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<br />86-i 100751
<br />if Lender required mortgage 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 requirement for the
<br />insurance terminates in accordance with Borrower's and Lenders written agreement or applicable law.
<br />•, Inspection, Lender or its agent may make 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 cattle for t he inspection.
<br />,, Cosidernnnutdon. 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, Borrower 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 nor 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 l 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 Borrower's 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 Borrowers 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 />11. Successors and Assigns Bound; Joint and Several Liability; Co- signers. The covenants and agreements of
<br />this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions
<br />of paragraph 17. Borrower's 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 Lender and any other Borrower may agree to extend,
<br />modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without
<br />that 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 io be collected in
<br />connection with the loan exceed the permitted limits, then: (a) any such toan charge shall 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 he refunded to Borrower. Lender may cho(ne [o make this refund by reducing the principal owed
<br />under the Note or by making a direct 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. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of
<br />rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option,
<br />may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies
<br />permitted by paragraph 19. If Lender exercises this option. Lender shall take the steps specified in the second paragraph of
<br />paragraph 17.
<br />14. Notices. Any notice to Borrower provided for in this Security Instrument shall he given by delivering it or by
<br />mailing it by first class mail unless applicable law requires use of another method. 1-he notice shall be directed to the
<br />Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by
<br />first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower- Any notice
<br />provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided
<br />in this paragraph.
<br />15. Governing Law; Sevembility. This Security Instrument shall be governed by federal la%% 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 />Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note
<br />which call be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the
<br />Note are declared to be severable.
<br />16. Borrower's Copy. Borrower shall he given one eOnf(rmed copy of the fir» e and of this Security Instroment.
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. if ail or arc part of the Property or :ui}
<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 may, at its option, require intrnedtatc payment in full of ail sums
<br />secured by this Security instrument However, this option shall not be exciciscd by lender if exercise is pr:,ltihual by
<br />federal law as of the date of this Security Instrument.
<br />If Lender exercises this option, Lender shall give Borrower notice of acceleruuun. 1'he notice shall porn idr s period
<br />of nut less than 30 days from the date the notice is delivered or mailed within which Horrower must pay all runts sce ored by
<br />this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period. Lender m.ty im oke :icy
<br />remedies permitted by this Security Instrument without further notice or demand on Borrower.
<br />it. Borrower's Right to Reinstate. If Borrower meets certain condition s. ltorr(nver shall h +vc the right t t h: ++e
<br />enforcement ofthis Security instrument discontinued at any time prior to the car i±e—1 (a) 5 days for uOl „'.her pennd as
<br />applicable law may specify lino rei ^istatcrnentt before sale of the i'roperty punu:nir tr art p+,wer vt sale _, ntamed ro ;his
<br />Security instrument: or (b) entry of a Judgment enforcing this Security lnstrurncnt T 11%)w om'-titiens ail that Borr)wei
<br />(al pays Lcoder all sums which thou w, old he due under this Security in,strunicrit +rid the \one had n r crlcr•;ti,'n
<br />ocs•urred: tb) cures any default of any other oseoank or agreements. (et pars :dl cspcuses incurred in n) rc:ng the,
<br />`ecurrty In,rrurnent, tncluding. but rsol limited to. reasonahle attorney: fcev and fd( ;akc, sash .urnu .,� l.cndr ma'
<br />reaawrahk require Ill assure that the Isen of phi. Se eur7h Instrument. I clidel s llvht, to the 1 t pa ti aril H„r w~r's
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