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86- 102128
<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 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
<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, 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 1 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 Securi ty Instrument by reason of anv demand made
<br />by the original Borrower or Borrower's successors in interest. Anv 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 ai- sign, this Security
<br />instrument but does not exe.ute the Note: la) is co- signing this Security instrument only tit mortgage, grant and convey
<br />that &n-rower's interest in the Property under the terms of this Security instrument (h) is not personally obligated to pay
<br />the sums secured by this Security instrument; and (c) agrees that Lender and any other Burrower ma_y 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 Borrowci's con sent.
<br />12. Loan Charges. If the loan secured by this Security instrument is subject to a law which sets mamnium loan
<br />charges, and that law is finally interpreted so that the interest or other loan charges collected nr to be collected in
<br />connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the ainount
<br />necessary to reduce the charge to the permitted limit; and (b) anti sums already collected from Borrower which exceeded
<br />permitted limits will be refunded to Borrower Lender may chime to 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 Vote.
<br />13. Legislation .affecting Lender's Rights. If enactment or e.*,piration of applicable laws has the effect of
<br />rendering any provision of the Note or this Security lnstrument its tcrins. Lender, at its option,
<br />may require immediate payment m full of all SUMS secured by thus Security Instrument and may ini.okc any ietnedlel
<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 be gncn by delivering it or by
<br />mailing it by first class marl unless applicable law requires use of another method. The notice shall he directed to the
<br />Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall he etyen by
<br />first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any nolicc
<br />provided for in this Security Instrument shall he deemed to have been green lit Borrowcr or Lender when given as provided
<br />in this paragraph.
<br />15. Governing law; Severability. Thus Security Instrument Shall he 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 lnstrument or the
<br />Note conflicts with applicable ILIA. Such conflict shall not affect other provisions of this SccuroN Instrument nr the Note
<br />which call he given effect without the conflicting provision. To this end the pro,i wits of this Security lnstrument and the
<br />Note are declared to be severable.
<br />16. Borrower's Copy. Borrower shall he green one conformed copy of the Note and of this Security Instrunierst
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. If all or ;tit% part of the Property or any
<br />interest tit It Is sold or transferred for if a beneficial interest in Borrowcr is sold or tran,G:rred and Borrowcr is not it uauaril
<br />person) without Lender's prior written cansent• Lender may. at its option, require noniediate payment tit full of ail sums
<br />secured by this Security Instrument. Ilowcver. this option ;hall not be exercised by Lender it c\ercisc is prohibited by
<br />federal lawas of the date ofthisSecunty Instrument.
<br />If Lendcr exercises this option. Lender shall gi%c Burrower net ice of acceleration I hie notice shah! pro%tdc it period
<br />of not less than 30 days from the date the• notice is dell %cred or mailed within winch Borrowcr mint pay all suns secured by
<br />;his Security Instrument. If &irrc,wer fails to pay ihrse sums pnur io the cxpiruuvi o +ithns r<nt +< :. I elide, may imokc any
<br />remedies permitted by this Securn% Instrument without further lit t ice, ir densand tin Borrowcr
<br />18. Borrower's Right to Reinstate. if Borrower meets cerlaits conditions. Borrowcr .hall hat< the ni;ht to h;nr
<br />rnforcenient ofihis Security 1 tsirument di nnnued at any untr prior lo the carhu " t fit) ',ys i -t ,tf r , •el s, )
<br />apph ahle iiw !nay ;pc•cily fm reinstawrnc lit heltirc sale lit Itic Property runes r to Illy r wit "t ait, ihr, (
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