as
<br />i
<br />%ure that the hen of this Security Instrument. Lcnder'ss rights in the Property and Borrower's obligation to pay the sums
<br />?w
<br />wrat f by this'Wcurny Instrument %hall continue unchanged I.JImin cc Instate filet l l by Nil lower. tills seem Iry 111r11lllllunt
<br />And the olbligatfons secured hereby %hall remain (illy effective as if had
<br />na arteleranon outputted II11we•ver, fill„ tiglti tla
<br />reinstate sftall nut .apply in rite case of acceleration undvt paragrllslls I i or i '
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