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86-- 102997
<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 inaccciidance with Borrower's and Lender's written agreement or applicable law.
<br />S. Inspeetion. 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 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 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 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 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 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.
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<br />12. Loan Charges. If the loan secured by this Securnv 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 he reduced by the amount
<br />necessary to reduce the charge to the permitted limit; and (b) any sums alread y collected from Borrower which exceeded
<br />permitted limits will be refunded to Borrower. Lender may chcxsc ro make this refund by reducing the principal owed
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<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 !c }. 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. The notice shall he directed to the
<br />Property Address or any other address &grower 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 he deemed it) have been given to Borrower or Lender when given as provided
<br />in this paragraph.
<br />15. Governing Law; Severability. This Security instrument shall ie governed by federal law and the law of the
<br />jurisdiction in which the Property is located. In the event that any provision or ctause 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 can be given effect without the conflicting provision. To this end the provision, 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 Security Instrument.
<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 Burrower is sold or transferred and Borrower is not a natural
<br />person) without Lender's prior written consent, Lender may, at its option, require unni diale payment in full of alt sums
<br />secured by this Security Instrument. However, this option shall not be exercised by 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 give Borrower notice of acceleration. The notice shall provide a period
<br />of not leas than 30 days from the date the notice is delivered or "mailed within which Borrower must pay all sums secured bt.
<br />this Security Instrument, If Borrower fails to pay these sums prior to the expiration of this period. Lender inay invoke any
<br />remedies permitted by this Security Instrument without further notice or deniand on Borrower
<br />19. Borrower's Right to Reinstate. if Borrower meets certain conditions, Borrower .hall have the right to have
<br />enforcement of this Security Instrument discontinued at any time prior to the earlier of pal 5 days (or such other p ciiod as
<br />applicable law may specify for reinstatement) before sale of the Property pursuant try any power of sale colitauled u+ this
<br />Security Instrument; of (b) entry of a ludgmen; enforcing this Security lnsrrument Ihose cornditiom arc itlat Horrodxrl
<br />(a) pays Lender all sums, which then would to due tinder this Scsunty I sirunnert end the dote had no :iccelc•raUnn
<br />'Incurred. (b) cures env default of duy other covenants or agreements. (c) pays all expense. m <urred m entorcniq thus
<br />Securay lustiument, Including, but not hrnncd to, reasonable attorneys' fees, anti (di ta],es such a,ti nl is 1 ctndcr tunas
<br />reasonably requue to assure that Bhe her f this Smurnty Instrument, I ende:'s npht, In the lllopvflc ,:rid B !rowan's
<br />!6ligatiitn to t": the \um, >c1:urecl by ti%'security Insirumeni shat) e011TIIIOIf l+"han eed t P`
<br />fiorrtlwci, !h)` Swcwo, Ir "."'I neent Arid them ?bligatkul) ,v_Y'ured heteb;. shall rrrila' - idol, cMc,t,lc a, i 1!o.16 1.1t:,in 1,ad
<br />,X" n.rlesl thn nght te, rcutstate shall not apopl) In the —tw l:. >I, w,lk
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