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<br />86-- 10-'-498 1
<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 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 />4. 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 ,hail 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: (at 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 pnncipal 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 of any right or remedy.
<br />11. Successors and Assigns Bound; Joint and Several Liability; Co- signers. The covemmts 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 Secunty 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 Secunty 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: la) any such loan charge shall he 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 h) Borrower If a refund reduces principal, the reduction will be treated as a
<br />partial prepayment without any prepayment charge under the Vote
<br />13. Legislation Affecting Lender's Rights. If enactment of expiration of applicable laws has the effect of
<br />rendering arty provision of the Vote or this Security Instrument unenforceable according to its terms. Lender, at its option,
<br />may require immediate payment in full of all suns secured by this Secunty instrument and may invoke any remedies
<br />permitted by paragraph 19 If Lender exercises this option, Lender shall rake the steps,pecitied in the second paragraph of
<br />paragraph 17
<br />IS. Notices. Any notice to Borrower pro: ided for +n this Se�unty Instrument shali be given by delivering it or by
<br />mailing it by first class mail unless applicable law requires use of ae )her method. The notice shall be directed to the
<br />Properq 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 Secunty Instrument shall be deemed to have been given to Borrower or Lender when given as provided
<br />in this paragraph.
<br />15. Governing Caw; 5everability. 'This Secunty Irstrum_±tt shall he zoverntrd by federal law and the law of the
<br />jurisdiction in which the Property is located In the event that any pn+vnr)n nr clause of this Security Instrument or the
<br />Note conflicts with applicable law. such conflict shall not affect other provn+oris of this Security Instrument or the Note
<br />which can be given effect without the cont?t.ung provision To this end the lxovtstons of this Security Instrument and the
<br />Vote are declared to he severable
<br />lb. Borrower's Copy. Borrower shall tic glen ,,ne . rnformcd copy ::1 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 :merest in Borr,,uer !s void or transferred and Borrower is not a natural
<br />person) without Lender's prior written consent, Lender inay, at its :ipti,:m, require immediate iiaymerit in full of all sums
<br />secured by this Security instrument. However, this option shall not tie rxe.cised by Lender if exercise is prohibited by
<br />federal 'taw as of the date of this Secunty Instrument
<br />if Lender exercises this option, Lender shall give Ik,rrower notice of acceleration The noticy shall providr a period
<br />of not less than 10 days from the date the notice is deiocred or tnarleci vv whin which Borrowcr trust pay all sums secured M
<br />thus Secunty Instrument If Borrower fails to pay these sums prior to the e.xpiratwn of this period. Lender may invoke any
<br />remedies permitted by this Security instrument without further notice or demand on Born.,wer
<br />18. Borrower s Right to Reinstate If Boriouei n cots 1crtain .widitions Born mer shall have the right to ha +v
<br />cid r emer,i cat this Six ur,ty instrumew disc..it+nued at ant t+ is pnr'T t,' the earlicr of (a) ` days for such other period as
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