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<br />86-- 102427
<br />1 if Lender required mortgage insurance as a condition of making the loan secured by this Security Insirlilnc'Tit,
<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 he 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 he
<br />paid to Borrower.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender rti 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 file 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 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 no( operate to release the liability of the original Borrower or Borrow'er's successors lit 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 covenant, and agreements of
<br />this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrow era subject to the provisions
<br />of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower v, ho co -signs this Security
<br />Instrument but does not execute the Note (a) is co- signing this Security Instrument only u) morigaEc. grant and convey
<br />that Borrow'er'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 curd any other Borrnwei may agree to extend,
<br />modify• forbear or make any, accommodatious with regard to the terms of this Security Instrument or the Not,, without
<br />that Borrower's consent.
<br />11. Loan Charges. If the loan secured by this Security instrument is subject uo a law w hich.sets rnaixintiun loan
<br />charges, and that law is finally interpreted so that the interest or other loan charg,es collected or Lai he collected in
<br />connection with the loan exceed the permitted limits, then: (a) any such loan charge shail he reduced by the amount
<br />necessary to reduce the charge to the permitted limit: and (b) any sums already collected from Borrower which excerdcd
<br />permitted limits will be refunded to Borrower. Lender may choose 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 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 apphcahlc laws has the effect of
<br />rendering any, provision of the Note or this Security instrument unenforceable accorduig to h, terms, Lender• at its option.
<br />may require immediate payment in full of all sums secured ht this Security instrument and may invoke zany remedies
<br />permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified ui I he 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. The 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 Burrower. Any notice
<br />provided for in this Security Instrument shall be deemed to have been given to Borrower or lender w hen given as provided
<br />in this paragraph.
<br />15. Governing Law; Severability. ['his Security Instrument shall he goserned by federal law and the law of the
<br />jurisdiction tit which the property is located. In the event that any prorisiun or clause of this Secant% instrument or the
<br />Note conflicts with applicable law, such conflict shall not affect other prosisions of this Security Instrument or the Note
<br />which can be given effect without the conflicting provision. fo this end the pros ision, of this Security Instrument ;utd the
<br />Note are declared to be severable.
<br />16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and o f t hi, Secant) Instrumrnl.
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. If all or luny part of the Property ur :toy
<br />interest in it is sold or transferred for if a beneficial interest in Borrower a sold or transferred and Borrower is not a natural
<br />person) without Lender's prior written consent. Lender niay, at its upuun, require ainmediaie payment nn full of all sums
<br />secured by this Security Instrument. however, this option shall not be exercised M Lender if exercise IN pnohthted by
<br />federal law as of the date of this Security Instrument.
<br />If Lender exercises this option, Lender shall give Borrower notice of acceleration. I he nonce shall pnovidc a period
<br />01`1101 less than 30daNs frorn the date the notice is delivered or muted within which ilor rower nowt pav all ,tint xcurrd by
<br />this Security Iristrunient. If Borrower fails to pay these ,tuns prior to the expiration of this pcnod. Lender may insohe .illy
<br />remedies permitted by this Security Instrument tyithout further notice or demand on Borrower
<br />18, Borrower's Right to Reinstate. If Borrower meets certain conditions, ]lotruwci ,hall hate (tic tight Ili haoe
<br />L enforcement ofiltis Securny Instrument discontinued :m any time prior to the earlici oI (a) s day, such other pcnod ;[s
<br />1:7
<br />applicable law may specify for reinstateutent) before sale of the Property pursuant to any power ots,dr tontanicd m Ou,
<br />Security Instrument. or (b) cuirc of a )udgmew enfoicing slits Scull I y Insrrun It' n( I hose :ondIIIMIN lot IhaI H„rr ,t%ci d
<br />(a) pays Lender all sums which then would be due under Ihis yecunts Instrumrnl and the N;,tr lead n,t AII CIO st, +n
<br />Occulted: (h) cures any default ,,l any other crncnant, of agrccinci is, (: ) pan, :dl rspui,r, inruncd In rnl r ui [hi, ('1
<br />Security lnsir a lent, in:htding.. but not limited lo, rcason;ihlr lillointys' lck:. ,nod (d) take, suth .1:1,111 a, 1 tndtt roay
<br />rreautnahly rcgtnrc it, assure that the hen of IhI, lie,:III It I list rumrnl. Lrndrr', nk!hr,
<br />ohltgaonm Ito Pat the +urns let: 111 by Ihi, Scrurnty Li,tnunrnt ,hall ,,,tutu,- un..!i.,nc, :1 1 I„ i, .ears Lrt; n,rrt
<br />l3urr„wrr. Iht, Srtunt'. In,tr;:mcm and rh,; -'bliratir,w, 0.LItctl h, Wh_,', •.h.ill 'rni.i,n !ill!, :I!I'int: . ,t ,n .i.:., ..,... n h•!,1
<br />oeruucd It,,nr :rr.lhts:i;iin L, !,n, taitOuiI! n„ t. ippitinI fit
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