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86-. 1029-16
<br />If Lender required mortgage insurance as a condition of making the loan secured by this Security instrument,
<br />Borrower shalt pay the premiums required to maintain the insurance in effect until such time as the requirement for the
<br />insurance terminates in accordance with Borrowers and Lender's written agreement or applicable taw.
<br />8. tttspection. 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 in 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 acid shall be paid to Lender.
<br />In the event of a total taking of the Property, the proceeds shall he 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 ibis 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 tmmediately
<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 surris secured by this Security Instrument, whether tx 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 shalt 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 Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy
<br />shall not be a waiver ofor preclude the exercise ofany 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 t he provisions
<br />of paragraph 17. Borrower's covenants and agreements shall he 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 lnstrumem; (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 to be collected in
<br />connection with the loan exceed the permitted limits, then: (a) any such loan 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 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 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 ofthe 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 be 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 he 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 he deemed to have been given to Borrower or Lender when guxen as provided
<br />in this paragraph.
<br />15. Governing Law; Severability. This Secunty Instrument shall be governed by federal law and the law of the
<br />jurisdiction in which the Property is heated In the event that any provision or clause of this Secunty 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 can 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 be given one conformed copy of the Note and of this Securiiv instr'urnent
<br />17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any 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 BOrTOwer is not it natural
<br />person) without Lender's prior wnttert consent, Lender may, at its option, require immediate payment tit full of all sums
<br />secured by this Security Instrument However. this option shall not be exercised he Lender If exercise is prohibited by
<br />federal law as of the date of this Security Instrument.
<br />If Lender exercises this option, Lender shall gi,,e Borrower notice of acceleration I he n, mce shall pros tde a period
<br />of not loss than 30 days from the (late the notice rs dehvcred or madcd %ithin which llot rower must p:iy all sutras ,reared by
<br />this Security instrument if &irrower faits to pay these sums prior io the e.xpinrti.m of thn period• i ender mac insvkc arc
<br />remedies permitted by this Security Instrument without further noticeor dernarid cur Borrower
<br />18, Borrower's Right to Reinstate. If Borrowi.r mein certain conditions, idnrr +es rr shut! h :tsc the :iglu to luxe
<br />iriforcernent ofihis Security hssirurnint ;fisirmunued at any time prime to the cencci <ot ..,1 s day, (rr suit, .:ahcr pen,+,i a,
<br />applicable saw, may specify for reinsia;enicnt) before sale tot the Prnperi) pursuant icy ans ! „ca,: „i s.;+: ,,,t•rauicd Ill tins
<br />Securih or Ilh) entry of a lu(ignleill clar'! ing this Sc, urtlx llisir l :nicnt Iho,c , is !, IIIS dtl Ih,lt loll
<br />(a) pays Lender ail %urns. w11:ch Ihen wi >uid h<r disc ,ender tuns isunlc 111s11uniew and tht 's, -It 1:.+,! •o„
<br />tic :o:'red, sill cures an} detau!i , any + %ihur : .rn.tnis ttr at;rrerru:ni,. It i pas, ai ccl"a :.c, • en.nrui �, nl.n, I,L till,
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