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<br />86- 10239.`•?
<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 ,hall 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 uaal 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 he
<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 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 _' or change the amount of such payments.
<br />10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the nine 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'N 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 />11. Successors and Assigns Bound, Joint and Several Liability; Co- signers. The covenants and agreements of
<br />this Security Instrument shall bind and lxnefit 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 -suns 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 personall 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 Nets maximum loaa
<br />charges, and that law is finally interpreted so that the interest or other loan :liar,-,es collected or to he collected m
<br />connection with the loan exceed the permitted limits, then: (a) any such loan charge ,hall he 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 try reducing the principal owed
<br />under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will he 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 taws has the effect of
<br />rendering any provision of the Note or this Security Instrument unenforceable according to its terms. L ender, 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 it) Borrower provided for in this Security Instrument Nhalt be given by delivering it or be
<br />mailing it by first class mail 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 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 tender when given as provided
<br />in this paragraph.
<br />15. Governing Law; Severability. This Security Instrument shall be gmerned by federal law and the taw of the
<br />jurisdiction in which the Property is located. In the event that any precision or clause of this Security Instrument or the
<br />Note conflicts with applicable iaw, such conflict shall not affect other provisions of this Security Instrument of the Note
<br />which can be given effect without the conflicting provision. l'o this end the provisions of this Security instrument and the
<br />Note are declared to be severable.
<br />16. Borrower's Copy. Horrotyer shall be given one conformed copy of the NOte and of this Security InNl Rllneltl.
<br />17. 'transfer of the Property or a Beneficial Interest in Borrower. If all or :uty 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 Burrower is not a natural
<br />person) without Lender's prior written consent, Lender may, at its option, require immediate paymenl in full of all sums
<br />secured by this Security Instrument. However, this option shall nut be exercised by Lender tf exercise is prohibited by
<br />federal law as of the dt:te of this Securit y instrument.
<br />If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall pro\ ide a period
<br />of not less than ?0 days from the date the notice is dellered of mailed within which Borrower must pay all sums ecured by
<br />this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may iii oke an%
<br />remedies permitted by this Security instrument without further notice or demand un Hornxrer.
<br />18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Burrower shall have the right to hark
<br />enforcement of this Security Instruntcnt discontinued at any little poor ut the earlier of: (a) 5 day, ((it such other period a,
<br />applicable law may specify for reinstnternent) before side ill'thc. r'.operry parsuant to an.N power of sale contained :m iht,
<br />Security Instrument: or (b) entry of a.)udgincnt enforcing this Se .rrty in,lrtnncn( Ihow condition, arc that H,11'—% r.
<br />(a) pays Lender all vents which then would he due under lhn. Sc•curt) IlistMmCt11 and the Note had no ecccleratton
<br />occurred, (b) cures any default of any other co\VllanlN (it agree neuts, (c) pays all cypenscN Incurred ut Cilt*01-.111l: Iltls
<br />Security Itntrtuucnt, urcludmg, but not limited u., re;nonablc attorneys' fees. and I'll take, such .ICnon a, I ender slay
<br />reasomabl) require to assure that the hen of this Security Ins(runtcnt. Lender's n);hls in the Prnprrt, .u1,1 H„rnower's
<br />obhg:uion hr pay the Nunn scclucd by this Security In,nuntcnl shall ;onunue unchanged l 1 -11 em,t :usncnt '"
<br />Hrrrrowet, Ilu,Securtty Inslrmucul and the ohllgiin,,n, secured hereby ,11111! Icnl,mn full etlV111tC.t, 11 r.;• , c.<irreu,al h:r,l
<br />,,cc erred Howcser, tin, rtghl In n msL11 ,11.111 and ;tppFy In the cane' f er,r!rr. +urn ••In,Ir1 ;•.Ir.tur,,i,h. 1 ; �'1 1
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