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86-- -- 104119
<br />If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument,
<br />r Borrower shall pay the premiums required to maintain the insurance
<br />in effect until such time as the requirement for the
<br />insurance
<br />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
<br />ofor prior to an inspection specifying reasonable cause for the inspection.
<br />9. Condemnation. The proceeds of any award or claim for damages, director
<br />consequential, in connection with
<br />any condemnation or other taking of any part of the Property, or for conveyance in lieu of
<br />condemnation, are hereby
<br />assigned and shall be paid to Lender.
<br />In the event of a total taking of the Property, the proceed~ shall he applied to the sums secured by this Security
<br />Instrument, whether or not then due, with
<br />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
<br />the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance be
<br />paid to Borrower. shall
<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 is
<br />notice
<br />given. Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property
<br />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
<br />payments.
<br />10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for or
<br />payment
<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 in
<br />successors interest.
<br />Lender shall not be required to commence proceedings against any in interest
<br />successor 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
<br />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
<br />exercise of any right or remedy.
<br />11. Successors and Assigns Bound; Joint and Several Liability: Co- signers. The covenants and agreements
<br />of
<br />this Security Instrument shall bind and benefit thesuccessors and assigns of Lender and Borrower, subject to the
<br />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
<br />of this Security Instrument, (b) is not personally obligated to pay
<br />the sums secured by this Security Instrument; and (c) agrees that Lender
<br />and any other Borrower may agree to extend,
<br />modify, forbear or make any accommodations with
<br />ix
<br />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
<br />g permitted limit; and (b) any sums already collected from Borrower which exceeded
<br />limits
<br />permitted 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
<br />._:
<br />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
<br />of
<br />rendering any provision of the Note or this Security instrument unenforceable according to its terms, Lender, its
<br />at 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
<br />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 n or by
<br />mailing it by first class mail unless applicable law requires use of another method. The
<br />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 by
<br />first
<br />given
<br />class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any
<br />notice
<br />provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided
<br />in this paragraph.
<br />15. Governing Iaw; Severability. This Sccunty Instrument .hall be governed by federal law and the law of the
<br />Jurisdiction in which the Property located.
<br />is Ili the event that any provision or clause of this Security Instrument or the
<br />Note conflicts with applicable law• such
<br />conflict shall not affect other provisions of this Security Instrument or the Note
<br />which can he given effect without the
<br />conflicung provision. To this end the provisions of this Security Instrument and the
<br />No;e are declared to be severable
<br />16. Borrower's Copy. Borrower shall be given tine conformed cop% of the. Note and of this Security Instrument.
<br />17. Transfer of the Property or a Beneficial Interest
<br />in Borrower. If all or any part of the Property or any
<br />interest In i t is sold or transferred (or i a beneficial interest in Borrower is sold or transferred Borrower
<br />and is riot a natural
<br />person) without Lender's prior written consent, lender may, at it, opnon, require nt:mediatc payment in full of all sunis
<br />secured by this Security Instrument. Howe %er, this option shall he
<br />not e.xeici,ed by [ender it exercise is prohibited hs
<br />federal law as of the date of this Security instrument.
<br />If Lender exercises this option, Lerider shall %e Horrower
<br />kt notice of acceleration The notice shall Prot ode a period
<br />of not less than 30 days from the date the notice is delt%ered or mailed wnhnn which Borrower
<br />nius; pay all sums secured by
<br />ihis Security instrument. if Borrower fails to pay these sums prior to the expiranon of this Lender
<br />period, may invoke ;uty
<br />remedies permitted by this Security Instrument without furttier notice yr demand cm Borniwer
<br />18. Borrower's Right to Reinstate. If Borrower meets certain c ndnioits, Borrower shall ha�c the right to have
<br />s for emer i of this Sccu -i•y Instrument dac ntmoied
<br />d
<br />. at any tittle prior hi a
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