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66-- 103278
<br />If Lender required mortgage insurance as a ,ondition of making the loan secured by this Security In-
<br />strument, Borrower shall pay the premiums required to maintain the . nsurance in
<br />until such time as a requirement for
<br />the 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 shall
<br />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, direct or consequential, in connection with any
<br />condemnation or other taking of any part of the Property, or for conveyance in Lieu of condemnation, are hereby assigned and
<br />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 takingof the Property, unless
<br />Borrower and Lender otherwise agree in writing, the sums secured by tllisSecurity instrument shallbe reducedby the amount
<br />of the proceeds multiplied by the following fraction: (a) the total amount of rile sums secured immediately before taking,
<br />divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make
<br />an award or settle a claim for damages, Borrower fails to respond it) lender within i0 days after the date the notice is given,
<br />Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the
<br />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 />mortification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interesrof
<br />Borrower shall not operate to release the liability of theoriginal Borroweror Borrower's successors in interest. Lender shall
<br />not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise
<br />modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower
<br />or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not he a waiver of or
<br />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 this
<br />Security instrument shall bind and benefit the successors and assigns of Lender and Borrower. subject «l the provisions of
<br />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 die Note (a) is co- signing this Security Instrument only « r mortgage, grant and convey that
<br />Borrower's interest in the Property under rile terms of this Security Instrument; kb) is not personally obligated to pay the
<br />sums secured by this Security Instrument, and (c) agrees that lender and any other Burrower may agree to extend, modify,
<br />forbear or make any accommodations with regard to the terms of this Security instrument or the Note without that
<br />Borrower's consent.
<br />12. Loan Charges. If die loan secured by this Security Instrument Is subject «l a iaw which sets maximum loan
<br />charges, and that law is finally interpreted sit that the interest or other loan charges colletted ur it) be collected in connection
<br />with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce
<br />the charge to the permitted limn; and (b) any sums already collected from Borrower which exceeded permitted limits will be
<br />refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a
<br />direct payment to Borrower. It a refund reduces principal, the reduction will be treated as if partial prepayment without any
<br />prepayment charge under the Note.
<br />13. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of rendering
<br />m o
<br />any provision of the Note or this Security Instrument unenforceable according to s terms, Lender, at its option. may require
<br />immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies permitted by
<br />paragraph 19. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of 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 useof another method. The notice shall be directed to Elie Property
<br />Addressor any other address Burrower designates by notice rrl Lender. Any notice to Lender shall be given by first class mail
<br />to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any nonce provided tar uh
<br />this Security Instrument shall bedeemed to have been given to Burrower or Lender when given as provided in this paragraph.
<br />IS. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of tile
<br />jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument ur the Note
<br />conflicts with applicable law, such conflict shall not affect other provisions of this Setif nty Instrument or the Note which can
<br />be given effect without the conflicting provision: To this end the provisions of this Security instrument and the Note are
<br />declared to be severable.
<br />16. Borrower's Copy. Borrower shall be given one cunt rmed copy of Elie Nam 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 for it a beneficial interest in Burrower is sold or transferred and Burrower is nut a natural
<br />persun) without Lender's prior written consent, lender may, at its option, require immediate payment in full of all sums
<br />secured by this Security instrument. However, thisopciun shall not be exercised by Lender if exercise is prohibited by federal
<br />law as of the date of this Security Instrument
<br />if Lender exercises thistlption, lender shall give Burrower notice tlf acceleration. Tilt notice shall provide a peruhd of
<br />not less than >odays Itom the date the notice is delivered or mailed within which Borrower Must pay all sums secured by thus
<br />Security Instrument. If Borrower fails to pay these Burns prior if) the expiration of this proud, Lender may invoke any
<br />remedies permitted by this Security Instrument without further notice or demand oil Borrower
<br />18. Borrower's Right to Reinstate. If Burrower meets certain conditions. Borrower shall have the right «t have
<br />enforcement of this Security lnsttument discontinued at any rune prior n) rile earlier tit oli s days (u h r suc other period as
<br />applicable law Illay speilfy for rE'instatelme no before sale Elf (lie Property pursuant to any power ut sale cowanled in tills'It
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<br />curlry instrument; or lb) entry of it ludgrntnl enforcing this Scolrtry' Instil- lillhc'tht ins: ct>IkllPt!>Il� .lit' lilac Borntwer (al
<br />pays Lender all sums which then would be Jilt under this Security Ittslrunlent .end Ifle Note had nu attcict •Iron occur re•d• 'I !
<br />curt+:utyt:cbuhofany urhrrmnvenar olagrecmtilts•( t) pay s -ill expenses unlir—i Ill rn.urungfill, t'tunnlnstruIllellt•
<br />nuluJing, but not htnl!tcd ro, rt.tsun: atorl ices. and (du takes each .lrw.n t, Ito lt'r m s} rt.ls, .... v tvgwlt ut
<br />sure that Ow .tell of this "Stcurlly Imsltunlew, I.e•rlder s tights uI !fit f'rupctu and hnrn,wer, ' Il�.ul„n o, l,.n ill, nla
<br />'.cubed by tin titcurn} Instruttivni sh:al cocunn,e uorhenl c i I I url trunt et n t h, f1_( ,or r 011,
<br />slhl tilt td)hgal LLt!U St-lic'i here} shall rtr,la!m tltlh Ottt ! %1 .- it Mir S"e )r!Jl a I..,,{ i. v:il,l ii.�u,ttY. :11, .lpl•I !.
<br />o:a,l, Atr shaft tl, . ippia lM Olt, rest of acretrra!o.,u unfit. 1 lra�,tet t!, ! nr '
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