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87-106534
<br />If Leader required mortgage insurance its it condition of making the loin secured by this Security In-
<br />strument, Borrower shall pay the prcrniuins required too maintain the insurance in effect until such time as 4 fegtlirerneof for
<br />the insurance terminates in accordance with Borrower's and Lender's wrirwi agreentcnr or applicable law.
<br />B. Inspection, Lender or its ahent may make reasonable entries upon and inspections of the Property. Lender shall
<br />give Borrower ruoticc At the time of or prior u) an inspection specifying reasonable cause for the inspcctiun.
<br />q, Condemnation. The proceeds of any award or claim for damages, direct ur consequential, in connection with any
<br />condemnation or other taking of .my part of the Property, or fur conveyance in lieu of condenutarion, are hereby assigned and
<br />shall he paid it) Lender.
<br />In the event of a total taking of the Prolxrty, the proceeds shall he applied to the sums secured by this Security
<br />instrument, whetheror not then due, with any excess paid to Burrower. In the event of a partial ttkinguf the Prolxrty, 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 pr(Kccds multiplied by (he: following fraction: (a) the total amount of the sums sectored inun1106tely before taking,
<br />divided by (b) the fair market value of the Property ini media rely before the taking. Any balance shall be paid to Borrower.
<br />If the Property is abandoned by Borrower, to if, after not ice by Lender no Burrower iliac the condemnor offers tag make
<br />Ali award or settle a claim our damages, Borrower fails to respond to lender within i0 day... after the date the notice is given,
<br />Lender is authorized Ito collect and apply the proceeds, at its option, either to restoration or repair (if the Property or ur the
<br />sums secured by this Security Instrument, whether or not then due.
<br />Unless !.ender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
<br />postpone rile 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 rime for payment or
<br />trnnlification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of
<br />Burrower shall not operate to release the liability of the original Burrower or Borrower's successors in interest. Lender shall
<br />not be required to commence proceedings against any successor in interest or refuse to extend time for payment ur 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 ur
<br />preclude the exercise of any right or remedy.
<br />11. Successors and Assigns Bound; Joint and Several Liability; Co- signers. Thec ovenems and agreements of this
<br />Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of
<br />paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Burrower who co -signs this Security
<br />Instrument but does not 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 lnstrument, (b) is not personally obligated u) pay the
<br />sums secured by this Security Instrument, and (c) agrees that lender and any other Borrower 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 it law which sets maximum loan
<br />charges, and that law is finally interpreted so that the interest or other loan charges collectedor no to 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 fn -m Burrower which exceeded permitted limits will be
<br />refunded to Borrower. (ender 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 be treated as a partial prepayment without any
<br />prepayment charge under the Note.
<br />. 13. Legislation Affecting Lender's Rights. If enactment or expiraoiun 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 opt ion, 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.
<br />14. Notices. Any notice to Burrower 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 uscof another methoxl. The notice shall be directed to file Property
<br />Addressor any other address Borrower designates by notice co Lender. Any notice w Lender shall be given by first class mall
<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 to have been given to Borrower ur 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 heated. In theevent 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 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 elf 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 of any
<br />interest in it is sold or transferred (or if a beneficial interest in Burrower is sold or transferred And Borrower is not a natural
<br />person) without Lender's prior written consent, lender Wray, at its option, require immediate payment in full of all sums
<br />secured by this Security Instrument. However, this option shall not le 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 noticeuf acccle I'Mion. The notice shall pit / vide a period of
<br />not less than iOdays from the dare the notice is delivered or mailed within which Burrower must pay All sums secured by this
<br />Security Instrument. If Borrower fails to pay these surns prior to the expiration of this period, Lender may invoke any
<br />remedies permitted by this Security Instrument without further notice ur demand on Borrower.
<br />off, Bcrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have
<br />enforcetrtenr oaf this Security Instrument discontinued at any time• prior to the earlier of ii ) S days our such other period as
<br />applicable law may specify for reinstatement) before salrof the Property pursuant to any powc•tof side contained in this Se-
<br />curity Instrument; or (b) entry of a judgment cnhorcing this Security histrumem 'those uonlittons Are that Burrower w)
<br />pays leader all %urns which then wuuldbedue under this Security Instrurntrrtt and the Nntr had no atceleratinn otturred, oh,
<br />tures any default of arty other ton%rnanrs ur agrerrnemti; (( ) pays all expenses intoned in cnftorcing fl us Seturny hr,tnntu-m,
<br />ineludhog, but trot hmir'ed ro, teasonablc attorneys Ices; Arid (dI rlkes such ato,r) a, Fender Inlay Ire,nn,dtly orquirc r';,l,
<br />stlry that the lien "I tills 5et'unty Instrument. Lrfrder's rights in the I'rupt'rty and limImN('l , uhhgarloo t,, p,.lc the timll
<br />Wturml by then Security Inarrunwin shall tolnulk ' unthangrrl Up "m lelnstaltlurrn hp horn,wrl. chi. Seunn( h'l,"lot n(
<br />alO Olt 'iblr,(gaf NU119 Net Lord ht "telly^ %hall f(Imearr) folly Kffarflvt Ilk if 11, m t(Of 1.1i pqf 11.1,( ti t,;I Icd 111. ", tt't_ th, I4:111
<br />o,Vf"far4 %hall ntra apply In lilt tam. 0 atceklanttn um,ivs paragral'i" I g ,u I
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