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86-^_ 143627
<br />3f Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument,
<br />Borrower°sb'ailIpay" cite premiums required to maintain the insurance in effect until such time as the requirement for the
<br />insurance tetininates iq scedrdimce with Borrower's and Lender's written agreement or applicable law.
<br />6: Iiyeetls�. , Lend, or its agent may make reasonable entries upon and inspections of the Property. Lender
<br />' shallgive %rrower;notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
<br />9. Coniewtatoo. The proceeds of any award or claim for damages, director consequential, in connection with
<br />any condemnation or other taking of any pail of the Property, or for conveyance in lieu of condemnation, are herebv
<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 be
<br />a ' 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 />i•. ` 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 t and 2 or change the amount of such payments.
<br />10. Borrower 1140 Released; Forbearance By Leader 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 shail 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 ofany 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- signets. 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.
<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 ,rich loan charge shalt 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 Burrower. 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 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 14. 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 :t 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 Borrower Any notice
<br />provided for in this Security Instrument shall be deemed to have been green to Borrower or Lender when given as provided
<br />in this paragraph.
<br />15. Governing Law; Severability. This Security Instrument %hall he governed by federal law and the law of the
<br />jurisdiction in which the Property is located. in the event that an provision or clause 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 contlicung provision. To this end the provisions of this Security Instrument and the
<br />Mole are declared to be severable.
<br />16. Borrower's Copy. Borrower shall be given one conformed copy of the 'voter 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 Borrower is sold or transferrer and Borrower is not a natural
<br />person) without Lender's pnor wntien consent. Lender may, at its option, require immediate payment in full of all sums
<br />secured by this Security Instrument. However, this option shall not he exercised by Lender if exercise is prohibited by
<br />federal law as of the date of this Security Instrument.
<br />If Lender exercises t his opt ton, Lender shall give Borrower nonce of acceleration 1-he notice shall provide a period
<br />of not less than 30 days from the date the notice is delivered or mailed within which Borruwer must pay all sums secured by
<br />this Security Instrument. [(Borrower fails to pay these sums prior to the expiration of this period. Lender may invoke any
<br />remedies permitted by this Security Instrument without farther notice or demand on Borrower
<br />18. Borrower's Right to Reinstate. If Borrower meets certain condition %, licrrruwer shall have the right to have
<br />enforcement of tl,s Security Instrument discontinued at any time prior to the earlier of (a) 5 days (or such other period as
<br />applicable law may %peril f for remstatement) before sale of the Prorerty pursuant to any power of sale contained to this
<br />Security Instrument; or (b:l enrn of a judgment enforcing this Security intrumen( f hose conditions are that Borrower
<br />60 pays Lender all sums which them would he due under this Security Instrument and the Note had no acceleration
<br />zkvurred; (b) cures any default of aaiy other covenants or agreements. tc) papa all rxprnus rricurrcti in cnforcing this
<br />Sec'unty Instrument, inciucitng, but not limited tc. reascxiable attorneys' fees, and td) takes such action as lender ntav
<br />reasonably require to assure that the tten of this Security' Instrurnew. Lcitcler's rights in ihr Property and ltol wer's
<br />abhRrttton to tw;t the Bums sccurett by fists SectrnF) instrument shall :onimuc un:hancccl ( (xm reinstaceau•n; t,r
<br />Brxrower, this Sea:uray Instrument and the obligations secured hrret.y shall remain iulis Otmirse a% it ; },, ,ucclerari.n had
<br />.x,currtd !! rvrev•4r. tars nght ion re•rrvi,tate shall not apply an ihr case :d a.4rlrra u.i i s ,1.. paragraph, 1'
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